Shares of Shree Cements surged over 4% in early trade on Tuesday to hit an intraday high of ₹25,450.

What Happened: The company reported its earnings for the March quarter in the after-market hours on Monday. The cement giant’s standalone revenue from operations stood at ₹4,785.1 crore up 17% from the ₹4,098.76 crore revenue it reported in the same quarter last year.

The company’s EBITDA for the period stood at ₹892.5 crore down 2% from the ₹911 crore EBITDA it reported in the March quarter of 2022. EBIDTA also missed most market estimates. The company’s profits also slumped 15% year-over-year to ₹546.2 crore. However, the number was still above market estimates of around ₹450-₹480 crore. Earnings per share for the quarter stood at ₹151.39.

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The company also declared a ₹55/share dividend for the year ended March 2023. The record date for the dividend payment is June 1. The dividend shall be paid from June 13.

Analysts were not very impressed by the company’s performance in the March quarter. Morgan Stabley maintained its ‘equal-weight’ rating for the stock with a price target of ₹25,600. Jefferies also maintained its ‘hold’ rating for the stock with a price target of ₹21,850.

Price Action: Shree Cements shares were up 2.99% to trade at ₹25,200 in the early hours of trading on Monday.

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