Nuvoco Vistas Corporation posts consolidated net profit of Rs 114.28 crore
Nuvoco Vistas Corporation Ltd, the fifth largest cement maker in the country, on Monday announced a consolidated net profit of Rs 114.28 crore for the quarter ended June 30, 2021.
The company had posted a loss of Rs 91.38 crore in the corresponding quarter a year ago and a profit of Rs 37.52 crore for the quarter ended March 2021.
This is the first financial result of the company disclosed on the stock exchanges. The company listed its shares on August 23 with an issue size of Rs 5,000 crore.
On Monday, the shares closed at Rs 566.95 on the BSE, up 1.11 per cent over the previous close but lower than its issue price of Rs 570.
The total consolidated income during the quarter was Rs 2,208.56 crore against Rs 849.99 crore a year ago.
Nuvoco said that it had allotted 15,751,303 equity shares to Kotak Special Situations Fund on July 24 this year on account of conversion of convertible debentures. As a result, the basic and diluted EPS was Rs 3.35 as on June 30, 2021 instead of Rs 3.45 per share.
Kotak Investment Advisors Limited, which manages the Kotak Special Situations Fund, had in July 2020 announced an investment of Rs 500 crore in Nuvoco to finance the acquisition of Emami Cements Ltd.
Emami Cements Limited had become a wholly owned subsidiary of Nuvoco effective from June 14, 2020 and the company was renamed as NU Vista Limited.
Nuvoco is part of the diversified Nirma group, which forayed into the cement business in 2014 with a greenfield plant at Rajasthan and has subsequently expanded inorganically through acquisition of Indian cement business of LafargeHolcim in 2016 and NU Vista in 2020.
As of March 31, 2021, the company had 11 cement plants located in Bengal, Bihar, Odisha, Chattisgarh, Jharkhand, Rajasthan and Haryana with an installed capacity of 22.32 million tonnes per annum.