India Cements Q4 loss widens as expenses surge

India Cements

24/05/2023 08:25

BENGALURU, May 23 (Reuters) - India Cements Ltd  ICMN.NS  reported a wider
fourth-quarter loss on Wednesday, as raw material and fuel costs surged.
        Loss before exceptional items and tax deepened to 1.28 billion rupees ($15.65 million),
from a loss of 364.7 million rupees a year ago.
    Total expenses jumped 12.2%, led by increase in materials used and fuel costs. 
    For further results highlights, click:  urn:newsml:reuters.com:*:nFWN37L013
    
    WHY IT MATTERS
    
    Analysts expected the domestic cement industry to grow 9%-10% year-on-year in the
January-March quarter, benefiting from a sequential decline in raw material costs and increased
infrastructure spending. However, unseasonal rains led to softer demand in March, they added.
    India Cements' rivals Ambuja Cements  ABUJ.NS  and Ramco Cements Ltd  TRCE.NS  reported a
strong profit growth in March-quarter, aided by a boost in government infrastructure spending.
    
    PEER COMPARISON
    
                         Valuation     Estimates (next 12   Analysts' sentiment      
                         (next 12           months)                                  
                          months)                                                    
                RIC    PE     EV/EBI  Revenue     profit    Mean     # of     Stock  Div
                              TDA     growth      growth    rating   analyst  to     yield
                                                                     s        price  (%)
                                                                              targe  
                                                                              t      
 India Cements         6                                                         
 Ambuja                                                                          
 JK Lakshmi                                                                      
 Ramco Cements                                                                   
 * Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong
Sell
** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the
stock is trading above the PT
    
    JAN-MARCH STOCK PERFORMANCE
  
    
   
-- All data from Refinitiv
-- $1 = 81.7800 Indian rupees

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India Cements shares vs peers    https://tmsnrt.rs/3OBOpab
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 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607; +91 8095218099;))