Displaying items by tag: India

India: Nuvoco Vistas recorded revenues of US$943m in the first nine months of the 2024 financial year (1 April – 31 December 2023). This represents a rise of 2% year-on-year from the corresponding period of the previous financial year. This enabled Nuvoco Vistas to turn a positive net income, of US$5.66m, compared to a loss of US$22.3m one year previously. Premium products constituted 1.45Mt (36%) of the producer’s total third-quarter cement sales of 4.02Mt. Nuvoco Vistas ended 2023 with 25Mt/yr in installed production capacity, making it India’s fifth largest cement producer.

Managing director Jayakumar Krishnaswamy said “Despite the challenging demand environment, the company continues to deliver strong growth in earnings before interest, taxation, depreciation and amortisation (EBITDA). During the third quarter of the 2024 financial year, we achieved the highest EBITDA per tonne in 10 quarters, a testament to our operational excellence, focussing on cost efficiency and value-led growth.”

India: Nuvoco Vistas has commissioned a 1.2Mt/yr cement mill at its Haryana Bhiwani cement plant in Haryana. This expansion will help Nuvoco Vistas to raise its production volumes in Northern India and to diversify its product offering.

Managing director Jayakumar Krishnaswamy said “We are set to seize the opportunities. We continue to emphasise quality and innovation, and secure a larger market share in the North while retaining our leadership position in the East. On the ready-mix concrete end of the value chain, we have also commissioned five new plants in the current fiscal, bringing our total to 56 plants pan-India.”

India: Aditya Birla subsidiary UltraTech Cement has commissioned its new 2.6Mt/yr Rajpura grinding plant in Punjab. The producer says that it made the investment in order to enhance its service to markets in Punjab.

The Rajpura grinding plant raises UltraTech Cement's installed grey cement capacity in India by 2% to 135.59Mt/yr.

India: ACC grew its sales to US$1.75bn in the first nine months of the 2024 financial year, up by 12% year-on-year. Its net income multiplied by a factor of five, to US$167m.

Mint News has reported that whole time director and CEO Ajay Kapur said "ACC’s financial performance has seen a complete turnaround in the last 12 months. Recent capacity additions have taken the Adani Group’s cement capacity to 77.4Mt/yr. This will enable volumes and revenues growth on a sustainable basis." Looking to the full 2024 financial year and beyond, Kapur added “Purchases of low-cost petcoke will help to further optimise fuel costs in the coming quarters."

India: Dalmia Bharat's consolidated sales were US$433m in the third quarter of the 2024 financial year (1 October – 31 December 2023), up by 7.3% year-on-year. This was in part due to an 8.1% rise in the company’s cement sales volumes, amid a nationwide infrastructure spending drive. Its net profit rose by 22% year-on-year to US$32m. The producer partly attributed this to a market correction in the price of raw materials. Premium products accounted for 21% of Dalmia Bharat’s cement sales during the quarter.

Managing director and CEO Puneet Dalmia said “While we believe that margins may improve further from here on, our focus for the next 12 – 15 months will remain on improving our capacity utilisation and delivering industry-leading volume growth.”

India: Sagar Cements recorded sales of US$80.5m in the third quarter of the 2024 financial year, up by 16% year-on-year from US$69.3m during the corresponding quarter of the previous financial year. Cement sales volumes rose by 14% year-on-year. The Hindu BusinessLine News has reported that the growth allowed Sagar Cements to reduce its net losses by 57%, to US$1.22m.

Managing director Sreekanth Reddy said “Favourable prices prevailed in our key markets. As far as EBITDA and margins are concerned, we observed a significant enhancement on a per-tonne basis, consistent with our earlier projections.” Reddy added “We anticipate this positive trend to persist in the future, supported in part by higher utilisation levels of recently-acquired units and strategic initiatives aimed at promoting the use of green power, alternative fuels and the deployment of electric trucks and wheel loaders.”

India: Adani Group has announced plans to build a new cement plant, possibly at Godda, in Jharkhand’s Santhal Pargana Division. The Times of India newspaper has reported that producer recently established a 1.6GW power plant in Godda.

The group said “In keeping with our group’s expansion plans, we are conducting a feasibility study to set up a cement factory, most probably in Godda. A proposal will be sent to government soon. The proposed plant will further boost the economy of Godda and Santhal Pargana. The proposed plant will utilise fly ash from our existing power plant here as raw material. At present, the fly ash is being sent to the ACC cement plants in Jhikpani and Sindri.”

India: Shree Cement’s Nawalgarh cement plant has entered production, Dow Jones Newswires has reported. The plant has an integrated cement capacity of 4.2Mt/yr.

India: Dalmia Bharat Group has announced its promotion of Gaurav Rajput to the role of deputy general manager finance and accounts. Rajput joined Dalmia Bharat Group from IT company IBM in 2023. He previously worked for LafargeHolcim India and ACC.

India: Ambuja Cements has signed a memorandum of understanding (MoU) with the government of Telangana for the construction of a new cement facility in the state. The News Minute has reported that the producer plans to invest US$168m in the project. The MoU is part of an agreement between parent company Adani Group and the state of Telangana covering investments worth US$1.49bn. Other projects include an MoU with Adani Group’s renewables subsidiary Adani Green Energy for the construction of a total of 1350MW of energy storage capacity.