India: Shree Cement’s profit plunged by more than 80% year-on-year to US$11.0m in the three months to 30 September 2024, weighed down by weakness in both demand and low prices. While the September quarter is seasonally weak for cement makers in India, the country's third largest producer's sales volume slipped as compared to the previous year too, falling by 7% to 7.6Mt.
Neeraj Akhoury, managing director of Shree Cement, said "Despite strong headwinds on account of an extended monsoon season and softer pricing environment across the industry, Shree Cement has delivered a steady performance on the back of accelerated operational efficiency measures, focused cost optimisation drive and product ‘premium-isation’ initiatives.” He added that the company expects an increase in demand in the remainder of the 2025 fiscal year due to the release of government budgetary allocations for national infrastructure projects.
