Shree Cement Q2 net profit falls 67.5% amid high power and fuel cost

Shree Cement Ltd on Friday reported a 67.5 per cent decline in consolidated net profit to Rs 183.24 crore in the second quarter ended September 2022, impacted by higher power and fuel cost.

The company, which had posted a consolidated net profit of Rs 563.94 crore in the same quarter last fiscal, also said its long-serving Chairman Benu Gopal Bangur has stepped down from the post due to his “advanced age” and will now become Chairman Emeritus.

Gross revenue from operations stood at Rs 5,081.75 crore against Rs 4,219.8 crore in the year-ago period, Shree Cement said in a regulatory filing.