HeidelbergCement India Reports 23.7% Decline in Q1 Net Profit

HeidelbergCement India Ltd reported a 23.7% decline in net profit for Q1 2024, amounting to Rs 39.9 crore. Revenue fell by 10.65% to Rs 532.19 crore due to a reduction in volume and prices. Operating costs decreased, but lower prices affected the EBITDA. Shares fell by 1.58% on BSE.

HeidelbergCement India Ltd has posted a 23.7 per cent decline in its net profit, amounting to Rs 39.9 crore for the first quarter ending June 2024.

The company registered a net profit of Rs 52.32 crore in the same period of the previous year, according to a regulatory filing.

Revenue from operations decreased by 10.65 per cent to Rs 532.19 crore during the quarter, down from Rs 595.64 crore in the corresponding period of the previous fiscal year.

The revenue drop was mainly due to a 6 per cent reduction in volume and a 5 per cent price cut, according to HeidelbergCement India's earnings statement.

Total operating costs fell, with freight costs per tonne reduced by 4 per cent thanks to lower fuel prices.

Nevertheless, the decrease in operating costs was partially offset by lower prices, resulting in an 11 per cent decrease in EBITDA to Rs 690 per tonne.

Overall expenses for the June quarter stood at Rs 490.85 crore, down 8.91 per cent. Total income also dropped 10.62 per cent to Rs 544.32 crore.

Shares of HeidelbergCement India Ltd were trading at Rs 230.25 apiece on BSE on Thursday, reflecting a 1.58 per cent decline from the previous close.

(With inputs from agencies.)