Updated January 27th, 2024 at 14:48 IST
Sanghi Industries Q3 net loss widens to Rs 202 crore
Ambuja Cements acquired 14,08,21,941 equity shares constituting 54.51 per cent of equity share capital of company on December 6, 2023.
Adani Group-backed cement maker Sanghi Industries’ loss widened to Rs 202 crore in December quarter against loss of Rs 144 crore during the same period last year. Its revenue from operations however, rose 41 per cent to Rs 189 crore from Rs 144 crore in the year ago period.
The company reported earnings before interest, taxes, depreciation, and amortization (EBITDA) loss or operating loss of Rs 22 crore compared to operating loss of Rs 19 crore.
During the quarter, Sanghi Industries incurred one-time loss of Rs 59 crore on account of one time charges paid to erstwhile lenders at the time of prepayment, which has been refinanced from inter corporate deposit taken from Ambuja Cements Limited.
Sanghi Industries was acquired by billionaire Gautam Adani-backed Ambuja Cements last year.
Ambuja Cements acquired 14,08,21,941 equity shares constituting 54.51 per cent of equity share capital of company on December 6, 2023. Consequently, the Board of Directors was reconstituted on December 7, 2023.
Sanghi Industries shares ended 0.04 per cent higher at Rs 120 on Thursday. The company has market capitalisation of Rs 3,106 crore, data from stock exchange showed.
Published January 27th, 2024 at 14:48 IST