Nuvoco Vistas Corp posts 6% uptick in April-June revenue

India-based Nuvoco Vistas Corp saw its consolidated revenue from operations for the April-June 2024 quarter decline by six per cent YoY to INR26.36bn (US$314.8m) as lower volumes and weaker prices affected the company's result. The group sold 4.8Mt of cement, down from 5Mt in the year-ago quarter.

Consolidated EBITDA for the quarter stood at INR3.48bn, down more than 13 per cent from a year ago.

The company's consolidated net profit fell by more than 80 per cent YoY to INR28.4m in the April-June 2024 quarter.

“The Company navigated the quarter marked by soft demand, primarily due to elections, weather-related factors, and continued pressure on pricing,” managing director Jayakumar Krishnaswamy said. “Despite these challenges, the focus remained on strategic priorities such as value optimisation, cost optimisation, and operational efficiency,” he added. However, Mr Krishnaswamy sees a demand-supply imbalance and continued pricing pressure as headwinds in the near term, and said that the pace and timing of a recovery in demand will depend on the on-ground execution of infrastructure and housing projects.