Shree Cement Ltd.'s third-quarter profit surged, surpassing analysts' estimates.
The cement manufacturer's net profit grew 2.5 times year-on-year to Rs 701.9 crore in the quarter ended September, according to an exchange filing on Wednesday. That compares with the Rs 536.9-crore consensus estimate of analysts tracked by Bloomberg.
The board has approved a dividend of Rs 50 per share.
Shree Cement Q3 FY24 (Consolidated, YoY)
Revenue up 21.5% at Rs 5,223.2 crore vs Rs 4,299.3 crore (Bloomberg estimate: Rs 5,029.17 crore).
Ebitda rises 73.9% at Rs 1,263.9 crore vs Rs 726.7 crore (Bloomberg estimate: Rs 1,089.5 crore).
Margin at 24.2% vs 16.9% (Bloomberg estimate: 21.7%).
Net profit up 2.5 times at Rs 701.9 crore vs Rs 281.8 crore (Bloomberg estimate: Rs 536.9 crore).
Shares of Shree Cement ended 1.18% higher at Rs 28,410 apiece after the results were announced, as compared with a 0.95% rise in the NSE Nifty 50.
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