Shree Cement Ltd.'s third-quarter profit fell missing estimates because of higher power and fuel expenses.
The cement maker's net profit declined 22% year-on-year to Rs 491.9 crore in the three months ended December, it said in an exchange filing. That compares with the Rs 551.5-crore consensus estimate of analysts tracked by Bloomberg.
Key Highlights (YoY)
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Revenue slid 6.8% to Rs 3,551.6 crore compared with the Rs 3,446.9-crore forecast.
Operating profit declined 24.2% to Rs 825.3 crore against the estimated Rs 920.9 crore.
Ebitda margin stood at 23.2% versus 32.8%. Analysts had pegged the metric at 27%.
Other Highlights: ( YoY)
Volumes declined 8.5% to 6.55 million tonnes.
EBITDA/tonne declined 17.2% to Rs 1,260.
Power and fuel expenses as a percentage of net sales rose to 22.7% from 17.2% a year earlier. The share of other expenses, too, rose to 16.2% from 14.8%. These, however, were partly offset by a decline in freight costs from 24.5% to 21.4% of net sales.
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Shares of Shree Cement closed 0.4% lower before the results were announced compared with a 1.04% decline in the benchmark Nifty 50.
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