India Cements Q3 result: Loss narrows to ₹5.7 crore, revenue up 23%
Including the tax cuts, average pan-India cement prices dropped 6 per cent on-year in the reported quarter, data from brokerage Ambit Capital showed
 "India Cements Q3 result: Loss narrows to ₹5.7 crore, revenue up 23%")
India Cements posted a smaller third-quarter loss on Friday compared to a year earlier, helped by a 25 per cent jump in sales volumes as parent UltraTech Cement ramps up capacity to meet an uptick in demand.
The Chennai-headquartered cement maker posted a loss of 57.2 million rupees ($622,568.09) in the quarter ended December 31, compared to a loss of 4.09 billion rupees a year earlier.
Revenue rose 23.5 per cent to 11.14 billion rupees.
For further earnings highlights, click here.
KEY CONTEXT
Demand for construction materials is usually weak in India during the October-December period, as festivals in various parts of the country lead to a shortage of labour.
However, demand firmed materially last month, Jefferies said in a pre-earnings note, ahead of the seasonally strong January-March period when conditions are more favourable.
Analysts see the Indian government's move to cut taxes on cement bags to 18 per cent from 28 per cent ??as a demand driver.
Including the tax cuts, average pan-India cement prices dropped 6 per cent on-year in the reported quarter, data from brokerage Ambit Capital showed.
UltraTech Cement is set to report its results on Saturday.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)