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India Cements Ltd on Friday reported a consolidated internet revenue of Rs 58.47 crore within the June 2024 quarter though its gross sales quantity declined 26 % as capability utilization was severely hit on account of steady liquidity crunch. The Chennai-based firm bought its grinding unit at Parli, Maharashtra in April and included the acquire of Rs 240.68 crore from the bought unit as an distinctive merchandise within the quarterly revenue.
Earlier than the distinctive gadgets and tax, India Cements Ltd (ICL) had a lack of Rs 147.97 crore within the quarter below overview. The corporate, by which the promoters are promoting their stake to rival Aditya Birla group agency UltraTech Cement, had reported a internet lack of 87.40 crore throughout the April-June quarter a 12 months in the past.
Its income from operations was down 28.53 % to Rs 1,026.76 crore throughout the interval below overview as in opposition to Rs 1,436.74 crore within the corresponding quarter, in keeping with a regulatory submitting from ICL.”The capability utilization of the corporate was severely impacted attributable to the continual liquidity crunch on account of losses sustained within the earlier quarters,” stated an earnings assertion from the corporate.
The N Srinivasan-led firm couldn’t reap the benefits of the lowered gasoline price as working margins additional shrunk on account of low quantity.”The upper price of manufacturing as in comparison with friends on account of various classic of the vegetation along with free fall in cement costs affected the dispatch and the margins,” it stated. Cement and clinker quantity for the quarter was 19.61 lakh tonnes as in comparison with 26.66 lakh tonnes in the identical quarter of the earlier 12 months with a drop of greater than 26 %, it added.
“The EBIDTA was accordingly detrimental at Rs 22 crore in opposition to a constructive Rs 12 crore in final 12 months. The curiosity and different expenses have been larger at Rs 82 crore in opposition to Rs 58 crore whereas depreciation was up at Rs 55 crore in opposition to Rs 53 crore and the resultant loss earlier than extra-ordinary merchandise was at Rs 160 crore in opposition to a lack of Rs 99 crore,” it stated.
Whole bills of ICL within the June quarter have been down 22.76 % to Rs 1,190.24 crore. ICL’s whole revenue within the June quarter was down 27.81 % to Rs 1,042.27 crore. Over the outlook, ICL stated, “With the conventional rainfall propelling, rural demand is probably going to enhance additional and the Finances has introduced big investments within the subsequent 5 years on infrastructure and housing tasks.
“With particular monetary help to Andhra Pradesh, there’s renewed optimism for enchancment in financial exercise within the zone and the medium-term prospects augur effectively for the trade,” stated the South-based cement maker. Shares of India Cements on Friday settled 0.34 % decrease at Rs 366.90 apiece on the BSE.
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