Displaying items by tag: India

India: JK Cement reported a net profit of US$28.1m for the quarter ending 31 March 2024, up by 47.5% year-on-year from US$19.2m. Net revenue increased by 23.3% to US$352m in January – March 2024, compared to US$285m in the same period in 2023. Operating expenses for the quarter rose by 18.2% to US$286m from US$242m in 2023.

India: JSW Cement will establish its first cement plant in the north of the country at Nagaur, Rajasthan. The new site will begin with a capacity of 3.3Mt/yr, eventually expanding to a capacity of 15Mt/yr by 2026.

Managing director Parth Jindal posted on X "Extremely proud that JSW Cement is entering North India, today we have broken ground at our site in Nagaur, Rajasthan. A new beginning for JSW, one that will see us becoming a pan-Indian cement player by 2026.”

India: Top executives from major cement manufacturers project stable prices and decreased costs for the fiscal year 2024-25 (FY25), with some anticipating moderate growth in demand. This follows an estimated 8-9% growth in cement demand for the FY24 in India.

During a recent post-earnings call, Atul Daga, CFO UltraTech Cement, said "Our belief is that the slowdown should be shorter than in earlier years, primarily because private sector housing has also picked up momentum."

India: Jaiprakash Associates has defaulted on loans worth US$553m, including principal of US$210m and interest payments of US$343m. The Deccan Chronicle newspaper has reported that the producer has total borrowings of US$3.57bn, repayable by 2037. The borrowings are comprised of fund-based working capital, non-fund-based working capital, term loans and foreign currency convertible bonds.

Jaiprakash Associates will now transfer US$2.27bn to a special purpose vehicle as part of a scheme of arrangement, subject to the approval of the National Company Law Tribunal.

India: Birla Corporation recorded a significant increase in its consolidated net profit, rising by 127% to US$23m for the quarter ending March 2024. The company reported a consolidated revenue of US$321m, up 6.8% year-on-year. This was reportedly due to reduced power and fuel costs.

Chair Harsh Vardhan Lodha said "As cement consumption in India continues to grow, Birla Corporation is rolling out its next phase of capacity expansion to increase cement production to 25Mt/yr by 2026-27."

India: Nuvoco Vistas has announced its audited financial results for the year ended 31 March 2024. The producer recorded earnings before interest, depreciation and amortisation of US$199m, representing a year-on-year increase of 35%, and profit after tax of US$17.6m. Its net debt fell by US$46m year-on-year to US$482m. Cement sales volumes totalled 18.8Mt and revenue from operations reached US$1.3bn.

India: Ambuja Cements has reported a rise in revenue from operations from US$954m to US$1.07bn in the financial year ending 31 March 2024, representing a 12% year-on-year increase. Profit before tax grew by 22% to US$166m. The company recorded a loss of US$13.7m. Sales volume of cement and clinker increased by 18% year-on-year to 16.6Mt. Earnings before interest, depreciation and amortisation increased by 37% to US$203m.

India: JK Cement has inaugurated a US$341m new line at its Panna cement plant in Madhya Pradesh. The new line doubles the plant's capacity from 3.3Mt/yr to 6.6Mt/yr. Press Trust of India News has reported that the line is equipped with optimised kiln systems, energy-saving technologies and a waste heat recovery plant. The expanded Panna plant will help serve ‘growing demand’ in Central India, Uttar Pradesh and Bihar.

Managing director Raghavpat Singhania said "Our new Panna plant production line is a key pillar in our comprehensive business expansion plan, propelling us towards our vision of becoming a leading player in the cement industry. This strategic expansion allows us to meet the rising demand for high-quality cement, ultimately enhancing our ability to serve our customers.”

India: Orient Cement has successfully commissioned Phase 2 of the new waste heat recovery (WHR) plant at its Chittapur cement plant in Karnataka. Reuters has reported that the new phase raises WHR power capacity at the plant to 10.1MW.

India: UltraTech Cement’s full-year sales rose by 12% year-on-year to US$8.5bn in the 2024 financial year, which ended on 31 March 2024. Meanwhile, the producer’s net income for the year grew by 38% to US$840m.