On consolidated basis
Quarter ended December
2024 compared with Quarter ended December 2023.
Net sales (including other operating income) of Shree Cement has declined
11.95% to Rs 4572.68 crore.
Operating profit margin
has declined from 24.34% to 21.10%, leading to 23.67% decline in operating
profit to Rs 964.80 crore. Raw material cost as a % of total sales
(net of stock adjustments) increased from 9.61% to 9.83%. Purchase
of finished goods cost rose from 0.09% to 0.19%. Employee cost
increased from 5.25% to 6.21%. Other expenses rose from 60.47% to
62.07%. Power and Oil fuel cost fell from 27.69% to 23.34%.
Freight charges rose from 19.50% to 23.59%.
Other income fell 24.88%
to Rs 110.78 crore. PBIDT fell 23.79% to Rs 1075.58
crore. Provision for interest fell 5.75% to Rs 51.76
crore.
PBDT fell 24.52% to Rs
1023.82 crore. Provision for depreciation rose 80.04% to Rs 799.11
crore.
Profit before tax down
75.38% to Rs 224.71 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 30.99 crore, compared
to Rs 210.79 crore. Effective tax rate was 13.79% compared to
23.10%.
Net profit attributable
to owners of the company decreased 72.45% to Rs 193.40 crore.
Promoters’ stake was
62.55% as of 31 December 2024 ,compared to 62.55% as of 31 December 2023
.
For year-to-date (YTD) results analysis.
Net sales (including other operating
income) of Shree Cement has declined 8.34% to Rs 13750.81 crore.
Operating profit margin
has declined from 20.63% to 18.22%, leading to 19.05% decline in operating
profit to Rs 2,505.46 crore. Raw material cost as a % of total sales
(net of stock adjustments) increased from 9.63% to 10.10%. Purchase
of finished goods cost rose from 0.07% to 0.13%. Employee cost
increased from 5.36% to 6.23%. Other expenses rose from 64.25% to
65.17%. Power and Oil fuel cost fell from 31.08% to 27.47%.
Freight charges rose from 20.46% to 23.01%.
Other income fell 3.84%
to Rs 431.29 crore. PBIDT fell 17.12% to Rs 2936.75
crore. Provision for interest fell 16.61% to Rs 163.67
crore.
PBDT fell 17.15% to Rs
2773.08 crore. Provision for depreciation rose 85.71% to Rs 2219.24
crore.
Profit before tax down
74.27% to Rs 553.84 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 5.03 crore, compared to
Rs 431.7 crore. Effective tax rate was 0.91% compared to 20.06%.
Net profit attributable
to owners of the company decreased 68.13% to Rs 548.45 crore.
Promoters’ stake was
62.55% as of 31 December 2024 ,compared to 62.55% as of 31 December 2023
.
Full year results analysis.
Net sales (including other operating income) of Shree Cement has increased
14.29% to Rs 20403.8 crore.
Operating profit margin
has jumped from 16.58% to 22.14%, leading to 52.62% rise in operating profit to
Rs 4,516.74 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 7.91% to 9.83%. Purchase of
finished goods cost fell from 0.50% to 0.05%. Employee cost
decreased from 5.45% to 5.19%. Other expenses fell from 69.63% to
62.88%. Power and Oil fuel cost fell from 33.92% to 30.52%.
Freight charges fell from 21.10% to 20.25%.
Other income rose 30.29%
to Rs 598.12 crore. PBIDT rose 49.62% to Rs 5114.86
crore. Provision for interest fell 1.72% to Rs 258.34
crore. Loan funds declined from Rs 2,724.67 crore as of 31 March
2023 to Rs 1,655.55 crore as of 31 March 2024. Inventories rose to
Rs 3,555.07 crore as of 31 March 2024 from Rs 2,759.68 crore as of 31 March
2023. Sundry debtors were higher at Rs 1,286.53 crore as of 31 March
2024 compared to Rs 1,211.57 crore as of 31 March 2023. Cash and
bank balance rose to Rs 421.81 crore as of 31 March 2024 from Rs 160.93 crore
as of 31 March 2023. Investments declined from Rs 8,683.14 crore as
of 31 March 2023 to Rs 7,555.83 crore as of 31 March 2024.
PBDT rose 53.90% to Rs
4856.52 crore. Provision for depreciation rose 14.25% to Rs 1897.32
crore. Fixed assets increased to Rs 11,397.13 crore as of 31 March
2024 from Rs 10,202.81 crore as of 31 March 2023. Intangible assets
increased from Rs 74.67 crore to Rs 123.45 crore.
Profit before tax grew
97.93% to Rs 2,959.20 crore. Share of profit/loss were nil in both
the periods. Provision for tax was expense of Rs 563.04 crore,
compared to Rs 225.9 crore. Effective tax rate was 19.03% compared
to 15.11%.
Net profit attributable
to owners of the company increased 88.53% to Rs 2,395.70 crore.
Equity capital stood at
Rs 36.08 crore as of 31 March 2024 to Rs 36.08 crore as of 31 March
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was
62.55% as of 31 March 2024 ,compared to 62.55% as of 31 March 2023
.
Cash flow from operating
activities increased to Rs 3,347.49 crore for year ended March 2024 from Rs
2,568.74 crore for year ended March 2023. Cash flow used in
acquiring fixed assets during the year ended March 2024 stood at Rs 3,200.35
crore, compared to Rs 3,314.45 crore during the year ended March
2023.
Operation highlights
Total sale volumes up by 15 % from 7.60 million tonnes to
8.77 million tonnes on QoQ basis.
CAPEX:
The
Company’s ongoing expansion projects in Jaitaran, Rajasthan (6.0 MTPA), Kodla,
Karnataka (3.00 MTPA), Baloda Bazar, Chhattisgarh (3.40 MTPA), and Etah, Uttar
Pradesh (3.00 MTPA) are nearing completion. The Company expects to commission
all these projects in the first quarter of FY25-26. The Company is continuously
working to identify suitable opportunities to achieve its goal of achieving
> 80 MTPA capacity by 2028.
Dividend:
The Board of Directors, in today’s
meeting, declared an interim dividend of Rs 50/- per share (500%) for the year
2024-25.
Management
Commentary:
Commenting
on the performance during the quarter, Mr. Neeraj Akhoury, Managing Director,
Shree Cement Ltd. Said “Our strategy of prioritizing premium, high value
products coupled with sharp focus on brand enhancement, strengthening the dealer network and optimizing
the geo-mix has enabled us to improve our sale volumes. The results of our
continued emphasis on operational excellence, efficiency improvements, and cost
optimization are evident
in
our streamlined production costs this quarter. Looking ahead, we remain
committed to increasing the volume of our premium product offerings and
maintaining our relentless focus on further cost optimization.”| Shree Cement : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202412 | 202312 | Var.(%) | 202412 | 202312 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 4,572.68 | 5,193.47 | -11.95 | 13,750.81 | 15,002.79 | -8.34 | 20,403.80 | 17,852.33 | 14.29 | | OPM (%) | 21.10 | 24.34 | -324 bps | 18.22 | 20.63 | -241 bps | 22.14 | 16.58 | 556 bps | | OP | 964.80 | 1,263.95 | -23.67 | 2,505.46 | 3,094.91 | -19.05 | 4,516.74 | 2,959.50 | 52.62 | | Other Inc. | 110.78 | 147.47 | -24.88 | 431.29 | 448.49 | -3.84 | 598.12 | 459.08 | 30.29 | | PBIDT | 1,075.58 | 1,411.42 | -23.79 | 2,936.75 | 3,543.40 | -17.12 | 5,114.86 | 3,418.58 | 49.62 | | Interest | 51.76 | 54.92 | -5.75 | 163.67 | 196.28 | -16.61 | 258.34 | 262.87 | -1.72 | | PBDT | 1,023.82 | 1,356.50 | -24.52 | 2,773.08 | 3,347.12 | -17.15 | 4,856.52 | 3,155.71 | 53.90 | | Depreciation | 799.11 | 443.86 | 80.04 | 2219.24 | 1195.01 | 85.71 | 1897.32 | 1660.67 | 14.25 | | PBT | 224.71 | 912.64 | -75.38 | 553.84 | 2152.11 | -74.27 | 2959.2 | 1495.04 | 97.93 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 224.71 | 912.64 | -75.38 | 553.84 | 2152.11 | -74.27 | 2959.2 | 1495.04 | 97.93 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 224.71 | 912.64 | -75.38 | 553.84 | 2152.11 | -74.27 | 2959.2 | 1495.04 | 97.93 | | Taxation | 30.99 | 210.79 | -85.30 | 5.03 | 431.7 | -98.83 | 563.04 | 225.9 | 149.24 | | PAT | 193.72 | 701.85 | -72.40 | 548.81 | 1720.41 | -68.10 | 2396.16 | 1269.14 | 88.80 | | Minority Interest (MI) | 0.32 | -0.04 | PL | 0.36 | -0.41 | PL | 0.46 | -1.56 | PL | | Net profit | 193.4 | 701.89 | -72.45 | 548.45 | 1720.82 | -68.13 | 2395.7 | 1270.7 | 88.53 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 193.4 | 701.89 | -72.45 | 548.45 | 1720.82 | -68.13 | 2395.7 | 1270.7 | 88.53 | | EPS (Rs)* | 53.60 | 194.53 | -72.45 | 152.01 | 476.94 | -68.13 | 663.98 | 352.18 | 88.53 | | | * EPS is on current equity of Rs 36.08 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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