Shiva Cement turnover down 88%

India’s Shiva Cement has reported turnover for FY2021-22 of INR34.65m (US$433,491), down 88 per cent YoY, primarily due to the suspension of plant operations on the back of ongoing project activity. EBITDA over the same period fell four per cent to a loss of INR80.17m, while profit after tax fell 16 per cent to a loss of INR255.2m. This was due to lower sales volumes, which fell 89 per cent YoY in FY2021-22, along with an increase in the cost of production. 

 “Our main project, the 4000tpd clinker plant is almost complete and will be operational this year. We have also dismantled the older plants to focus on developing and upgrading our facilities. We have integrated unique design features, such as full automation of processes and energy optimisation, making it a green plant. Additionally, we have acquired new limestone mines allowing us to expand and diversify our product portfolio,” said Manoj Kumar Rustagi, director, Shiva Cement. 

Other ongoing projects by Shiva Cement include 4Mta crushing plants at its mines in Khatkurbahal, Odisha.