Shree Cement's profit in March quarter down y-o-y by 15.30%

23 May 2023 , 03:04 AM

Shree Cement has announced results for the quarter ended March 2023. The company has reported a 15.30% y-o-y decrease in standalone profit, amounting to Rs 546.2 crore, for the March quarter of FY23. Standalone profit in the previous corresponding quarter was Rs 645.21 crore. This decline can be attributed to a significant rise in power and fuel expenses, which has impacted the company’s financial performance.

Shree Cements witnessed a substantial increase in net profit, nearly doubling its previous figures, while EBITDA registered a notable 26% rise on a quarter-on-quarter basis.

During the quarter, Shree Cements experienced a significant 16.7% y-o-y increase in revenue from operations, reaching Rs 4,785.11 crore compared to Rs 4,098.7 crore in the same period last year. The company’s cement volumes also witnessed a robust growth of 10% year-on-year, primarily fueled by a widespread surge in demand across the industry.

Shree Cement declared a second interim dividend of Rs 55 per share for FY23.

At around 2.58 PM, Shree Cement was trading 1.12% higher at Rs 24,743.80 apiece, against the previous close of Rs 24,468.65 on NSE. The counter touched an intraday high and low of Rs 25,450 and 24,410 respectively, so far.

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