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HeidelbergCement strengthens finances for Italcementi deal
HeidelbergCement India's net profit dips 62.64% in Q4 FY23
HeidelbergCement India, the country's largest cement maker, has reported a 62.64 per cent decline in its net profit for the fourth quarter of the financial year 2022-23. The company's profit after tax stood at Rs 349.7 million in Q4 FY23, down from Rs 936.1 million in the corresponding quarter of the previous fiscal.
The decline in profit was mainly due to higher input costs and lower sales volumes. The company's total expenses rose by 11.48 per cent to Rs 6.5 billion in Q4 FY23, while its net sales fell by 2.68 per cent to Rs 6.15 billion.
Despite the decline in profit,..
HeidelbergCement forecasts negative impact on its business in 2022
On Thursday, HeidelbergCement, the world's No. 2 cement maker, forecast a negative impact on its business in 2022 due to a significant increase in energy costs due to Russia's invasion of Ukraine.
Like steel and chemicals, cement generation is among the more energy-intense production processes, making power costs a critical factor in deciding whether firms can hit their profit targets. On Thursday, HeidelbergCement told the media in its annual report that the costs for energy have grown drastically within a few days, and the further development cannot be foreseen presently...
HeidelbergCement’s net profit slumps 4.55% to Rs 59.56 cr in Q2 FY22
Cement manufacturing major HeidelbergCement India reported a 4.55% drop in net profit to Rs 59.56 crore in Q2 FY22.
In the same quarter last year, the company reported a net profit of Rs 62.4 crore, according to a BSE filing. During the second quarter of FY22, it generated Rs 569.24 crore in revenue from operations, up 11.03% from Rs 512.69 crore in the previous fiscal quarter. HeidelbergCement India said in a separate filing that its independent director or chairperson Akila Krishnakumar has resigned and that the board has accepted her resignation. In ..
Shree Cement incurs Rs 6.62 billion profit for Q4; beats expectations
Shree Cement, India's third-largest cement manufacturer by market capitalisation announced a fourth-quarter profit that exceeded, attributing it to increased volumes driven by lower cement prices. Typically, cement companies witness a surge in volumes in the March quarter as they reduce prices to clear year-end inventory backlogs.
Analysts had anticipated that reduced fuel costs would partially offset the decline in prices. Shree Cement's profit for the quarter ending March 31 reached Rs 6.62 billion, surpassing street forecasts of Rs 6.20 billion, as per LSEG data. This marked a si..
Jaishankar Highlights Mumbai-Ahmedabad Bullet Train Benefits
india's vision of a modern and interconnected transportation network. Foreign Minister S Jaishankar has emphasised the significant benefits of the Mumbai-Ahmedabad bullet train project, citing its potential to revolutionise transportation and boost economic growth. Speaking on the project, Jaishankar highlighted its role in enhancing connectivity, fostering economic development, and strengthening bilateral ties with Japan.
The Mumbai-Ahmedabad bullet train project, a flagship infrastructure initiative between India and Japan, aims to reduce travel time between the two cities from hour..
