Shiva Cement slips after recording Q4 net loss of Rs 6 cr

Shiva Cement fell 3.03% to Rs 20.80 after the company reported a net loss of Rs 5.72 crore in Q4 FY21 compared with net loss of Rs 6.32 crore in the same period last year.

Net sales during the quarter fell 6.4% year-on-year (YoY) to Rs 7.92 crore. Interest outgo, however, declined 22.3% to Rs 2.93 crore in Q4 FY21 over Q4 FY20.

Consequently, the company reported a pre-tax loss of Rs 7.52 crore in Q4 March 2021 as against pre-tax loss of Rs 8.41 crore in Q4 March 2020.

The cement maker reported a net loss of Rs 21.97 crore in the year ended 31 March 2021 as against net loss of Rs 22.82 crore in the year ended 31 March 2020. Net sales contracted 12% to Rs 28.49 crore in FY21 over FY20.

"The management is hopeful of improving the performance of the company by exploring various avenues of enhancing revenue. The company has also during the year raised funds of Rs 100 crore by way of allotment of 1% optionally convertible cumulative redeemable preference shares on a preferential basis to its holding company. The said measures are expected to improve the performance of the company and accordingly the financial statements continue to be presented on a going concern basis," Shiva Cement said in its notes to accounts.

Odisha-based Shiva Cement is engaged in the business of manufacture and sale of cement, clinker and trading of allied products.

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