India Cements slips on posting Q4 net loss of Rs 12 cr

India Cements declined 1.14% to Rs 130.20 after the company reported a consolidated net loss of Rs 11.76 crore in Q4 March 2020 as against net profit of Rs 32.57 crore in Q4 March 2019.

Revenue from operations in the fourth fell 26.6% to Rs 1176.40 from Rs 1603.36 in the same period last fiscal. Pre-tax loss in Q4 FY20 stood at Rs 68.75 crore as against pre-tax profit of Rs 47.19 crore in Q4 FY19.

Exceptional items for the quarter ended 31 March 2020 includes impairment provision of Rs 13.78 crore relating to certain receivables from supplies, based on the overall assessment of recoverable value considering increased uncertainty prevailing across sectors on account of COVID-19 outbreak.

The company has written back current taxes to the tune of Rs 7.60 crore in the March quarter. It had incurred a current tax expense of Rs 8.63 crore in the corresponding period last year.

India Cements is primarily engaged in manufacture and marketing of cement and cement related products. Subsidiaries and associate companies are mainly engaged in the business of sugar, power, financial services, trading, mining and transportation.

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