Kesoram Industries tumbled 10.03% to Rs 66.40 at 11:17 IST on BSE after the company reported a net loss of Rs 198.60 crore in Q4 March 2014, higher than net loss of Rs 62.04 crore in Q4 March 2013.
The Q4 result was announced after market hours on Tuesday, 29 April 2014.
Meanwhile, the S&P BSE Sensex was up 187.85 points or 0.84% at 22,654.04.
On BSE, so far 3.93 lakh shares were traded in the counter as against average daily volume of 1.24 lakh shares in the past one quarter.
The stock hit a high of Rs 70.05 and a low of Rs 66.10 so far during the day. The stock had hit a 52-week low of Rs 50.25 on 31 July 2013. The stock had hit a 52-week high of Rs 101.43 on 8 May 2013.
The stock had outperformed the market over the past one month till 29 April 2014, advancing 0.75% compared with the Sensex's 0.56% rise. The scrip had also outperformed the market in past one quarter, jumping 16.22% as against Sensex's 8.81% rise.
The small-cap company has equity capital of Rs 109.78 crore. Face value per share is Rs 10.
Kesoram Industries' net sales declined 9.9% to Rs 1323.62 crore in Q4 March 2014 over Q4 March 2013.
Kesoram Industries reported a net loss of Rs 515.55 crore in the year ended 31 March 2014 (FY 2014), higher than net loss of Rs 329.23 crore in the year ended 31 March 2013 (FY 2013). Net sales declined 11% to Rs 5062.96 crore in FY 2014 over FY 2013.
EBITDA declined 7.22% to Rs 411 crore in FY 2014 over FY 2013. EBITDA margin edged up to 7.9% in FY 2014, from 7.6% in FY 2013.
Kesoram Industries' Tyre business steadily improved profitability over the year. EBITDA was at Rs 212 crore as compared to EBITDA of Rs73 crore in the previous year. Operating profit margin (OPM) surged to 7% in FY 2014, from 2% in FY 2013.
Kesoram Industries said that the Cement business saw a challenging year. EBITDA declined to Rs 278 crore in FY 2014 from Rs 434 crore in FY 2013. This decline was driven by harsh market conditions, with volume offtake and pricing remaining weak, the company said. The Cement business operating parameters continued to compare favourably to competitive benchmarks, Kesoram Industries said in a statement.
The Rayon business made a marginal operating loss at EBITDA level of Rs 6 crore, the company said. Market conditions remained weak in terms of volume offtake and pricing, Kesoram Industries said in a statement. Looking ahead, the Tyre business is focusing at increased capacity utilization of its plants, by targeting increased market presence both domestically and internationally, besides further improvement in internal operations, Kesoram said.
The Cement business is poised for growth as the overall market conditions improve, Kesoram said. In the meantime, the focus is on improving its market presence by deeper presence in the markets and segments it services as well as by spreading to markets and customer segments beyond its current markets, Kesoram Industries said in a statement.
Kesoram said that the Rayon business is focusing at increasing its value added sales, especially in the fine denier rayon markets, as it completes its implementation of a project to produce rayon yarn using the continuous spinning yarn (CSY) process.
Kesoram Industries is a diversified company. The company manufactures tyres, cement, rayon yarn, transparent paper, spun pipes and heavy chemicals.
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