Sagar Cements Ltd has posted a net loss of Rs 8.39 crore in the third quarter ended December 31, 2013.
In the corresponding quarter of the previous financial year, the Hyderabad-based company earned Rs 4.7-crore net profit. Revenues also decreased 3.3 per cent to Rs 117 crore, the company said in a filing to the BSE.
“The performance during the quarter is a reflection of decreasing demand in the infrastructure and housing sectors. Consequently, utilisation levels remained low due to an over-supply situation,’’ Sreekanth Reddy, Executive Director of the company, said.
Sagar Cements, however, partially offset the impact of lower topline by reducing its dependence on high-priced international coal by sourcing more coal from Singareni which helped in reducing the costs.
Employee costs also declined due to reduction in managerial remuneration on account of reduced profits.
Sagar Cements’ scrip was trading up 1.72 per cent at Rs 163 on the BSE.