Shree Cement Q2 Results: Profit plunges over 80% to Rs 93 crore on weak demand, prices
Shree Cement’s profit plunged more than 80% on year to Rs 93.13 crore in the September quarter, weighed down by weakness in both demand and prices for the building material during the three-month period.
While the September quarter is seasonally weak for cement-makers, the country’s third largest producer’s sales volume slipped as compared to the previous year as well — 7% lower at 7.60 million tonne.
“Despite strong headwinds on account of extended monsoon and softer pricing environment across the industry, Shree Cement has delivered a steady performance on the back of accelerated operational efficiency measures, focused cost optimisation drive and product premiumisation initiatives,” managing director Neeraj Akhoury said in a statement.
The company’s net revenue from operations fell 18% on year to Rs 3,727 crore, while earnings before interest, tax, depreciation and amortization fell 32% on year to Rs 593 crore.
As compared to the June quarter, Shree Cement’s net revenue fell 23%, its EBITDA was 35% lower, while profit slumped 71%.
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