Sanghi Cements results hit by finance costs

Sanghi Industries Ltd, which owns Sanghi Cement, has recorded total income of INR9478.1m (US$114.5m) in the year ended 31 March 2023. This compares to INR11,405.2m in the same period a year earlier. The company has reported a loss of -INR3257m in the year ended 31 March 2023, versus a profit of INR406.2m in the previous year.

Total expenses over the same time frame have jumped from INR10,837.7m to INR12,735.1m, with finance costs advancing from INR819.6m to INR2381.7m. Meanwhile, earnings per share have fallen from INR1.62 in the year ended 31 March 2022 to -INR12.88 the following year. 

In the quarter ended 31 March 2023, total income came in at INR2270.1m, down from the INR3571.9m reported in the same quarter a year earlier. The company saw a loss of -INR1045.6m in the March 2023 quarter versus an INR63.2m profit in the quarter ended 31 March 2022. Basic earnings per share fell from INR0.25 at the end of March 2022 to -INR4.14 at the close of March 2023.