Displaying items by tag: India

India: 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.

India: 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.”

India: 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.

India: 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.”

India: 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.

India: Dalmia Bharat’s chief financial officer Jayesh Doshi has submitted his resignation to the board of the company. Hi departure will become effective after 31 October 2020.

India: UltraTech Cement’s consolidated net sales grew by 8% year-on-year to US$1.39bn in the second quarter of its financial year to 30 September 2020 from US$1.29bn in the same period in 2019. Its profit after tax more than doubled to US$167m from US$78.5m. The group attributed its progress to, “strong quarterly performance on the back of operational efficiencies and its ability to serve all India markets.”

It added that it had focused on health and safety and ‘efficient working conditions’ as it had gradually resumed operations following coronavirus-related lockdown restrictions. Overall, the group’s revenue from operations fell by 14% year-on-year to US$2.44bn in the first half of its financial year from US$2.85bn in the same period in 2019.

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.