India Cements reports a net loss of Rs 217.79 crore on a standalone basis in the fourth quarter
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The company’s total income on a standalone basis increased to Rs 1,479.89 crore for the quarter ended March 2023 from Rs 1,396.72 crore in the year-ago quarter. In the entire financial year 2022-23, it has incurred a single net loss of Rs 188.55 crore on a standalone basis.
Cement maker India Cements Ltd reported a net loss of Rs 217.79 crore on a standalone basis for the fourth quarter ended March 31, 2023. According to the company, the main reason for this is the record increase in the cost of fuel and electricity. India Cements on Wednesday said that the company had reported a net loss of Rs 23.71 crore during the corresponding quarter of the previous year. The company’s total income on a standalone basis increased to Rs 1,479.89 crore for the quarter ended March 2023 from Rs 1,396.72 crore in the year-ago quarter. In the entire financial year 2022-23, it has incurred a single net loss of Rs 188.55 crore on a standalone basis.
Whereas in the previous financial year, there was a net profit of Rs 38.88 crore. Announcing the financial performance for the quarter and year ended March 31, 2023, the company’s vice-chairman and managing director N Srinivasan said the company’s performance was adversely affected due to record increase in fuel cost during the year under review.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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