Shiva Cement's income tumbles as expansion plans continue

Shiva Cement Ltd, part of JSW Cement, has reported total income of INR34.74m (US$421,582) in the year ended 31 March 2023, compared to INR72.7m in the previous year. Finance costs advanced from INR87.93m in the year ended 31 March 2022 to INR128.53m a year later, while depreciation and amortisation expenses jumped from INR70.56m to INR589.86m over the same period, the latter of which is linked to the company’s current expansion plans. This resulted in a loss after tax of -INR804.7m in the year ended 31 March 2023, compared to a loss of -INR254.52m in the same period a year earlier. 

According to the company, it hopes to improve its performance following the expansion and commissioning of its 4000tpd clinker unit at Kutra, Orissa, which underwent a trial run during the quarter ended 31 March 2023. Shiva plans to expand capacity at the plant to 3Mta of clinker and 2Mta of cement. The project also includes the installation of a 12MW waste heat recovery power generation system.