Indian cement manufacturer, Shree Cements Ltd shares were down to 0.37 percent at Rs 24,710.00 apiece on Friday’s closing session after the company witnessed a decline of 23.57 per cent in its consolidated net profit at Rs 482.70 crore for the third quarter ended December 31, 2021. It had reported a net profit of Rs 631.58 crore in the October-December quarter a year ago, Shree Cements said in a filing to the BSE.
Rajasthan based manufacturers reported that the revenue came over 7 per cent higher to Rs 3551.8 crore in Q3FY22 from Rs 3309 crore YoY.
Nonetheless, in a separate filing, Shree Cements proclaimed an interim dividend of Rs 45 per equity share of Rs 10 each for the financial year 2021-22.
The company’s EBITDA plunged by over 24 per cent to Rs 825.3 crore in the October-December quarter as against Rs 1089.5 crore in the corresponding quarter of FY21. Similarly, the margins for the quarter tumbled by almost 1000 basis points to 23.2 per cent from 32.9 per cent YoY.
Its revenue from operations was up 2.24 per cent at Rs 3,637.11 crore during the quarter against Rs 3,557.21 crore in the previous quarter last year. Shree Cements’ entire expenditures stood at Rs 3,131.12 crore, up 11.32 per cent in Q3FY22, as against Rs 2,812.58 crore.
The company’s net worth stood at Rs 16,784 crore at the end of the quarter compared with 16,281 crores at the end of the September quarter and 14,472 crores in the year-ago quarter. Shree cements operating margins are the highest in the industry. The outstanding shares of Shree are just 60 million as against 1986 million shares of Ambuja Cements.