Ahmedabad (Gujarat) [India], July 31 (ANI): Ambuja Cement added 275 million tonne in limestone reserves in the April-June quarter, the company said in its earnings results released on Wednesday.
Ambuja Cements, the cement and building materials company of the Adani Group conglomerate, has announced results for the April-June quarter, supported by cost leadership, improved efficiencies and growth.
Ajay Kapur, Whole Time Director and CEO, Ambuja Cements, said, “We have delivered another sustainable performance and our focus on innovation, digitisation, customer satisfaction and ESG is at the heart of our success.”
“Our persistent performance sets the tone for the rest of the financial year, as we expand our footprint and capacities across new geographies…With the Penna transaction expected to be closed by Q2 FY’25, our capacity will go to 89 MTPA (million tonne per annum) and well on track to achieve our 140 MTPA plan by FY’28,” said Kapur.
The company’s green power share at the end of April-June quarter was at 18.4 per cent, and they hope it will improve to31 per cent by the end of 2024-25 and 60 per cent by 2027-28.
This will contribute to reduction in overall cost of power by 33 per cent, boosting EBITDA, said Ambuja Cement.
The company’s net worth increased by Rs 8,620 crore during the quarter and stands at R 59,465 crore, with the company remaining debt free.
“Ambuja Cements has achieved sustainable financial results, supported by cost leadership, improved efficiencies, and growth. For the year-on-year, the consolidated performance, revenue has grown at Rs. 8,311 crores. Operating cost went down by 3 per cent at Rs 4,437 per ton, a reduction of Rs 138 per tonne,” Kapur said in a video message.
“This is mainly on account of 13 per cent decrease in energy costs driven by our efficient fuel management,” he added.
For Ambuja (consolidated), business level working capital stands at 30 days, “reflecting agility in unblocking the funds in inventory and receivables,” the company asserted.
Brownfield expansions at 14 sites for clinker facility of 11 million tonne and cement capacity of 23.4 million tonne is progressing well as per plan.
Out of this 4 MTPA clinker line 3 at Bhatapara (Chhattisgarh) is expected by Q4 FY’25 and 6.4 MTPA grinding facility (Sankrail 2.4, Farakka 2.4 and Sindri 1.6 MTPA) is expected between Q3 & Q4 FY’25. In addition, preoperative work for the 28 MTPA grinding facility and 22 MTPA Clinker facility is under progress, the Adani Group company said.
Ambuja, with its subsidiaries ACC Ltd. and Sanghi Industries Ltd has taken the Adani Group’s cement capacity to 78.9 MTPA with 18 integrated cement manufacturing plants and 19 cement grinding units across the country.
The Company has recently entered into a binding agreement to acquire Penna Cement Industries Limited with a capacity of 14 MTPA. (ANI)
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