NUVOCO Vistas announces its financial results for FY24

With 25 million tpy of combined installed capacity, Nuvoco Vistas Corp. Ltd. is the fifth largest cement group in India and amongst the leading cement players in East India.

The company's consolidated cement sales volume stood at 18.8 million t in FY24. Consolidated revenue from operations stood at Rs. 107.33 billion, during the same period. Consolidated EBITDA improved by 35% y/y to Rs. 16.57 billion. Further, the company reduced net debt by Rs. 3.84 billion y/y to Rs. 40.3 billion, resulting in net debt / EBITDA of 2.4x.

This year marked the successful commissioning of a 1.2 million tpy grinding unit at Haryana Cement Plant, marking a significant milestone in the company's expansion. The development has enhanced North share in the total company’s capacity from 20% to 24% and will further solidify the company's footprint in the region. The company completed debottlenecking projects at Risda and Nimbol Plants, which has resulted in a notable increase in clinker capacity.

The company remains dedicated to its strategic imperative in premiumisation and has expanded its premium products Duraguard F2F and Concreto Uno, into the markets of West Bengal and Jharkhand. Concreto Uno's unique water-repelling properties and damp lock formula address the ever-changing needs of the construction industry.

The company made significant strides in sustainability efforts under its ‘Protect Our Planet’ agenda with a reduction in carbon emissions by ~2% y/y to 454 kg CO₂ per ton of cementitious materials, reaffirming the company's position amongst the industry leaders in low carbon emissions. The Alternate Fuel Rate (AFR mix) saw an impressive improvement, increasing to 13% in FY24 from 9% in FY23, amongst the best in the industry. The company also increased its solar power capacity to 5.3 MW in FY24 from 1.5 MW in FY23.

Commenting on the performance of the company, Mr. Jayakumar Krishnaswamy, Managing Director, Nuvoco Vistas Corp. Ltd., stated, “The company enhanced its operational efficiencies and delivered strong growth in EBITDA and PAT despite a volatile demand environment during FY24, achieving the highest profitability. Our commendable operational outcomes reflect our dynamic and efficient strategy focused on premiumisation and cost optimisation. Moving to FY25, our strategies focus on growth, expanding our market presence, and extracting more volumes from home markets while continuing our thrust on efficiency improvement initiatives.”

Furthermore, he added, “The additional capacity in Haryana allows us to expand our market presence in the North while maintaining our leadership in the East. We have also seized the opportunity to grow our Ready- Mix Concrete business, commissioning seven new plants this fiscal year, bringing the total to 58 plants pan-India.”

Read the article online at: https://www.worldcement.com/indian-subcontinent/01052024/nuvoco-vistas-announces-its-financial-results-for-fy24/