Net revenue from operations rose by 15% YoY to Rs 5,064.83 crore in the first quarter of FY24.

Total expenses during the period under review added up to Rs 4533.67 crore, up 13% YoY.

Profit before tax in Q1 FY24 stood at Rs 700.23 crore, up by 86% from Rs 375.64 crore in Q1 FY23.

Seperately, the company announced that its board has approved an investment proposal of Rs 7,000 crore for increasing capacity.

The company proposes to set up a clinker manufacturing plant of 3.65 million tonnes at Pali, Rajasthan, and cement capacity of 6.0 million tonnes in Pali, Rajasthan and Etah, Uttar Pradesh.

The firm will also set up a clinker manufacturing plant of 3.65 million tonnes at Kodla and cement capacity of 6.0 million tonnes at Kodla and Bangalore in Karnataka.

The said capacities would be added by the quarter ending March 2025.

The existing cement capacity of the company (including that of wholly owned subsidiary) is 49.90 million ton per annum (MTPA) in India. During the year 2022-23, the utilization rate was 70%.

The board of directors of the company has also decided to make strategic diversification in ready mix concrete (RMC) business commencing with plan to set-up 5 RMC units by this financial year.

Shree Cement is one of India's top three cement producers. Its portfolio of products includes Shree Jung Rodhak Cement, Bangur Cement, Roofon and Rockstrong Cement.