(Reuters) -India’s JSW Cement on Tuesday reported a quarterly core profit that more than quadrupled, in its first results since listing, helped by higher prices and volumes of the construction material.
Consolidated net profit before exceptional items, taxes and share from joint ventures and associates rose to 1.65 billion rupees ($18.86 million) for the April-June quarter, compared with 398.7 million rupees a year ago.
Its stock had made a modest trading debut last month.
JSW Cement said its sales volumes grew 8% on-year in the reported quarter, which is usually a weak period for domestic cement makers as extreme summer heat and monsoon rains hinder construction.
That, coupled with prices which were on an average 2% on-year higher, according to brokerage Ambit Capital, lifted the company’s revenues by 8% to 15.60 billion rupees.
JSW Cement, however, also flagged a one-time charge of 14.66 billion rupees, an expense tied to the conversion of 160 million compulsory convertible preference shares into 235.7 million equity shares.
Including the one-time charge, it posted a consolidated quarterly net loss of 13.56 billion rupees, wider than a loss of 151.2 million rupees a year ago.
The company is a part of the steel-to-autos JSW Group with cement mills in western, southern and eastern India.
($1 = 87.5060 Indian rupees)
(Reporting by Hritam Mukherjee and Nishit Navin in Bengaluru; Editing by Sumana Nandy, Tasim Zahid and Sahal Muhammed)
