Revenue from operations grew by 20.44% year on year (YoY) to Rs 4,900.82 crore in the quarter ended 31 December 2023.

The cement maker said that the strong and all-round performance led by improved realization & cost reduction amidst robust demand growth.

Profit before tax (PBT) zoomed to Rs 966.38 crore in the December quarter as against Rs 384.20 crore reported in Q3 FY23.

Operating profit (EBITDA) stood at Rs 1,234 crore in Q3 FY24, registering a growth of 74% from Rs 708 crore posted in corresponding quarter last year. Capacity utilization improved to 77% as compared to 72% on YoY basis.

During the quarter, sale of premium products rose to 9.5% as against 7.2% of total trade sales on YoY basis.

On 9M basis, the company’s standalone net profit soared 131.06% to Rs 1,806.68 crore on 18.6% rise in revenue to Rs 18,217.75 crore in 9M FY24 over 9M FY23.

Explaining its capex plans, the company said that recently, it has commenced commercial production from its integrated cement plant at village Gothra in Nawalgarh Tehsil of Rajasthan having clinker capacity of 11,500 tonnes per day (3.8 million tonnes per annum) and cements capacity at 3.5 million tonnes per annum with effect from 22 January 2024.

The work on 18 million tonnes capacity expansion projects already announced is running as per schedule. Additionally, the company has decided to add one more cement mill of 3 million tonnes per annum capacity at its upcoming plant at Ras in Rajasthan. On completion, the firm’s total India cement capacity will be around 75 million tones, it added.

The company stated that its green power generation capacity stood at 474 megawatt (MW). This is set to increase further with more investments lined up by the company. The firm also continues to make progress on improving TSR levels and alternative raw material and fuel consumption.

In line with the firm’s announcement of diversifying to Ready Mix Concrete (RMC) segment by setting up 5 RMC units by year end, the Company has started work on setting up 3 RMC plants in the month of January2024 and actively working on materializing the remaining units.

Neeraj Akhoury, managing director of Shree Cement, said, We have embarked upon a comprehensive re-branding program which will help us build a differentiated positioning and win consumers delight. Our country is rapidly progressing on both housing and infrastructure, and this will provide a solid platform for India’s cement demand growth. We are fully prepared to complete our various projects to reach beyond 80 million tonnes cement production capacity by year 2028”.

Meanwhile, the company’s board has declared an interim dividend of Rs 50 per equity share for FY24. The record date for the dividend is Thursday, 8 February 2024 and it will be paid from Wednesday, 21 February 2024.

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 hit 52-week high at Rs 30,497.85 in today’s intraday session.