Nuvoco Vistas (NVCL), a building materials company, has reported net consolidated loss after tax of Rs 130.38 crore in the quarter ended September 30, 2022. It had registered loss after tax of Rs 25.77 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated income stood at Rs 2,402.54 crore in Q2 FY23, a growth of 18.54 per cent from Rs 2,026.72 crore it recorded in the similar quarter last year.
Jayakumar Krishnaswamy, managing director of the company said, “This quarter was one of the challenging periods given that the seasonally weak quarter coincided with peak energy costs. Nonetheless, cement demand continues to grow strongly, especially in the eastern part of India. As we strive to improve our operational standards, we are utilizing alternate fuels and waste heat recovery systems more efficiently, along with effective fuel procurement and consumption strategies.”
As on September 30, 2022, the company’s net worth was Rs 8,719.62 crore, debt-equity ratio was 0.62, total debts to total assets was 27.44%, operating margin was 8.17%, net profit margin was -5.55% and current liability ratio was 36.15%, it said in the regulatory filing.
“While we had modest price increase in the eastern markets, high fuel prices will continue to affect near-term profitability. We continue focusing on our customers and operational efficiencies through internal levers; we also remain committed to our expansion and de-bottlenecking projects and alternative fuel material handling facilities as part of our sustainability initiatives,” added Krishnaswamy.
The consolidated cement sales volume for the company improved by 15% year-on-year (YoY) to 4.4 MMT in Q2 FY23. Consolidated EBITDA for the quarter stood at Rs. 194 crore.
Alternate fuel rate improved by 5% YoY in Q2 FY23 and remains a key focus area with the ongoing investment in material handling facilities at Risda and Nimbol Cement plants.