India Cements Q1 Results: Company posts net loss of ₹75.3 crore; revenue drops 3.7% YoY
India Cements reported a standalone net loss of ₹75.27 crore in the first quarter of FY24 as compared to a net profit of ₹76.09 crore in the same period last year. The company’s revenue from operations during Q1FY24 declined 3.7% to ₹1,393.04 crore from ₹1,446.23 crore, YoY. Operating performance in the June quarter weakened as earnings before interest, taxes, depreciation and amortization (EBITDA) decreased 83.7% to ₹5 crore from ₹30.9 crore, while EBITDA margin compressed by 170 basis points (bps) to 0.4% from 2.1%, YoY.
India Cements is primarily engaged in manufacture and marketing of cement and cement related products. With a view to address the profitability and liquidity concerns, the company has initiated steps to modernise some of its plants to improve the operating efficiencies. “The Company has also engaged the services of management consultants to study the operations in its plants and suggest measures to reduce the variable costs.
In addition to the above the company has also plans to infuse funds from sale of non-core assets and mobilise additional resources to improve the operations including sales volume," India Cements said. India Cements share price has gained more than 13% in the last three months. The stock plunged over 4% after declaring the Q1 results on Monday.
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