ACC Cement Q2 Results FY2023, Revenue up by 7.03%
On 17th October 2022, ACC Cement announced its quarterly results for the second quarter of FY2023.
Q2FY23 Performance updates:
- ACC recorded net sales of ₹ 3,910 Crore as compared to ₹ 3,653 Crore in the same quarter last year.
- EBITDA stood at ₹ 16 Crore largely due to a steep rise in fuel cost.
- The total revenue from operations was reported at Rs. 3987.34 crores, with a growth of 7.03% YoY.
- The company reported a Net loss of Rs. 87.32 crores
- During the quarter that ended September 30, 2022, Cement Volume grew by 4% as compared to the same quarter last year. Ready Mix Concrete performed well with volume growth of ~10% over the same quarter last year.
-With a focus on operational excellence & unlocking potential, ACC has accelerated debottlenecking of various plants & improved efficiencies. Alternative Fuels & Raw materials (AFR) platforms are being leveraged to maximize the usage of wastes to reduce power and fuel cost.
Commenting on the results, Mr. B. Sridhar, Whole Time Director & CEO of ACC Limited said: “The post-monsoon quarter will see the traditional rebound for the cement sector, including for ACC. We have had significant cost pressures in the recent past due to a steep fuel price rise. However, the recent cooling off in energy costs will impact us positively in the coming quarters. During the quarter, ACC recorded strong growth in RMX volume of 10% and RMX business remains a huge growth engine for the future. We have aggressive growth plans and our capacity expansion initiative through our new green field projects at Ametha is progressing well and is expected to be commissioned by March 2023.”
Post results the ACC cement share price dropped by 1.7%.
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