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 India's overall performance for the financial year 2022-23 was better than the previous year. The company's net profit rose by 12.57 per cent to Rs 3.54 billion in FY23, while its net sales increased by 15.68 per cent to Rs 24.99 billion.
HeidelbergCement India is a subsidiary of HeidelbergCement AG, one of the world's largest cement makers. The company has a cement manufacturing capacity of 22.5 million tonnes per annum and operates 17 cement plants in India.
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