India: During the second quarter of the 2023 financial year, Shree Cement recorded standalone sales of US$459m, up by 18% year-on-year from US$389m in the second quarter of the 2022 financial year. The figure represents a quarter-on-quarter drop of 10% from US$510m during the first quarter of the present financial year. The producer reported cost increases as a percentage of revenues to 33% for fuel and power, 7.6% for raw materials and 1.6% for inventory costs during the quarter. It said that this resulted in a 67% year-on-year drop in its standalone net profit to US$22.9m, from US$70.2m in the second quarter of the 2022 financial year.
Shree Cement increases sales amid profit second-quarter profit drop
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