Employee cost at Rs 244.24 crore in Q4FY21 increased by 44.5 percent over Rs 169.07 crore in Q4FY20 due to increments impact for FY21, the company said.
Shree Cement on May 21 reported higher-than-expected 30.5 percent year-on-year growth in standalone profit for the quarter ended March 2021, driven by topline but operating performance missed analysts’ expectations. Lower finance cost and higher other income also supported profitability.
The profit increased sharply to Rs 767.6 crore in Q4FY21, compared to Rs 588.1 crore in the corresponding period last fiscal.
The standalone revenue grew by 22.2 percent year-on-year to Rs 3,930.8 crore in the March quarter, said the company in its BSE filing.
Topline and bottomline numbers were ahead of analysts’ expectations. Profit was estimated at Rs 648 crore on revenue of Rs 3,812 crore in Q4FY21, according to the average of estimates of analysts polled by CNBC-TV18.
On the operating front, the standalone EBITDA (earnings before interest, tax, depreciation and amortisation) increased by 9.1 percent to Rs 1,177.2 crore, but margin dropped 350 bps to 30 percent compared to the year-ago quarter due to wage increments and higher freight and forwarding expenses. Both missed CNBC-TV18 poll estimates which were pegged at Rs 1,215 crore and 31.9 percent for the quarter.
Employee cost at Rs 244.24 crore in Q4FY21 increased by 44.5 percent over Rs 169.07 crore in Q4FY20 due to increments impact for FY21, Shree Cement said.
To Know All Earnings Related News, Click Here
The finance cost in March quarter dropped 23.9 percent to Rs 55.28 crore, depreciation & amortisation expenses declined 31.4 percent to Rs 299 crore, and power & fuel cost dipped half a percent to Rs 618.51 crore compared to the corresponding quarter of last fiscal, but freight & forwarding expenses jumped 33.4 percent to Rs 952.68 crore compared to the year-ago quarter.
Shree Cement declared a final dividend of Rs 60 per share for the year ended March 2021.