Shree Cement Ltd.’s stock price dropped sharply by 1% following its Q2 FY2024 results, which revealed an 83% decline in consolidated net profit.
Net profit for the quarter, ending in September 2024, fell to ₹76 crore from ₹447 crore in the same period last year. The company’s revenue from operations also declined 15% year-on-year to ₹4,054 crore, while operating EBITDA dropped 32% to ₹593 crore from ₹870 crore. The poor performance highlights ongoing challenges in the cement sector, potentially influencing investor sentiment in the coming quarters.
As of 9:45 am, Shree Cement shares were trading 1.23% lower at Rs 24,119.00 on the NSE.
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