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Displaying items by tag: India
Costs growth lowers JK Lakshmi Cement's profit in first half of 2023 financial year
04 November 2022India: JK Lakshmi Cement recorded consolidated sales of US$367m during the first half of its 2023 financial year. The figure corresponds to 19% year-on-year sales growth from US$307m in the first half of the 2022 financial year. Nonetheless, costs growth of 23% to US$338m from US$275m caused the company's net profit to drop by 21% to US$21.5m from US$27.1m.
Jaykaycem commissions grinding unit of Panna cement plant
04 November 2022India: JK Cement subsidiary Jaykaycem has commissioned the 2Mt/yr grinding unit of its upcoming Panna cement plant in Madhya Pradesh. The producer expects to commission the plant's clinkerisation unit later in the 2023 financial year.
Dalmia Bharat increases income as earnings drop in first half of 2023 financial year
03 November 2022India: Dalmia Bharat sold 12Mt of cement during the first half of its 2023 financial year, up by 20% year-on-year from 10Mt in the first half of the 2022 financial year. Its income was US$757m, up by 21% year-on-year from US$624m. Meanwhile, the company's earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 28% to US$116m from US$161m. The company noted the growth effects of 'fuel price corrections' during the second quarter of 2022, which it expects to increase its profitability during the second half of year.
Managing director and CEO Punit Dalmia said “We are pleased with the performance of the first half of this year despite the intense inflationary environment, and are confident that we will be among the best in the industry, leaving the bad times behind. While the geopolitical turmoil continues, we are confident in the resilience of the Indian economy, which is further cementing its position at the centre of global growth and consumption.” Dalmia continued “In view of the government's continued momentum in the infrastructure sector, driven by the revitalisation of the housing sector, we expect the demand for cement to grow rapidly. Looking ahead, we will remain focused on our capacity expansion progress.”
Dalmia Bharat's 14 integrated cement and grinding plants span 10 Indian states and have a capacity of 37Mt/yr, India's fourth largest.
Grasim Industries to raise US$121m
03 November 2022India: Grasim Industries has secured its board's finance committee's clearance to raise up to US$121m through issue of non-convertible debentures. The Aditya Birla subsidiary plans to carry out the issue on a private placement basis, in one or more tranches.
Betolar appoints Riku Kytömäki as president and CEO
02 November 2022Finland: Geoprime producer Betolar has named Riku Kytömäki as its new president and CEO. Riku's professional background is in materials technology, having served as president and CEO of Exel Composites and held senior positions in Switzerland-based ABB. Kytömäki holds board positions in several international companies and organisations, including polymers producer Teknikum Group. He has management experience in Asian markets where Betolar has expanded during the past few years.
Betolar said "Riku will lead Betolar through its next growth phase as its Geoprime solution is entering active production. Geoprime is a next-generation, low-carbon solution and sustainable alternative to cement: it delivers 80% fewer emissions and 100% cement-free building materials with the same performance as traditional concrete."
Adani Group's US$12.1bn Karnataka investments to include cement capacity expansions
02 November 2022India: Adani Group plans to invest US$12.1bn across the various sectors in which it operates in the state of Karnataka before 2030. Press Trust of India News has reported that the company has confirmed that expansions to its cement operations will be included under the investment package.
Adani Group's four cement facilities in Karnataka share a cement production capacity of 7Mt/yr.
JK Cement inaugurates Hamirpur grinding plant
31 October 2022India: JK Cement has successfully inaugurated its new 2Mt/yr Hamirpur grinding plant in Uttar Pradesh's Kanpur District. The Indian Express newspaper has reported that the facility will produce grey cement.
Managing director Raghavpat Singhania said "The Hamirpur plant is a significant milestone. The commissioning of this plant has enabled a new growth engine for our grey cement business."
Holcim’s 2022 nine-month results show sales and earnings growth
28 October 2022Switzerland: Holcim increased its consolidated sales by 14% year-on-year during the first nine months of 2022 on a like-for-like basis, to US$22.8bn from US$19.9bn. Its recurring earnings before interest and taxation (EBIT) rose by 6.5% to US$3.74bn from US$3.53m. The group’s cement segment’s sales volumes were 139Mt, down by 1%. The segment contributed US$13bn in sales, up by 14%. Concrete sales volumes were 36.6Mm2 , up by 4.1%. During the reporting period the group completed its divestment of its operations in India and Brazil and derived cash proceeds of US$7.3bn. Overall net sales grew in all five of the group’s business regions on a like-for-like basis with particular growth noted in the Americas. Cement sales volumes fell in Asia Pacific, Europe and Middle East Africa.
India: UltraTech Cement has projected six-month cement capacity growth of 8.2% to 131Mt/yr by 31 March 2023, the end of the 2023 financial year. At the end of the first half of the 2023 financial year on 30 September 2022, its capacity was 121Mt/yr. In the third quarter of the 2023 financial year, UltraTech Cement expects to commence commercial operations at its upcoming 3.5Mt/yr Pali, Rajasthan, cement plant and upgraded Dhar, Madhya Pradesh, cement plant, to which it is adding 4.2Mt/yr in new capacity. The remaining new capacity consists of smaller capital expenditure investments in various sites across India. UltraTech Cement's chief financial officer Atul Daga forecast that the producer will invest a total of US$731 - 853m in capacity expenditure throughout the 2023 financial year.
The Business Standard newspaper has reported that UltraTech Cement expects to further increase its cement production capacity by 22% over the three years up to the 2026 financial year, to reach 160Mt/yr.
South Korea's nine-month Russian coal imports rise in 2022
25 October 2022South Korea: Russia exported 14.9Mt of cement in the first nine months of 2022, up by 31% year-on-year from 11.4Mt in the corresponding period of 2021. Tex Energy Report News has reported that this occurred due to sharp price rises in imported coal from Australia, Canada and Indonesia. Cement producers increased their reliance on these alternative sources of coal after the South Korean government placed sanctions on Russia in March 2022.
Meanwhile in India, Russian coal imports are expected to decline for a second consecutive month in October 2022, by 51% month-on-month to 730,000t. Russian media attributed this to stockpiling by cement market leader UltraTech Cement and others earlier in 2022.