India Cements reports net loss in 3QFY19-20

India Cements reports net loss in 3QFY19-20
10 February 2020

India Cements has reported an INR53.7m (US$751,232) standalone net loss in the quarter ending 31 December 2019, compared with an INR31.3m profit in the year-ago period. Total income also declined 4.3 per cent YoY to INR11.94bn from INR12.48bn.

EBITDA was down by five per cent YoY to INR1.32bn from INR1.39bn in the 3QFY18-19. Despite this, the drop in EBITDA was reportedly mitigated by a reduction in the variable cost of production.

"The overall demand in south is picking up with AP and Telangana contributing. The expectation is that the worst is over and the cement industry will see a robust growth going forward," said N Srinivasan, vice-chairman, India Cements.

Published under Cement News