Nuvoco Vistas’ net profit dips 29.36% in Q1 FY24, ET RealEstate

August 26, 2023

NEW DELHI: Nuvoco Vistas Corporation, a building materials company, has reported a dip of 29.36 per cent in its net consolidated profit during the quarter ended June 30, 2023. Its profit after tax stood at Rs 14.46 crore in Q1 FY24 as against Rs 20.47 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 2,814.98 crore in Q1 FY24, a growth of 5.94 per cent from Rs 2,657.12 crore it recorded in the similar quarter last year.

Jayakumar Krishnaswamy, managing director of the company said, “We have successfully countered the dynamic cost environment through the optimization of the power and fuel mix between pet coke, linkage coal and AFR supported by reduction in pet coke and coal prices. As for the expansion projects, the debottlenecking at the Risda Cement Plant has been completed during the quarter, while the cement expansion at Haryana Plant and debottlenecking at Nimbol Cement Plant are scheduled to be completed by September 2023 which will help us to establish a stronger presence in the North. The Ready-Mix Concrete business continues to expand its footprint across the country and has commissioned three new plants during this quarter.”

The consolidated cement sales volume for the company increased by 7% year-on-year to 5 MMT in Q1 FY24. Premium products have contributed significantly, with a 37% share of the company’s cement trade volumes in Q1 FY24. The company achieved an alternate fuel rate (AFR) of 11.2% in Q1 FY24. It also maintained cement-to-clinker ratio of 1.83 during the quarter.

As on June 30, 2023, the company’s net worth stood at Rs 8,853.34 crore, debt-equity ratio was 0.54, total debts to total assets was 24.65%, current liability ratio was 42.15%, operating margin was 14.21% and net profit margin was 0.52%.

  • Published On Aug 10, 2023 at 06:30 PM IST

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