India Cements is a mid cap cement company in India that has announced its Q4 and FY23 results.
The company reported a standalone net sales of ₹1,460.47 crore in March 2023 quarter up 4.92% YoY from Rs. 1,391.99 crore in March 2022 quarter. During Q4FY23 it recorded a net income of ₹1478.89 Cr as against ₹1396.72 Cr in Q4FY22. India Cement reported net expenses of ₹1607.31 Cr up by 12.14% YoY from ₹1433.19 Cr in the year-ago quarter.
The company’s net loss widened to ₹218 Cr during the quarter under review down by 818.56% from Rs. 23.71 crore reported in the corresponding quarter of FY22. In the entire financial year ended March 2023 or FY23 the company reported a net loss of ₹188.55 Cr as against a net profit of ₹38.98 Cr in FY22.
During 12MFY23 its revenue reached ₹5380.81 Cr as against ₹4713.11 Cr in 12MFY22.
India Cements is regarded as one of the top cement companies in India and is a significant maker and supplier of cement. Today’s BSE closing price for the Chennai-based firm was ₹190.55 per share, which is down 2.61% from the previous day’s wrap-up of ₹195.65. As per the shareholding pattern of India Cements for January to March 2023 quarter, ace investor Radhakishan Damani held 3,51,32,665 fully paid up equity shares or 11.34% stake in the company, whereas Gopikishan Damani the younger brother of billionaire Radhakishan Damani indivdually held 2,51,16,496 shares or 8.10% equity stake in India Cements whereas Radhakishan Damani and Gopikishan Damani jointly held 41,49,029 shares or 1.34% stake in the company.
Commenting on the technical outlook, Rahul Ghose, Founder & CEO – Hedged, an algorithm-powered advisory platform said “The India cements stock is trading in an upward trending channel but has not managed to close above its 20 day exponential moving average on the weekly chart. In fact, every time it attempts to do it in the last 3 weeks, it fails to sustain. The next round of up move will happen only when the stock crosses this average and closes above the 204 level. A close above 204 will also confirm an inverse head and shoulder pattern which can lead to the next up move in this counter. The near term support for this stock in case of a down move, is at the 165 to 175 range.”
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