Shree Cement Q4FY23 PAT down 20% at Rs526 crore on higher raw material, power and fuel costs

Shree Cement reported 16.9% growth in sales revenues for the March 2023 quarter on consolidated basis at Rs5,100. Revenues were higher by 18.6% sequentially. On a sequential basis, the total sales volumes of the company increased by 10% to 8.83 million tonnes. Proportion of premium products in the portfolio increased by 30 bps sequentially to 7.5%. Shree Cements is in the process of implementing its capacity enhancement to 80 MTPA.

The fall in operating profits on a yoy basis was largely on account of higher cost of raw materials and fuel & power costs. These continue to rise sharply on a yoy basis. However, EBITDA was up 26% sequentially. More than 54% of the power consumption of Shree Cement was green power consumption which reduces their carbon footprint. For FY23, the share of low carbon cement was up at 76% yoy.

Financial highlights for Mar-23 compared yoy and sequentially

 Shree Cement    

Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 5,100

₹ 4,364

16.86%

₹ 4,299

18.63%

Operating Profit (Rs cr)

₹ 892

₹ 911

-2.09%

₹ 708

25.99%

Net Profit (Rs cr)

₹ 526

₹ 657

-20.00%

₹ 282

86.40%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ 145.72

₹ 182.16

 

₹ 78.18

 

OPM

17.49%

20.87%

 

16.47%

 

Net Margins

10.31%

15.06%

 

6.56%

 

 

For the fourth quarter, operating margins fell from 20.87% to17.49% on the back of higher input cost pressures as well as higher cost of fuel and power. Even the net margins fell from 15.06% to 10.31% yoy. However, net margins and operating margins were up on a sequential basis. The company also declared a second interim dividend of Rs55 per share taking the total dividend paid out to shareholders in the year to Rs100 per share.

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