Net loss of Rs 85.54 cr, revenue falls by 4.72%
Chennai-based cement sector major India Cements Ltd posted a net loss of Rs 85.54 crore during the second quarter of the financial year 2023, as compared to Rs 121.1 crore in the same quarter last year.
The revenue from operations for Q2 FY23 was seen at Rs 1,264.39 crore, compared to Rs 1,327.06 crore year-on-year (Y-o-Y), registering a fall of 4.72 per cent. "Despite the continuous reduction in variable cost, the drop in net plant realisation for cement continued, resulting in lower margins and lower capacity utilisation. The performance of the company, hence, continued to be suboptimal with a negative bottom line," the company said in a statement. Production and sale of cement were only marginally higher by 5 per cent as compared to the earlier year.
Overall volu...