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India Cements reports net loss of Rs 50 crore in Q4 FY24

 India Cements Ltd on Monday reported a narrowing of consolidated net loss to Rs 50.06 crore in the fourth quarter ended March 31, 2024, helped by improved sales volume. The company had posted a net loss of Rs 243.77 crore in the same quarter a year ago, India Cements Ltd said in a regulatory filing.

Consolidated revenue from operations in the quarter under review was at Rs 1,266.65 crore as against Rs 1,485.73 crore in the corresponding period a year ago.”With the improved sales volume, India Cements Ltd could turn out a better operating performance and pared the losses for the fourth quarter under review,” the company said.

The cement and clinker volume for the fourth quarter was 24.36 lakh tonne as compared to 27.85 lakh tonne in the same period of the previous year, it added.

Together with the profit arising from the sale of land, the company has made a cash profit of Rs.24 crore for the quarter despite the setback caused by the fall in selling prices of cement, the company said.

India Cements further said after muted capacity utilisation in the previous two quarters caused by the stressed working capital conditions, the same could be improved in the fourth quarter due to infusion of working capital and it was 63 per cent from 51 per cent in the third quarter of the current year.

 Total expenses in the fourth quarter were lower at Rs 1,351.84 crore as compared to Rs 1,637.65 crore in the corresponding period previous fiscal.

For the fiscal ended March 31, 2024, the consolidated net loss was at Rs 215.76 crore. It was at Rs 169.82 crore in the previous fiscal, the company said.

In FY24 consolidated revenue from operations was at Rs 5,112.24 crore, down from Rs 5,608.14 crore in FY23.

On the outlook, the company said after Lok Sabha elections and assembly elections in some states, the centre and states are expected to retain their focus on the development agenda. The construction activity is expected to be brisk in the coming months driven by continued infrastructure spending by the government, private sector housing and commercial segments.

“This presents a healthy demand outlook for cement and the industry, especially in the South, has built adequate capacity to meet the firm demand,” India Cements said.

At the same time, it said, “Increasing cost pressure, high cost of logistics and severe competition in the market are also hanging over the head which will affect the margins.”

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