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News Anjani Portland Cement

Displaying items by tag: Anjani Portland Cement

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Anjani Portland Cement publishes 2024 financial year results

29 May 2024

India: Anjani Portland Cement’s consolidated sales were US$74.9m in the 2024 financial year, which ended on 31 March 2024. This corresponds to a year-on-year decline of 6% from US$80m in the 2023 financial year. Group operating expenditure rose by 4% to US$81m from US$77.4m. As such, the company recorded a loss of US$4.72m.

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Bhavya Cements merges into Anjani Portland Cement

10 January 2024

India: Anjani Portland Cement has completed the amalgamation of Bhavya Cements into itself. Bhavya Cements operates the 1.4Mt/yr Bhavya cement plant in Andhra Pradesh.

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Rajesh Kumar Dhoot appointed as chief financial officer of Anjani Portland Cement

27 September 2023

India: Anjani Portland Cement has appointed Rajesh Kumar Dhoot as its chief financial officer. He succeeds RS Ramanjaneyulu following his resignation. Dhoot is a chartered accountant with over 25 years of professional experience in the cement, sugar, pipe and textile sectors. He has worked in the cement industry for over 15 years, most recently with Chettinad Cement since 2014. Prior to this he held positions with UltraTech Cement from 2006 to 2014.

Published in People
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Anjani Portland Cement's sales drop in 2023 financial year

26 May 2023

India: Anjani Portland Cement recorded sales of US$80m in the 2023 financial year. This corresponds to a 17% year-on-year drop from US$97m in the previous financial year. India InfoLine News has reported that the producer's total expenditure also dropped, by 2.6% to US$77.4m from US$79.5m. It reported a net loss after minority interests of US$7.03m, compared to a net profit of US$5.01m in the 2022 financial year.

Published in Global Cement News
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Anjani Portland Cement reports third-quarter sales growth in 2022 financial year

09 February 2022

India: Anjani Portland Cement recorded sales of US$14.3m in the third quarter of its 2022 financial year, up by 5.6% year-on-year from US$13.9m in the third quarter of the 2021 financial year. Its net profit was US$566,000, down by 80% from US$2.82m.

Published in Global Cement News
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Court prevents power supplier from disconnecting Anjani Portland Cement

15 December 2021

India: A Telangana court has blocked Southern Power Distribution Company of Telangana from disconnecting the power supply to some of Anjani Portland Cement’s cement operations in the state. The power supply is seeking to take the measure among other ‘coercive steps’ in an on-going dispute with the producer. Reuters News has reported that Southern Power Distribution Company of Telangana has issued a demand letter for alleged breach of obligations by Anjani Portland Cement.

Published in Global Cement News
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Anjani Portland Cement increases Bhavya Cements stake to 92%

19 July 2021

India: Anjani Portland Cement has agreed to acquire a further 3% in Bhavya Cements to bring its stake in the company to 92% from 89%. The group says that its aim is to further consolidate its shareholding. In early June 2021, Anjani Portland Cement completed its purchase of an 83% stake in Bhavya Cements to increase its shareholding to 89% from 6%.

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Anjani Portland Cement completes 83% Bhavya Cements acquisition

09 June 2021

India: Anjani Portland Cement has completed its acquisition of an 83% stake in Bhavya Cements. The transaction’s value was US$83.2m

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Anjani Portland Cement to acquire majority stake in Bhavya Cements

27 May 2021

India: Anjani Portland Cement has entered into a share purchase agreement to acquire a majority stake in Bhavya Cements. Bhavya Cements recorded a net turnover of US$41.9m in its 2020 financial year. It operates a 1.4Mt/yr integrated plant at Tangeda in Andhra Pradesh.

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Central Board of Direct Taxes accuses Chettinad Group of US$95m tax evasion

16 December 2020

India: The Ministry of Finance Central Board of Direct Taxes (CBDT) says that its Income Tax department has detected US$95m-worth of tax evasion by Chettinad Cement and Anjani Portland Cement owner Chettinad Group. The Deccan Herald newspaper has reported that following raids on its offices the tax department found evidence of inflated expenditure, unaccounted receipts and complex financial arrangements including bogus liabilities in order to reduce capital gains. The investigation continues.

Published in Global Cement News
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