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Mumbai, Oct. 26 Bogged down by high power and fuel cost, Binani Cement has reported a 44 per cent decline in net profit at Rs 27 crore in the second quarter of the financial year ended September 30, against Rs 48 crore reported in the corresponding period last year. Sales improved 43 per cent to Rs 306 crore (Rs 214 crore) in the quarter under review. Power and fuel jumped 201 per cent to Rs 116 crore (Rs 39 crore), while freight increased 41 per cent to Rs 66 crore (Rs 47 crore).

Mr Vinod Juneja, Managing Director, Binani Cement, said the company was not able to pass on the increase in input cost to customers due to a dip in demand.

The company has achieved financial closure for its proposed Rs 825 crore greenfield project cement production capacity in Gujarat.

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