ACC, the building materials arm of Adani Cement, has reported a dip of 59.70 per cent in its net consolidated profit during the quarter ended December 31, 2022. Its profit after tax (PAT) stood at Rs 113.19 crore in Q3 FY23 as against Rs 280.85 crore it registered in the corresponding quarter of previous year, the company said in a BSE filing.
The company’s total consolidated income stood at Rs 4,577.64 crore in Q3 FY23, a growth of 4.52 per cent from Rs 4,279.64 crore it recorded in the similar quarter last year.
“With the rise in construction activities across our markets, we see the continuation of the elevated demand and strong volumes in the coming quarters as well. During the quarter, AFR Consumption volume increased by 33% due to various debottlenecking initiatives and strong focus on cost optimization. We successfully commissioned WHRS at Kymore & Jamul, while Ametha Integrated Unit expansion will be completed by Q2 of FY24,” said Ajay Kapur, whole-time director & CEO, ACC.
During the quarter, volume increased by 12 per cent quarter-on-quarter at 7.7 metric tonner (MT), Kiln fuel cost reduced by 17.7 per cent from Rs 3.17 per ‘000 kCal to Rs 2.61 per ‘000 kCal with change in coal basket, group synergies on coal procurement, higher Alternate Fuel and Raw Materials (AFR) factor and manpower cost reduced quarter-on-quarter from Rs 305 PMT to Rs 262 PMT.
On the closure of its plant in Himachal Pradesh, Kapur said, “Due to transport unions’ unworkable position on the freight rate and distribution model, the company decided to temporarily suspend operations at its Gagal plant (Bilaspur) in Himachal Pradesh. The company is holding constructive talks with all stakeholders, including the State government, to arrive at a mutually acceptable and sustainable solution.”