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HomeNewsReal EstateNuvoco Vistas posts net loss of Rs 75.29 crore in Q3 FY23

Nuvoco Vistas posts net loss of Rs 75.29 crore in Q3 FY23

Nuvoco Vistas' consolidated total income stood at Rs 2,608.76 crore in Q3 FY23, a growth of 19.68 per cent from Rs 2,179.71 crore it recorded in the similar quarter last year.

Nuvoco Vistas Corp, a building materials company, has reported consolidated net loss of Rs 75.29 crore during the quarter ended December 31, 2022. It had recorded loss after tax (PAT) of Rs 85.54 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s consolidated total income stood at Rs 2,608.76 crore in Q3 FY23, a growth of 19.68 per cent from Rs 2,179.71 crore it recorded in the similar quarter last year.

Jayakumar Krishnaswamy, managing director of the company said, “During Q3 FY23, our revenue per ton improved on healthy price hikes with an ongoing push on premium cement volumes, leading to an increase in out EBITDA on both year-on-year and quarter-on-quarter basis. This is despite the peaking of energy cost and reimposistion of busy season surcharge on the rail freight during the quarter. Our capaex priority will largely focus upon diversification of our footprints through asset light investment, cost savings and sustainability projects.”

As of December 31, 2022, the company’s net worth stood at Rs 8,634.24 crore, debt to equity ratio was 0.61, total debts to total assets was 26.85%, current liability ratio was 38.09%, operating margin was 10.67% and net profit margin was -2.99%, it said in the regulatory filing.

During the quarter, its sales volume increase by 6 per cent year-on-year and 2 per cent quarter-on-quarter to 4.5 MMT. The company saw double-digit sales volume growth on a consolidated basis in 9M FY23. Its consolidated net debt declined to Rs 5,165 crore from September 2022 level, it said in a media release.

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