Cement products firm Nuvoco Vistas Corporation announced Q3FY23 results: Consolidated Q3FY23: Revenue improved 20% YoY and 8% QoQ to Rs 2,605 crore. EBITDA improved 13% YoY and 40% QoQ to Rs 272 crore. Net debt declined to Rs 5,165 crore from the Q2FY23 level. Announcing the results of the quarter, Mr. Jayakumar Krishnaswamy, Managing Director of Nuvoco Vistas Corp. Ltd. stated, "The recently announced Union Budget 2023-24 significantly boosts the infrastructure sector, facilitating the economy's growth. In the next fiscal year, an increase in capital expenditure by 33% to Rs 10 lakh crores and 66% higher allocation for Pradhan Mantri was Yojana will drive construction growth and Nuvoco will continue to capitalize on it." He further added, "During Q3FY23, 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 costs and the 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 costs. At the same time, our cape priority will largely focus on the diversification of our footprints through asset-light investment, cost savings, and sustainability projects." Result PDF
Cement & cement products firm Nuvoco Vistas Corporation announced Q2FY23 results: Q2 FY23: Consolidated revenue improved 19%YoY to Rs 2,401 crore Consolidated EBITDA stood at Rs 194 crore Consolidated net debt declined to Rs 5,283 crore from the Q1FY23 level Jayakumar Krishnaswamy, Managing Director of Nuvoco Vistas Corp Ltd, stated, "This quarter was one of the challenging periods given that the seasonally weak quarter coincided with peak energy costs. Nonetheless, cement demand continues to grow strongly, especially in the eastern part of India. As we strive to improve our operational standards, we are utilising alternate fuels and waste heat recovery systems more efficiently, along with effective fuel procurement and consumption strategies. As a result, we achieved one of the most efficient power and fuel consumption rates in the industry during the quarter.” He further added, “While we had modest price increase in the eastern markets, high fuel prices will continue to affect near-term profitability. We continue focusing on our customers and operational efficiencies through internal levers; we also remain committed to our expansion and debottlenecking projects and alternative fuel material handling facilities as part of our sustainability initiatives.” Result PDF
Cement & Cement Products company Nuvoco Vistas Corporation announced Q1FY23 Result : Consolidated revenue improved 20% YoY to Rs. 2,652 crores Consolidated EBITDA stood at Rs. 374 crores Consolidated Profit After Tax stood at Rs. 20 crores The consolidated cement sales volume for the Company improved by 11% YoY to 4.7 MMT in Q1 FY23. Consolidated revenue from operations during the same period improved by 20% YoY to Rs. 2,652 crores attributed to improved sales volume and higher prices. Consolidated EBITDA for the quarter stood at Rs. 374 crores. Commenting on the performance of the Company, Mr. Jayakumar Krishnaswamy, Managing Director, Nuvoco Vistas Corp. Ltd. said, “As the industry faces continuous headwinds because of soaring fuel prices, we have increased prices to partially offset its impact; more hikes remain essential to offset the full impact. Despite a severe wallop on account of elevated energy prices in the industry, we managed our power and fuel cost effectively by leveraging internal levers and optimizing the fuel mix. In addition, our finance costs have been declining with debt repayments and effective reductions in the cost of debt over time. Moving forward, this should support profitability.” Result PDF