The combined net profits of the country's top-listed cement companies declined to nearly a decadal low in the July-September 2022 quarter (Q2FY23).
The cement makers' margins and earnings hit a record low in Q2FY23 due to a mix of high operating costs and lower-than-expected volume growth during the quarter.
The combined net profit of the country's 10 biggest cement makers (adjusted for exceptional gains and losses), including UltraTech Cement, Shree Cement, and India Cement, besides ACC and Ambuja Cements, is ₹1,030 crore in Q2FY23, down 71.8 per cent YoY in the quarter.
The industry's combined quarterly earnings in Q2FY23 were the lowest since July-September 2013.
This story is from the November 22, 2022 edition of Business Standard.
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This story is from the November 22, 2022 edition of Business Standard.
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