Nuvoco Vistas reports INR1300m loss in 2QFY22

Nuvoco Vistas Corp reported a INR1300m (US$15.99m) consolidated loss for the July-September quarter (2QFY22-23). The company had reported a loss of INR260m in the corresponding quarter last year.

The consolidated cement sales volume for the company improved by 15 per cent YoY to 4.4Mt in 2QFY22-23. Consolidated revenue from operations during the same period improved by 19 per cent YoY to INR24,010m in line with higher sales volume and improved prices. Consolidated EBITDA for the quarter stood at INR1940m.

Announcing the results of the quarter, Jayakumar Krishnaswamy, managing director of Nuvoco Vistas Corp Ltd, stated, "This quarter was one of the challenging periods given that the seasonally weak quarter coincided with peak energy costs. Nonetheless, cement demand continues to grow strongly, especially in the eastern part of India. As we strive to improve our operational standards, we are utilising alternate fuels and waste heat recovery systems more efficiently, along with effective fuel procurement and consumption strategies. As a result, we achieved one of the most efficient power and fuel consumption rates in the industry during the quarter."