ACC, the building materials arm of Adani Group, has reported net consolidated loss after tax of Rs 87.32 crore in the second quarter of the financial year 2022-23. It had posted a profit after tax of Rs 450.21 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated income stood at Rs 4,057.08 crore in Q2 FY23, a growth of 6.42 per cent from Rs 3,812.31 crore it recorded in the similar quarter last year.
“The post-monsoon quarter will see the traditional rebound for the cement sector, including for ACC. We have had significant cost pressures in the recent past due to steep fuel price rise. However, recent cooling off in energy costs will impact us positively in the coming quarters,” said B. Sridhar, whole time director & CEO of the company.
During the quarter ended September 30, 2022, cement volume grew by 4% to 6.85 million tonnes as compared to 6.57 million tonnes the same quarter last year. Ready Mix Concrete performed well with a volume growth of ~10% at 0.75 million cubic meters over 0.68 million cubic meters during the same quarter last year.
ACC recorded net sales of Rs 3,910 crore as compared to Rs 3,653 crore in the same quarter last year.
“We have aggressive growth plans and our capacity expansion initiative through our new green field projects at Ametha is progressing well and is expected to be commissioned by March 2023,” added Sridhar.