Nuvoco Vistas Corp Q3 net loss narrows to Rs 75 cr

Nuvoco Vistas Corporation reported a consolidated net loss of Rs 75.29 crore as against a net loss of Rs 85.54 crore recorded in Q3 FY22.

Revenue from operations jumped 20.3% to Rs 2,604.59 crore in Q3 FY23 from Rs 2,165.24 crore posted in the corresponding quarter previous year. The rise in the revenue was mainly driven by higher sales volume and better prices. Sales volume increased by 6% year on year (YoY) to 4.5 million metric tonnes (MMT) in Q3 FY23.

The company reported a pre-tax loss of Rs 100.70 crore in Q3 FY23 as compared to a pre-tax loss of Rs 131.21 crore reported in the same period a year ago.

Total expenses rose 17.25% YoY to Rs 2,709.46 crore in the quarter ended 31 December 2022. Cost of materials consumed was at Rs 468.76 crore (up 25.38% YoY) and power and fuel stood at Rs 800.68 crore (up 23.54% YoY).

EBITDA in Q3 FY23 stood at Rs 272 crore, registering a growth of 12.86% on YoY basis. The company said that the improvement in EBITDA was moderated by steep increase in fuel prices.

The company's revenue from cement stood at Rs 2,382.93crore (up 19.45% YoY) and revenue from ready mix concrete and others was at Rs 241.29 crore (up 31.95% YoY) during the period under review.

Jayakumar Krishnaswamy, managing director of Nuvoco Vistas Corp, stated, During Q3 FY23, our revenue per ton improved on healthy price hikes with an ongoing push on premium cement volumes, leading to an increase in our EBITDA on both YoY and QoQ basis. This is despite the peaking of energy cost and reimposition of busy season surcharge on the rail freight during the quarter. Going forward, we are seeing green shoots with robust demand drivers, optimism around price hikes and softening fuel cost. At the same time, our capex priority will largely focus upon diversification of our footprints through asset light investment, cost savings and sustainability projects.

Nuvoco Vistas Corporation (NVC) is engaged in the business of manufacturing and sale of Cement and Ready Mix (RMX) along with trading and manufacturing of aggregates. The company caters mainly to the domestic market.

Shares of Nuvoco Vistas Corporation were up 0.60% to Rs 346.10 on the BSE.

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