Shree Cement Q3 net profit up 102% to Rs 626 cr

MUMBAI: Shree Cement today reported a 102 per cent year-on-year rise in its net profit to Rs. 626.2 crore for the quarter ended December. The cement maker’s revenue for the quarter saw 16.2 per cent rise to Rs. 3,309.4 crore. Analysts had expected the company to report a net profit of Rs. 535.4 crore on an estimated revenue of Rs. 3,245.6 crore.The company’s profit before tax jumped 107 per cent year on year to Rs. 846.6 crore, reflecting the impact of strong pricing and demand environment for cement companies. Shree Cement’s total expenses for the quarter grew by a mere 3 per cent to Rs. 2,569.6 crore, providing a boost to the operating performance.Shree Cement’s earnings were in-line with the strong earnings reported by its peers such as UltraTech Cement as the sector has benefitted from the pick-up in volumes and a strong pricing environment, said analysts. Shares of the company ended 1.4 per cent lower at Rs. 22,773.4 on the NSE on Friday.

from Economic Times https://ift.tt/2MyTqCC