Despite a net profit growth of 5571.43 percent, the share prices of a company engaged in the manufacturing of cement and solar power generation and distribution in Karnataka, dropped by 4.8 percent on Thursday to Rs. 247.0, after the company announced its financial results for the December 2023 quarter.
With a market cap of Rs. 401 crore, shares of Shri Keshav Cements & Infra Ltd. opened at Rs. 263.0 on February 8th, compared to its previous close of Rs. 259.55.
The fluctuations in the share prices were observed after the company announced its financial results on Wednesday, for the third quarter and nine months ended 31st December 2023, through a recent filing with BSE.
On a quarterly basis, the revenue from operations grew by 35.22 percent from Rs. 25.15 crore in Q2 FY23-24 to Rs. 34.01 crore in Q3 FY23-24, whereas, the company witnessed a fall in revenue from operations by 0.84 percent YoY from Rs. 34.30 crore in Q3 FY22-23 to Rs. 34.01 in Q3 FY23-24.
While the net profit of the company rose by 185.61 percent to Rs. 3.97 crore in Q3 FY23-24 versus Rs. 1.39 crore in Q3 FY22-23, the net profit of Shri Keshav Cements increased by 5571.43 percent to Rs. 3.97 crore in Q3 FY23-24 from Rs. 0.07 crore in Q2 FY23-24.
Throughout the quarter, the company received permission to expand its solar capacity from 37 MWP to 40 MWP.
Incorporated in 1993, the business segments of Shri Keshav Cement & Infra Limited (SKCIL) are divided into two verticals: manufacturing of cement and generation of electricity using solar power.
SKCIL, formerly known as Katwa Udyog Limited, owns three very renowned regional brands of cement “Jyoti Power” “Jyoti Gold” & “Keshav Cement”.
Written by Shivani Singh
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