BigBloc Construction, a manufacturer of aerated autoclaved concrete (AAC) blocks, bricks and panels, has reported a dip of 25.80 per cent in its net consolidated profit during the quarter ended March 31, 2023. It’s profit after tax stood at Rs 5.55 crore in Q4 FY23 as against Rs 7.48 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 47.23 crore in Q4 FY23, a dip of 11.04 per cent from Rs 53.09 crore it recorded in the similar quarter last year.
The board of directors have recommended 20% dividend, Rs 0.40 per share on the face value of Rs 2 per share for the FY 2022-23.
The consolidated capacity utilisation for last quarter was around 80%, it said in the regulatory filing.
The company’s wholly-owned subsidiary – Bigbloc Building Elements has recently commenced commercial production of 5-lakh cubic meter (cbm) per annum AAC Block plant at Wada in Palghar, Maharashtra to meet growing demand of AAC blocks in Western India. At full capacity, Wada plant is expected to generate revenues of Rs. 200 crore per year and will employ around 350-400 people at the plant.
In a joint venture with Thailand’s SCG Group, the company is setting up 3 lakh cbm per annum plant for ALC Panels and AAC Blocks at Kapadvanj Ahmedabad and has acquired 60,000 sq meter land for the project. The plant is expected to start commercial production in FY23-24.
“Wada project is eligible for 60% subsidy from the state government and the company has invested Rs. 48 crore so far in Phase I. Post completion of all expansion, the company’s total capacities will increase to 13.75 lakh cbm per annum making it the largest manufacturer of AAC block in the country.
The company will be in a better position to serve the growing demand of AAC blocks in Western India and strengthen its leadership position in the AAC block space in India. The Company expects to generate around 2.5 to 3 lakh units of carbon credit every year post expansion,” said Mohit Saboo, director & CFO of the company.
The company is installing 450 KW solar rooftop facility at each of the plant. It will be able to replace approximately 33% of its power requirement at both its plant with renewable green energy – solar power.