New Delhi, Nov 7 (PTI) Shree Cement Ltd on Tuesday reported over two-fold rise in consolidated net profit to Rs 446.62 crore in the second quarter ended September 2023, helped by an increase in sales volume and improved operational matrices.

It posted a net profit of Rs 183.24 crore in the July-September quarter a year ago, according to a regulatory filing from Shree Cement.

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Its revenue from operations was up 18.87 per cent to Rs 4,800.16 crore in comparison to Rs 4,038.03 crore from the corresponding quarter a year ago.

Shree Cement's total expenses in the September quarter was at Rs 4,392.87 crore, up 11 per cent.

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The total income of Shree Cement in the September quarter was at Rs 4,932.11 crore, up 17.50 per cent.

Shree Cement's total sale volume during the July-September quarter increased by 10 per cent from 7.46 million tonnes to 8.20 million tonnes.

Its "capacity utilization improved from 65 per cent to 71 per cent on YoY basis", the company said in an earnings statement.

Shree Cement Managing Director Neeraj Akhoury said the Q2 performance with strong EBIDTA generation is "on the back of volume growth of 10 per cent and improved operational matrices."

"In our transformation journey, we have made significant progress on establishing world class operational benchmarks, enhanced brand equity and reduced environmental footprints. We continue to add world-class technology enablers to improve this performance further. We continually improve our volumes quarter over quarter," he said.

Moreover, board of Shree Cement in its meeting held on Tuesday also approved setting up of brownfield cement grinding capacity of 3.40 million tonnes per annum at its existing facilities in Chhattisgarh with estimated capital expenditure of Rs 550 crore.

This project is estimated to be completed by September 2025, it added.

Shares of Shree Cement Ltd on Tuesday settled at Rs 26,661.20 on BSE, up 0.99 per cent.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)