Kesoram Industries on October 15 reported a net loss of Rs 59.1 crore for the quarter ending September 30, 2022 (Q2FY23), which is higher as compared to a loss of Rs 12 crore recorded in the year-ago period.
The company's revenue from operations came in at Rs 845.3 crore in Q2 FY23, which is 0.3 percent higher as compared to Rs 842.7 crore clocked in the corresponding quarter of the last fiscal.
The cement maker's revenue has, however, declined quarter-on-quarter, as it stood at Rs 891.23 crore for the three-month period ending June 30, 2022.
Kesoram's net operating margin in Q2 FY23 came in at 7.5 percent, and the net loss margin stood at -5.25 percent.
Segment-wise, the cement business accounted for Rs 785.9 crore of the total revenue, and the remaining Rs 59.41 crore was drawn through the rayon, transparent paper and chemicals business, as per the consolidated numbers shared by Kesoram in a regulatory filing.
The shares of Kesoram closed at Rs 57.15 apiece at the BSE on October 14, which was 0.18 percent higher as compared to the previous day's close.
The BK Birla Group company had, in June, said it was preparing to bring down debt by Rs 1,000 crore by the end of FY23 or QQ FY24.
"Our target is to bring down the interest rate payable on our debts to around 9-10 per cent over time," The Hindu Business Line had quoted the company's chief executive officer P Radhakrishnan as saying. Kesoram, as per the report, was paying around 19 percent interest over the recent borrowings that were aimed at reviving the company.
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