India Cements reports 218 crore loss in Q4 – ET Infra

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CHENNAI: India Cements on Wednesday reported a loss of 218 crore in the quarter ended March 31, 2023 on the back of rise in cost of raw materials and coal prices.

The cement manufacturer has identified about 1,000 acres of land in Tirunelveli for monetisation, of which 600 acres is on the verge of being sold. It is expected to generate revenue to the tune of 1,200 – 1,300 crore in the current fiscal.

Revenue from operations stood at 1,460 crore in Q4 of FY23, a growth by around 5% when compared with the year ago quarter at 1,392 crore.

On an annual basis, the company had a loss of Rs 188 crore in FY23, while it had reported a profit of 39 crore in fiscal 2021-22. The loss was despite the company improving the sale and production. During FY23, its overall volume of sales rose by 9% at 98.9 lakh tonne in FY23 from 90.7 lakh tonne during the previous year of FY22. The clinker production was up by 8% at 72.9 lakh tons in the financial year ended March 31, 2023, which was at 67.6 lakh tons, a year ago.

Briefing reporters here, N Srinivasan, vice-chairman and managing director of India Cements said, the cement sector was hit by an extraordinary price increase in FY23. “Coal prices went up from $60 per tonne to $300 per tonne. It was very difficult for us,” he said. According to Srinivasan, 600 acres of land at Tirunelveli is on the verge of being monetised. “This will enable us to repay 500 crore debt with interest this year,” he said, adding that a part from monetisation exercise will also be used for working capital. The company has a debt of 2,900 crore as on March 31, 2023.

  • Published On May 26, 2023 at 11:48 AM IST

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