Shree Cements rise 3% on strong Q4 profit, declares dividend of ₹55 per share

The cement company’s stock rallied as much as 3.07% to an intraday high of ₹26,824.85 apiece on the NSE in morning trade.

Shree Cement’s total income for the quarter ended March 31, 2024, increased by more than 6% to ₹5,582.44 crore compared to ₹5,245.91 crore in the corresponding quarter of the preceding fiscal year. Sequentially, the company’s total income grew by nearly 4% from ₹5,370.65 crore in the December quarter.

For the full financial year 2023-24 (FY24), the company reported a total income of ₹21,119.1 crore, up by more than 15% against ₹18,311.41 crore in FY23, the earnings report, released on Tuesday, showed.

In Q4FY24, the cement producer reported a rise of nearly 29% in its net profit to ₹675.75 crore against ₹525.21 crore in the corresponding quarter a year ago. The company’s net profit declined nearly 3% quarter-on-quarter (QoQ) against ₹701.85 crore in the December quarter of FY24.

The cement manufacturer’s net profit for FY24 grew by nearly 89% to ₹2396.16 crore against ₹1269.14 crore in the preceding fiscal year.

The company also announced a final dividend of ₹55 per share for FY24, indicating 550% payout of shares of ₹10 each.

Shree Cements shares were trading 0.86% lower at ₹25,800 apiece on the NSE at 12:10 pm.