Overview

• An exceptional, non-cash expense of Rs 1,466.38 crore tied to converting 16 crore CCPS into 23.56 crore equity shares drove the reported loss.
• Profit before exceptional items and tax rose to Rs 164.74 crore from Rs 8.14 crore a year earlier, with adjusted underlying profit around Rs 100 crore.
• Revenue increased 7.8% year-on-year to Rs 1,559.82 crore, while EBITDA jumped 61% to Rs 322.65 crore, lifting the EBITDA margin to 20.7%.
• Sales volumes improved: total up 8% to 3.31 million tonnes, cement up 10% to 1.85 million tonnes, and GGBS up 5% to 1.30 million tonnes.
• Net debt excluding CCPS rose to Rs 4,566 crore from Rs 4,204 crore on March 31 due to capex borrowing, while the stock closed near Rs 153 with early coverage flagging a Neutral view.