Shree Cement’s net profit dips 20.31% in Q4 FY23, Real Estate News, ET RealEstate

June 24, 2023

NEW DELHI: Shree Cement has reported a dip of 20.31 per cent in its net consolidated profit during the quarter ended March 31, 2023. Its profit after tax stood at Rs 525.21 crore in Q4 FY23 as against Rs 659.08 crore crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 5,245.91 crore in Q4 FY23, a growth of 16.53 per cent from Rs 4,501.60 crore it recorded in the similar quarter last year.

“Shree cement has delivered a robust set of revenue & EBITDA growth while strongly pursuing our journey to remain the greenest cement company with world class performance indicators. We continue to execute sharp action plans to reach beyond 80 million tons cement capacity in the coming years,” said Neeraj Akhoury, managing director of the company.

The board of directors declared second interim dividend of Rs 55 per equity share of Rs 10 each for the financial
year 2022-23. Earlier in the year, the Board had declared an interim dividend of Rs 45 per share (450%). Total dividend for the year 2022-23 works out to Rs 100 per share (1000%) compared to total dividend of Rs 90 per share (900%) in year 2021-22.The board has not recommended any final dividend for the year 2022-23.

The company had detected an IT security incident on March 28, 2023 on its IT assets. It’s production facilities were not affected by the incident. However, the dispatches faced some difficulty, which were normalized in a day’s time. All the critical data have since been recovered and restored. As such, there is no material impact on the operations of the company on account of the said incident. The company has taken all necessary initiative to further strengthen its measures to deal with risks arising out of cyber security related incidents, it said in the regulatory filing.

Total sale volume increased quarter-on-quarter by 10% from 8.03 million tonnes to 8.83 million tonnes. During the quarter, the share of green power consumption in total power consumption stood at 54.6% against 50.1% in the corresponding quarter of the previous year. The company completed commissioning of 122 MW of solar and wind power plants in different states during the FY 2022-23. As a result, our total green power generation capacity increased to 385.5 MW as at the close of FY 22-23. Another 93 MW of green power capacity is expected to be completed in FY 2023-24 and FY 2024-25 along with commissioning of new project sites. With this, the company aims to increase the share of green power consumption in total power consumption to >55% over FY24/FY25.The company said that it has been able to reduce its carbon emission by 3% to 513 kg CO2/ton of cement equivalent in FY 2022-23.

Commissioning of Purulia grinding unit with capacity of 3.0 MTPA is scheduled by end of Q1 FY 2023-24 while Nawalgarh project with 3.50 MTPA capacity is progressing on schedule, and the company expect the commissioning to be achieved by end of Q3 of FY 2023-24

  • Published On May 22, 2023 at 05:30 PM IST

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