The country’s third-largest producer of cement, in terms of capacity, saw its net revenue from operations rise 7% on year to Rs 5,101 crore. The relatively lower growth in revenue as compared to the sales growth indicates that the company, too, felt the impact of weaker pricing.
While the net profit in Jan-Mar stood at Rs 662 crore, operating profit during the quarter surged 49% on year to Rs 1,327 crore. The company’s operating profit for 2023-24 (Apr-Mar) was also at an all-time high of Rs 4,364 crore.
“Our strong financial performance reflects our sharp focus on operational efficiencies while expanding our capacity through green and brownfield projects,” Neeraj Akhoury, managing director said.
In FY24, the company reported an 86% growth in net profit to Rs 2,468 crore on sales of Rs 19,586 crore, which were 16% higher as compared to the previous year. Volumes during the year grew by over 12% to 35.5 million tonne.“Driven by the government’s strong emphasis on infrastructure development, sustained real estate activity and expectations of a good monsoon, the cement demand in India is expected to remain robust, in line with the country’s broader economic development goals,” the company said in a statement.Shree Cement currently has the capacity to produce nearly 47 million tonne of cement each year in India. It recently commissioned a three-million-tonne plant in Andhra Pradesh, and is expanding capacity by another 18 million tonne.
