Shree Cement Q2 PAT declines 67% YoY to Rs 183 cr

Shree Cement reported a 67.42% drop in consolidated net profit to Rs 183.36 crore in Q2 FY23 from as against Rs 562.83 crore posted in Q2 FY22.

However, revenue from operations increased by 19.7% YoY to Rs 4038.03 crore during the quarter.

Total expenses jumped 41.40% YoY to Rs 3956.90 crore in Q2 FY23, due to sharp rise in power and fuel costs at Rs 1377.79 crore (up 89.58% YoY) and higher raw material costs at Rs 321.53 crore (up 26.69% YoY).

Profit before tax slipped by 67% to Rs 240.47 crore in Q2 FY23 as against Rs 728.65 crore posted in Q2 FY22.

Meanwhile, the cement maker said that its board has approved the appointment of Benu Gopal Bangur as chairman emeritus with effect from close of the business hours on 14 October 2022. Benu Bangur was previously the director and chairman of the company.

The company's board has also approved the change in designation of Hari Mohan Bangur from managing director to chairman of the company with effect from 15 October 2022 for remaining period of his current tenure which is upto 31 March 2026, subject to approval of the members.

The board of directors has also approved the change in designation of Prashant Sangur from joint managing director to vice chairman of the company with effect from 14 October 2022 for remaining period of his current tenure which is upto 31 March 2027, subject to approval of the members.

Lastly, the company's board appointed Neeraj Akhoury as additional director designated as managing director of the company with effect from 14 October 2022 for a term of five years subject to approval of the members of the company.

Shree Cement is one of India's top three cement producers. Its portfolio of products includes Shree Jung Rodhak Cement, Bangur Cement, Roofon and Rockstrong Cement. It also has an installed power generation capacity of 752 megawatts which includes waste heat recovery power, solar power, wind power along with others.

The scrip rose 0.50% to end at Rs 21,162.50 on the BSE on Friday.

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