Shree Cement Q3 Results: Profit falls short of analysts' estimates, margin plummets 590 bps
Shree Cement reported a net profit of Rs 277 crore for the quarter ended December. The cement maker announced a dividend of Rs 45 per share , with a record date of February 16.
Shree Cement on Wednesday reported a net profit of Rs 276.8 crore for the quarter ended December, down 43.7 per cent compared with the corresponding period a year ago. The cement major's revenue, however, increased 14.6 per cent on a year-on-year basis to Rs 4,068.8 crore for the three-month period, according to a regulatory filing.
Both topline and bottomline fell short of analysts' estimates.
According to Zee Business research, Shree Cement's quarterly net profit was estimated at Rs 332.5 crore and revenue at Rs 4,148 crore.
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The company's margin — a key measure of profitability — shrank to 17.4 per cent from 23.3 per cent a year ago, according to the filing.
Shree Cement said the sector is poised for robust growth in the coming years, driven by the focus on infrastructure in Budget 2023 and the overall buoyancy in the economy. However, rising input costs, led by higher fuel prices, may impact its margin, the company added.Neeraj Akhoury, Managing Director, Shree Cement Ltd.
“Shree Cement continues its strong focus on operational efficiencies to mitigate increase in the input costs including fuel. We are determined to become the greenest cement company with a global scale performance on the power mix," said Neeraj Akhoury, Managing Director, Shree Cement.
There has been strong momentum in cement demand during the quarter due to a rise in construction activities, he said.
Shree Cement said its total volume increased 23 per cent on a year-on-year basis to 8.03 million tonnes.
The company's board declared an interim dividend of Rs 45 per share with a record date of February 16.
Shree Cement shares ended higher by Rs 52.6 or 0.2 per cent at Rs 24,329.9 apiece on BSE after the earnings announcement.
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