Shree Cement Q1 Profit More Than Doubles To Rs 572 Cr

In June quarter, it delivered a volume growth of 19 per cent with EBITDA increasing 14 per cent year-on-year, said an earning statement from Shree Cement

PTI

Updated on: 26 July 2023 6:29 pm

Sensex, Nifty rebound nearly 1 pc on gains in auto, IT stocks

Bangur family-promoted Shree Cement Ltd on Wednesday reported over two-fold jump in consolidated net profit at Rs 571.94 crore for June quarter 2023-24 on account of volume growth.

The company had logged a net profit of Rs 278.86 crore in April-June period a year ago, Shree Cement said in a BSE filing.

Revenue from operations was higher at Rs 5,064.83 crore during the quarter under review as against Rs 4,414.85 crore earlier.

In June quarter, it delivered a volume growth of 19 per cent with EBITDA increasing 14 per cent year-on-year, said an earning statement from Shree Cement.

Total sale volume increased YoY from 7.50 million tonne to 8.92 million tonne. Total expenses rose to Rs 4,533.67 crore from Rs 4,019.11 crore.

Total income in June quarter was at Rs 5,233.90 crore, up 19.09 per cent as against the year-ago period.

"Shree Cement’s quarter performance confirms that our strategic intents are starting to deliver results. Our bold actions to grow ahead of the industry with a focus on organic growth, sharpening operational efficiencies & improve special product sales will continue to be executed in the coming years," Managing Director Neeraj Akhoury said.

"We have started the trial commissioning of our new unit at Purulia, West Bengal and are confident to commence operations of new plants at Nawalgarh in Rajasthan and Guntur in Andhra Pradesh within scheduled timelines," he said.

Over the outlook, the company said it remains "optimistic" about cement demand growth with the government’s continued focus on infrastructure and housing.

"Higher spending by the central government ahead of the general elections in the year 2024 is also expected to boost the cement demand in this financial year," Akhoury added.

Shree Cement is the third largest cement-making firm, owning brands such as Roofon, Bangur Power, Shree Jung Rodhak, Bangur Cement and Rockstrong.

Shares of Shree Cement ended at Rs 24,230.05 apiece, up 2.33 per cent on the BSE.