Shree Cement’s March quarter profit up y-o-y by 28%

15 May 2024 , 02:37 PM

Shree Cement Ltd’s Q4 FY24 consolidated net profit (attributable to the owners) increased about 28% year-on-year (YoY) to ₹674.9 Crore, above street estimates and aided by inventory gains, according to the company’s quarterly results filed with the stock exchanges on May 14.

The company generated a consolidated net profit of ₹525.8 Crore in the same period previous year.

Revenue from operations in the fiscal fourth quarter increased by more than 6% year on year to ₹5,433 Crore.  Profit fell 3% sequentially, while revenue increased by 4%.

On a standalone basis, net profit increased 21% YoY to ₹661 Crore, while sales increased 7% YoY from ₹4,785 Crore to ₹5,101 Crore.

“Driven by the government’s primary focus on infrastructure development, sustained real estate activity, and expectations of a good monsoon, the cement demand in India is expected to remain strong, in line with the country’s broader economic development goals,” the business stated in a statement.

During the quarter, the business opened a ₹2,500 Crore factory in Guntur, Andhra Pradesh, increasing its manufacturing capacity to 56.4 million tonnes per annum (MTPA).

The work on the additional 18 million tonnes capacity expansion projects that have already been announced is going on time, according to the business, and when completed, the cement maker’s total cement production capacity in India will be 74.80 million tonnes.

The commissioning allowed Shree Cement to increase production levels, which analysts at Axis Securities predict will rise by 5-7% YoY. The rise in volume was a significant driver of revenue growth.

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