Shree Cement Announces a 500% Dividend for Shareholders

Shree Cement, recognized as the third-largest cement manufacturing company in India, has made a significant announcement regarding the distribution of dividends among its shareholders. The company's board has approved a substantial dividend payment of 500%, which equates to 50 INR for each equity share with a face value of 10 INR. This move is a testament to the company's robust financial health and commitment to rewarding its investors. The dividend payment is a gesture of appreciation towards the investors for their contribution to the business's success. It will be paid out from the earnings in cash.

In addition to the dividend announcement, Shree Cement has set a record date of Thursday, February 8, 2024, to determine the eligibility of shareholders to participate in the corporate action. This initiative is in line with the company's financial results for the quarter ending December 31, 2023 (Q3 FY24), where it reported a 20% revenue growth and a 165% increase in PAT (Profit After Tax) on a year-on-year basis. The company's sales volume also saw an 11% increase from 8.03 million tons to 8.89 million tons.

Recently, Shree Cement commenced commercial production from its integrated cement plant in Gothra village, Rajasthan, enhancing its capacity significantly. The company's ongoing capacity expansion projects and the addition of a new cement mill in Ras, Rajasthan, are set to increase its total Indian cement capacity to approximately 75 million tons. This expansion aligns with the expected strong demand for cement in India, driven by investments in infrastructure and large-scale housing projects, reflecting the country's broader economic growth objectives.

Source:
Company Pulse