Shree Cement Limited, India’s third largest cement group on Wednesday announced its financial results for the quarter ended June 30, 2023, the company announced through an exchange filing.
Operational highlights
The Net revenue was up YoY by 19 percent from ₹4,203 crore to ₹4,999 crore and the Total sale volume increased YoY by 19 percent from 7.50 million tonnes to 8.92 million tonnes.
EBIDTA was up YoY by 14 percent from ₹819 crore to ₹933 crore. Sale of premium products risen to 8.8 percent vis-à-vis 6.3 percent on YoY basis.
“Shree Cement’s quarter performance confirms that our strategic intents are starting to deliver results. Our bold actions to grow ahead of the industry with a focus on organic growth, sharpening operational efficiencies & improve special product sales will continue to be executed in the coming years. Shree has embarked on an ambitious journey to push the limits of its performance," said Neeraj Akhoury, Managing Director, Shree Cement Ltd.
Sustainability initiatives
The Company’s focus on decarbonization remains solid. It reduced net Scope 1 emissions to 502 kg CO2 per ton of cementitious materials representing a reduction of 4% compared to the previous year. As part of its decarbonization drive, the Company increased share of green power in total power consumption to 56% in Q1’FY24 which is the highest in the Indian cement industry.
Capex Plans
The Board of Directors, in its meeting held today approved clinker & cement capacity expansion projects with a total capital expenditure of around ₹7,000 crore.
Shree Cement Limited shares
The shares of Shree Cement Limited on Wednesday at 12:20 pm IST were at ₹24,056.1, up by 1.58% percent.
