Shree Cement Ltd subsidiary company Shree Cement East Pvt Ltd clinker grinder unit at village Digha & Parbatpur, in Purulia district of West Bengal, has started commercial production of cement with a capacity of 3.0 million tons per annum (MTPA).

In the board meeting held on 26 July, the board approved an investment worth Rs 7,000 crore by way of internal accruals and debt for increasing capacity.

The cement manufacturing company reported a standalone profit of Rs 581.1 crore in the June quarter of the current fiscal year against the Rs 316 crore reported in the year-ago quarter.

The company reported an operating profit of Rs 4,999.1 crore, which is a 19% jump from its year-ago period.

The operating margin dropped marginally to 18.6% for the June quarter against 19.5% in Q1FY23.

During this month, the company received an inspection notice from the Ministry of Corporate Affairs amid allegations of Tax evasion on 19 July.

Shree Cement Ltd board has also decided to diversify strategically in the Ready Mix Concrete (RMC) business and has planned to set up 5 RMC manufacturing units during this fiscal year.

At 11:00 am, the shares of Shree Cement Ltd were trading at Rs 24,190.95 or 0.51% above its previous close of Rs 24,048.05.