India Cements Reports Improved Q3 Losses

03 Nov 2023 CW Team

Cement manufacturer The India Cements Ltd has reported a standalone net loss of Rs 813.9 million for the July-September 2023 quarter, a notable improvement from the Rs 1.37 billion loss in the same period the previous year. However, for the six months ending on September 30, 2023, the net loss increased to Rs 1.56 billion, compared to a net loss of Rs 614.9 billion in the corresponding period of the previous year.

Standalone total income also declined to Rs 1,2.28 billion for the quarter, down from Rs 12.58 billion in the same period the prior year. For the half-year ending September 30, 2023, the standalone total income stood at Rs 26.27 billion, compared to Rs 27.12 billion in the same period of the previous year.

Despite facing challenges due to a stressed working capital position, the company managed to achieve a slightly positive EBITDA during the quarter, with EBITDA totalling Rs 140 million, a marked improvement from the negative EBITDA of Rs 870 million in the second quarter of the previous year.

The company noted that the selling price of cement was under pressure due to supply saturation and market competition. In response, India Cements is actively working on disposing of non-core assets and exploring other avenues to raise funds for plant refurbishments, enhance efficiency, and address working capital requirements.

The company has also increased the proportion of blended cement in its operations, from 50 per cent in the previous year to 56 per cent in the first six months of the current year. Looking ahead, India Cements sees a positive outlook for cement demand, driven by increased home construction and infrastructure projects in preparation for upcoming elections.

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