New Delhi: Shree Cement on Friday recorded a 15 per cent year-on-year (YoY) drop in consolidated net profits at Rs 546 crore for the fourth quarter in comparison to Rs 645 same quarter a year back. Sales for the March quarter rose by 17 per cent YoY to Rs 4,785 crore compared to Rs 4,099 crore same period last year.
Shree Cement Financials
The firm’s total sale volume increased by 10 per cent back-to-back to 8.83 million tonnes in Q4 against 8.03 million tonnes in the same quarter. The number of premium products sold compared to total trade cement sales was at 7.5 per cent in the March quarter against 7.2 per cent in the third quarter.
The firm said that it is aggressively working on achieving its goal of beyond 80 million tonnes capacity. It said the commissioning of the Purulia grinding unit with a capacity of 3 mpta is scheduled by the end of Q1FY24; the Nawalgarh project with 3.50 mtpa capacity is progressing on schedule and that the company expects the commissioning to be achieved by the end of Q3FY24. Shree Cement said it is also progressing strongly on the project in the Guntur district of Andhra Pradesh, which should be commissioned early next financial year.
Company’s managing director Neeraj Akhoury said, “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.”
However, the company’s board of directors did not talk or recommend any final dividend for FY23. At the start of the year, the board announced an interim dividend of Rs 45 per share. The dividend for the whole year was Rs 100 per share in comparison to a total dividend of Rs 90 per share this year.
