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regular-article-logo Sunday, 26 May 2024

Kesoram Industries posts consolidated loss of Rs 34.71 crore in Q2 FY24

In the corresponding quarter of last year, the company posted a loss of Rs 41.28 crore

PTI Calcutta Published 13.10.23, 10:22 AM
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Representational image File image

Kesoram Industries Limited, the flagship company of the BK Birla group, posted a reduction in its standalone losses for the second quarter ended September to Rs 34.71 crore.

In the corresponding quarter of last year, the company posted a loss of Rs 41.28 crore.

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The standalone revenue of the cement maker from operations rose to Rs 894 crore during the quarter from Rs 785 crore in the corresponding quarter of FY’23.

Asked about the widening of quarterly losses sequentially despite higher sales, the company’s whole time director and CEO P. Radhakrishnan said that cement realisation was lower by about Rs 30 per bag due to the monsoon. Prices are now recovering as construction activities are picking up post-monsoon.

“We have achieved record sales of 3.73 million tonnes for the first half of the fiscal compared with 3.19 million tonnes in the same period in FY23. The EBITDA was Rs 216 crore in the first half of FY24. With improvements in the second half, the company aims to achieve a total of 8 million tonnes of cement sales for FY’24,” he said.

The full-year EBITDA is expected to be Rs 450-500 crore and the company does not foresee any cash burn for the full year, Radhakrishnan said.

In FY’23, the company posted a standalone net loss of Rs 115 crore.

“In the whole year, the improvement will be seen on a consolidated basis as apart from cement, Cygnet (packaging business) is expected to be cash positive,” he said.

The company’s eco-friendly green concentrate ‘Super Plast’, introduced for plastering and tile fixing, has been well received.

The carbon footprint of the product is substantially lower than that of blended cement, he added.

Meanwhile, realty firm Signature Global on Thursday reported a consolidated net loss of Rs 7.18 crore for the first quarter of this fiscal year on higher expenses.
The firm had logged a net profit of Rs 32.78 crore in the year-ago period.

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