Displaying items by tag: Aditya Birla
India: UltraTech Cement recorded consolidated sales of US$1.74bn in the third quarter of the 2022 financial year, up by 5.8% year-on-year. Its net profit in the quarter was US$229bn.
The Business Standard newspaper reported that the producer maintained a strong cement volumes growth trajectory, with 13% year-on-year cement sales growth throughout the first nine months of the 2022 financial year.
UltraTech Cement wins Indian Circular Economy Award 2021
26 November 2021India: The Federation of Indian Chambers of Commerce and Industry (FICCI) has awarded UltraTech Cement its Indian Circular Economy Award 2021 in the large enterprise category. The federation said that the award recognises UltraTech Cement's efforts to accelerate the development of a circular economic business model and celebrates its new impactful and innovative practices in 2021.
UltraTech Cement to commission 1.2Mt/yr-worth of new cement capacity in Eastern India in October 2021
14 October 2021India: UltraTech Cement says that it will commission a total of 1.2Mt/yr-worth of additional cement capacity in Eastern India throughout October 2021. The company invested US$53.1m in the new infrastructure.
UltraTech Cement commits to 100% renewable energy by 2050
24 September 2021India: UltraTech has made a commitment to transition to 100% renewable energy use by 2050. The Aditya Birla subsidiary has joined the global RE100 group of companies committed to energy decarbonisation. Asian News International has reported that the producer is already targeting 34% renewable energy use by 2024 from 13% in 2020. It more than doubled its consumption of renewable energy between 2018 and 2020. UltraTech Cement is additionally targeting a CO2 emissions reduction to 462kg/t of cement. It is the first Indian producer to instigate sustainability target-linked financial commitments.
Hari Krishna Agarwal appointed as managing director of Grasim Industries
08 September 2021India: Grasim Industries has appointed Hari Krishna Agarwal as its managing director. He will take up the post for a period of two years from 1 December 2021. The appointment is subject to shareholder approval. It follows the early retirement of Dilip Gaur from the subsidiary of Aditya Birla Group.
Agarwal, aged 62 years, has worked for Aditya Birla Group for nearly 40 years. During this period, he has held different roles in cement, chemicals and pulp and fibre businesses before taking on his current role as Business Head for Pulp & Fibre. He is a chartered accountant and an Executive Master of Business Administration (MBA) from the Sasin School of Management at Chulalongkorn University in Bangkok, Thailand.
India: Aditya Birla subsidiary Grasim Industries has raised US$136m through fully paid unsecured non-convertible debentures (NCDs). The company has allotted the NCDs on a private placement basis.
Hindalco secures UltraTech Cement bauxite residue contract
21 August 2020India: Metals producer Hindalco has won a contract to supply fellow Aditya Birla subsidiary UltraTech Cement with 1.2Mt/yr of bauxite residue from its aluminium operations, up by 180% from 250,000t in the 2020 financial year, which ended on 31 March 2020. The Economic Times newspaper has reported that UltraTech Cement will use the bauxite residue – or ‘red mud’ – in cement production at 14 of its plants across seven states. As a result of the deal, Hindalco, the world’s largest producer of rolled aluminium, will have full bauxite residue utilisation across three of its refineries. Managing director Satish Pai said, “We have been working with producers to develop high-grade inputs for the cement industry.”
India: Aditya Birla subsidiary Grasim Industries recorded a loss of US$36.0m in the first-quarter of the 2021 financial year (1 April 2020 – 30 June 2020), compared to US$26.9m profit in the first quarter of the 2020 financial year. The company attributed this to a 61% year-on-year fall in sales to US$260m from US$668m due to ‘lower realisation and weak demand’ during coronavirus lockdown. Consolidated cement sales over the period were US$228m, down by 29% year-on-year from US$320m.
Demand down as production partially resumes in India
24 April 2020India: Both Germany-based HeidelbergCement and Aditya Birla subsidiary UltraTech have responded to the government’s partial lifting of the coronavirus lockdown for rurally-located continuous industries by resuming ‘partial operations in some production facilities.’ Orient Cement subsidiary CK Birla said, “We are in the process of partially resuming our operations at our plants in Karnataka and Maharashtra.” Producers require the permission of the relevant state government to restart plants. In Telangana, where the government has not lifted the lockdown, CK Birla’s facilities remain shut.
The Economic Times newspaper has reported that ‘limited transportation facilities, higher than usual inventory and stricter rules regarding labour safety’ have added a note of caution to resumed operations. Shree Cement managing director Hari Mohan Bangur said, given the continuation of restrictions on construction in cities, “We expect just 10% of normal consumption, with hopes of a gradual increase.”
India: Representatives from Aditya Birla subsidiary UltraTech, Ramco Cements, India Cements, JSW Cement and KCP have met with Andhra Pradesh Chief Minister Jaganmohan Reddy and other state officials to negotiate the sale of their products to construction companies working on public projects ‘at lower prices.’ The Hindu newspaper has reported that the state forecasts a year-on-year rise in its annual cement consumption of 67%, to 30Mt in 2020 from 18Mt in 2019. India Cements’ vice chair and managing director Narendra Srinavasan said that all planned infrastructure projects ‘ought to be implemented in order to bail out the industry from the turmoil it has been undergoing.’