Displaying items by tag: India
JK Cement’s first-half sales fall as profit rises
10 November 2020India: JK Cement recorded sales of US$339m in the first half of the 2021 financial year, down by 3% from US$348m in the first half of the 2020 financial year. Profit after tax for the period rose by 15% to US$40.6m from US$35.4m, partly due to a 5% decrease in total expenses to US$285m from US$301.
In comments about the coronavirus pandemic the group said, “With gradual resumption of overall economic activities, operations have started moving towards normalcy."
India: Dalmia Bharat’s earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 15% year-on-year to US$177m in the first half of the 2021 financial year, from US$154m in the first half of the 2020 financial year. Overall sales were US$591m, down by 8% from US$644m, while cement sales fell by 5% to US$567m from US$596m. The company attributed this to “a seasonal weakness of cement prices during the second quarter especially in the eastern region” in addition to a fall in volumes by 6% to 8.46Mt from 9.02Mt in the first half.
Chief executive officer (CEO) and managing director Mahendra Singhi said, “The strength of our company’s foundation is visible in overall improvement in the operating metrics during the second quarter and during the first half of the 2021 financial year. Our team has truly been instrumental to our success and we are completely geared up for a successful integration of the new capacity and ramping up its utilisation levels. Our second quarter EBITDA of US$94.6m is the highest ever for the company.”
Dalmia Cement signs with Paytm for payment digitisation
04 November 2020India: Dalmia Bharat subsidiary Dalmia Cement has awarded a contract to payment solutions specialist Paytm for digitisation of its payment processes. United News of India has reported that Paytm will enable customers to use Paytm Wallet, Unified Payments Interface (UPI) and other cashless means in purchasing Dalmia Cement’s products from over 30,000 dealers and retailers across 22 Indian states and union territories, according to the producer.
Head of marketing and executive director Pramesh Arya said, “Dalmia Cement's emphasis on being digital first has helped our dealers and retailers carry out their day-to-day business transactions easily. Paytm has always stood for ease of use and convenience in the world of digital payments. Through this partnership, we aim to help our dealer community accept contactless and secure payments using Paytm Wallet, UPI, debit or credit card and online banking.” He added, “The idea is to maintain social distancing, reduce cash handling and minimise the risk of coronavirus exposure. This partnership is yet another step in Dalmia Cement's pursuit to bring Future Today - our brand credo - to life.”
Ramco Cements publishes first-half 2021 financial year results
03 November 2020India: Ramco Cements recorded sales of US$301m in the first half of the 2021 financial year, down by 15% year-on-year from US$354m in the first half of the 2020 financial year. Its profit was US$46.4m, down by 4% from US$48.4m.
The company said, “Business operations were severely disrupted during April 2020 in view of lockdown imposed by the government due to Covid-19. After relaxation of restrictions by the Government, business recovered gradually and is continuing with weak demand, especially in urban/semi-urban markets. The company continues to comply with the various operating guidelines issued by the relevant regulatory authorities from time to time. As per the current assessment of the company, there is no material impact on the carrying values of trade receivables, inventories and other financial/non-financial assets.”
India: Cement production fell by 18% year-on-year to 209Mt in the first nine months of 2020 from 255Mt in the same period in 2019. Data from the Ministry of Commerce and Industry shows that production in the third quarter of 2020 dropped by 11% year-on-year to 69Mt from 78Mt. Monthly production has consistently fallen year-on-year since March 2020 when coronavirus-related lockdown measures started.
HeidelbergCement India’s profit and sales drop in first half
26 October 2020India: HeidelbergCement India’s net profit in the six months to 30 September 2020 – the first half of its 2021 financial year – was US$15.1m, down by 19% year-on-year from US$18.6m in the first half of the 2020 financial year. Its revenues fell by 17% to US$125m from US$151m.
The company attributed the fall to the impacts of the on-going coronavirus outbreak. It said, “The company is taking all possible steps to mitigate the effects of Covid-19 on its business and operations. The management has also evaluated the possible impact of the pandemic on the business operation and, based on its assessment of the current indicators of the future economic conditions, it is expected that the carrying amount of assets will be recovered.”
Ambuja Cement grows nine-month profit in 2020
23 October 2020India: Ambuja Cement’s profit in the first nine months of 2020 was US$176m, up by 21% year-on-year from US$146m in the first nine months of 2019. It revenues dropped by 7.8% to US$1.07bn from US$1.16bn, primarily due to the impacts of the Coronavirus outbreak. It said that this was likely to continue to affect results into the fourth quarter of 2020.
Dalmia Bharat announces US$272m Kalaburgi cement plant plan
23 October 2020India: Dalmia Bharat plans to build an integrated cement plant in Kalaburgi, Karnataka. BusinessLine Online News has reported that the plant will cost around US$270m.
The company already operates the 2.5Mt/yr Belagavi plant in the state, which it commissioned in March 2015. Chief Minister Bookanakere Yediyurappa said, “Karnataka is proud to be home to Dalmia Bharat group and look forward to strengthening the relationship further.”
Shiva Cement prepares for new clinker unit
22 October 2020India: Shiva Cement is preparing to break ground on an expansion project to set up a 4000t/day clinker unit and a 1Mt/yr grinding unit. The subsidiary of JSW Cement will spend around US$208m on the works from a mixture of debt and equity.
India: JSW Cement subsidiary Shiva Cement’s three-month net loss for the quarter ended 30 September 2020 – the second quarter of the 2021 financial year – was US$0.85m, up slightly from the second quarter of the 2020 financial year. Dion News Service has reported that the company recorded a revenue fall of 6.5%, to US$0.72m from US$0.77m. Operating expenses fell by 12% to US$1m from US$1.2m.