Revenue from operations decline marginally to Rs 2,928.50 crore in Q4 FY23 from Rs 2,930.18 crore reported in the same period last year.

Profit before exceptional items and tax slumped to Rs 6.32 crore in Q4 FY23 as against Rs 63.99 crore recorded in Q4 FY22. Exceptional itme stood at Rs 405.80 crore during the quarter.

EBITDA in Q4 FY23 stood at Rs 383 crore, registering a de-growth of 12.95% on YoY basis. The company said that the EBITDA was impacted primarily due to high energy costs.

The company's revenue from cement stood at Rs 2,696.78 crore (up 0.74% YoY) and revenue from ready mix concrete and others was at Rs 253.64 crore (down 6.13% YoY) during the period under review.

In the financial year ended March 2023, the company's consolidated net profit tumbled 50.6% to Rs 15.86 crore despite of 13.6% to Rs 10,586.17 crore.

Consolidated cement sales volume improved 5% YoY to 18.8 million tonnes in FY23.

The company stated that it stays committed to its sustainability initiatives by concentrating on raising the consumption of alternate fuel with an exit rate of 12% TSR (Thermal substitution rate) in FY23. With persistent emphasis on blended cement, Nuvoco has one of the highest cement to clinker ratios in the industry (at 1.82 in FY23). More than one-fifth of the company's power consumption comes from clean energy sources, enabling us to minimize our environmental impact and maximize stakeholder value, it added.

Jayakumar Krishnaswamy, managing director of Nuvoco Vistas Corp, said, “The macroeconomic indicators demonstrate a positive outlook for the sector as annual consumer inflation in India eased to 5.7% in March-23 and fuel prices have moderated from their recent highs. Manufacturing and investment activity is expected to increase in the economy due to the Government's emphasis on capital expenditure, better capacity utilization in manufacturing, double-digit credit growth and moderated commodity prices. With the Government's continued focus on developing infrastructure and rural housing, cement demand is expected to remain strong in FY24.”

He further added, “We have increased our market share for premium products to 36% on trade volumes in FY23 and this will continue to be a major thrust area for us. Our growth projects in the north, including Bhiwani's 1.2 MTPA cement capacity expansion and debottlenecking at Nimbol, are progressing well and will help us establish a stronger presence in the region. Ready-Mix Concrete (RMX) indicates growth momentum, and we are actively ramping up pan-India plant operations. Our commitment to this business is demonstrated by the back-to-back commissioning of the Guwahati and Coimbatore plants.”

Meanwhile, the company's board, based on the recommendation of the Nomination and Remuneration Committee, has approved the re-appointment of Jayakumar Krishnaswamy as the managing director for a further period of 5 years commencing from 17 September 2023 till 16 September 2028.

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 0.35% to Rs 340 on the BSE.