Shree Cement Q3 Results: PAT declines 44% YoY to Rs 277 crore; dividend declared at Rs 45/share

However, its revenue from operation grew 15% YoY at Rs 4,069 crore during the October-December 2022 period compared to Rs 3,552 crore in the year-ago period.

Its Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) fell 7% YoY to Rs 869 crore in Q3FY23 compared to Rs 936 crore in the same quarter of the previous year.

The board of directors of the company declared an interim dividend of Rs 45 per share (450%) for the year 2022-23. In the previous year 2021-22, the board declared an interim dividend of Rs 45 per share. The total dividend for the year 2021-22 was Rs 90/- per share.

During the quarter, the share of green power consumption in total power consumption stood at 53% against 47% in the corresponding quarter of the previous year. The Company has completed 84 MW of solar power plants in different states during the current financial year. Another 44 MW of green power capacity is expected to be completed before the completion of FY 2022-23.

The company is working on setting up more such plants with an aim to increase the share of green energy in total energy consumption to 55% in the next 2 years, Shree Cement said in a release.

“Given the government’s focus on infrastructure growth in the Union Budget 2023-24 through higher allocation for road construction projects, Pradhan Mantri Awas Yojana (PMAY), ever highest capital investment outlay, etc and other overall buoyancy in the economy, the cement sector is poised for robust growth in coming years. However, rising input costs led by higher fuel prices may impact the margins,” the company said.The company has been actively working on achieving its goal of having 80 million tonnes capacity by year 2030.

On this front, work on setting up of clinker grinding unit of 3.0 million tonnes capacity at Purulia (West Bengal), setting-up of integrated cement unit of upto 3.50 million tonnes capacity at Nawalgarh (Rajasthan), and setting- up of integrated cement unit of 3.0 million tonnes capacity in Guntur (Andhra Pradesh), are nearing completion. Following the Q3 results, Shree Cement stock fell 1% to Rs 24,031 on BSE.