Cement manufacturer Shree Cement Ltd on Wednesday reported a rise of 84 percent year-on-year (YoY) in its standalone net profit to Rs 581 crore for the first quarter ended June 30 (Q1FY24), aided by lower tax rate and higher other income of Rs 161.7 crore for the given quarter. The company had posted a net profit of Rs 315.55 crore in the April-June period a year ago, Shree Cement said in a BSE filing.
Shree Cements posted a better-than-expected set of bottom-line performance. A CNBC-TV18 poll of analysts expected the cement manufacturer to post a net profit of Rs 431 crore.
The company's revenue from operations increased 19 percent YoY to Rs 4,999 crore during the quarter under review as against Rs 4,202.69 crore in the corresponding period of the preceding fiscal.
Ebitda for the quarter stood at Rs 932.6 crore, up 14 percent YoY, while margins came in at 18.6 percent, lower by 90 basis points YoY.
| Q1FY24 | Q1FY23 | ||
| Revenue from ops | 19.0% | 4,999.00 | 4202 |
| Operating profit | 14% | 932.44 | 818.33 |
| Margins | 18.65% | 19.47% |
Apart from the financial results, the Board has approved raising of funds by way of issuance of on-Convertible Debentures (NCDs) aggregating up to Rs 1,000 crore in one or more tranches on private placement basis.
The Board has also proposed to expand its clinker and cement manufacturing capacity across the country in order to expand its business operations. The proposed investment for the same is pegged at Rs 7,000 crore.
On IT survey
- The Income Tax Department has conducted survey operations under Section 133A of the Income Tax Act at the Company's selected premises from 21st June, 2023 to 26th June, 2023.
- The company extended full cooperation to the Income Tax Department.
- The company has received a notice from the Ministry of Corporate Affairs ordering inspection under Section 206(5) of the Companies Act, 2013. The company will comply with the directions.
Shree Cement is the third largest cement-making firm, owning brands such as Roofon, Bangur Power, Shree Jung Rodhak, Bangur Cement and Rockstrong.
Shares of Shree Cement Ltd were trading at Rs 23,979 on NSE in trade today, up 1.30 percent from the previous close.
First Published: Jul 26, 2023 11:36 AM IST
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