Nuvoco Vistas reports ₹114 crore net profit in Q1

By Livemint
The Bombay Stock Exchange (BSE) building is pictured next to a police van in Mumbai, India (REUTERS)

Cement manufacturer Nuvoco Vistas Corporation's consolidated net profit for the first quarter (Q1) of the current fiscal came at 114.28 crore. The company's consolidated (including NU Vista Limited) revenue from operations stood at 2,202.97 crores for the quarter ending June 30, 2021. 

Nuvoco's Consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) came at 519.88 crore with EBITDA margin reported at 24%. The company said that its consolidated figures are not comparable on a year-on-year (YoY) basis as the acquisition of NU Vista Limited took place on July 14, 2020.

Commenting on the results, Jayakumar Krishnaswamy, Managing Director, Nuvoco Vistas Corp. Ltd. said, “In spite of the countrywide lockdown, the Company achieved exceptional volume growth in the quarter ended June 30, 2021. With a thrust on innovation and premium products, leveraging synergy benefits between Nuvoco and NU Vista, as well as a strong focus on cost efficiencies contributed to an overall improvement in the consolidated EBITDA margin of 24%."

Nuvoco Vistas shares got listed on the Indian stock exchanges last month at a discount to its issue price of 570 apiece. The cement stock currently trades at around 573 per share. Nuvoco Vistas is a cement manufacturer with a consolidated capacity of 22.32 million metric tonnes per annum (MMTPA). It has 11 cement plants comprising five integrated units, five grinding units, and one blending unit. It operates cement manufacturing units in Chhattisgarh, Jharkhand, West Bengal, Rajasthan, and Haryana.

Avinash Gorakshkar, Head of Research at Profitmart Securities said, "If I look at the current numbers, the company seems to have done well by logging Q1 profit to the tune of near 115 crore. As economy is unfolding, the cement company is expected to get better revenue in the second half of FY2021-22. Today, we can expect some rise in the counter as people were waiting for its results after tepid listing."

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