Shree Cement declares dividend for its investors

A dividend is a reward that companies often provide to their shareholders, though not mandatory, from a portion of their earnings.

The declared interim dividend will be paid from March 1, 2023 to eligible shareholders.

The record date is February 16, 2023. The record date is set to ascertain shareholders' eligibility for payment of the dividend.

"Board declared Interim dividend of Rs. 45/- per equity share of Rs. 10 each for the Financial Year 2022-23, which shall be payable to those shareholders who hold shares on the record date fixed by the Company i.e. Thursday, 16th February, 2023. The dividend shall be paid from Wednesday, 1st March, 2023," the listed cement maker said in a regulatory filing on Wednesday.

Separately, the cement maker on Wednesday reported its consolidated net profit having decreased 41.61 per cent on a yearly basis to Rs 281.83 crore for the December 2022 quarter. In the same quarter of 2021, it reported a net profit of Rs 482.70 crore.

However, its revenue from operations rose 18.20 per cent to Rs 4,299.26 crore versus Rs 3,637.11 crore reported in the same quarter of 2021.

"Shree Cement continues its strong focus on operational efficiencies to mitigate increase in the input costs including fuel. We are determined to become the greenest cement company with global scale performance on power mix. We are continuing to strengthen our technology fundamentals with digitalization and this will enable us to create a significant advancement on customer satisfaction. In the quarter gone by, there has been a strong momentum in cement demand due to rise in construction activities," said Neeraj Akhoury, Managing Director, Shree Cement.

Citing capital investment allocation mad in Union Budget 2023-24, Akhoury said it will give major fillip to cement demand.

"Shree Cement is perfectly positioned to perform in these exciting times. We will continue to build new plants to meet the growing cement demand in India," the MD added. (ANI)