Binani Cement net rises 96 pc to Rs 292.5 cr in FY09-10

MUMBAI: Cement producer Binani Cement on Friday said its consolidated net profit after minority interest grew by 96.67 per cent to Rs 292.54 crore in the year ended March 31, 2010.

The company had a consolidated net profit after minority interest of Rs 148.74 crore in the previous fiscal, Binani Cement said in a filing with the Bombay Stock Exchange.

Consolidated net income increased to Rs 2,269.78 crore in the year under review from Rs 1,960.88 crore in the last year.

For the fourth quarter ended March 31, 2010, standalone net profit after minority interest fell Rs 16.90 crore from Rs 20.07 crore in the same period last fiscal.

Standalone net income of the firm decreased to Rs 491.84 crore in the quarter under review from Rs 497.42 crore in the same period previous year.

For the year ended March 31, 2010, standalone net profit after minority interest rose to Rs 281.91 crore from Rs 108.66 crore during the last year.

Standalone net income climbed to Rs 1,851.06 crore in the year under review from Rs 1,489.78 crore in the same period previous year.

The board of directors recommended a dividend of Rs 3.50 per equity share to the existing shareholders, it said.

The board of directors also approved the buy back up to 1.45 crore equity shares aggregating to Rs 130.50 crore through tender offer from non-promoter shareholders, it said.

The 1.45 crore equity shares, representing 7.14 per cent of the existing paid up capital of the firm at a price of Rs 90 per, it added.

Shares of the company closed at Rs 84, down 0.96 per cent from the previous close on BSE.