Hot Pursuit     25-Jan-24
ACC hits 52-week high as PAT jumps more than four-fold in Q3
ACC was locked in an upper circuit of 10% at Rs 2,459.75 after the cement manufacturer reported consolidated net profit of Rs 537.67 crore in Q3 FY24, steeply higher than Rs 113.19 crore in Q3 FY23.
The company stated that it has achieved significant improvements in all financial matrices.

Revenue from operations increased 8.32% year on year (YoY) to Rs 4,914.36 crore in the quarter ended 31 December 2023.

Clinker & cement sales volume increased by 17.11% YoY at 8.9 million tonne during the December 2023 quarter. Ready mix concrete registered 16.46% YoY decline in volume to 0.66 million cubic meters, during the period under review.

During the third quarter, power and fuel expenses stood at Rs 1,015.36 crore, down 10.16% YoY.

In Q3 FY24, EBITDA surged to Rs 905 crore from Rs 379 crore posted in corresponding quarter previous year while EBITDA margin improved to 18.4% from 8.4% posted in Q3 FY23.

On outlook front, the cement maker stated that the Cement demand in India will continue to grow at 7-8%, primarily fuelled by investments in infrastructure and large-scale residential housing projects. This growth aligns strategically with the broader economic development goals of the country, moving from a $3.5 trillion to $7.3 trillion economy by 2030.

Opportunity buy of low cost petcoke will help to further optimise fuel costs in the coming quarters and will augur well in the company’s cost optimisation journey.

Ajay Kapur, whole time director & CEO, said, “ACC’s financial performance has seen a complete turnaround in the last 12 months. Recent capacity additions have taken the Adani Group’s cement capacity to 77.4 MPTA. This will enable volume and revenue growth on a sustainable basis.”

Cash & cash equivalent stood at Rs 4,282 crore as against Rs 3,634 crore posted in Q3 FY23. The company’s consolidated net worth improved by Rs 538 crore to reach Rs 15,361 crore.

Meanwhile, the cement major said that Navin Malhotra has been elevated as chief sales & marketing officer and senior managerial personnel (SMP) effective from 25 January 2024 and Diwakar Payal ceased to be chief sales & marketing officer and SMP of the company.

ACC is a part of Adani Cement and one of India's leading producers of cement and ready-mix concrete. ACC has 16 cement manufacturing sites, over 85 concrete plants and a nationwide network of channel partners to serve its customers.

The counter hit a 52-week high of Rs 2,453 in today’s intraday session.

Previous News
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 ( Corporate News - 25-Apr-24   16:59 )
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 ( Hot Pursuit - 25-Apr-24   16:32 )
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 ( Corporate News - 19-Apr-24   12:26 )
  ACC to shift its registered office to Ahmedabad
 ( Corporate News - 16-Feb-24   15:17 )
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 ( Results - Announcements 25-Jan-24   15:21 )
  ACC hits 52-week high as PAT jumps more than four-fold in Q3
 ( Hot Pursuit - 25-Jan-24   15:15 )
  ACC announces board meeting date
 ( Corporate News - 17-Jan-24   13:44 )
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 ( Corporate News - 08-Jan-24   09:16 )
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