+
The India Cements reports Q3 loss of Rs 65.8 mn
Cement

The India Cements reports Q3 loss of Rs 65.8 mn

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.?

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.?

Related Stories

Gold Stories

Next Story
Infrastructure Transport

MMRDA Targets Completion of Projects by December 2028

The Mumbai Metropolitan Region Development Authority (MMRDA) is targeting the completion of all its ongoing infrastructure projects by December 2028, a year ahead of its December 2029 deadline, Metropolitan Commissioner Dr Sanjay Mukherjee has said.Speaking at the sixth edition of the Real Estate & Infrastructure Investors' Summit (REIIS) 2026 in Mumbai, Mukherjee said the authority was developing an integrated network of roads, tunnels, sea links and Metro corridors under its broader vision of “Mumbai in 59 Minutes”.The objective is to improve east-west and north-south connectivity an..

Next Story
Building Material

High-Performance Façades Gain Ground in Indian Buildings

High-performance façades are gaining greater importance in Indian architecture as developers and architects increasingly focus on energy efficiency, thermal comfort and building performance, according to Shankar Fenestrations & Glasses.The company said modern façade systems are increasingly being considered as part of a building's overall performance strategy rather than being used primarily as aesthetic elements.High-performance glass, curtain wall systems and structural glazing can contribute to thermal regulation, solar control, daylight management and indoor comfort. Their growing ad..

Next Story
Technology

SPML Infra's 104.4 kWh BESS Battery Pack Clears Global Tests

SPML Infra has announced that its proprietary 104.4 kWh Battery Energy Storage System (BESS) battery pack has completed key international safety, performance and transportation testing and certification requirements, marking a step towards its commercial deployment.Developed under the company's own intellectual property, the battery pack has completed requirements under UL9540A, IEC 62619, IEC 63056, IEC 60730, IEC 61000-6-2, IEC 61000-6-4 and UN38.3 standards.The testing covers areas including thermal runaway safety, battery performance, system functional safety, electromagnetic compatibility..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code