Shree Cement’s West Bengal unit starts commercial production; shares gain

On July 19, company received an inspection notice from the Ministry of Corporate Affairs amid allegations of tax evasion.

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Shree Cement shares were up marginally on Monday. The company’s subsidiary Shree Cement East Pvt. Ltd. has started commercial production at its clinker grinding unit at village Digha & Parbatpur, in Purulia district of West Bengal with cement capacity of 3.0 MTPA.

At 09:35 hrs Shree Cement was quoting at Rs 24,123.95, up Rs 72.25, or 0.30 percent on the BSE.

The company board in its meeting on July 26 approved investment worth Rs 7,000 crore for increasing capacity by way of internal accruals and debt.

The company reported a standalone net profit of Rs 581.1 crore in the quarter ended June 2023 as against from Rs 316 crore a year ago, whereas irs revenue from operations jumped 19 percent to Rs 4,999.1 crore.

However, operating margin contracted to 18.6 percent during the quarter under review from 19.5 percent last year.

Also Read – Shree Cement under pressure; analysts say valuation expensive

The company’s board had also decided to make strategic diversification in the Ready Mix Concrete (RMC) business commencing with a plan to set up 5 RMC units by this financial year, added Shree Cement.

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On July 19, company received an inspection notice from the Ministry of Corporate Affairs amid allegations of tax evasion.