January 25, 2024
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ACC Q3 FY24 Profit up 378% at Rs 527 cr
ACC Ltd on Thursday reported a strong set of numbers for the third quarter ended on December 31, 2023. The cement firm’s standalone net profit surged 377.57 per cent to Rs 527.48 crore in Q3 FY24 as against Rs 110.45 crore in the same period last fiscal.
The company’s revenue from operations came at Rs 4,918.34 crore during the quarter under review, up 7.44 per cent from Rs 4,577.66 crore in Q3 FY23.
ACC shares jumped up to 5.98 per cent to hit a day high of Rs 2,369.80 after the quarterly results were announced.
Ajay Kapur, Whole Time Director & CEO at ACC, said, “The company’s financial performance has seen a complete turnaround in the last 12 months. Recent capacity additions have taken the Adani Group’s cement capacity to 77.4 MPTA. This will enable volume and revenue growth on a sustainable basis.”
The company said it has achieved significant improvements in all financial matrices. Revenue has grown 8.3 per cent, operating EBITDA (excluding other income) has grown 139 per cent, EBITDA margin expanded by 10 pp (percentage points) from 8.4 per cent to 18.4 per cent.
ACC said it expects that cement demand in India will continue to grow at 7-8 per cent, primarily fuelled by investments in infrastructure and large-scale residential housing projects.
“This growth aligns strategically with the broader economic development goals of the country, as we move from a $3.5 trillion to $7.3 trillion economy by 2030. Opportunity buy of low cost petcoke will help to further optimise fuel costs in the coming quarters and will augur well in our cost optimisation journey,” it added.
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