India Cements reported consolidated net loss of Rs 50.06 crore in Q4 FY24 as compared with Rs net loss of Rs 243.77 crore in Q4 FY23.
Revenue from operations declined 14.75% to Rs 1,266.65 crore in Q4 FY24 from Rs 1,485.73 crore in Q4 FY23.The EBIDTA for the quarter excluding exceptional item was around Rs 72 crore as against the negative EBIDTA of Rs 26 crore in the same quarter of the previous year. There was an exceptional income of Rs. 16 crore representing profit on sale of land and the loss before tax was Rs 33 crore in the quarter.
The cement and clinker volume for the 4th quarter was 24.36 lakh tons as compared to 27.85 lakh tons in the same period of previous year.
The company said that it has been continuing its efforts towards disposal of non-core assets and as a part of this a piece of land has been sold during the quarter and further efforts are on for selling additional surplus lands to augment cash flow requirements and for funding the efficiency improvement plans.
On its outlook the company said, After Lok Sabha Elections and Assembly elections in some States, the centre and States are expected to retain their focus on development agenda. The construction activity is expected to be brisk in the coming months driven by continued infrastructure spending by the Government, private sector housing and commercial segments. At the same time, increasing cost pressure, high cost of logistics and severe competition in the market are also hang over the head which will affect the margins.
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India Cements business of the company is of manufacturing and sale of cement and cement related products.
The scrip rose 1.23% to end at Rs 213.80 on Saturday, 18 May 2024. The market is shut on the occasion of voting in Mumbai for Lok Sabha elections.
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