Displaying items by tag: ACC

India: LafargeHolcim subsidiary ACC’s profit in the first nine months of 2020 was US$130m, down by 13% year-on-year from US$149m in the corresponding period of 2019. Sales also dropped, by 17% to US$1.31bn from US$1.58bn. Cement sales totalled US$1.24bn from US$1.45bn. An 18% decline in expenses to US$1.14m from US$1.39m failed to offset the effects of a price drop in the first half of 2020 due to decreased demand.

India: Ambuja Cement has appointed Rajani Kesari as its chief financial officer (CFO). She succeeds Sonal Shrivastava, who has moved to a new role in LafargeHolcim Group.

Kesari holds over 26 years of experience in accounting, finance, taxation, audit and general management in manufacturing, pharmaceutical as well as auditing and consulting companies. She is currently the CFO of ACC, another subsidiary of LafargeHolcim. Prior to that she was the Head of Finance for Asia Region for LafargeHolcim Group. She joined LafarqeHolcim Group in 2018 from Schneider Electric, an energy management and automation company where she was the CFO for East Asia and Japan Zone.

Kesari started her career in 1991 in finance and auditing with Lovelock & Lewes. Apart from LafargeHolcim Group, she has worked in senior positions with organisations including KPMG, Dr Reddy's Laboratories and Schneider Electric. Kesari is a qualified chartered accountant from ICAI, a Cost Accountant from ICWAI and a certified public accountant from the American Institute of Certified Public Accountant.

India: ACC has appointed Sachin Chhabra appointed as Head of Brand Marketing. Prior to this he was Head of Marketing and Digital Communications at Amway India Enterprises, the Indian subsidiary of the US company that sells health, beauty, and home care products. Chhabra was educated at the Institute of Management Technology, Ghaziabad and has also worked for Zenith and DLF.

India: ACC’s profit in the first quarter of the Indian 2021 fiscal year (1 April 2020 – 30 June 2020) was US$36.3m, down by 40% year-on-year from US$60.9m. Sales fell by 38% to US$338m from US$544m. This was due to a 33% fall in cement volumes to 4.80Mt from 7.16Mt and a fall in cement prices.

India: Ambuja Cement has modernised its logistics operations by digitising its supply chain to “improve visibility, deliver quality customer service and optimise cost.” The Economic Times newspaper has reported that the company has integrated all aspects of raw material, fuel and equipment supply and product deliveries on a single online platform in order to “enhance overall efficiency and productivity.” Company director Martin Kriegner said additionally that the digitisation will aid in, “fuel mix optimisation and strategic sourcing, helping to mitigate rising input costs.”

Ambuja Cement’s 3.0Mt/yr greenfield expansion to its integrated 1.5Mt/yr Marwar Munda, Rajasthan plant is scheduled for commission by 1 January 2021. The company has a master supply agreement with ACC aimed at maximising the consistency of cement supply to the Rajasthan market once the new 4.5Mt/yr plant becomes operational.

India: Ambuja Cements’ profit in the first three months of 2020 was US$52.4m, down by 6.5% year-on-year from US$56.2m in the corresponding period of 2019. Sales were US$3.72bn, down by 3.4% from US$3,86bn. The company said the shutdown of all plants in March 2020 due to the coronavirus pandemic ‘impacted operations.’ It added, “Taking into account directives from the government, operations at a few plants have commenced in a phased manner since 20 April 2020.’

Ambuja has said that together with ACC it has donated US$434,000 to non-governmental organisations (NGOs) to provide food and ration kits to vulnerable people affected by the coronavirus outbreak. LafargeHolcim CEO India and Ambuja Cements managing director and CEO Neeraj Akhouray said, “Collaborative models are more effective in both containment of the disease as well as support for those whose livelihood and even survival is at risk. We believe that our contributions to these NGOs that are delivering grass-roots relief measures, coupled with our own companies’ efforts on ground working with local communities, will greatly accelerate the scale and impact we will have.”

India: The impact of the coronavirus pandemic was visible in the financial performance of ACC, one of LafargeHolcim’s major Indian subsidiaries, during the three months to 31 March 2020. For the quarter, the company’s consolidated net profit fell by 6.6% on a year-on-year basis to US$42.1m, while net sales declined by 11% to US$448m on the back of a steep fall in volumes, which came to 6.6Mt, 12% lower year-on-year. ACC’s ready mix concrete (RMC) volumes remained stable at 930,000t.

The pandemic mainly impacted sales volumes in March 2020, whereas January and February 2020 saw healthy growth in both cement and RMC sales. ACC said that this was due to a focus on premium products, increase in value-added solutions in its ready mix business, cost reductions on the manufacturing side and logistics-derived savings. Input cost of raw materials were lower on account of material source mix optimisation and supply chain efficiencies. Consequently, the company’s earnings before interest, tax, depreciation and amortisation (EBITDA) for the first quarter increased by 10% year-on-year to US$76.4m.

Sridhar Balakrishnan, ACC’s managing director and chief executive officer (CEO), said, “We believe that with a high probability of a normal monsoon season, growth in the rural economy will revive and stay strong. We expect cement demand to increase in the medium term once the pandemic subsides and business operations commence”.

India: Operations of industrial units in rural areas are clear to resume as of 20 April 2020, subject to local permissions and social distancing rules. Dion News Service has reported that JK Lakshmi Cement has resumed operations at two grinding units in Gujarat, JK Cement has resumed reduced operations at its 3.0Mt/yr integrated Muddapur plant in Karnataka and UltraTech has resumed operations ‘at some of the company’s locations.’ Ambuja Cements, ACC, ICC and India Cements all announced plans to return to full capacity utilisation in phases.

As part of phase two of India’s coronavirus lockdown, public spaces remain closed and public transport is suspended until 3 May 2020.

India: ACC Cement has awarded an engineering, procurement and construction (EPC) contract for work on its upcoming 1.0Mt/yr integrated Ametha plant in Kathnl, Madhya Pradesh to Larsen & Toubro. The Press Trust of India has reported that the 9500t/day cement plant will have a clinker capacity of 3.0Mt/yr. The value of the contract is reportedly US$131m.

India: KHD’s subsidiaries Humboldt Wedag India and Humboldt Wedag have signed a deal with LafargeHolcim’s subsidiary ACC to build a new raw meal grinding unit and a pyroprocessing line for an existing cement plant. The contracts also include the supply and installation of the electrical and instrumentation package for the entire cement plant. The entire contract package is worth over Euro35m.