Cement maker India Cements registered a net loss of Rs 75.3 crore for the April to June 2023 quarter, marginally lower than the CNBC-TV18 poll projection of Rs 79 crore, the firm’s financial results showed on August 7.

On a sequential basis, however, the company's loss due to irregular monsoon and high raw material costs was lower than Rs 218 crore in the fourth quarter of the financial year 2022-23. On an year-on-year basis, this however, was against a profit of Rs 76.09 crore in the June 2022 ended quarter.

India Cements’ revenue came in at Rs 1,393 crore, about four percent lower than the Rs 1,452 crore prediction of analysts polled by CNBC-TV18. At this level, the revenue from operations is 4.6 percent lower than the Rs 1,460 crore in the previous quarter while the decline was 3.6 percent when compared on a year-on-year basis.

The cement maker’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) was recorded at Rs 5 crore, a significant 64 percent lower than the projection. The firm posted a margin of 0.4 percent for the quarter under review.

Following the first quarter results announcement, India Cements' shares were trading 3.45 percent lower at Rs 216.85 on BSE at 12:55 pm.

India Cements is primarily engaged in the manufacture and marketing of cement and cement-related products. Subsidiaries and associate companies are mainly engaged in the business of sugar, power, financial services, trading, mining and transportation.