Nuvoco Vistas Corp, the building materials division of Nirma Group, reported a net profit of Rs 31 crore in the December quarter, a turnaround from a net loss in the previous year.
Photograph: Amit Dave/Reuters
Mumbai, Jan 29 (PTI) Nuvoco Vistas Corp, the building materials division of the Nirma Group, on Monday, reported a net profit of Rs 31 crore in the December quarter against a net loss of Rs 75.3 crore in the year-ago period.
The turnaround came on a revenue of Rs 2,421 crore and a 55 per cent jump in operating profit to Rs 421 crore, the company said in a statement. The recovery was on the back of per tonne realisation of Rs 1,048 which is the highest in the past 10 quarters.
After its recent acquisitions, the installed cement capacity has touched 25 million tonnes per annum, making it the fifth-largest cement maker in the country and a leading player in the eastern states.
The consolidated sales stood at 4.02 mt in the reporting quarter, taking its realization to Rs 2,421 crore.
The company has successfully commissioned a 1.2 mt cement mill in Haryana during the quarter, taking the overall capacity to 25 mt.
Premium products continue to remain a key focus area and have contributed significantly, with a 36 per cent share of the volume in Q3, said Jayakumar Krishnaswamy, the managing director.
He also said during the quarter, the company reduced net debt by Rs 632 crore and the current outstanding debt is Rs 4,533 crore.
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