Shree Cement Q1 Results: Profit Falls But Beats Estimates
Net profit of the cement maker fell 13.8% sequentially to Rs 661.7 crore in the quarter ended June.
Shree Cement Ltd.’s quarterly profit fell as power and fuel costs rose. Still, the earnings beat estimates.
Net profit of the cement maker fell 13.8% sequentially to Rs 661.7 crore in the quarter ended June, according to an exchange filing. That compares with the Rs 597-crore consensus estimate of analysts tracked by Bloomberg.
Q1 FY22 highlights (QoQ)
Revenue down 12.8% at Rs 3,449.5 crore, compared with the estimated Rs 3,345.3 crore.
Other income rose 17% to Rs 139.7 crore.
The company’s operating income declined more than 14% to Rs 1,013 crore, against the Bloomberg consensus forecast of Rs 1,031 crore.
Margin remained stable at 29%.
Shree Cement’s power & fuel costs stood at 18.9% of net sales compared with 16.1% in the preceding three months. Employee benefits expenses were at 6% of net sales.
On a standalone basis, the company’s total volumes were down 16.7% at 6.84 million tonnes.
Realisation—or what cement makers earn on every tonne of the product — rose 3.7% to Rs 5,080 per tonne.
Ebitda per tonne rose 2.8% to Rs 1,482.
Shares of Shree Cement closed 0.48% before the results were announced compared with a 0.12% gain in the benchmark Nifty 50.