Shree Cements Q3 Results FY2023, Net profit at Rs. 276.77 crores

On 8th February,  Shree Cements announced its results for the third quarter of FY2023.

Key Highlights:

- Net revenue up YoY by 15% from Rs. 3,552 crores to Rs. 4,069 crores; QoQ up by 8%. 
- Total volume increased YoY by 23% from 6.55 million tonnes to 8.03 million tonnes; QoQ up by 8%. 
- EBIDTA up QoQ by 28% from Rs. 680 crores to Rs. 869 crores.
- The company reported a PAT at Rs. 276.77 crores, down by 44% YoY.

Business Highlights:

- The Company has been working on achieving its 80 million tonnes capacity by 2030. 
- The company is setting up a clinker grinding unit of 3.0 million tonnes capacity at Purulia, West Bengal (through a wholly owned subsidiary) and is nearing completion
- Shree cement is setting up an integrated cement unit of up to 3.50 million tonnes capacity at Nawalgarh, Rajasthan is in full swing and progressing well
- The company is setting up an integrated cement unit of 3.0 million tonnes capacity in the Guntur district of Andhra Pradesh and has also picked up the pace

Commenting on the performance during the quarter, Mr. Neeraj Akhoury, Managing Director, Shree Cement Ltd. said, “Shree Cement continues its strong focus on operational efficiencies to mitigate increase in the input costs including fuel. We are determined to become the greenest cement company with global scale performance on power mix. We are continuing to strengthen our technology fundamentals with digitalization and this will enable us to create a significant advancement on customer satisfaction. In the quarter gone by, there has been a strong momentum in cement demand due to rise in construction activities. In the Union Budget 2023-24, capital investments has been given a major fillip by providing ever highest allocation of Rs.10 lakh crore and cement demand, being linked with capex activities, would surely get a big boost from the same. Shree Cement is perfectly positioned to perform in these exciting times. We will continue to build new plants to meet the growing cement demand in India.
The Company has launched WeLead initiative to strengthen its core capabilities in high impact areas of production, sales & marketing, distribution and build business models and systems to become more productive & performance focused. The performance during the quarter gone by is testimony to such initiatives and we expect to derive significant synergies from the above initiatives.” 

Board of Directors of the Company has declared an interim dividend of Rs. 45 per share (450%) for the year 2022- 23.