Shree Cement Q3 Results: Profit jumps 165% to ₹734 crore; ₹50 dividend declared

EBIDTA for the quarter surged 74% YoY to ₹1,234 crore from ₹708 crore in the year-ago period, while margin expanded by 780 basis points to 25.2% from 17.4% in Q3FY23.

The Board of Shree Cement has also declared an interim dividend of ₹5O per equity share of ₹10 each for the financial year 2023-24. The record date for the said dividend has been fixed on February 8, 2024. The dividend will be paid on February 21, 2024.

Recently, the company commenced commercial production from its integrated cement plant at village Gothra in Nawalgarh Tehsil of Rajasthan having clinker capacity of 11500 tonnes per day (3.8 MT per annum) and cement capacity at 3.5 MT per annum with effect from January 22, 2024.

The work on 18 MT capacity expansion projects already announced is running as per schedule.

Additionally, the company has decided to add one more cement mill of 3 MT per annum capacity at its upcoming plant at Ras in Rajasthan. On completion, ITS total India cement capacity will be around 75 MT.

"Shree Cement is executing a comprehensive performance improvement plan, and we are experiencing a positive impact. Strong volume growth along with building premium products through accelerated channel expansion and softening of fuel prices has helped us to deliver a robust improvement," said Neeraj Akhoury, Managing Director at Shree Cement.

Akhoury said the company has commissioned Purulia and Nawalgarh plant this year and its capacity growth plans are on track.

"We are fully prepared to complete our various projects to reach beyond 80 million tonnes cement production capacity by year 2028," he added.