Displaying items by tag: Shree Cement

India: Shree Cement’s board of directors has approved the company’s plans to establish a new US$321m cement plant in Andhra Pradesh’s Guntur district.

Shree Cement currently commands an installed capacity of 46.4Mt/yr. In the 2022 financial year, it produced 30Mt of cement, corresponding to a capacity utilisation of 30%.

India: Cement producers and analysts say that a government cut to fuel duty may reduce the price of cement. The reduction may be minimal but it will stand out amongst inflation on other input costs for cement production, according to sources quoted by the Business Standard newspaper. Shree Cement hopes to pass on any reduction in costs from transportation to consumers but UltraTech Cement and JSW Cement are yet to announce a price cut. Most cement producers raised their prices by 8% month-on-month in April 2022 with a similar increase expected in May 2022.

India: Shree Cement recorded standalone sales of US$1.84bn in its 2022 financial year, corresponding to a rise of 13% year-on-year from US$1.63bn in the 2021 financial year. Profit after tax for the year was US$306m, up by 2.8% from 298m.

In the fourth quarter of the 2022 financial year, Shree Cement’s energy costs rose by 10% year-on-year and equalled 26% of its sales, while transport costs fell by 1.1% to 23% of sales. Raw materials costs equalled 6.6% of the quarter’s sales.

India: Shree Cement has commenced commercial production of clinker with the newly commissioned Kiln 3 of its Raipur cement plant in Chhattisgarh. The kiln has a production capacity of 4Mt/yr.

India: Shree Cement has fired up the kiln of a new clinker line at its Raipur cement plant in Baloda Bazar, Chhattisgarh. The Business Standard newspaper has reported that the company funded the project, involving the reactivation of the Raipur plant’s Kiln 3, from its internal accruals. It has also installed a new waste heat recovery (WHR) plant alongside the kiln. The line will augment Shree Cement’s supply of clinker to its grinding plants in Eastern India. It hopes thereby to contribute to growth and development in Chhattisgarh and beyond.

India: ISGEC Heavy Engineering has received an order from Shree Cement to supply a waste heat recovery (WHR) unit for the integrated 3.8Mt/yr Nawalgarh plant in Rajasthan. The scope of work includes design, manufacture and supply of the system. The supplier says that this will be one of the world’s largest steam-based WHR units by capacity. ISGEC previously supplied two WHR units for Shree Cement’s Raipur plant.

UAE: Shree Global has agreed to acquire a further 40% stake in Union Cement Norcem for US$3.95m. The deal will increase Shree Global’s stake in the company to 100%. It is expected to complete the transaction by the end of June 2022. Union Cement Norcem markets and sells oil well cement, while Shree Global’s parent company, India-based Shree Cement, operates a 4.8Mt/yr cement plant at Ras Khaimah.

India: Shree Cement has hired Denmark-based FLSmidth to carry out its digital transformation. The supplier will install its ECS/PlantDataManagement monitoring system at Shree Cement’s cement plants. It says that the technology will increase efficiency.

Shree Cement’s joint managing director Prashant Bangur said "We are always looking at ways to optimise production, and the decision to apply FLSmidth's information management system to all our sites is a natural next step." Whole-time managing director Prakash Narayan Chhangani said "FLSmidth is a trusted partner for us, as we demonstrated by the milling and pyro order we announced last year. And we are confident that this next step in our digital transformation will prove to be profitable."

India: Shree Cement recorded consolidated revenues of US$430m in the third quarter of its 2022 financial year, down by 2.8% year-on-year and up by 0.4% quarter-on-quarter. The group’s cement sales totalled 6.4Mt, down by 10% year-on-year and up by 2.1% quarter-on-quarter. It reported a 26% year-on-year fall in earnings before interest, taxation, depreciation and amortisation (EBITDA) to US$107m.

India: Shree Cement has started commercial production at its 3Mt/yr Patas grinding plant in the Pune District of Maharashtra. The project had an investment of around US$80m and it will source clinker from a group site in Karnataka. Covid-19 related delays previously saw the scheduled commissioning date moved from late 2020 to September 2021.