Displaying items by tag: India
JK Cement’s director dies
06 August 2014India: The director of JK Cement, Shri Jagendra Swarup, passed away on 30 July 2014. His replacement is expected to be announced shortly.
India: JK Cement has appointed Sushila Devi Singhania as an additional director with effect from 26 July 2014.
Chettinad Cement buys 17% in Anjani open offer
30 July 2014India: Chettinad Cement Corporation has raised its stake in Anjani Portland Cement to 66.08% by acquiring a 17.08% stake through an open offer. The offer was triggered by Chettinad Cement entering into a share purchase agreement in March 2014 to acquire up to 61.74% holding from the promoters of Anjani Portland for US$11.7m.
According to Chettinad Cement, the agreement has built-in flexibility to ensure that its holding is limited to 75%, the maximum allowed for a firm to remain listed. As the open offer attracted a good response, Chettinad Cement had limited its share purchase from the promoters to 49%. Chettinad Cement has to pay US$4.92m to buy shares from the promoters and an additional US$3.23m to fund the open offer. The acquisition will help Chettinad Cement, which has a presence predominantly in Tamil Nadu and Karnataka, to enter Andhra Pradesh and Odisha.
Prism returns to profit in second quarter
30 July 2014India: Prism Cement has reported a net profit of US$2.2m for the second quarter of 2014, which it attributes to higher sales and margins. The performance represents a turn-around from the US$7.96m net loss that Prism suffered in the same quarter of 2013. Total income rose to US$230.9m, mainly due to higher revenue from cement and clinker, of which it sold 1.54Mt during the quarter.
Ramco Cements’ net profit dips 47% on low demand
29 July 2014India: Continued slackness in domestic cement demand led to a 47% fall in Ramco Cements' net profit to US$6.04m during the second quarter of 2014, which ended on 30 June 2014, down from US$11.5m during the same quarter of 2013. Revenues fell by 2.8% to US$160m, down from US$165m in 2013.
On a consolidated basis, Ramco Cements earned a net profit of US$6.10m during the second quarter of 2014, which includes results of its subsidiary company, Ramco Windfarms, as well as its associate company, Ramco Systems.
Ramco Cements expects performance to improve in the coming months. It is establishing a cement grinding plant at Vishakhapatnam, Andhra Pradesh, with a 1Mt/yr grinding capacity, at a cost of US$59.8m. The project will be completed over the next few months and will help the company to grow in the Andhra Pradesh, Orissa and Chhattisgarh State markets. Ramco Cements is also working on increasing capacity at its thermal power plants at Alathiyur Village and Ariyalur Town in Tamil Nadu State.
India: JK Lakshmi Cement has reported a 31% turnover increase to US$111m in the second quarter of 2014, which ended on 30 June 2014, compared to US$85.0m in the corresponding quarter of 2013. The increase was attributed to 14% growth in production and an 18% increase in sales volumes.
JK Lakshmi Cement's operating profit during the quarter stood at US$19.3m. This represents a 58% increase compared to the same period of 2013, when operating profit was US$12.2m. After providing for interest and depreciation, the company's pre-tax profit rose to US$11.0m, compared to US$2.96m in the same period of 2013. After accounting for exceptional items and tax, JK Lakshmi Cement posted a net profit of US$6.73m for the second quarter of 2014, up from US$2.61m in the corresponding quarter of 2013.
JK Lakshmi Cement has reduced its fuel consumption to 715,000Cal/Kg of clinker in the second quarter of 2014, compared to 731,000Cal/Kg of clinker in the corresponding quarter of 2013. It has also reported satisfactory progress in its 2.7Mt/yr capacity greenfield cement plant in Durg, Chhattisgarh, which is expected to be commissioned in the third quarter of 2014.
India: Ambuja Cement has reported a 26% year-on-year increase in stand-alone net profit for the second-quarter of 2014, led by increase in sales and other income. The company posted a second-quarter stand-alone net profit of US$68.0m, up from US$53.9 for the second quarter of 2013. Ambuja Cement's quarterly net sales were US$450m, up by 15% from US$390m in the preceding year quarter, while other operating income was US$2.28m, compared with US$5.48m in the second-quarter of 2013. During the second quarter, sales volumes rose by 8% to 5.79Mt from 5.38Mt in the prior-year quarter.
India: ACC has reported a second quarter 2014 net profit of US$40.1m, some 7% lower than the US$43.1m reported in the second quarter of 2013. The fall in profit was attributed to higher total expenses. ACC also announced that Harish Badami was appointed as CEO and managing director with effect from 13 August 2014.
"Manufacturing and distribution costs continued to face escalation, though we derived some benefits from the ongoing cost leadership programme and an increase in the sales of premium products," said ACC.
Revenue grew by 7.5% year-on-year to US$509m during the second quarter of 2014, aided by higher volumes. Sales volumes increased to 6.35Mt, up from 6.12Mt in the same period of 2013.
"Demand for cement showed some improvement and the company's overall sales volumes during the quarter improved by 4%," said ACC. The company expects the positive trend in demand for cement to continue as a result of government's emphasis on housing and infrastructure development.
Profit before interest and tax from its cement business declined to US$50.7m from US$57.7m year-on-year. Operating profit (EBITDA) dropped by 8% year-on-year to US$74.9m. Total expenses during the quarter increased by 10% compared to year-ago period due to higher raw material and employee costs and increased power, fuel and freight charges. Other expenses grew by 8% year-on-year.
India: Aditya Birla Group's Ultratech Cement Ltd has reported net profits and sales for the first quarter of financial 2015, which was April to June 2014, with regards to both stand-alone and consolidated results. On a consolidated basis, Ultratech's first quarter net profit, after minority interest, was US$104m, whereas the company reported US$111m in the corresponding quarter of 2014. Quarterly net sales and other operating income amounted to US$1.00bn, while the same was at US$880m in the first quarter of the 2014 financial year. Other income stood at US$35.7m in the current fiscal year, up from US$25.4m in the 2014 fiscal year. Combined domestic grey cement and clinker sales volumes were 11.70Mt, up by 16% from 10.08Mt in the same period of 2014.
India: Shree Cement is planning an expansion of its captive limestone-mining project at Baloda Bazar, Raipur District, Chhattisgarh from 4.8Mt/yr to 8.6Mt/yr on 5.31km2 of land. The project will be part of its integrated cement plant and will be designed by JM Enviro Net. The expansion is currently waiting for environmental clearance. Mining work is expected to commence within two years.