Kesoram Industries tumbled 8.25% to Rs 58.95 after the company reported a consolidated net loss of Rs 47.98 crore in Q3 FY23 as against a net loss of Rs 31.97 crore recorded in Q3 FY22.
Revenue from operations stood at Rs 986.12 crore in Q3 FY23, registering a growth of 12.6% from Rs 876.01 crore reported in the corresponding quarter previous year.
The company reported a pre tax loss (before exceptional items) of Rs 37.84 crore in Q3 FY23 as against a pre tax loss of Rs 37.81 crore posted in Q3 FY22. The company recorded an exceptional item of Rs 173.07 crore in Q3 FY23.
The company said that the management is contemplating a possible disposition of its property comprised in its Hindustan Heavy Chemicals (HHC) unit that has been under suspension of work. In accordance with the provisions of the applicable Indian Accounting Standards, the value of the property has been remeasured and aligned to its realisable value. The loss on such remeasurement has been recognised in the current quarter and disclosed as an exceptional item, it added.
Total expenses rose 12.62% year on year to Rs 1,037.77 crore in quarter ended 31 December 2022. Cost of material consumed was at Rs 128.29 crore (up 53.84% YoY) and employee benefits expenses stood at Rs 53.59 crore (up 26.48% YoY), during the quarter.
The company's revenue from cement stood at Rs 929.17 crore (up 6.19% YoY) in Q3 FY23. Revenue from rayon, transparent paper and chemicals surged to Rs 56.95 crore in Q3 FY23 from Rs 1.01 crore in Q3 FY22.
Kesoram Industries is engaged in the manufacture of cement, tyres, tubes, rayon, paper, heavy chemicals and spun pipes.
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