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Ambuja Cements shares financial results

Published by
World Cement,


Ambuja Cements has announced its results for Q3CY21, recording operating EBIT growth of 4.9%.

Mr. Neeraj Akhoury, CEO, Holcim India and Managing Director & Chief Executive Officer, Ambuja Cements Limited said: “During the quarter, sales revenue grew by 14%, EBITDA increased by 3.2% despite intense headwinds on fuel costs. We are taking all possible steps, under our flagship ICAN programme, to further enhance our productivity to mitigate these headwinds. We will continue to retain focus on premium products which will support margins.”

“I am pleased to announce the commencement of commercial production at our Marwar plant, which enhances Ambuja’s clinker capacity by 3.0 MTPA and cement sales potential by 5.0 MTPA. Marwar plant has state-of-the- art technology and equipment to produce cement in a sustainable manner.”

“I am delighted to state that Ambuja has developed and validated its 2030 carbon emission reduction targets by the Science Based Targets initiative (SBTi). The company has signed the Business Ambition for 1.5° C pledge, joining the race to Zero campaign of the United Nations Framework Convention on Climate Change. With Science Based Targets developed and validated, Ambuja has now joined the group of global companies promoting an ambitious low carbon economy model for the industry.” 

Financial performance for the quarter ended 30 September 2021

The company registered a volume growth of 5.9%. Net Sales during the quarter stood at ? 3193 Crore compared to ? 2802 Crore in the corresponding quarter of the previous year.

Total operating cost per ton increased due to rising input costs, notably in fuel. The operational efficiency programmes at the plants along with logistics efficiencies partly mitigated the impact.

EBITDA during the quarter at ? 703 Crore showed a growth of 3.2% and Operating EBIT at ? 577 Crore showed a growth of 4.9%.

On the sustainability front, waste reused as a part of our commitment to the Circular Economy stands at 6.6 million t for the period January to September 2021. After successful demonstration of the Bubble Curtain Technology to collect plastic waste at the Yamuna River (Mantola canal, Agra), implementation of similar projects are planned around our plants.

Consolidated unaudited financial results for the quarter & nine months ended 30 September 2021.

  • EBITDA higher by 5.0% for the quarter
  • Growth in Operating EBIT is 7.6% for the quarter
  • Net Sales during the quarter increased to ? 3653 Crore, a growth of 5% vs previous year. EBIT for the quarter is higher by 10% at ? 562 Crore. Strong operational improvement measures under project ‘Parvat’ partially mitigate cost inflation.

COVID-19 update

Ambuja Cements continues to ensure strict adherence to Government COVID-19 mitigation guidelines across its our plants and offices. The company has focused on the vaccination of employees, dependents and third-party workers with more than 80% fully vaccinated and 99% vaccinated with the first dose. Ambuja Cements also encourages COVID-19 testing at periodic intervals to further strengthen COVID-19 mitigation related assurances around its operating sites.

Outlook

Domestic activity in India is on an improving trend with reduction in COVID-19 cases and supported by increased pace of vaccinations. The government’s continued focus on capital expenditure and reforms to support growth augur well for domestic demand. Rural demand is expected to be buoyant backed by revival in agricultural activity. Ambuja Cements remains confident that these will support cement demand in the medium term.

Read the article online at: https://www.worldcement.com/asia-pacific-rim/27102021/ambuja-cements-shares-financial-results/

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India cement news