Any current/future capex/capital investment/strategic investment?

Setting up state-of-the-art facilities in plants for feeding Alternative Fuels and Raw materials (AFR), involving capex initiated last year to enhance AFR feeding capabilities in calciner/kiln areas (Page 20). Planned capex for FY2024 around Rs.3300 to Rs.3500 Crores covering ongoing projects including Guntur and Nawalgarh; Purulia project mostly complete (Pages 15, 11). No further major investment planned in UAE; existing Rs.525 Crores investment pertains to subsidiaries like Purulia grinding unit (Page 11). Aggressive capital expenditure program funded largely through internal accruals; n

Future growth expectations in sales/revenue/volumes?

Targeting volume of about 36 million tonnes in FY2024, implying a ~13% growth, ahead of industry growth of 7-8%. Strategy includes expanding presence across multiple market segments, including premium products aiming for 15% share by end of FY2024. Capacity utilization expected to improve from 70% to around 78% with new capacity additions, including commissioning projects like Nawalgarh. Organic growth is primary focus to reach 80 million tonnes capacity by FY2030, with potential for inorganic growth if strategic fit and value creation align. Volume growth supported by strong demand fr

Future growth expectations in earnings/operating earnings/profits/EPS?

Shree Cement expects volume growth of about 13% for FY2023, ahead of market growth of 7-8%, driven by new capacities. The company aims to reach 80 million tonnes capacity by FY2030 through organic expansions across multiple sites. EBITDA per tonne is expected to improve via premiumization, manufacturing, logistics excellence, and increased use of green power. Realizations are stable with modest increases; fuel cost moderation (from Rs.2.53 to Rs.2.35 per CV) will aid margin improvement. Despite a 19% EBITDA decline in FY2023 due to fuel/raw material cost spikes, operational efficiencie

Shree CementQ4 FY23Cement & Cement Products

Shree Cement Q4 FY23 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹21,900P/E: 49.9Market Cap: ₹81.3K CrSector: Cement & Cement Products

Management growth scorecard

Revenue

Category 3

Margin

Category 1

Fundraise

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Targeting volume of about 36 million tonnes in FY2024, implying a ~13% growth, ahead of industry growth of 7-8%.
Strategy includes expanding presence across multiple market segments, including premium products aiming for 15% share by end of FY2024.
Capacity utilization expected to improve from 70% to around 78% with new capacity additions, including commissioning projects like Nawalgarh.
Organic growth is primary focus to reach 80 million tonnes capacity by FY2030, with potential for inorganic growth if strategic fit and value creation align.
Volume growth supported by strong demand from infrastructure, housing, and industrial sectors, aided by government spending.
Efforts to enhance brand equity, customer engagement, and operational efficiencies to support volume and revenue growth.

Margin guidance

Category 1

Shree Cement expects volume growth of about 13% for FY2023, ahead of market growth of 7-8%, driven by new capacities.
The company aims to reach 80 million tonnes capacity by FY2030 through organic expansions across multiple sites.
EBITDA per tonne is expected to improve via premiumization, manufacturing, logistics excellence, and increased use of green power.
Realizations are stable with modest increases; fuel cost moderation (from Rs.2.53 to Rs.2.35 per CV) will aid margin improvement.
Despite a 19% EBITDA decline in FY2023 due to fuel/raw material cost spikes, operational efficiencies and volume gains in recent quarters have increased EBITDA per tonne sequentially from Rs.881 to Rs.1011.
FY2024 is expected to be favorable due to demand growth led by infrastructure push, softening fuel prices, and improved margins.
Capital expenditure will be funded by internal accruals with no further debt anticipated, supporting growth without leverage concerns.

See what Shree Cement management said on margin guidance — free account, 30 seconds.

Fundraise plans

- Shree Cement currently has net cash of around Rs. 5700 Crores as of March-end. - The company has an aggressive capital expenditure (capex) program planned. - Despite this, management expects to fund all capex through internal accruals. - They do not foresee the need to take any new debt in the near to medium term. - The existing cash reserves are considered sufficient to meet capex requirements for the coming years. - There is no mention of any planned equity fundraising in the transcript. In summary, Shree Cement plans no new debt or equity fundraising and will rely on internal cash flows and existing liquidity for expansion.

Order book

The transcript provided from Shree Cement Limited's Q4 FY2023 call does not explicitly mention details about the current or expected order book or pending orders. However, some relevant points indicating business outlook and growth plans include: - The company is targeting a volume of around 36 million tonnes for FY2024. - Utilization improved to around 78% in Q4 FY2023 from 64% in FY2022, with efforts to further increase capacity utilization. - Plans for capacity expansion continue, with capital expenditures of approx. Rs. 3300 Crores incurred annually. - Focus on premiumization and multi-segment strategies to drive volume growth. - The company is working towards achieving 80 million tonnes capacity through organic efforts, aiming to be a pan-India player. - Strong emphasis on market-specific strategies catering to diverse regional demands. No direct figures on order book or pending orders were discussed in the call transcript.

See what Shree Cement management said on order book — free account, 30 seconds.

Capex plans

Yes

Setting up state-of-the-art facilities in plants for feeding Alternative Fuels and Raw materials (AFR), involving capex initiated last year to enhance AFR feeding capabilities in calciner/kiln areas (Page 20).
Planned capex for FY2024 around Rs.3300 to Rs.3500 Crores covering ongoing projects including Guntur and Nawalgarh; Purulia project mostly complete (Pages 15, 11).
No further major investment planned in UAE; existing Rs.525 Crores investment pertains to subsidiaries like Purulia grinding unit (Page 11).
Aggressive capital expenditure program funded largely through internal accruals; net cash of Rs.5700 Cr as of March-end to support capex without additional debt (Page 10).
Future expansion plans aim to reach 80 million tonnes capacity by FY2030 through a mix of brownfield and greenfield projects, depending on government/regulatory clearances (Pages 12, 9).
The company remains open to inorganic growth (M&A) if the opportunities add strategic value and operational fit (Pages 7, 9).

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