India Cements Ltd., which was recently acquired by India’s largest cement company UltraTech Cement Ltd, reported a higher net loss for the December quarter on Tuesday, January 21.

The Chennai-based cement manufacturer recorded a net loss of ₹428.8 crore for the third quarter of fiscal 2025 (FY25), a significant increase from a loss of ₹16.5 crore in the same period last year.

Revenue for the quarter declined by 17% to ₹903.2 crore, compared to ₹1,082 crore in Q3 FY24.

The cement maker also reported an exceptional loss of ₹190 crore in Q3, which contributed to the wider loss. The decline in revenue and the exceptional loss highlight ongoing challenges for the company amid a sluggish demand environment.

Late in 2024, the Competition Commission of India (CCI) cleared over ₹7,000-crore deal, wherein billionaire Kumar Mangalam Birla-promoted UltraTech Cement will acquire a majority stake in India Cements.

The key approval comes less than two weeks after the CCI had issued a show cause notice to UltraTech seeking clarification on the proposed deal, that will help consolidate its market lead amid rising competition posed by Adani group, which is scaling up capacity with acquisitions.

Shares of India Cement closed 8.2% lower, ahead of the results announcement, at ₹348.35 on Tuesday.