Shree Cement Q1 Results: Net profit jumps 84% to ₹581 crore; revenue growth at 19% YoY

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Shree Cement Q1 Results: Shree Cement reported a sharp 84.2% on-year rise growth in its net profit for the quarter ended June 2023. The cement manufacturer posted a net profit of ₹581.1 crore in Q1FY24 as compared to ₹315.55 crore in the corresponding quarter of last fiscal. The company’s revenue from operations in Q1FY24 registered a growth of 18.9% to ₹4,999.1 crore as against ₹4,202.69 crore, YoY.

Other income of the company was at ₹161.7 crore in the April-June 2023 quarter. On the operational front, earnings before interest, taxes, depreciation and amortization (EBITDA) during the quarter under review increased 14% to ₹932.6 crore from ₹818 crore, YoY. However, EBITDA margin narrowed by 90 basis points (bps) in the June quarter to 18.6% from 19.5%, YoY.

Also Read: PNB Q1 Results: Bank declares earnings today, net profit likely to jump to ₹1,850 crore Shree Cement board also proposed capacity addition with an investment of ₹7,000 crore. The existing cement capacity of the company (including that of Wholly Owned Subsidiary) is 49.90 Million Ton Per Annum (MTPA) in India. During the year 2022-23, the utilization rate was 70%.

The Board of Directors of the company has also decided to make strategic diversification in Ready Mix Concrete (RMC) business commencing with plan to set-up 5 RMC Units by this financial year. Share Cement share price has rallied 16% in 2023 so far. At 11:45 am, Shree Cement shares were trading 1.19% higher at ₹23,961.65 apiece on the BSE.