ACC, one of the largest cement companies, has reported that its net profit in the March quarter jumped four times to ₹945 crore against ₹236 crore logged in the same period last year, on the back of better realisation.
The Adani Group company reported that its revenue increased 13 per cent to ₹5,409 crore (₹4,791 crore). The company has declared a dividend of ₹7.50 per equity share and fixed June 14 as the record date. The dividend will paid after July 1.
The company has registered an exceptional income of ₹230 crore on the revaluation of its 45 per cent holding in Asian Concretes and Cements.
ACC acquired 55 per cent of the voting share capital of Asian Concretes and Cements along with its wholly-owned subsidiary Asian Fine Cements for ₹423 crore in January from its joint venture partner.
Following the deal, ACC has revalued its 45 per cent holding in the joint venture company Asian Concretes and Cements and recognised it as other income.
Sales volume rose 23 per cent to 10 million tonne. Margin increased to ₹802 per tonne (₹554 per tonne) while EBITDA doubled to ₹837 crore (₹469 crore).
It expects to commission the Wate Heat Recovery System at Chanda (18 MW) and Wadi (21.5 MW) by Q2 of this year. This will take the total capacity to 86 MW or 25 per cent of total power, said the company.
The company has cash and cash equivalent of ₹4,667 crore as of March-end.
Ajay Kapur, Whole Time Director & CEO, ACC said the 138 per cent jump in EBITDA during the year is a testament to the flexibility and strong foundation of business model.
The commitment to build a sustainable future with investment in efficiency improvements and green power will help the company emerge even stronger than before, he added.
For the financial year ended March 2024, the company’s net profit jumped multi-fold to ₹2,337 crore (₹489 crore) while revenue grew 12 per cent at ₹19,959 crore (₹17,784 crore).
ACC expects demand to remain strong due to higher budgetary allocation to infrastructure and the government’s push for affordable housing along with green energy transition, besides consolidation in the industry.