Sharekhan's research report on Shree Cement
In Q4FY2022, operational performance lagged estimates owing to lower-than-expected realisations. However, volume offtake and overall cost of production was better than estimates. The company started commercial production at 3 MTPA Pune grinding unit in February 2022 and 4 MTPA Chattisgarh clinker unit in March 2022. It is undertaking capacity expansion plans to increase domestic capacity to 53 mtpa by FY2024 along with solar capacity additions of 106 MW by Q2FY2023.
Outlook
We retain a Buy on Shree Cement with a revised PT of Rs. 26,000, factoring in downwardly revised estimates.
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