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Ambuja Cement's Q3 Net Profit Surges 123% to ₹1,089.55 Crore, Eyes Robust Growth and Renewable Push

31 Jan 2024 , 03:19 PM

Ambuja Cement, owned by Gautam Adani, records a 123% surge in consolidated net profit for the December quarter, reaching 1,089.55 Crore, boosted by price hikes and robust demand.

Consolidated revenue from operations rises 2.8% to 8,128.80 Crore. On a sequential basis, revenue increases by 9.4%, and profit surges by 10.4%. Standalone profit rises 39% to 513.68 Crore, and revenue jumps 7% to 4,439.52 Crore.

The cement industry anticipates demand growth between 7% and 8% due to investments in infrastructure and real estate projects.

Higher consumption of domestic coal contributes to improving coal cost, and the trend is expected to continue. Ambuja highlights a 25% reduction in fuel costs due to a competitive basket of kiln fuel and AFR volume.

The company reports an EBITDA margin of 21.3%, the highest in the last 10 quarters, with Q3 operating EBITDA up 70% at 1,732 Crore.

Ambuja completes the acquisition of Sanghi Industries (6.1 MTPA capacity) and ACC Ltd acquires the remaining 55% stake in Asian Concretes and Cements Private Ltd (ACCPL - 2.8 MTPA capacity).

The Adani Group's cement capacity reaches 77.4 MTPA, a 15% increase from the previous year.

Ambuja announces ongoing cement capacity expansion of 20 MTPA and board approval for additional capacity expansion of 12 MTPA, outlining a roadmap for 110 MTPA.

Last month, Ambuja committed 6,000 Crore ($723 million) for building 1,000 megawatts of renewable power projects, aligning with the conglomerate's net-zero goal.

Ambuja aims to use green energy for 60% of its planned capacity of 140 million tons per year, up from the current 19%. Ongoing green power projects with a capex of 10,000 Crores will contribute to this target.

For feedback and suggestions, write to us at editorial@iifl.com

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