BackShree Cements Q4 Results: Net profit declines 15% to ₹546 crore, dividend declared
The company's revenue from operations during the January-March quarter came in at ₹4,785.11 crore, posting a growth of 16.7 per cent, compared to ₹4,098.7 crore in the year-ago period.
PremiumBangur-family owned Shree Cement announced its Q4FY23 results on May 22, reporting a net profit of ₹546.21 crore, registering a decline of 15.3 per cent, compared to ₹645.21 crore in the corresponding period last year. The company's revenue from operations during the January-March quarter came in at ₹4,785.11 crore, posting a growth of 16.7 per cent, compared to ₹4,098.7 crore in the year-ago period.
Also Read: Here is why these four cement stocks look attractive; do you own any?
The company's board has declared a second interim dividend of ₹55 per share (550 per cent) for the year 2022-23. Earlier in the year, the board had declared an interim dividend of ₹45 per share (450 per cent). The total dividend for the year 2022-23 works out to ₹100 per share (1000 per cent) compared to total dividend of ₹90 per share (900 per cent) in 2021-22. The board has not recommended any final dividend for 2022-23.
On the operating front, the cement manufacturer's earnings before interest, taxes, depreciation, and amortization (EBITDA) during the fourth quarter stood at ₹892.4 crore, registering a decline of two per cent, compared to ₹910.6 crore.
During the quarter, the share of green power consumption in total power consumption stood at 54.6 per cent, compared to 50.1 per cent in the corresponding quarter of the previous year. The company completed the commissioning of 122 MW of solar and wind power plants in different states during FY23.
The total green power generation capacity increased to 385.5 MW as at the close of fiscal year 2022-23. The share of blended cement (low carbon cement) improved from 75.46 per cent in Q4 FY22 to 76.04 per cent in Q4 FY23. Shree Cement reduced its carbon emission by 3 per cent to 513 kg CO2/ton of cement equivalent in FY23.
‘’We are driving prioritized initiatives to increase green power, usage of alternative fuels, process automations combined with advanced digitalization of the operations to deliver superior performance. The improved performance during this quarter is testimony of such initiatives amidst the challenge of managing high fuel costs,'' said Neeraj Akhoury, Managing Director, Shree Cement.
‘’We continue to execute sharp action plans to reach beyond 80 million tons cement capacity in the coming years. Our growth plan will add significant value to our business and provide opportunities for all our stakeholders,'' added Akhoury.
On May 22, shares of Shree Cement settled 0.45 per cent higher at ₹24,474.85 apiece on the BSE.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
