Kesoram Industries narrows net loss to Rs 43.17 cr in Q3

B.K. Birla group company Kesoram Industries on Saturday reported a net loss of Rs 43.17 crore during the quarter ended December 31, 2017 as compared to a loss of Rs 74.67 crore in the year-ago period.

Its revenue from operations, during the third quarter of the current fiscal, stood at Rs 883.01 crore, down by 10.5 per cent from Rs 987.37 crore in the corresponding period of 2016-17.

Of the total revenue from operations during the quarter under review, the tyre business contributed Rs 367.38 crore, down by 2.7 per cent on a year-on-year basis and cement segment's revenue for the quarter was Rs 515.63 crore, as compared to Rs 609.60 crore in the corresponding quarter of previous fiscal.

The company, however, said central excise, value added tax, service tax, etc, which have been replaced by Goods and Services Tax, are not included in the revenue from operations. Excise duty was included in revenue from operations till June 30, 2017.

"Hence, reported revenues for the period up to June 30, 2017 are not comparable with those thereafter," it said.

The company also reported operating loss (loss before tax and interest) of Rs 26.04 crore in tyre business during the December quarter while it posted operating profit of Rs 12.90 crore in cement segment during the October-December period of 2017-18.

--IANS

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