Ambuja Cements registers 123 pc rise in consolidated net profits in Q3FY24
Jan 31, 2024
Ahmedabad (Gujarat) [India], January 31 : Ambuja Cements, the cement and building materials flagship company of the diversified Adani Group, reported a whopping 123 per cent rise in consolidated profit after tax (net profits) in the quarter that ended in December 2023.
The consolidated net profits of the company rose from Rs 488 crore to Rs 1,090 crore, earnings data released on Wednesday showed.
The company's revenue from operations during the quarter rose 2.80 per cent to Rs 8,129 crore. In the same quarter last year, it was at Rs 7,907 crore.
"Our performance is a reflection of our resilience and focused efforts. Our pursuit of excellence continues to propel us towards setting new benchmarks in our steady growth. We remain steadfast in our mission to deliver value for all stakeholders by redefining the industry landscape," said Ajay Kapur, Whole Time Director and CEO, of Ambuja Cements.
Among operational highlights of the Adani Group company, it completed the acquisition of Sanghi Industries, having 6.1 MTPA capacity in December 2023. In January 2024, Ambuja's subsidiary ACC completed the acquisition of the balance 55 per cent stake in Asian Concretes and Cements Private Ltd (ACCPL) having 2.8 MTPA capacity.
These acquisitions take its cement capacity to 77.4 MTPA, a jump of 15 per cent from last year.
"Integration of these acquired companies is going well," the company said.
There is an ongoing cement capacity expansion of 20 MTPA at various stages. The board has also approved an additional cement capacity expansion of 12 MTPA, which outlines a road map for 110 MTPA (80 per cent of 140 MTPA capacity targeted by financial year 2028).
On outlook, the company said that the cement Industry is expected to have a demand growth between 7 per cent and 8 per cent because of investments in infrastructure and real estate projects.
India's per capita consumption of 272 kilograms as compared to the global average of 550 kg provides a sizeable potential for expansion of the cement industry.
Ambuja, with its subsidiaries ACC Ltd. and Sanghi Industries Ltd has taken the Adani
Group's cement capacity to 77.4 million tonnes with 18 integrated cement manufacturing plants
and 18 cement grinding units across the country.
