Adani Group-owned ACC Limited on Thursday reported its third quarter earnings for the financial year 2023-24 with profit at Rs 537.67 crore, up 375 per cent in comparison to Rs 113.19 crore during the corresponding quarter of previous year. It posted revenue from operations at Rs 4,914.36 crore, up 8.3 per cent as against Rs 4,536.97 crore during the third quarter of FY23.
The company’s operating EBITDA (excl. other income) has grown 139 per cent, EBITDA margin expanded by 10 pp from 8.4 per cent to 18.4 per cent. Further, Cash & Cash equivalent was at Rs 4,282 crore, which is an improvement over previous quarter (Rs 3,634 crore). Company’s consolidated net worth has improved by Rs 538 crore and stands at Rs15,361 crore. Working capital is amongst the best in comparison with peers and stands at 28 days cycle, it said.
While the cement business of the company recorded a revenue of Rs 4,646.04 crore during the quarter, ready mix concrete reported a Q3 revenue at Rs 300.02 crore.
Ajay Kapur, Whole Time Director & CEO, ACC Limited, said, “ACC’s financial performance has seen a complete turnaround in the last 12 months. Recent capacity additions have taken the Adani Group’s cement capacity to 77.4 MPTA. This will enable volume and revenue growth on a sustainable basis.”
ACC Ltd said that 1 MTPA cement grinding was commenced at the Ametha Integrated Cement Plant. Earlier, in Sept 2023, 3.3 MTPA clinker production facility was commissioned. In January 2024, ACC announced acquisition of 55 per cent stake in Asian Concretes and Cements Private Ltd (ACCPL), which along with its subsidiary Asian Fine Cements Pvt Ltd (AFCPL), has 2.8 MTPA cement capacity. This, it added, will enable further improvement in volume growth in the coming quarters.
Cement demand in India will continue to grow at 7-8 per cent, primarily fuelled by investments in infrastructure and large-scale residential housing projects. “This growth aligns strategically with the broader economic development goals of the country, as we move from a $3.5 trillion to $7.3 trillion economy by 2030. Opportunity buy of low cost petcoke will help to further optimise fuel costs in the coming quarters and will augur well in our cost optimisation journey,” the company said in a statement.
ACC Ltd also announced that Navin Malhotra has been elevated as Chief Sales & Marketing Officer and SMP of the Company with effect from 25th January, 2024 and Diwakar Payal ceased to be Chief Sales & Marketing Officer and SMP of the Company.