Shree Cement rises and tanks

Shree Cement posted a good set of numbers for Q3FY18.  On a 23% (YoY) rise in revenue at Rs.2296 crore, it posted a good 42% jump in net profit at Rs.333 crore.

EBITDA too did well, going up 16% at Rs.570 crore though margins showed some pressure, coming down from 26.3% to 24.8%.

And in another news, Shree Cement has acquired 92.83% stake in UAE-based Union Cement Company in its first takeover deal outside India. The deal has been struck at an enterprise value of $305.24 million. This acquisition will help increase the cement capacity of Shree Cement from 29.3 MTPA to 33.3 MTPA.

Yet, the stock price is down in the red currently, with profit booking coming in at higher levels. In an immediate reaction to the numbers, the price rose 1.5% to Rs.19,800 but now stands at Rs.19,272, down 1.2%.