Shree Cement Limited (NSE: SHREECEM) share price tanked more than 3 per cent after investors' sentiment turned negative following the poor second quarter business earnings. The stock quoted a price of Rs 20,534 after declining 3.11 per cent on NSE at 10:45 AM.

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Earlier on Friday, the cement manufacturer reported a 67 per cent fall in standalone net profit at Rs 189 crore in the September quarter of FY23, as against a profit of Rs 578 crore recorded a year ago. On a sequential basis, the profit dropped 40 per cent from Rs 316 crore earned during the previous quarter.

The Kolkata headquartered company in a regulatory filing said that the gross revenue from operations stood at Rs 5,081.75 crore against Rs 4,219.8 crore in the year-ago period. Total expenses were higher at Rs 3,956.9 crore compared to Rs 2,798.3 crore with power and fuel cost at Rs 1,377.79 crore, up from Rs 726.75 crore a year ago, the company said.

Shree Cement Share Price - Brokerages' Targets 

After the second quarter result, brokerages have reduced ratings on Shree Cement stock.

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