Latest News | Nuvoco Vistas Q2 Net Loss at Rs 85.17 Cr

New Delhi, Oct 23 (PTI) Nuvoco Vistas Corp, the building materials division of the Nirma Group, on Wednesday reported a net loss of Rs 85.17 crore in the September quarter on account of weak demand coupled with pricing pressure.

The company logged a net profit of Rs 1.53 crore in the July-September quarter a year ago, Nuvoco Vistas Corp said in a regulatory filing.

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Its revenue from operations declined 11.83 per cent to Rs 2,268.58 crore during the reported quarter. It was Rs 2,572.97 crore in the corresponding quarter a year ago.

"The macro environment remains challenging, characterised by sluggish demand and pricing pressure," the company said in its earnings statement.

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Total expenses fell 8.12 per cent to Rs 2,396.65 crore in the September quarter of FY25.

Its revenue from the Cement business stood at Rs 2,048.76 crore and Rs 236.76 crore from Ready Mix Concrete and Other businesses.

The company's "consolidated cement sales volume stood at 4.2 MMT (million metric tonnes) in Q2 FY25".

With 25 MT per annum of combined installed capacity, Nuvoco Vistas Corp is the fifth largest cement group in India and amongst the leading cement players in East India.

Its Managing Director Jayakumar Krishnaswamy said, the "industry has been facing significant headwinds in recent times, including weak demand coupled with pricing pressure."

"The timing and pace of demand recovery rest upon on-ground execution of infrastructure and housing projects, including those under PMAY and Purvodaya schemes. Moreover, sustainability of price improvements is contingent upon sustained demand growth," he said.

Shares of Nuvoco Vistas Corporation Ltd settled at Rs 340.15 apiece on the BSE, up 0.68 per cent from the previous close.

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