Shree Cement Shares Hit 52-Week High on Exceptional Q3 Financial Results

Shree Cement shares soared to a new pinnacle, reaching a 52-week high of Rs 30,737.75 on February 1, buoyed by the company’s impressive financial performance in the October-December quarter. 

 

In the quarterly update, Shree Cement disclosed a remarkable twofold surge in its consolidated net profit, surging to Rs 701.85 crore for the quarter under review from the Rs 281.83 crore reported in the corresponding quarter of the previous year. This substantial increase underscores the company’s effective operational strategies and robust financial management.

The revenue from operations during the quarter painted a picture of substantial growth, standing at Rs 5,223.18 crore. This marked a substantial 21.5% year-on-year increase compared to the Rs 4,299.26 crore reported in the same quarter of the preceding fiscal year. The surge in revenue attests to the company’s strong market position and effective execution of its business plans.

While the top line witnessed significant growth, the company’s total expenses during the quarter also experienced an uptick, increasing by 9.12% year-on-year to Rs 4,458.01 crore for the quarter under review. This nuanced financial insight sheds light on the company’s commitment to strategic investments and operational efficiencies.

Additionally, Shree Cement’s board of directors declared an interim dividend of Rs 50 per equity share of Rs 10 each for the quarter fiscal year. The record date for this dividend has been set as 8 February 2024, with the payout scheduled for 21 February 2024. This shareholder-friendly initiative reflects the company’s confidence in its financial strength and commitment to value creation for its investors.

ALSO READ –Budget 2024: Stocks Active as FM Sitharaman Unveils 2 Crore New Homes Initiative

2024 Budget: Green Energy Stocks Soar with Rooftop Solar Scheme

Neeraj Akhoury, the Managing Director of Shree Cement, expressed optimism about the company’s trajectory, stating, “Executing a comprehensive performance improvement plan, we are experiencing a positive impact.” He highlighted the factors contributing to this success, such as strong volume growth, the expansion of premium products through accelerated channel expansion, and the favorable trend of softening fuel prices.

Looking ahead, Neeraj Akhoury outlined the company’s ambitious growth plans, stating, “We are fully prepared to complete our various projects to reach beyond 80 million tonnes of cement production capacity by the year 2028.” This strategic vision positions Shree Cement as a dynamic player poised for sustained growth and market leadership.

As of 11:00 am, the shares of Shree Cement were trading at Rs 29,858.65 on the NSE, reflecting a commendable 4.56% increase. This upward momentum underscores the market’s positive response to Shree Cement’s financial performance and strategic direction. Investors are evidently buoyed by the company’s robust earnings and forward-looking initiatives, reinforcing Shree Cement’s standing as a formidable force in the industry.

Shree Cement shares overview

 

Market Cap ₹ 1,07,664 Cr.
Current Price ₹ 29,822
High / Low ₹ 30,738 / ₹ 22,601
Stock P/E 45.8
Book Value ₹ 5,313
Dividend Yield 0.33 %
ROCE 8.99 %
ROE 7.45 %
Face Value ₹ 10.0

 

JOIN OUR TELEGRAM

 

Disclaimer-The content presented here is intended solely for analytical and educational purposes. If you consider investing, it is strongly advised to conduct your own thorough research. We do not endorse or recommend any specific stocks or initial public offerings (IPOs).

 

 

Leave a Comment