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Nuvoco Vistas spurts after turnaround Q1 result

Capital Market 

Nuvoco Vistas Corporation gained 1.07% to Rs 573 after the cement maker posted a consolidated net profit of Rs 114.28 crore in Q1 FY22 as against net loss of Rs 91.38 crore registered in Q1 FY21.

On a consolidated basis, revenue from operations jumped 162% to Rs 2,202.97 crore in Q1 FY22 over Q1 FY21. Profit before tax stood at Rs 157.45 crore in Q1 FY22 compared with pre tax loss of Rs 142.65 crore in Q1 FY21.

EBITDA soared 126% to Rs 520 crore in Q1 FY22 as against Rs 230 crore in the same period last year. EBITDA margin improved to 23.6% in Q1 FY22 as against 16.6% in Q1 FY21.

Commenting on the results, Jayakumar Krishnaswamy, MD of Nuvoco Vistas said, "In spite of the countrywide lockdown, the Company achieved exceptional volume growth in the quarter ended June 30, 2021. With a thrust on innovation and premium products, leveraging synergy benefits between Nuvoco and NU Vista, as well as a strong focus on cost efficiencies contributed to an overall improvement in the consolidated EBITDA margin of 24%."

The company said that consolidated figures are not comparable on a year-on-year basis as the acquisition of NU Vista took place on 14 July 2020.

Nuvoco Vistas Corporation (NVC) is engaged in the business of manufacturing and sale of Cement and Ready Mix (RMX) along with trading and manufacturing of aggregates. The company caters mainly to the domestic market.

Shares of Nuvoco Vistas entered stock exchanges on 23 August 2021. The scrip was listed at Rs 471 per share, at a discount of 17.36% to the initial public offer (IPO) price of Rs 570 per share. The IPO of Nuvoco Vistas Corporation received bids for 10.70 crore shares as against 6.25 crore shares on offer, according to stock exchange data. The issue was subscribed 1.71 times. The issue opened for bidding on 9 August 2021 and closed on 11 August 2021.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, September 07 2021. 09:49 IST