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Shree Cement has posted 49% growth in consolidated net profit to Rs 799.79 crore on 23% incline in total income from operation to Rs 4,204.88 crore for fourth quarter ended March 2021. Operating Margin (OPM) decreased by 150 bps to 29.4%. Thus, operating profit (OP) growth trimmed to 17% at Rs 1,237.78 crore.
Performance for the quarter ended March 2021
Total consolidated income from operation inclined 23% to Rs 4,204.88 crore for the fourth quarter ended March 2021. OPM decreased by 150 bps to 29.4%. The decrement in OPM was due to gain in freight & forwarding cost by 220 bps to 23.4%, employee costs by 70 bps to 6.6%, other expenses by 60 bps to 15.4%, and raw material costs by 40 bps to 7.2% as percentage to sales and net of stock adjustments, partially offset by decline in power & fuel cost by 340 bps to 17%. As a result, the OP growth trimmed to 17% at Rs 1,237.78 crore.
The other income rose by 31% to Rs 128.49 crore. The interest cost fell 24% to Rs 56.28 crore and depreciation went down 29% to Rs 330.21 crore. Thus, PBT inclined by 59% to Rs 979.78 crore. The net tax outgo was up 126% to Rs 179.99 crore during the quarter, thus, the consolidated Net Profit gained by 49% to Rs 799.79 crore
Annual Financial Performance (FY 2021)
Consolidated sales of the company rose 5% to Rs 13,476.33 crore for the fiscal year ended March 2021. OPM inclined by 90 bps to 30.1%, thus, OP grew by 8% at Rs 4,051.38 crore. Other income advanced 70% to Rs 466.33 crore. After accounting for finance charges (down 14% to Rs 251.29 crore), depreciation (down 30% at Rs 1,262.34 crore), the PBT inclined 55% to Rs 3,004.08 crore. The tax outgo was up 83% to Rs 714.49 crore. The effective tax rate rose 360 bps to 23.8%. Thus, the Net Profit increased 48% to Rs 2,289.59 crore.
The scrip was last traded at Rs 27,608.95 (21 May 2021) on the BSE.
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