Shree Cement reports 18% YoY revenue growth

Shree Cement has reported revenue from operations of INR168,374m (US$2055m) in FY22-23 (ended 31 March 2023), up 18 per cent YoY from INR143,060m in FY21-22. EBITDA in FY22-23 came in at INR33,737m, with profit after tax of INR13,281m.

The company registered total sales volumes of 31.82Mt in FY22-23, marking growth of 15 per cent YoY. According to the company this growth was driven by increased government spending and higher demand for housing. Cement production in FY22-23 was 31.21Mt, up from 27.69Mt in the same period a year earlier. 

The company’s cement production capacity currently stands at 46.4Mta, with three new cement plants underway. These include a grinding unit in Purulia, West Bengal, which was commissioned just a few days ago, along with an integrated plant in Nawalgarh, Rajasthan, which is due to complete in 3QFY23-24, and another integrated works at Guntur, Andhra Pradesh, which is also scheduled to come on stream in the 3QFY23-24. The company is aiming for 56Mta of cement production capacity by 2024. Capacity utilisation for FY22-23 was 70.44 per cent. 

In terms of sustainability, green power accounted for 51.1 per cent of total power consumption over the twelve-month period, with the company operating 385.6MW of green power capacity, including waste heat recovery wind and solar. The company also reported over 14 per cent alternative fuel consumption and more than 27 per cent alternative raw material consumption in FY22-23. Blended/green cements accounted for 77 per cent of the company’s production over the same period.