Sagar Cements posts net loss of Rs 10.53 crore in Q2 FY24, Real Estate News, ET RealEstate

October 19, 2023

NEW DELHI: Sagar Cements has reported net consolidated loss after tax of Rs 10.53 crore in the quarter ended September 30, 2023. It had registered loss after tax of Rs 43.53 crore 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 589.56 crore in Q2 FY24, a growth of 20.45 per cent from Rs 489.48 crore it recorded in the similar quarter last year.

Sreekanth Reddy, joint managing director of the company said, “We have seen a good pick up in the business during the quarter amidst steady prices and strong demand. Volume offtake remained healthy on the back of sustained demand from infrastructure and housing segments. We also witnessed pricing improvement across some of our markets towards end of the quarter which in turn aided revenue and profitability growth.

As on September 30, 2023, the company’s net worth stood at Rs 1,628.40 crore, debt-equity ratio was 0.94, total debts to total assets was 39%, current liability ratio was 24%, operating margin was 13% and net profit margin was (2%).

Plants operated at around 53% during the current quarter. Raw material cost per ton during Q2 FY24 was Rs 768 per ton as against Rs 793 per ton during Q2 FY23

“As far as EBITDA and margins are concerned, the improvement during the quarter was largely on expected lines as previous quarter’s profitability was impacted by high fuel cost inventory and low utilization levels. We expect similar margin profile during the second half of the fiscal driven in part by lower input costs and better volume growth on account of ramp-up of Andhra cement and Madhya Pradesh and Odisha plants. In terms of operational performance, we believe we are on track towards meeting our targets of ramping up the utilization levels at Jeerabad and Jajpur facilities and we will be able to achieve 80% utilization levels for the former and EBITDA breakeven for Jajpur and achieving overall volumes of 6.0 mn mt during this fiscal,” said Reddy.

  • Published On Oct 19, 2023 at 06:45 PM IST

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