A cement company on Friday reported a consolidated net profit of ?58.47 crore in the June 2024 quarter, despite a 26% decline in sales volume as capacity utilisation was severely affected by a liquidity crunch. The company sold its grinding unit in Maharashtra in April and included a gain of ?240.68 crore from the sale as an exceptional item in the quarterly profit.

Before exceptional items and tax, the company recorded a loss of ?147.97 crore in the quarter under review. Revenue from operations fell 28.53% to ?1,026.76 crore during the period, compared to ?1,436.74 crore in the same quarter last year.

Operating margins shrank due to low volumes, despite reduced fuel costs. Cement and clinker volume for the quarter was 19.61 lakh tonnes, down from 26.66 lakh tonnes in the same quarter of the previous year, a drop of more than 26%. Total income for the June quarter was down 27.81% to ?1,042.27 crore. Shares of the company settled 0.34% lower at ?366.90 apiece on the BSE.

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