ICL Faces Greater Loss Amidst Ownership Transition

The India Cements Ltd reported a significant increase in net losses, reaching Rs 339.13 crore for Q2 2024, compared to Rs 80.07 crore last year. Revenue declined by 18.4%, with total expenses slightly reduced. UltraTech Cement plans to acquire a majority stake in ICL.

The India Cements Ltd (ICL) experienced a sharp rise in consolidated net loss, escalating to Rs 339.13 crore for the second quarter concluding September 2024.

This increase compares starkly to a Rs 80.07 crore loss in the same timeframe last year, as detailed in a BSE filing. Notably, the rival Aditya Birla group firm, UltraTech Cement, has declared its intention to acquire a majority stake in ICL.

Additionally, ICL's revenue from operations slipped by 18.4%, falling to Rs 1,031.80 crore from Rs 1,264.39 crore in the same quarter of the previous fiscal year. Meanwhile, total expenses witnessed a minor reduction of 3.8%, totaling Rs 1,322.98 crore. During this period, total quarterly income, inclusive of other income categories, declined by 6.41% to Rs 1,190.75 crore. ICL's shares were trading at Rs 355.65 per share on BSE, down by 1.28%.

(With inputs from agencies.)