Nuvoco Vistas Q1 net profit at Rs 114 crore
Shares of cement manufacturer Nuvoco Vistas Corporation (NVCL) hit a new high of Rs 577 apiece on NSE, for the first time crossed its issue price of Rs 570 since listing, on reporting strong earnings performance for the fiscal first quarter to June 2021.
It’s consolidated net profit for the first quarter (Q1) of the current fiscal came at Rs 114.28 crore. The company’s consolidated (including NU Vista Limited) revenue from operations stood at Rs 2,202.97 crores for the quarter ending June 30, 2021.
Nuvoco’s Consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) came at Rs 519.88 crore with EBITDA margin reported at 24%. The company’s 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.
Nuvoco Vistas shares got listed on the Indian stock exchanges last month at a discount to its issue price of Rs 570 apiece.
NVCL, part of the Nirma Group, is the fifth largest cement company in India (4.2% of the total capacity) and the largest cement company in East India in terms of capacity. It is also one of the leading ready-mix concrete manufacturers with 49 ready-mix concrete (RMC) plants across India.
In the last five years, the central (Uttar Pradesh, Madhya Pradesh) and eastern (Odisha, Bihar, West Bengal) regions have exhibited strong demand led by a surge in infrastructure construction and rural housing. However, the southern region suffered sluggish growth in demand on account of continued capacity additions in the region, the stalling of construction activities in Amravati and Polavaram in AP-Telangana and sand unavailability in the region post-new sand mining laws.
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