Displaying items by tag: India
India: Birla Corporation recorded a significant increase in its consolidated net profit, rising by 127% to US$23m for the quarter ending March 2024. The company reported a consolidated revenue of US$321m, up 6.8% year-on-year. This was reportedly due to reduced power and fuel costs.
Chair Harsh Vardhan Lodha said "As cement consumption in India continues to grow, Birla Corporation is rolling out its next phase of capacity expansion to increase cement production to 25Mt/yr by 2026-27."
India: Nuvoco Vistas has announced its audited financial results for the year ended 31 March 2024. The producer recorded earnings before interest, depreciation and amortisation of US$199m, representing a year-on-year increase of 35%, and profit after tax of US$17.6m. Its net debt fell by US$46m year-on-year to US$482m. Cement sales volumes totalled 18.8Mt and revenue from operations reached US$1.3bn.
Ambuja Cements records growth in 2024
02 May 2024India: Ambuja Cements has reported a rise in revenue from operations from US$954m to US$1.07bn in the financial year ending 31 March 2024, representing a 12% year-on-year increase. Profit before tax grew by 22% to US$166m. The company recorded a loss of US$13.7m. Sales volume of cement and clinker increased by 18% year-on-year to 16.6Mt. Earnings before interest, depreciation and amortisation increased by 37% to US$203m.
JK Cement expands Panna cement plant
01 May 2024India: JK Cement has inaugurated a US$341m new line at its Panna cement plant in Madhya Pradesh. The new line doubles the plant's capacity from 3.3Mt/yr to 6.6Mt/yr. Press Trust of India News has reported that the line is equipped with optimised kiln systems, energy-saving technologies and a waste heat recovery plant. The expanded Panna plant will help serve ‘growing demand’ in Central India, Uttar Pradesh and Bihar.
Managing director Raghavpat Singhania said "Our new Panna plant production line is a key pillar in our comprehensive business expansion plan, propelling us towards our vision of becoming a leading player in the cement industry. This strategic expansion allows us to meet the rising demand for high-quality cement, ultimately enhancing our ability to serve our customers.”
India: Orient Cement has successfully commissioned Phase 2 of the new waste heat recovery (WHR) plant at its Chittapur cement plant in Karnataka. Reuters has reported that the new phase raises WHR power capacity at the plant to 10.1MW.
India: UltraTech Cement’s full-year sales rose by 12% year-on-year to US$8.5bn in the 2024 financial year, which ended on 31 March 2024. Meanwhile, the producer’s net income for the year grew by 38% to US$840m.
India: Aditya Birla subsidiary UltraTech Cement and JSW Cement are among companies in contention to acquire Vadraj Cement, the Economic Times newspaper has reported. To this end, companies have reportedly raised US$959m-worth of new finances through loans.
India: Ambuja Cements has awarded a haulage contract to Orissa Bengal Carrier, Reuters has reported. Under the contract, Orissa Bengal Carrier will transport 180,000t of materials for the cement producer.
ACC raises sales in fourth quarter of 2024
26 April 2024India: Adani Group subsidiary ACC raised its sales by 13% year-on-year to US$649m in the fourth quarter of the 2024 financial year, Mint News has reported. The company’s operating earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 78% to US$100m, leading its profit to rise by a factor of three to US$89.8m. ACC sold 10.4Mt of cement, up by 22% year-on-year from 8.5Mt, and 660,000m3 of ready-mix concrete, down by 7% from 710,000m3. For the full 2024 financial year, the company produced 36.9Mt of cement and 2.68Mm3 of ready-mix concrete. Its sales were US$2.4bn, its earnings US$368m and its profit US$280m. This was the first full-year financial report for a year ending on 31 March, following ACC’s transition from reporting years ending on 31 December as part of Germany-based HeidelbergCement (now Heidelberg Materials).
CEO Ajay Kapur said “The trust of our customers and our commitment to building a sustainable future with investment in efficiency improvements, green power etc. has furthered our success as we emerge even stronger than before.”
India: Dalmia Bharat expects to conclude its acquisition of Jaypee Cement by the end of September 2024, six months later than previously anticipated. The Hindu Business Line newspaper has reported that the group attributed the postponement to ‘procedural delays,’ including pending approvals from banks, on-going arbitration between Jaiprakash Associates and UltraTech Cement and some ‘lack of clarity’ around existing joint ventures between Jaiprakash Associates and state-owned Steel Authority of India.
Dalmia Bharat said “We are progressing in the right direction. These are procedural delays over which we have no control.”