Financial Daily from THE HINDU group of publications
Thursday, Jan 30, 2003
Financial Daily from THE HINDU group of publications Thursday, Jan 30, 2003 |
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Corporate Results
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Cement Corporate - Financial Performance Price fall hits India Cements net Our Bureau
CHENNAI, Jan. 29 THE India Cements Ltd has posted a net loss of Rs 50.54 crore after taking a deferred tax credit of Rs 27.48 crore on sales of Rs 238.97 crore for the third quarter ended December 31, 2002 as against a net loss of Rs 26.25 crore on sales of Rs 257.77 crore for the same period last year. The loss before tax was Rs 78.02 crore. For the nine months ended December 31, 2002 the company's net loss was Rs 141.63 crore after taking a deferred tax credit of Rs 76.63 crore on sales of Rs 777.58 crore as against a loss of Rs 45.50 crore on sales of Rs 926.96 crore for the same period last year. The loss before tax was Rs 218.26 crore. The company's interest charge was higher at Rs 60.51 crore in the third quarter this year when compared to Rs 50.61 crore during the corresponding period last year. Total expenditure too was higher at Rs 236.9 crore as against Rs 214.49 crore last year. Earlier, the company has submitted a proposal for debt restructuring to the lenders. The proposal has been referred to the Corporate Debt Restructuring Cell by the main lenders. The company said in a press release that depressed cement prices continued to affect its performance. It sold 11.98 lakh tonnes of cement in the third quarter of this year as against 10.23 lakh tonnes in the same period last year. However, gross realisation per tonne was lower at Rs 1,991 for the October-December 2002 period when compared to Rs 2,513 for the same period last year. For the first nine months of this financial year, the company sold 38.52 lakh tonnes of cement with a gross realisation of Rs 2,005 per tonne as against 36.72 lakh tonnes with a gross realisation of Rs 2,509 per tonne during the same period last year. The loss of contribution on account of reduction in sales realisation for the first nine months of this year worked out to Rs 194 crore, while for the third quarter of the year it was Rs 62 crore. The release said that during the period under review the demand for cement in the South went up by 15 per cent, but this was not commensurate with the steep increase in capacity in the region. Even the enhanced consumption levels would permit an average capacity utilisation of around 70 per cent. It said that cement prices had started recovering from the first week of January and were expected to stabilise at reasonable levels. The prospects for the industry and the company were expected to be better given the busy season ahead with the consequent improvement in demand.
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