The cement manufacturer reported loss before exceptional items and tax of Rs 143.99 crore in Q4 FY23 as compared to Rs 34.48 crore posted in the same period a year ago.

The company had invested in shares of Andhra Pradesh Gas Power Corporation (APGPCL), a gas based power generating company, for the purpose of obtaining low cost power as a captive consumer. During the year, the operations of APGPCL were suspended due to various operational reasons. Considering the uncertainities prevailing at APGPCL, the company impaired the carrying value of investments in APGPCL. The provision for impairment of investments amounting to Rs 113.83 crore has been disclosed as an exceptional item.

On full year basis, India Cements reported a consolidated net loss of Rs 126.89 crore in FY23 as against a net profit of Rs 78.46 crore in FY22. However, net sales rose 15.43% YoY to Rs 5,608.14 crore in the financial year ended 31 March 2023.

India Cements is primarily engaged in manufacture and marketing of cement and cement related products.

Shares of India Cements were up 1.95% to Rs 250.80 on the BSE.