The India Cements Ltd (ICL) on Friday reported a consolidated net loss to Rs 339.13 crore for the second quarter ending September 2024.
The company had incurred a loss of Rs 80.07 crore in the July-September period a year ago, according to a BSE filing by the company, in which rival Aditya Birla group firm UltraTech Cement has announced to acquire a majority stake. The company’s revenue from operations was down 18.4% to Rs 1,031.80 crore as compared to Rs 1,264.39 crore in the corresponding quarter last financial year.
The company’s total expenses were at Rs 1,322.98 crore, down 3.8%. Total income, which includes other income, in the September quarter was down 6.41% to Rs 1,190.75 crore.
The cement manufacturer reported an earnings before interest, taxes, depreciation, and amortisation (EBIDA) loss of Rs 163 crore, it is in comparision to the positive EBITDA of of Rs 7.7 crore it had reported in the same quarter of the previous financial year. UltraTech Cement had acquired 22.77% stake in India Cements in June 2024 at a price of Rs 268 per share.