Shree Cement posts strong Q3 numbers on all parameters; stock hits 52-week high

Shree Cement share price: Shares of Shree Cement clocked a 52-week high on the BSE on Thursday (February 1) at Rs 30,405 apiece after the company posted strong Q3FY24 results on all parameters.

At around 9:43 a.m., shares of Shree Cement traded 6.53 per cent or Rs 1,864.95, higher at Rs 30,403.9 apiece. Meanwhile, its market capitalisation stood at Rs 1,09,699.55 crore at around the same time.

How did Shree Cement perform in Q3?

Bangur family-promoted Shree Cement on Wednesday after market hours reported over a two-fold jump in its consolidated net profit to Rs 701.85 crore for the third quarter ended December 2023.

The company had posted a net profit of Rs 281.83 crore in the October–December period a year ago, according to a regulatory filing. Its revenue from operations grew 21.5 per cent to Rs 5,223.18 crore during the quarter under review. It was at Rs 4,299.26 crore in the corresponding period of the preceding fiscal.

In the December quarter, it had a "strong and all-round performance led by improved realisation and cost reduction amidst robust demand growth," the company said in a quarterly earnings statement.

Should you buy, sell, or hold Shree Cement?

Citi double-upgraded to 'neutral' and raised the target to Rs 30,000 from Rs 24,000 apiece. Meanwhile, CLSA maintained 'reduce' and increased the target to Rs 29,670 from Rs 27,200 apiece.

Goldman Sachs maintained a 'sell' call and raised the target to Rs 26,450 from Rs 24,180 apiece. Similarly, Morgan Stanley maintained an 'equalweight' and gave a target of Rs 28,500 apiece.

Shree Cement Share Price: Past performance 

In a year, shares of Shree Cement have gained over 26 per cent against the Nifty50's rise of over 23 per cent. 

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