ACC Ltd registers 9 pc volume growth in April-June quarter
Jul 29, 2024
Ahmedabad (Gujarat) [India], July 29 : ACC Limited, the cement and building materials company of the Adani Group, announced its earnings results for the April-June quarter on Monday. The cement company achieved another steady quarterly performance.
The Adani Group company reported its highest-ever volume of 10.2 million tonnes during the quarter, marking a 9 percent year-on-year increase over the last five years.
This steady and sustainable performance is attributed to volume growth, cost reduction, and improvements in efficiency parameters, the company said in a release.
Ajay Kapur, CEO of the Cement Business at Adani Group, said, "ACC's performance strengthens our drive to consistently stay a frontrunner in the industry. Our performance this quarter exemplifies our efficiency and agility."
"Our strategic decisions, customer-centric approach, and operational excellence continue to drive growth. As we move forward, we remain committed to delivering value to our stakeholders in a sustainable manner," he added.
The company stated that ACC's ready-mixed concrete business is growing steadily, with profitability driven by improved efficiency parameters and optimizing its footprint.
Regarding the outlook, the company noted that the Indian cement industry, which accounts for 23 percent of India's building material industry, has a strong correlation with India's GDP growth.
With a stable government and progressive policies, the Indian economy for 2024-25 is expected to grow in the range of 6.5-7.0 percent, with growth in the cement industry likely to be 7-9 percent.
"An outlay of Rs. 11.11 lakh crores for infrastructure projects has been allotted in Budget FY'25, representing 3.4 percent of GDP. Phase IV of PMGSY will be launched to provide all-weather connectivity to 25,000 rural habitations. All these measures are expected to bring buoyancy to cement demand," the ACC release said.
ACC has 20 cement manufacturing sites, over 82 concrete plants, and a nationwide network of channel partners.
