After selling non-core assets worth Rs 42 crore in FY24, India Cements is looking to dispose of additional surplus land to augment cash flow requirements and funding its efficiency improvement.
The cement manufacturer reported a decrease in loss at Rs 29.3 crore in the quarter ended March 31, 2024, against Rs 217.8 crore in the corresponding quarter last year. Its revenue from operations declined by 14.7% in Q4 FY24 at Rs 1,245.4 crore from Rs 1,460.5 crore during the year-ago quarter. "We are negotiating with prospective buyers for further sale of non-core assets. The value of the transaction and realisation will be known when it is concluded," a company official said.
The statement further said, clinker production was 67.9 lakh tonne in FY24 against nearly 73 lakh tonne during FY23. Cement grinding was 94.3 lakh tonne in 2023-24, which was at 97.3 lakh tonne in the corresponding year of 2022-23. Noting that the centre and states are expected to retain their focus on development agenda after the general elections, it said, the construction activity is expected to be brisk in the coming months driven by continued infrastructure spending by the government, private sector housing and commercial segments.
