ACC Q1 Results: Profit Surges 105%, Revenue Up 16.4%
Revenue rises to Rs 5,201 crore, while Ebitda margin widened to 14.8% from 9.5%.
ACC Ltd.'s net profit rose 105% in the first quarter of FY24.
The Adani Group-owned cement manufacturer's profit doubled to Rs 466.1 crore in the June quarter in comparison with Rs 227.4 crore in the year ago period, according to an exchange filing on Thursday.
ACC Q1 FY24 Highlights (Consolidated, YoY)
Revenue rises 16.4% to Rs 5,201.11 crore vs Rs 4,468.4 crore.
Net profit up 105% at Rs 466.1 crore vs Rs 227.4 crore.
Ebitda increased 81% to Rs 771 crore vs Rs 426.2 crore.
Ebitda margin at 14.82% vs 9.54%.
The earnings growth was driven by doubling of cement segment profit.
The cement business profit before tax grew 130% year-on-year to Rs 589 crore, while the ready-mix concrete earnings fell 73% to Rs 3.3 crore.
The rise in profit was also supported by volume growth of 23.2% year-on-year at 9.4 million tonne, driven by increase in blended cement.
Waste heat recovery system’s share improved to 8.4% from 2% and the total capacity is expected to increase by 16.3 MW to 46.3 MW in FY24. WHRS aid in reducing fuel consumption, carbon emissions and operating costs in a plant.
"The growth was driven by robust demand for high quality cement products across all markets, as well as our continuous efforts to optimise operations and reduce environmental impact," Ajay Kapur, whole-time director and chief executive officer at ACC, said.
Shares of ACC closed 1.22% higher at Rs 1,945.9 apiece after the results were announced, as compared with a 0.6% decline in the NSE Nifty 50 on Thursday.
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