Adani Group-owned ACC Ltd on Thursday posted fiscal first quarter profit at Rs 466.10 crore, up 105 per cent in comparison to Rs 227.32 crore, beating estimates. It posted revenue from operations at Rs 5201.11 crore, up 16.4 per cent as against Rs 4468.42 crore during the first quarter of FY23. According to CNBC TV18 estimates, ACC Ltd was expected to record the Q1 profit at Rs 330 crore and revenue at Rs 4883 crore. During the quarter, the company clocked a total income of Rs 5278.02 crore, up 16.7 per cent in comparison to Rs 4522.28 crore during Q1FY23. However, total expenses for Q1FY24 was at Rs 4655.39 crore, up 10.3 per cent from Rs 4221.74 crore a year earlier.
It further said that the volume during the quarter was up by 23.2 per cent supported by increase in blended cement and improvement in efficiency parameters. The company EBITDA stood at Rs 848 crore, up 77 per cent on-year. “EBITDA is expected to sustain with further improvement due to various efficiency and operational excellence initiatives,” ACC said in a statement.
While the cement business posted a revenue of Rs 4877.63 crore during the first quarter of FY24 ready mix concrete clocked a revenue of Rs 362.69 crore.
“The growth was driven by robust demand for high-quality cement products across all markets, as well as our continuous efforts to optimize operations and reduce environmental impact. We have persistently strived to diminish carbon footprint by reducing the clinker factor, curbing thermal and electrical energy intensity, implementing Waste Heat Recovery Systems across facilities, and augmenting usage and capacity for renewable energy generation,” said Ajay Kapur, Whole Time Director & CEO, ACC Limited.
With the cement industry being in a positive cycle of demand as well as cost factors, ACC acknowledged the growth outlook and said that this is coming at the most appropriate time when the company is under transformation phase, buoyed by synergies with the group. “We expect the positive trend of the industry to continue in the coming quarters,” it said.