Shares of Shree Cement hit a 52-week high of Rs 30,737.75 on 1 February after the company reported robust earnings for the October-December quarter.
In its quarterly update, the company reported a two-fold increase in its consolidated net profit to Rs 701.85 crore for the quarter under review from Rs 281.83 crore reported during the same quarter last year.
The company’s revenue from operations during the quarter stood at Rs 5,223.18 crore, marking a 21.5% year-on-year increase from Rs 4,299.26 crore reported in the same quarter of the previous fiscal year.
The company’s total expenses during the quarter increased by 9.12% YoY to Rs 4,458.01 crore for the quarter under review.
The company’s board of directors has also declared an interim dividend of Rs 50 per equity share of Rs 10 each for the quarter fiscal year and has set 8 February 2024 as the record date, which will be paid on 21 February 2024.
Neeraj Akhoury, Managing Director of Shree Cement, said, “executing a comprehensive performance improvement plan, we are experiencing a positive impact.”
Neeraj added, “Strong volume growth along with building premium products through accelerated channel expansion and softening of fuel prices has helped us to deliver a robust improvement…We are fully prepared to complete our various projects to reach beyond 80 million tonnes of cement production capacity by the year 2028.”
At 11:00 am, the shares of Shree Cement were trading 4.56% higher at Rs 29,858.65 on NSE.