Star Cement sees strong demand for cement in FY19
Star Cement has received Rs 200 crore in May, towards subsidies claim from the central government.
The company has received a total of Rs 280 crore from the central government including the Rs 80.26 they got in April. This payment is towards freight subsidy from earlier years.
In FY18, the company had received Rs 230 crore.
Sanjay Gupta, CEO, Star Cement said the debt as on March 31, 2018 was Rs 410 crore and Rs 80 crore was used towards repayment of debt.
"Now this Rs 200 will also go towards debt repayment, said Sanjay Gupta, CEO, Star Cement.
The overall debt after this payments will be around Rs 90 crore, said Gupta.
The total subsidy from the government at the start of the year was Rs 710 crore, and so Rs 430 crore is still outstanding, said Gupta, adding that Rs 150 crore is likely to come in the second or third quarter of FY19. Therefore, Rs 230 crore of outstanding from government would still remain.
He said out of the net cash that remains post repayment of debt large amount would go towards the Greenfield project in Siliguri, West Bengal and if required would borrow only in small quantum.
Talking about cement prices, he said they are more or less table in North-East. There was only a small uptick of Rs 5 in April, post that it has been steady, he added.
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