A leading cement manufacturer reported a 50.82% decline in consolidated net profit to ?36.57 crore in the June 2024 quarter, due to falling cement prices and weak demand amid the Lok Sabha elections. The company had posted a net profit of ?74.36 crore in the same quarter last fiscal year.
Revenue from operations fell 6.81% to ?2,093.55 crore, compared with ?2,246.66 crore a year ago. Total expenses in the quarter were ?2,054.11 crore, down 4.3%.
In the first quarter of FY25, the company incurred ?281 crore in expenses, with estimated total capex, including maintenance, at ?1,200 crore. Net debt stood at ?4,975 crore as of June 30, 2024.
Shares of the company settled 1.48% lower at ?800.20 per share on the stock exchange.
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