In its statement, the company noted that it recorded a consolidated EBITDA of Rs 1.94 billion for the quarter under review, in contrast to Rs 3.16 billion in the same period the previous year.

The statement indicated that cement demand was sluggish during the traditionally weak monsoon quarter, with prices falling to record lows across all key markets. The company achieved an overall capacity utilization of nearly 80%, with around 90% in its core markets. Its annual installed cement manufacturing capacity stands at 20 million tonnes.

Regarding the outlook, the cement maker expressed cautious optimism for the third quarter ending in December. Additionally, the company’s jute division faced challenges due to declining orders both domestically and internationally.