With its net sales jumping 37 per cent to Rs 213.31 crore, cement maker Sanghi Industries Ltd on Friday reported a net profit of Rs 18.18 crore as against a net loss of Rs 37.35 crore in the first quarter of 2012-13, ended September 30, as compared to the same quarter last fiscal. In the corresponding quarter of 2011-12, the company’s sales were Rs 155.60 crore, Mr Alok Sanghi, Director, said in a statement here. On Friday, the company’s share price at the BSE closed 0.57 per cent down at Rs 26.20. The earnings per share (EPS) for Q1 stood at Re. 0.83 as against a negative EPS of Rs 1.70 in the previous year’s Q1.
Commenting on the company’s financial performance, he said Sanghi Industries focused on controlling all manufacturing and financing costs. In the current month, the promoters of Sanghi Industries raised their shareholding in the company to 60.5 per cent from around 56 per cent after purchasing a 4.5 per cent stake through a bulk purchase deal with a foreign investor, Spinnaker Global Strategic Fund Ltd.
While the first deal was valued at Rs 17.66 crore, the second was Rs 8 crore, with the total transaction value being Rs. 25.66 crore. The per share acquisition price for Sanghi Industries’ promoter group was Rs 22.70.