JSW Cement on Tuesday reported a wider quarterly loss in its first results since listing in August, hurt by a one-off charge related to the conversion of preference shares into equity shares.
Consolidated net loss for the April-June quarter came in at Rs 1,356 crore ($154.96 million), compared with a loss of Rs 15,120 crore a year ago.
The cement maker said that during the quarter, 160 million compulsory convertible preference shares were converted into 235.7 million equity shares at a premium of Rs 132.75 each, leading to a valuation difference of Rs 1,466 crore. The company reported this as an one-time charge in its quarterly results.
Not including this charge, the company's pre-tax profit rose to Rs 165 crore from Rs 8.14 crore a year earlier.
Analysts at Ambit Capital said that a 2% year-on-year rise in prices aided the company's earnings during the quarter.
Its revenue from operations rose 8%, while expenses dropped 1% from the year-ago period.
The company is a part of the steel-to-autos JSW Group, with cement mills in western, southern and eastern India.
Last month, the stock marked a modest trading debut as investors looked past market jitters and bet on long-term prospects emerging out of India's continued focus on developing infrastructure.
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