India Cements’ Q4 Net Loss Narrows to Rs 29 Crore YoY

by | May 20, 2024 | 0 comments

India Cements’ Q4 net loss

The quarter ending March 31 saw India Cements report net loss of Rs.29 crore, its fifth successive loss making quarter. This is an improvement from a loss of Rs.218 crore in the corresponding period of last year. But, there was a widening in the net loss from Rs.16.51 crores during the previous quarter (December).

Better cost control despite reduced cement prices contributed to the reduction in loss by this cement company. However, revenue from operations declined by 14.7% to Rs1245.38 crore in Q4FY24 as compared to Rs1460.47 crore for the same period last year.

“India Cements Ltd improved their operating performance and narrowed losses for Q4 with higher sales volume,” according to the firm.

On BSE, India Cements’ stock closed at Rs213.8 on May 17 representing 1.23% increase over the previous day’s close price. Notably, stock markets were closed on May 20 due to Lok Sabha elections in Mumbai.

Finally, it also stated that, after two quarters of muted capacity utilization due to stressed working capital conditions; there was an improvement in capacity utilization during Q4FY24. As a result of infusion of working capital into this company, capacity utilization rose from just 51% in FY24Q3 to 63%.

For instance, looking forward it anticipates upbeat demand prospects for cement following Lok Sabha elections and state assembly elections held earlier this month [May]. The government’s ongoing infrastructure spending including private sector housing and commercial projects are expected to cause vigor construction activities “which augur well for demand growth in cement sector particularly South where enough capacities have been built up”, added India Cement.

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Furthermore, Chitra Srinivasan has been reappointed as non-executive director by board which will be effective August 1st ,2024 as announced by company today .

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