Shree Digvijay Cement sees 36% revenue increase

India’s Shree Digvijay Cement Co Ltd has reported a 36 per cent YoY increase in revenue in the 3QFY23 (ended 31 December 2022) to INR2064.4m (US$25.3m). EBITDA over the same period came in at INR170m, down from the INR200.2m seen in the same period a year earlier, while profit after tax advanced from INR72.7m to INR101.9m over the same period. Sales volumes in the 3QFY23 stood at 3.51Mt, up from 2.87Mt in the 3QFY22. 

For the nine months ended 31 December 2022, revenue was INR5296.8m, up from INR4601.5m in the same period a year earlier. EBITDA fell from INR904.9m to INR665.4m, while profit after tax declined from INR424m to INR333m. Sales volumes over the 9MFY23 came in at 9.26Mt, up from 8.78Mt in the 9MFY22. 

“This was a good quarter for us, we produced and sold 22 per cent more cement,” said Anil Singhvi, chairman, Shree Digvijay Cement Co Ltd. “Due to annual shutdown of the plant during the quarter, our reported EBITDA was lower. Our normalised operational (without annual shutdown expense) EBITDA was over INR850/t. Demand for cement in our markets continues to be good and with increased productivity and tight control over costs, we expect next quarter to be very good.”