Ambuja Cements, the building materials arm of Adani Cement and part of the diversified Adani group, has reported a growth of 13.21 per cent in its consolidated net profit during the quarter ended December 31, 2022. Its profit after tax (PAT) stood at Rs 487.88 crore in Q3 FY23 as against Rs 430.97 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s consolidated total income stood at Rs 8,036.46 crore in Q3 FY23, a growth of 4.24 per cent from Rs 7,709.61 crore it recorded in the similar quarter last year.
“The company remains debt free with a healthy position of cash & cash equivalents. Business initiatives are expected to further bring down operating cost, reduce clinker factor, reduce logistics cost, improve sales of blended cement and expand EBITDA margin. We expect cement demand to further grow in coming quarters on the back of increased infrastructure activities given sharp focus on infrastructure capex in this budget,” said Ajay Kapur, CEO of the company.
During the quarter ended December 31, 2022, the National Company Law Tribunal (NCLT) of Ahmedabad and Mumbai have approved the scheme of merger of Dirk India, wholly-owned subsidiary, with the holding company with effect from January 1, 2020, the company said in the regulatory filing.
On October 18, 2022, pursuant to shareholder’s approval, the holding company had allotted 477,478,249 warrants to Harmonia Trade and Investment, a promoter group entity, by way of preferential issue at a price of Rs 418.87 each aggregating to Rs 20,001 crore and has received Rs 5,000.03 crore (equivalent to 25% of the warrants issue price), it said in the regulatory filing.
It witnessed volume growth of 7% quarter-on-quarter, supported by an increase in blended cement (clinker factor
reduced from 60.1% to 59.5%). Kiln fuel cost reduced by 14% from Rs 2.84 per ‘000 Kcal to 2.45 per ‘000 KCal with change in coal basket, group synergies on coal procurement. Cost reduced by Rs 283 PMT, it said in a media release.
“Ametha integrated unit is set to be commissioned by July 2023, which will increase Kiln capacity by 3.3 MTPA (EC approvals in hand for 2.75 MTPA) & 1 MTPA grinding unit,” said Kapur.
