Bigbloc Construction, a manufacturer of aerated autoclaved concrete (AAC) blocks, bricks and panels, has reported a growth of 12.11 per cent in its net consolidated profit during the quarter ended December 30, 2023. Its profit after tax stood at Rs 8.61 crore in Q3 FY24 as against Rs 7.68 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.The company’s net consolidated total income stood at Rs 61.52 crore, a growth of 24.18 per cent from Rs 49.54 crore it recorded in the similar quarter last year.
“Progress in the Wada, Maharashtra expansion and the joint venture with SCG Group signifies the commitment to timely project completion. The company expects to achieve 20-25% sales growth in FY24 with a EBITDA margin of 20-25%,” said Narayan Saboo, chairman of the company.
The board has approved the declaration of second interim dividend at the rate of 10% per equity shares of Rs. 2 each fully paid up, i.e. Rs 0.20 per equity share on 7,07,87,875 numbers of equity shares of the company for the FY 2023-24.
The consolidated capacity utilisation for third quarter was around 75%. Capacity utilisation for Starbigbloc Building Material was 78% and for Blgbloc Building Elements it was 90%.
Bigbloc Building Elements, a subsidiary, has started its Phase 2 expansion.The production capacity should increase from 2.50 lakhs to 5 lakhs in a phased manner. In Phase 2, the company is expanding the AAC block capacity by 2.5 lakhs cubic meters per annum investing around Rs. 30 crores. The company expects to complete the phase 2 expansion within four months and shall be met by mixture of internal accruals and debt. Post completion of phase 2, the total production capacity of at Wada will increase to 5 lakhs cubic meters per annum. At full capacity, the Wada plant is expected to generate annual revenues of Rs. 200 crores per annum. The company is eligible for a 60% subsidy from the state government for the Wada project.
For the nine months ended December 2023, the company reported a consolidated net profit of Rs. 22.0 crore as compared to the net profit of Rs. 24.6 crore during nine months ended December 2022. Revenue from operations during nine months of FY24 was reported at Rs. 175.3 crore, a rise of 14.13% Y-o-Y as compared to total income of Rs. 153.6 crore reported during nine months of FY23.
The company has reported financial growth over the years with a three-year net profit CAGR of 132%, sales CAGR of 19%.
