Everest Industries Limited , a prominent player in the building products and steel buildings sector, has reported a consolidated net loss of 181.7 million rupees for the second quarter, according to the company's latest financial results. This marks a significant widening of losses compared to the 116.7 million rupees loss reported in the same quarter of the previous year.

Revenue Performance

The company experienced a notable decline in revenue, with consolidated revenue falling to 3.06 billion rupees in Q2, down from 3.77 billion rupees in the corresponding quarter of the previous year. This represents a year-over-year decrease of approximately 18.8%.

Segment-wise Performance

Everest Industries operates in two primary segments: Building Products and Steel Buildings. The financial results provide insights into the performance of these segments:

1. Building Products: This segment generated revenue of 23,075.51 million rupees for the quarter.
2. Steel Buildings: The segment reported revenue of 7,540.27 million rupees for the same period.

Financial Position

The company's financial position as of September 30 shows:

Management Actions

In response to the challenging market conditions, the company's management has taken several strategic actions:

1. Asset Optimization: The Board of Directors has approved the sale of excess land measuring 23.32 acres in Tamil Nadu.
2. Real Estate Rationalization: Post quarter-end, the Board also approved the sale of office premises in Mumbai, subject to specified conditions.

Looking Ahead

While the company faces headwinds in terms of reduced revenue and widening losses, it continues to focus on operational efficiency and asset optimization. The strategic decisions to sell excess land and office premises indicate efforts to streamline operations and potentially improve liquidity.

Investors and stakeholders will be watching closely to see how these measures impact the company's performance in the coming quarters, particularly in light of the challenging economic environment affecting the building materials and construction sectors.

Everest Industries Limited has achieved a significant milestone in its ongoing land sale transaction at Podanur. The company has successfully obtained approval to modify its environmental clearance, paving the way for the sale of land in a deal valued at ₹133.86 crore.

Transaction Structure and Progress

The land sale transaction, structured in three payments, has seen notable progress:

With the recent approval from the Ministry of Environment, Forest and Climate Change (MoEF & CC) for the amendment in the Environment Clearance (EC), Everest Industries is now poised to receive the second tranche payment of ₹8 crore.

Transaction Details

• Buyer: G Square Realtors Private Limited, a prominent real estate developer in Tamil Nadu
• Total Consideration: ₹133,85,68,000
• Land Type: Vacant land
• Completion Timeline: Expected within 4 months from the term sheet execution (August 28, 2025) or 3 months from the environmental clearance receipt, whichever is later

Key Points

• The transaction is not classified as a related party transaction.
• The land sale is not part of any scheme of arrangement.
• The buyer does not belong to the promoter/promoter group or group companies of Everest Industries.

This development marks a crucial step for Everest Industries in executing its strategic land sale. The successful modification of the environmental clearance not only facilitates the progression of the transaction but also demonstrates the company's ability to navigate regulatory requirements effectively.

Investors and stakeholders will likely view this as a positive move, potentially impacting the company's financial position and future strategies. As the transaction progresses, market observers will be keen to see how Everest Industries utilizes the proceeds from this significant land sale.