Radhakishan Damani Portfolio Stock Posts Poor Q4 Figures; Misses Key Estimates

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Radhakishan Damani Portfolio Stock Posts Poor Q4 Figures; Misses Key Estimates

By Malvika Gurung

Investing.com -- The leading cement manufacturer India Cements (NS: ICMN ) released its earnings figures for the March-ending quarter on Friday, with key financial numbers failing to meet the Street’s expectations for the period.

Ace investor Radhakishan Damani holds an 11.3% stake in the company, amounting to Rs 642.3 crore.

It reported a standalone net loss of Rs 23.71 crore in the March quarter, compared to a net profit of Rs 71.6 crore in the year-ago period. The net loss posted in the quarter was a result of a spiralling rise in the company’s input costs and volume loss.

Not just in the last quarter, the cement manufacturer’s standalone profit nosedived 95.9% YoY to Rs 38.98 crore in FY22.

The company posted a revenue of Rs 1,390 crore in Q4, not meeting the Street’s target of up to Rs 1,500 crore, while its EBITDA margin stood at 61.5%, again missing the analysts’ expectations of 59-59.5% in the March quarter. Their targets set for FY22 figures also turned out to be not in line with the actual figures released by the company.

The cement manufacturer’s bottomline figure also did not come in sync with the Street’s estimates.

India Cements’ board of directors have recommended a dividend of Re 1/share for FY22.

According to its key management, due to a slow recovery in the southern markets, led by record rains and floods, cement’s selling price came under constant pressure, resulting in an uncompensated rise in the cost of production. This was aggravated by a volume reduction, as the company withdrew from the far off markets to focus on home markets.

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