Shree Cement Limited, India’s third largest cement group, today announced its financial results for the quarter and half year ended 30th September, 2023, the company announced through an exchange fiing.
Operational highlights
• Net revenue up YoY by 21% from ₹3,781 crore to ₹4,585 crore
• Total sale volume increased YoY by 10% from 7.46 million tonnes to 8.20 million tonnes
• Capacity utilization improved from 65% to 71% on YoY basis
• EBIDTA up YoY by 66% from ₹523 crore to ₹870 crore
• Sale of premium products risen to 9.5% vis-à-vis 7.5% of total trade sales on YoY basis
Neeraj Akhoury, Managing Director, Shree Cement Ltd. while commenting on the performance said, “We are excited to announce our Q2 performance with strong EBIDTA generation of ₹870 crore on the back of volume growth of 10% and improved operational matrices. In our transformation journey, we have made significant progress on establishing world class operational benchmarks, enhanced brand equity and reduced environmental footprints."
Capex Plans
The Board of Directors, in its meeting held today, approved setting up of brownfield cement grinding capacity of 3.40 million tonnes per annum capacity at Company’s existing facilities at Baloda Bazar district of Chhattisgarh with estimated capital expenditure of ₹550 crore. This project is estimated to be completed by September 2025.
Sustainability initiatives
The Company’s share of green power in total power consumption increased to 58.6% in Q2’FY24 vis-à-vis 50.8% in the corresponding quarter of previous year. The Company green power generation capacity stood at 401 MW which is set to increase following further investments lined up in this regard. The Company also continues to make satisfactory progress on TSR and alternative raw material and fuel consumption.
Merger of wholly owned subsidiaries
The Board of Directors in today’s meeting approved merger of Shree Cement East Pvt. Ltd. and Shree Cement North Pvt. Ltd., wholly owned subsidiaries of the Company into Shree Cement Ltd. subject to applicable regulatory requirements and sanction by National Company Law Tribunal(s) of relevant jurisdiction of the entities involved.
