Connect with us

Economy & Market

Kesoram Industries back in black after 10 quarters

Published

on

Shares

Backed by higher cement volumes and rising prices together with rationalisation of costs, BM Birla group’s firm Kesoram Industries posted a net profit Rs 8.8 crore for the quarter ended March 31, 2019, compared to a net loss of Rs 160.17 crore in the same quarter the previous year. This is the first time the company posted a post tax profit after 10 quarters of losses.

Despite its sales revenue rose by 5.20 per cent to Rs 1036.58 crore during the quarter, costs came down by 9.98 per cent at Rs 1060.50 crore. A credit of current tax charge of Rs 11.95 crore and other income helped the company post a net profit.

"Our cost efficiencies are paying off and there has been several rationalisation like selling both cement as well as tyres at a 250 km radius. Also the price increase in cement and increased revenue from this segment owing to higher sales volume helped us post a net profit," said P Radhakrishnan, the company’s chief financial officer.

Radhakrishnan also claimed that on a year-on-year basis, sales volume in the Q4 period of the last fiscal year jumped by 13-14 per cent. The dip in the tyre business, where revenue slipped by 32.07 per cent to Rs 253.30 crore, was offset by the cement vertical, where revenue had shot up 27.96 per cent to Rs 783.28 crore. During the 2017-18 to 2018-19 fiscal year, the company was able to reduce its debt by Rs 500 crore to Rs 2,950 crore.

Currently, Kesoram Industries is looking at strengthening its tyre manufacturing business by demerging it and exploring entry into the passenger car radial segment. The demerger is awaiting SEBI approval.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Concrete

Holcim UK drives sustainable construction

Published

on

By

Shares

Holcim UK has released a report titled ‘Making Sustainable Construction a Reality,’ outlining its five-fold commitment to a greener future. The company aims to focus on decarbonisation, circular economy principles, smarter building methods, community engagement, and integrating nature. Based on a survey of 2,000 people, only 41 per cent felt urban spaces in the UK are sustainably built. A significant majority (82 per cent) advocated for more green spaces, 69 per cent called for government leadership in sustainability, and 54 per cent saw businesses as key players. Additionally, 80 per cent of respondents stressed the need for greater transparency from companies regarding their environmental practices.

Image source:holcim

Continue Reading

Concrete

GCCA releases LCR system

Published

on

By

Shares

The Global Cement and Concrete Association (GCCA) has launched the Low Carbon Ratings (LCR) system for cement and concrete, a new global rating based on products’ carbon footprints. The system uses a clear AA to G scale to help customers prioritise sustainability in material selection across construction sectors worldwide. The GCCA says that the LCR system is designed to be easily recognisable, with a simple visual graphic that indicates a product’s rating and provides consistency and comparability to other products.

Image source:highways.today

Continue Reading

Concrete

FLSmidth opens eco-friendly plant in Casablanca

Published

on

By

Shares

FLSmidth has inaugurated a €21 million mill liner manufacturing plant in Casablanca, covering 11,250m² with a production capacity of 6,500 tonnes annually. The LEED-certified facility significantly reduces carbon emissions by up to 56 per cent and fully recycles water used in the manufacturing process. Up to 250 jobs will be created in the Valparaíso region. Mikko Keto, CEO, highlighted the plant as a symbol of FLSmidth’s commitment to sustainable mining and community engagement in South America. Earlier in 2024, the Denmark-based company announced plans to sell its cement division to sharpen its focus on mining operations.

 

Continue Reading

Trending News