India Cements (ICL) reported a consolidated net loss of Rs 3.39 billion for the second quarter ending September 2024. The company had incurred a loss of Rs 800.07 million in the same period the previous year. In the filing, the company also noted that rival Aditya Birla group firm UltraTech Cement had announced plans to acquire a majority stake in India Cements.

ICL’s revenue from operations decreased by 18.4 per cent, falling to Rs 10.31 billion compared to Rs 12.64 billion in the corresponding quarter of the previous financial year. Total expenses for the company amounted to Rs 13.22 billion, a decrease of 3.8 per cent. Total income, which includes other income, dropped by 6.41 per cent, reaching Rs 11.90 billion in the September quarter.

The company reported an earnings before interest, taxes, depreciation, and amortisation (EBITDA) loss of Rs 1.63 billion, contrasting with a positive EBITDA of Rs 70.7 million in the same quarter the previous year. Additionally, UltraTech Cement had acquired a 22.77 per cent stake in India Cements in June 2024 at a price of Rs 268 per share.