The India Cements reports Q3 loss of Rs 65.8 mn

06 Feb 2024 CW Team

The India Cements reported a consolidated net loss of Rs 65.8 million for the third quarter ending December 2023, contrasting with a net profit of Rs 1112.2 million in the corresponding period of the previous year, as disclosed in a regulatory filing. The company's revenue from operations during this period stood at Rs 11.4446 billion, down from Rs 12.81 billion in the same quarter last year. Total expenses amounted to Rs 12.14 billion.

The company noted that its capacity utilisation was subdued at 51% for the third quarter, compared to 56% in the previous year's quarter and 61% in the second quarter of the current fiscal year. The cement and clinker volume for the quarter decreased by almost 9% to 19.85 lakh tonne, down from 21.82 lakh tonne in the prior year.

Despite lower capacity utilisation, the company managed to control variable costs through a reduction in power consumption and improved utilisation of alternative fuels and petcoke in the overall fuel mix. The company is actively working on disposing of non-core assets and has recovered Rs 4.55 billion of advances from April to December FY24 to enhance cash flow.

Efforts are underway to raise funds for plant efficiency improvements and working capital needs. The quarter saw an exceptional income of Rs 260 million from the profit on the sale of a ship. The company is strategically monetising non-core assets to boost liquidity, improve operating performance, and meet essential capital expenses.

Looking ahead, the company expressed optimism about the cement demand remaining robust, fuelled by an increasing preference for home ownership and the reconstruction of homes and workplaces. Additionally, it anticipates a boost in construction activity from heightened spending on infrastructure projects by the central and state governments ahead of the next Lok Sabha elections.?

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