ACC delivers lifetime highest annualised net profits in 2023-24
Apr 25, 2024
Ahmedabad (Gujarat) [India], April 25 : ACC Limited (ACC) reported an annualised profit after tax (PAT) of Rs 2,337 crore in the just concluded financial year 2023-24, up 378 per cent on a yearly basis.
The cement manufacturer owned by Adani Group announced robust results for Q4 and full year ended March 31, 2024. The improved performance is attributed to all-round improvement in volume, cost, and efficiency parameters.
Further, it saw significant improvement in all its financial matrices, with revenue growth at 13 per cent; operating EBITDA up 79 per cent, EBITDA margin up from 9.8 per cent to 15.5 per cent.
Coming to revenue from operations, they rose from Rs 17,784 crore to Rs 19,959 crore in 2023-24.
Ajay Kapur, Whole Time Director and CEO, ACC Limited, said, "We continue to solidify our position as a frontrunner in the cement industry. Our financial performance with jump in EBITDA by 138 per cent during the year is a testament to the flexibility and strong foundation of our business model."
"The trust of our customers and our commitment to building a sustainable future with investment in efficiency improvements, green power etc. has furthered our success, as we emerge even stronger than before. With passing time ACC is getting younger and stronger with the expansion and performance efficiency plans."
Apart from its earnings, the company's Board of Directors has recommended a dividend on equity shares at Rs 7.50 per share, which is consistent with last year's dividend on 12 months basis.
The Adani Group company said that the outlook for cement industry remains positive based on higher budgetary allocation to infrastructure and construction and government's push for affordable housing along with green energy transition, demand-supply dynamics, and greater consolidation.
Adani Cement said it will have the advantage of accelerated growth, lower cost, group synergies which in turn will help to sustainable performance and market leadership.
ACC has 20 cement manufacturing sites, over 86 concrete plants and a nationwide network of channel partners.
