The cement maker reported a 21.15% increase in standalone net profit to Rs 661.76 crore on 6.60% rise in revenue from operations to Rs 5,101.01 crore in Q4 FY24 over Q4 FY23.
Profit before tax (PBT) jumped 50.48% year on year (YoY) to Rs 772.24 crore in the quarter ended 31 March 2024.
Operating profit (EBIDTA) stood at Rs 1,327 crore in fourth quarter of FY24, registering a growth of 49% from Rs 892 crore posted in corresponding quarter last year.
Total sales volume increased on YoY basis by 8% to 9.53 million tonne during the period under review.
On a full year basis, the cement manufacturers standalone net profit soared 85.86% to Rs 2,468.44 crore on 16.32% rise in revenue to Rs 19,585.53 crore in FY24 over FY23.
Explaining its capex plans, the company said that it has commissioned its integrated cement plant in Guntur district of Andhra Pradesh with cement capacity at 3 million tonne per annum. The work on other 18 million tonne capacity expansion projects already announced is progressing as per schedule. Upon completion, total cement production capacity in India will reach to 74.80 million tonne. The firm continues to work on different sites for further expanding its capacity.
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The company stated that its total green power generation capacity stood at 480.3 megawatt (MW) as on March 2024. Additionally, the company has initiated its efforts and taken actions for adding another 188 MW of green power capacity at various locations to further boost its green energy share for meeting its captive requirement.
During the quarter, the firm made its foray into Ready Mix Concrete (RMC) Business. It entered into asset purchase agreement with Star Crete LLP to purchase 5 RMC plants in Mumbai Metropolitan Region of Maharashtra at aggregate consideration of Rs 33.50 crore. Additionally, it also commissioned its first greenfield RMC facility of 90 cubic meters per hour capacity in Hyderabad, Telangana under brand Bangur Concrete. The firm has plans to setup about 100 Bangur Concrete plants in next 3 years, operating in around 50 cities and generating nearly 3000 direct and indirect employment opportunities.
Neeraj Akhoury, managing director of Shree Cement, said, Our strong financial performance reflects our sharp focus on operational efficiencies while expanding our capacity through green and brownfield projects. This is complemented by our digital transformation, which is driving us forward, streamlining our operations and empowering our people with data-driven decision-making capabilities.
Meanwhile, the companys board has recommended a final dividend of Rs 55 per equity share for FY24.
Further, the company has appointed Vinod Kumar Chaturvedi as chief human resources officer (CHRO) with effect from 29 May 2024. Chaturvedi holds a post graduate degree in Business Administration and Industrial Relations, as well as LLB. He has also accomplished a Post-Graduation in Psychology. He has over 33 years of experience in HR & ER.
Shree Cement is one of India's top three cement producers. Its portfolio of products includes Shree Jung Rodhak Cement, Bangur Cement, Roofon and Rockstrong Cement.
The scrip fell 0.97% to currently trade at Rs 25,766.45 on the BSE.
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