Shree Cement slips after weak Q1 performance

Shree Cement fell 2.07% to Rs 20583.65 after the company reported a 55.6% drop in consolidated net profit to Rs 279.50 crore in Q1 FY23 from Rs 629.90 crore in Q1 FY22.

Revenue from operations increased by 21.5% YoY to Rs 4,414.85 crore during the quarter.

Total expenses jumped 36.7% YoY to Rs 4,019.11 crore in Q1 FY23, due to sharp spike in power and fuel costs (up 112.4% YoY), higher depreciation and amortization expense (up 27.8% YoY), higher raw material costs (up 24.2% YoY) and higher other expenses (up 16.6% YoY).

Profit before tax in Q1 FY23 stood at Rs 375.64 crore, down by 55.1% from Rs 836.06 crore in Q1 FY22.

Shree Cement is one of India's top three cement producers. Its portfolio of products includes Shree Jung Rodhak Cement, Bangur Cement, Roofon and Rockstrong Cement. It also has an installed power generation capacity of 752 megawatts which includes waste heat recovery power, solar power, wind power along with others.

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