India Cements on Monday posted its fiscal quarter earnings wherein it clocked a loss of Rs 73.58 crore from the profit of Rs 83.83 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 1436.74 crore, down 5.1 per cent as against Rs 1514.35 crore during the first quarter of FY23. The company EBITDA decreased 83.7 per cent on-year to Rs 5 crore. According to CNBC TV18 estimates, India Cements was expected to post a loss of Rs 79 crore and revenue of Rs 1452 crore during the Q1FY23.
India Cements recorded a total income during the quarter at Rs 1443.87 crore, down 5.4 per cent as against Rs 1524.63 crore during Q1FY23. However, the company’s total expenses during the quarter ended June 2023 stood at Rs 1541.09, down 3 per cent in comparison to Rs 1588.90 crore.
During the previous quarter, India Cements had reported a net loss of Rs 218 cror, hit hard by higher cost and lower sales volumes. The company also had a write off of one-time impairment of certain investments and advances to the tune of Rs 114 crore which added to the loss. The revenue of the company had grown to Rs 1,460 crore. The company’s performance was adversely impacted by the increase in the cost of fuel and power and by one off impairment charges,” N Srinivasan, Vice Chairman and MD of the company had said.