India Cements Q1 net loss at Rs 73.58 crore, revenue dips 5% to Rs 1,436.74 crore

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NEW DELHI: India Cements Ltd on Monday reported a consolidated internet lack of Rs 73.58 crore within the April-June quarter primarily because of discount in promoting worth and lack of quantity.

The corporate had posted a internet revenue of Rs 83.83 crore throughout the April-June quarter a 12 months in the past, India Cements Ltd (ICL) mentioned in a regulatory submitting.
Its income from operations fell 5.12 per cent to Rs 1,436.74 crore throughout the interval beneath evaluation as in opposition to Rs 1,514.35 crore within the corresponding quarter of earlier fiscal.

“The promoting worth of cement was decrease throughout the quarter beneath evaluation because of extreme competitors brought on by provide overhang. There was a discount in variable price throughout the quarter on account of softening of gas costs,” ICL mentioned an earnings assertion.
The discount in variable prices was offset by the discount in realisation leading to decrease margins, it added.
“The decrease margins impacted the liquidity severely leading to decrease quantity for the quarter. The general gross sales quantity virtually remained static as in comparison with the primary quarter of the earlier 12 months,” ICL mentioned.
Whole bills of ICL within the April-June quarter of FY24 fell 3 per cent to Rs 1,541.09 crore.
Its cement gross sales for the quarter beneath evaluation had been 26.57 lakh tonnes as in comparison with 27.85 lakh tonnes within the earlier quarter.
“With the rise in mounted energy demand prices, salaries and wages and commercial bills and with the quantity remaining fixed as that of the earlier 12 months, the EBIDTA was decrease at Rs 12 crore for the quarter as in comparison with an EBITDA of Rs 39 crore within the earlier 12 months,” it mentioned.
Curiosity and different prices had been at Rs 58 crore whereas depreciation was at Rs 53 crore in comparison with Rs 52 crore and the resultant loss earlier than tax was Rs 99 crore.
“The discount in promoting worth and lack of quantity primarily contributed to this example,” it mentioned.
ICL’s complete revenue within the June quarter was at Rs 1,443.87 crore, down 5.29 per cent.
The Chennai-based firm has deliberate to monetise a number of the non-core belongings to enhance the liquidity for enhancing the working efficiency in addition to assembly a number of the minimal capital bills.
Over the outlook, ICL mentioned, “With regular rainfall forecast throughout the present south west monsoon and the thrust given by the Centre and state governments, the demand for cement is anticipated to be good.”
Shares of The India Cements Ltd on Monday settled 3.85 per cent decrease at Rs 215.95 apiece on the BSE.

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