India Cements has reported a significant reduction in its net loss for the quarter ended March 31, 2024, with losses narrowing to Rs 29 crore from Rs 218 crore in the same period last year. This improvement was detailed in an exchange filing issued by the company on May 20.
However, on a sequential basis, the company’s net loss widened compared to a loss of Rs 16.51 crore in the December quarter, marking the fifth consecutive quarter of losses for the cement maker. The narrowing of losses year-over-year is attributed to stringent cost controls amidst lower cement prices.
Revenue from operations for the South India-focused firm fell by 14.7%, dropping to Rs 1,245.38 crore in Q4FY24 from Rs 1,460.47 crore in the corresponding period last year.
Despite the reported losses, India Cements’ stock showed resilience, closing 1.23% higher at Rs 213.8 on the BSE on May 17. The stock markets remained closed on May 20 due to the Lok Sabha elections in Mumbai.
In addition to the financial results, the company also announced that its board has approved the re-appointment of Chitra Srinivasan as a non-executive director, liable to retire by rotation, effective from August 1, 2024.
India Cements’ ongoing efforts to tighten costs while navigating a challenging market environment have been crucial in reducing its quarterly losses. The company’s strategic focus on cost management will likely remain key as it continues to strive for financial stability and growth in the competitive cement industry.
