Shree Cement Q1 net falls 37% to Rs 109 cr, revenue up 29%

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Moneycontrol Bureau

Shree Cement's net profit fell 36.8 percent (missed street estimates) year-on-year to Rs 108.8 crore in July-September quarter dented by higher operational expenses and lower other income. Profit was Rs 172.2 crore in same quarter last year.

Net sales grew by 28.7 percent (higher-than-expected) to Rs 1,605.3 crore in the quarter ended September 2014 compared to Rs 1,247.5 crore in the year-ago period driven largely by cement business on capacity additions.

Profit was expected at Rs 168 crore on revenue of Rs 1,560 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.

The company follows July-June as its financial year.

Operating profit climbed 36.7 percent on yearly basis to Rs 341 crore and margin expanded by 120 basis points to 21.2 percent in the quarter gone by.

Power and fuel cost jumped 38 percent year-on-year to Rs 413.5 crore, and freight and forwarding expenses shot up 27 percent to Rs 317 crore while depreciation cost nearly doubled to Rs 222.65 crore from Rs 113.9 crore during the same period. Other income of the cement maker dropped 62.2 percent to Rs 28 crore in first quarter of current financial year 2014-15 from Rs 74 crore in same quarter last year.

Revenue from its cement business surged 30 percent to Rs 1,417 crore with earnings before interest & gas (EBIT) margin falling 300 points year-on-year to 2 percent while power business jumped 15 percent to Rs 348 crore with EBIT margin declining 800 basis points to 27 percent in September quarter.

At 14:47 hours IST, the stock was quoting at Rs 9,264.45, up Rs 328.35, or 3.67 percent after hitting a 52-week high of Rs 9,264.45 on the Bombay Stock Exchange.