On a consolidated basis, the net profit of Shree Cement reported a 67.42 per cent drop to Rs 183.36 crore in the second quarter of FY23 as compared with Rs 562.83 crore posted in the second quarter of FY22. Revenue from operation increased by 19.7 per cent yearly to Rs 4038.03 crore during the same period.

During the second quarter of FY23, total expenses jumped 41.40 per cent yearly to Rs 3956.90 crore due to a sharp rise in power and fuel costs at Rs 1377.79 crore, up 89.58 per cent YoY and higher raw material costs at Rs 321.53 crore, up 26.69 per cent YoY.

The Board of directors (BOD) has also approved the change in designation of Prashant Sangur from joint managing director to vice chairman of the company effective from 14 October 2022 for the remaining period of his current tenure, which is up to 31 March 2027, subject to the approval of the members.

Neeraj Akhoury was appointed as additional director and designated as managing director of Shree cement effective from 14 October 2022 for five years after the approval of the members of the company. On 14 October 2022, the stake rose 0.50 per cent to end at Rs 21,162.50 on the BSE.