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Star Cement’s net profit up 20.65% in Q3 FY23

Star Cement's consolidated total income stood at Rs 631.27 crore in Q3 FY23, a growth of 12.34 per cent from Rs 561.93 crore it recorded in the similar quarter last year.

Star Cement has reported a growth of 20.65 per cent in consolidated net profit during the quarter ended December 31, 2022. Its profit after tax (PAT) stood at Rs 52.87 crore in Q3 FY23 as against Rs 43.82 crore it registered in the corresponding quarter of the previous year, the company said in a BSE filing.

The company’s consolidated total income stood at Rs 631.27 crore in Q3 FY23, a growth of 12.34 per cent from Rs 561.93 crore it recorded in the similar quarter last year.

Star Cement’s consolidated total income during the nine months of the financial year 2022-23 stood at Rs 1,919.14 crore as against Rs 1,496.76 crore it recorded in 9M FY22, registering a growth of 28.22 per cent. Its PAT dipped by 4.34 per cent and stood at Rs 151.48 crore in 9M FY23 as against Rs 158.35 crore it witnessed in 9M FY22.

The board of directors have appointed Vivek Chawla as an additional director in the independent category of the company for a period of three years effective from April 1, 2023 till March 31, 2026, it said in the regulatory filing.

Terms of appointment of Pramod Kumar Shah, independent director will expire on March 31, 2023.

The board also approved to sell and transfer 20,000 equity shares of Rs 10 each (i.e. 40% of shares held) in Star Cement (I) & Star Cement North East, both wholly-owned subsidiaries to Star Cement Meghalaya, a material subsidiary company of Star Cement at cost price, it said in a separate regulatory filing.

The board of directors of Star Cement Meghalaya, Meghalaya Power (a wholly-owned subsidiary company), Megha Technical & Engineers (a wholly-owned subsidiary company) and NE Hills Hydro (a wholly-owned subsidiary company) approved a proposal for scheme of amalgamation with effect from April 01, 2023, it said in a separate regulatory filing.

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