Shree Cement 1QFY23-24 profits jumps INR5723m

Shree Cement’s first quarter profit for the FY23-24 rose to INR5723m (US$69.7m), up 104.8 per cent in comparison to INR2795m during the corresponding quarter of last year. It posted revenue from operations at INR50,648.3m, up 14.7 per cent as against INR4,4148.5m during the 1QFY22-23. The company’s EBITDA stood at INR9326m.

The company posted total income for the quarter at INR52,339m, up 19.1 per cent in comparison to INR43,947.5m during the same period last year. However, the total expenses in teh 1QFY23-24 was at INR45,336.7m, up 12.8 per cent from INR4 019,110m a year earlier. 

The Board also approved an investment for increasing  capacity. The proposed capacity addition include a clinker manufacturing plant of 3.65Mt at Pali, Rajasthan and cement capacity of 6Mta in Pali, Rajasthan and Etah, Uttar Pradesh, plus and a clinker plant of 3.65Mt at Kodla and cement capacity of 6Mt at Kodla and Bangalore in Karnataka. The proposed capacity addition will be completed by the quarter ending March 2025 and the total investment enquired for these expansion is estimated at INR70,000m. 

The existing cement capacity of the Shree Cement is 49.9Mta in India. During the year 2022-23, the utilisation rate was 70 per cent.