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Motilal Oswal Report
The India Cements Ltd. posted an operating loss of Rs 696 million in Q3 FY23 (versus our estimate of Rs 242 million operating loss) owing to higher-than-estimated opex and lower-than-estimated improvement in cement realization.
Net loss (adjusted for profit on sale of investment of Rs 3 billion) stood at Rs 1.4 billion (versus our estimate of Rs 920 million net loss) during the quarter.
Management is focusing on reducing variable cost through refurbishment of plants (efficiency improvement) and increasing the blended cement share (targets to raise it upto 65% from 55% currently).
India Cements is consulting with equipment suppliers for the refurbishment work and it will take eight to nine months.
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