Kesoram Q4 results: Net loss widens to Rs 244 crore.

Kesoram Industries Ltd, a BK Birla Group company, on Monday posted a consolidated net loss of Rs 244.42 crore for the quarter ended March 2024 despite a rise in revenue. The cement manufacturer’s net loss in the fourth quarter of financial year 2023-24 (FY’24) widened from Rs 48.86 billion in the corresponding quarter of the previous year.

Consolidated revenue during the quarter under review stood at Rs 1,073 crore against Rs 960 crore registered in the fourth quarter of FY23, the company said in a regulatory filing.

The net loss in 2023-24 has almost doubled to Rs 384 crore compared to a loss of Rs 194 crore recorded in the previous year.

Cement accounts for approximately 94% of total sales, with the remainder coming from segments such as rayon, transparencies and chemicals.

Company officials attributed the loss in the January-March quarter to higher costs and repayment of high-cost NCDs of Rs 1,683 crore as part of a debt swap.

Kesoram Industries has decided to sell its cement business to UltraTech Cement for Rs 7,600 crore and the Competition Commission has already approved the deal. However, the split has not yet taken place until all regulatory approvals are in place.

The effect of the proposed plan has not been taken into account in its books of accounts as its approval is pending, the company added.