Jaiprakash Associates reported a net loss of Rs.80.6 crore in the June quarter (1Q15), significantly lower than analysts’ estimates of a Rs.32 crore loss. Sales fell 8.8% y/y to Rs.2993.66 crore, though revenue from the cement business reportedly increased 9% y/y to Rs.1677.5 crore despite falling volumes. NDTV reports that JP Associates has ‘huge debt’, with interest costs in 1Q15 of Rs.789 crore while EBITDA came in at just Rs.791 crore.
Shiva Cement has informed the BSE that it is deferring plans for a 1 million tpa capacity expansion project and has instead approved an Interim Business Plan for capacity expansion up to 200 000 tpa. The company had earlier announced that cement despatches in the April – June quarter were up 22.9% y/y. Profit after tax was down y/y due to higher expenses.
Shree Digvijay Cement Company reported a 36.5% increase in net sales for 1Q15 at Rs.116.7 crore and net profit also improved at Rs.10.9 crore, up from a loss of Rs.2.6 crore in 1Q14.
Edited from various sources by Katherine Guenioui
Sources: