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Shree Cement Q4 results: Consolidated net profit falls 15% to Rs 546 cr

The company's net revenue up QoQ by 18% from Rs 4,069 crore to Rs 4,785 crore

Shree Cement

Shree Cement

BS Web Team New Delhi

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Shree Cement Ltd, on Monday, posted a consolidated net profit of Rs 546 crore for the March quarter. This is 15.34 per cent decline from Rs 645 crore a year ago, the company statement said.

The company’s net revenue up QoQ by 18 per cent from Rs 4,069 crore to Rs 4,785 crore.

In a regulatory filing, the company said, “EBIDTA (without Other Income) went up QoQ by 26 per cent from Rs 708 crore to Rs 892 crore.”

“Shree cement has delivered a robust set of revenue & EBITDA growth while strongly pursuing our journey to remain the greenest cement company with world class performance indicators. We are driving prioritised initiatives to increase green power, usage of alternative fuels, process automations combined with advanced digitalisation of the operations to deliver superior performance,” said Neeraj Akhoury, Managing Director, Shree Cement Ltd.

“The improved performance during this quarter is testimony of such initiatives amidst the challenge of managing high fuel costs. Our resolve to step up actions on strengthening brand equity is under execution and we are confident to deliver volume growth with focus on premium cement creating enhanced value for our customers,” he added.

Total expenses rose 24.4 per cent, with cost of materials consumed and power and fuel costs nearly doubling. Gross revenue from operations rose 16.8 per cent to Rs 5,998 crore.

Shree Cement's shares closed 0.25 per cent higher at Rs 24,468.65 ahead of the results. The company also declared a second interim dividend of Rs 55 per share for the year 2022-23.

In a regulatory filing, the company said, “The board of directors of the company has declared a second interim dividend of Rs 55 per share (550 per cent) for the year 2022-23. Earlier in the year, the Board had declared an interim dividend of Rs 45 per share (450 per cent). Total dividend for the year 2022-23 works out to Rs 100 per share (1000 per cent) compared to total dividend of Rs 90/- per share (900 per cent) in year 2021-22. The Board of Directors has not recommended any final dividend for the year 2022-23.”

(WIth inputs from Reuters)

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First Published: May 22 2023 | 7:36 PM IST

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