Shree Cement reports fall of 11% in Q2 FY18 profits
Shree Cement reported a dip of 11% in its net profit during the quarter ending September. Its profit after tax (PAT) stood at Rs 23.09 crore in Q2 FY18, a slight lower than Rs 25.96 crore which it witnessed in Q1 FY18. Company’s revenue from operations also saw a decline and stood at Rs 171.12 crore in the quarter ending September. Its revenue from operations in the previous fiscal was Rs 215.01 crore. Sreekanth Reddy, executive director of the company said, “We are pleased with our performance for the first half of the year, a period wherein we had delivered stable revenue and profitability growth amidst the presence of challenging macros. The improved performance stems on the back of steady demand and realisations across our key markets.” The board of directors recommended an interim dividend of Rs 2.50 per share i.e. 25% on face value of Rs 10 per share. “We have undertaken a number of strategic initiatives in recent past with a view towards improving operations and curtailing expenses. Commissioning of 6MW waste recovery & 1 MW solar power plant helped us to reduce power cost. Going forward, we expect the demand and in turn prices to remain strong on expectation of increased government spending on infrastructure,” said Reddy.
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