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Shree Cement Q3 profit jumps 102% to Rs 631 crore on operating efficiences, volume growth

Revenue on standalone basis was Rs 3,309.43 crore, up 16.2 percent from the year-ago period, led by strong volume growth following a revival in demand.

January 30, 2021 / 04:28 PM IST
 
 
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Shree Cement, the country's second-largest cement company by market capitalisation, on January 30 registered an impressive 102 percent year-on-year growth in standalone profit for the quarter ended December 2020, led by better operating efficiencies

Profit for the December quarter increased to Rs 626.23 crore compared to Rs 309.95 crore in the year-ago period.

Revenue on standalone basis grew by 16.2 percent to Rs 3,309.43 crore year on year, led by strong volume growth following a revival in demand.

"Volume growth increased 14.7 percent YoY to 7.2 million tonnes coupled with increase in realisation by 1.3 percent YoY (down 0.2 percent QoQ) to Rs 4,620 per tonne," Dolat Capital said.

At the operating level, the cement company's earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 28.2 percent year-on-year to Rs 1,089 crore and margin expanded by 309 bps YoY to 32.90 percent in the quarter, driven by a fall in depreciation, finance and employee cost.

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Quarterly earnings were ahead of analysts' expectations. Profit was estiamted at Rs 556 crore on revenue of Rs 3,244 crore and EBITDA was expected at Rs 1,002 crore with the margin at 30.9 crore in Q3FY21, as per a CNBC-TV18's analyst poll.

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"EBITDA per tonne was up 11.8 percent YoY to Rs 1,520 per tonne mainly led by 1.3 percent YoY growth in realisation per tonne coupled with fall in cost per tonne by 3.2 percent to Rs 3,099 per tonne," said Dolat Capital.

Other income for the quarter at Rs 108 crore increased by 64.5 percent compared to the same period last year.
Moneycontrol News
first published: Jan 30, 2021 04:28 pm

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