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Srichakra Cement Takes Steps to Reduce Costs, Eyeing Improved Profitability in FY24
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Srichakra Cement Takes Steps to Reduce Costs, Eyeing Improved Profitability in FY24
17 August 2023
- Net losses in FY23
- Revenue rose year-on-year (YoY) but operational expenses also rose, mainly due to:
- Higher selling, general and administrative (SG&A) expenses
- Higher lease rentals
- Higher power costs (up 37% YoY)
- The company's profitability was impacted by heavy competition from major players in the industry, who added new capacity in the plant area.
- Revenue rose year-on-year (YoY) but operational expenses also rose, mainly due to:
- Efforts to reduce costs
- The company has initiated efforts to reduce the cost of production, including:
- Setting up a captive solar power generation unit with a capacity of 5 MW
- Expecting industry margins to improve due to softening of international coal prices and declining crude oil prices
- Expecting demand from the infrastructure segment and rural housing to drive demand in FY24
- The company has initiated efforts to reduce the cost of production, including:
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