SHREECEM · Construction Materials
Shree Cement Ltd. reported revenue of ₹4,054 cr for July to September 2024, −15.1% on the year and −20.9% on the quarter.
Operating profit (EBITDA) was ₹613 cr, a margin of 15.1%, −344 bps on the year and −297 bps on the quarter. It is the narrowest margin of the last 6 quarters (range 15.1% to 26.3%). Operating costs grew −11.5%, faster than revenue at −15.1%, so operating profit grew less than sales.
Net profit was ₹77.0 cr, −82.8% on the year and −72.3% on the quarter, with earnings per share of ₹21.19. Profit before other income, one-offs and tax fell 138.8%, so 56 points of the headline growth came from outside the core business.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹479.99 over the last four quarters, the stock at ₹24,920.00 trades at 51.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Tax rate lifting profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹5,193 cr | ₹5,401 cr | ₹5,124 cr | ₹4,054 cr | ₹4,573 cr | ₹5,532 cr | ₹5,281 cr | ₹4,761 cr | ₹4,801 cr | ₹6,101 cr | ₹6,233 cr | ₹5,897 cr |
| YoY | — | — | +2% | −15% | −12% | +2% | +3% | +17% | +5% | +10% | +18% | +24% |
| EBITDA margin | 24.3% | 26.3% | 18.1% | 15.1% | 21.1% | 25.8% | 25.2% | 20.5% | 19.7% | 22.7% | 20.4% | 17.2% |
| Other income, % of PBT | 16% | 19% | 45% | 787% | 49% | 21% | 27% | 41% | 45% | 15% | 29% | 31% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 23% | 16% | 9% | — | 14% | 24% | 26% | 29% | 17% | 21% | 28% | 28% |
| Net profit | ₹702 cr | ₹676 cr | ₹278 cr | ₹77.0 cr | ₹194 cr | ₹575 cr | ₹644 cr | ₹310 cr | ₹268 cr | ₹528 cr | ₹531 cr | ₹263 cr |
| YoY | — | — | −51% | −83% | −72% | −15% | +132% | +303% | +38% | −8% | −18% | −15% |
| Core profit YoY | — | — | −69% | −139% | −85% | −9% | +279% | — | +56% | −6% | −16% | 0% |
| EPS | ₹194.53 | ₹187.05 | ₹77.22 | ₹21.19 | ₹53.60 | ₹159.18 | ₹178.12 | ₹85.51 | ₹73.92 | ₹145.70 | ₹146.67 | ₹72.57 |
| Flags | · | · | 1 | 2 | 2 | ✓ | ✓ | ✓ | 1 | 1 | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Shree Cement Ltd. reported revenue of ₹4,054 cr (−15.1% on the year) and net profit of ₹77.0 cr (−82.8% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −138.8% on the year, against −82.8% for reported profit.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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