Shares of India Cements sank over 3% after the firm posted a significantly wider loss in the March quarter compared to the year-ago period.
What Happened? The cement maker said its fourth-quarter loss deepened 10-fold to ₹217.79 crore from a loss of ₹23.71 crore that it incurred a year earlier. The firm’s loss per share came in at ₹7.08 compared with earnings per share of ₹5.40 in Q4 FY2022.
Given the bleak results, the company’s board did not recommend a dividend to shareholders.
See Also: Microsoft’s Satya Nadella Praises ‘Jugalbandi’: A Promise Of AI Revolution In Rural India
The company’s quarterly revenue ticked up to ₹1,478.89 crore from the ₹1,396.72 crore earned last year. However, the bump in the company’s topline was undone by a steep increase in expenses, especially those related to power and fuel.
Price Action: India Cements’ share price plunged 3.02% to ₹189.75 following the results in afternoon trade.
Read Next: Why Suzlon Shares Are Skyrocketing Today
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.