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Kesoram back in black with net profit of Rs 20.7cr in Q4FY19

Kesoram Industries Ltd Wednesday reported a net profit of Rs 20.75 crore for the quarter ending March, 2019 on the back of improved revenues from its cement business, after posting losses for 10 quarters.

The company reported a net loss of Rs 158 crore in the corresponding quarter of FY18.

The company got current tax credit of Rs 11.95 crore during the quarter.

Revenue from operations during the quarter under review rose to Rs 1,036.58 crore against Rs 985.33 crore registered in the Q4 of FY18.

The cement segment saw revenue growing to Rs 783 crore during Q4FY19 from Rs 612 crore in the same period of the previous fiscal.

However, the tyre business continued to slumber with revenues declining to Rs 253 crore during the quarter from Rs 373 crore in the corresponding quarter of FY18.

Plans are afoot to demerge the tyre business as a part of the restructuring exercise, targeted at reducing the debt level which stands at about Rs 2,200 crore as on March, 2019.

The demerger is currently pending regulatory approvals.