Shree Cement on Monday posted fiscal fourth quarter profit at Rs 525.77 crore, down 20 per cent from Rs 657.24 crore in the same quarter last year. It posted revenue at Rs 5100.19 crore, up 16.9 per cent as against Rs 4364.24 crore in the corresponding quarter previous year. According to a CNBC TV18 poll, Shree Cement was expected to post quarter profit at Rs 472 crore and revenue at Rs 4590 crore. While the total income for the quarter was at Rs 5245.91 crore, total expenses recorded for Q4FY23 was at Rs 4755.08 crore.
The Board also declared an interim dividend of Rs 55 per equity share of Rs 10 each for the financial year ended March 2023. Earlier this year, the Board had declared an interim dividend of Rs 45 per share (450 per cent). “Total dividend for the year 2022-23 works out to Rs 100 per share (1000 per cent) compared to total dividend of Rs 90 per share (900 per cent) in year 2021-22. The Board of Directors has not recommended any final dividend for the year 2022-23,” it said in a statement.
“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 are driving prioritized initiatives to increase green power, usage of alternative fuels, process automations combined with advanced digitalization of the operations to deliver superior performance,” said Mr. Neeraj Akhoury, Managing Director, Shree Cement Ltd.
He added that the company is working towards reaching beyond 80 million tons of cement capacity in the coming years. In order to achieve this goal, the company is working on projects including, Purulia grinding unit with capacity of 3.0 MTPA scheduled to be commissioned by end of Q1 FY 2023-24; Nawalgarh project with 3.50 MTPA capacity is expected to be commissioned by the end of Q3 of FY 2023-24; and another project in Guntur district of Andhra Pradesh which should be commissioned early next financial year.