Shree Cement posts 15% fall in profit

India’s Shree Cement has reported gross revenue from operations of INR59.98bn (US$724m) in the quarter ended 31 March 2023, up 16.8 per cent YoY. Profit of INR5.46bn (US$66.8m) was seen over the three-month period, compared to INR6.54bn in the same period a year earlier, marking a 15.3 per cent YoY decline.

The company’s EBITDA margin over the same time frame contracted by two per cent as cement prices remained flat and expenses continued to expand. Shree posted a 24.4 per cent increase in total expenses YoY in the March 2023 quarter, driven by the cost of materials consumed and power and fuel costs, which almost doubled over the period.