India Cements shares extend losses on weak Q3 earnings

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February 3, 2023
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A one-time exceptional gain helped the company report a net profit of Rs 90.7 crore in the October-December quarter, up 26.5% on year

“The national aspiration of a regional player doesn’t seem to be working. The sale signifies the fact that it is well-nigh difficult for a regional player to go national,” said Shyam Sekhar, who runs investment advisory firm iThought (Representational Image)

Shares of India Cements were trading lower after the company on February 3 reported a weak performance in the December quarter of the financial year 2022-23.

A one-time gain of Rs 294.28 crore helped the company report a net profit of Rs 90.7 crore in the October-December period quarter, up 26.5 percent from the year-ago quarter, the cement maker told exchanges. Nonetheless, removing the element of the one-time exceptional gain, the company registered a net loss of Rs 180.14 crore, which has not gone down well with investors.

As a result, the stock extended early losses to fall to Rs 184.65 intraday. At 12.22 pm, the shares of India Cements were trading 1.74 percent lower at Rs 189 on the National Stock Exchange.

The fall in the stock was also accompanied by strong volumes that were higher than the one-month daily traded average volumes.

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