Keerthi Industries reports 4% drop in revenue

Keerthi Industries Ltd (formerly Suvarna Cements Ltd) has reported revenue of INR2405.6m (US$28.9m) in the FY22-23, ended 31 March 2023, down four per cent compared to INR2499.5m in the same period a year earlier. Profit before interest and depreciation declined from INR348.5m in FY21-22 to INR17.4m a year later, while the INR222.5m pretax profit seen in FY2021-22 fell to a loss of -INR110.7m in FY22-23.

The company produced 478,515t of cement over FY22-23 along with 474,584t of clinker. This compares to 519,834t and 432,372t, respectively, in the same period a year earlier. Revenue from the cement division alone came in at INR2213.9m, versus INR2309.3m in the same period in the previous year.