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HomeNewsTop NewsAmbuja Cements posts net profit of Rs 987.24 crore in Q2 FY24

Ambuja Cements posts net profit of Rs 987.24 crore in Q2 FY24

The company's net consolidated total income stood at Rs 7,899.99 crore in Q2 FY24, a growth of 9.11 per cent from Rs 7,240.69 crore it recorded in the similar quarter last year.

Ambuja Cements, the cement and building material company of Adani Group, has reported net consolidated profit after tax of Rs 987.24 crore during the quarter ended September 30, 2023. It had registered profit after tax of Rs 51.30 crore 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 7,899.99 crore in Q2 FY24, a growth of 9.11 per cent from Rs 7,240.69 crore it recorded in the similar quarter last year.

Ajay Kapur, whole time director & CEO of the company said, “In the second quarter of FY 2024, with a 8% increase in revenue, 147% increase in EBITDA at Rs 773 crore and 364% increase in PAT at Rs 644 crore compared to the previous year same quarter.”

During the quarter and half year ended September 30, 2023, the company has incorporated LOTIS IFSC, Ambuja Concrete North and Ambuja Concrete West, it said in the regulatory filing.

During the quarter, the board of directors of the company had approved acquisition of controlling stake of 56.74% of the voting share capital of Sanghi Industries for cash consideration of Rs. 1,674.22 crore. For this purpose, the company has executed a share purchase agreement dated August 3, 2023 with the existing promoters of Sanghi. Further, the board had also approved making an open offer at a price of Rs 114.22 per equity share to acquire upto 26% of the voting share capital of Sanghi from the public shareholders.

Clinker & Cement sales volume witnessed growth of 2.3% year-on-year at 13.1 millionn tonne in Q2 FY24 and kiln fuel cost reduced by 34%, (Rs 2.72/’000 kCal to Rs 1.79/’000 kCal) expected to further come down through mix and source optimisation.

For the new facility of 4 MTPA at Bhatapara apart from equipment which has been ordered, civil execution work has started. Expected completion for the facility is in Q2 FY 2026. For its corresponding grinding unit at Sankrail and Farakka order has been placed on EPC vendor and piling work has also started. Expected completion of these units by Q3 FY2025.

For the new facility of 4 MTPA at Maratha LOI has been placed on EPC vendor, site development and pre-project has also been started. EC and CTE approval are expected in this quarter. Expected completion for this is by Q4 FY 2026.

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