Profit before tax soared 139.30% to Rs 596.52 crore in Q2 FY24 as compared with Rs 249.27 crore in Q2 FY23.

EBITDA jumped 66% to Rs 870 crore in Q2 FY24 as compared with Rs 523 crore posted in same quarter last year.

Total sale volume increased by 10% to 8.20 million tonnes in Q2 FY24 as compared to 7.46 million tonnes recorded in corresponding quarter last year.

The capacity utilization improved to 65% in Q2 FY24 as against 71% in Q2 FY23 and sale of premium products risen to 9.5% as against 7.5% of total trade sales on YoY basis.

Neeraj Akhoury, managing director of Shree Cement said, “We have made significant progress on establishing world class operational benchmarks, enhanced brand equity and reduced environmental footprints. We continue to add world-class technology enablers to improve this performance further. We continually improve our volumes quarter over quarter. As the country enters into a multi-year strong demand cycle, we are aggressively marching ahead on our expansion plans to achieve our target of going beyond 80 million tons capacity by 2028.”

On outlook front, the company said that cement demand in India is expected to remain robust in the mid-term on account of rising expenditure on infrastructure and housing development.

Meanwhile, the company’s board has approved the 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 Rs 550 crore. This project is estimated to be completed by September 2025.

Further, the board has approved the merger of Shree Cement East and Shree Cement North, wholly owned subsidiaries of the company into Shree Cement. subject to applicable regulatory requirements and sanction by National Company Law Tribunal(s) of relevant jurisdiction of the entities involved.

Lastly, the company informed that Ashish Palod, chief logistics officer, has tendered his resignation on 7 November 2023 and relieved with effect from the close of business hours of 17 November 2023. Accordingly, he will also be ceased to be a member of senior management of the company.

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

Shares of Shree Cement were lower 1.23% to Rs 26,333.80 on the BSE.