Displaying items by tag: India

India: Shree Cement recorded consolidated sales of US$527m in the first quarter of its 2023 financial year, up by 22% year-on-year from US$432m in the first quarter of the 2022 financial year. The company’s profit for the quarter was US$39.6m, down by 52% year-on-year from US$83m.

India: UltraTech Cement plans to increase its installed cement production capacity to 154Mt/yr by the beginning of the 2026 financial year on 1 April 2025. The increase represents a composite annual growth rate of 10% from 115Mt/yr at the start of the 2023 financial year. The Economic Times newspaper has reported that the producer plans to carry out the expansion in two phases.

Indian domestic cement consumption is forecast to continue growing by 5% year-on-year over a five-year period to July 2027.

India: Kesoram Industries plans to raise fund through high-cost fixed deposits at an annual coupon rate of 12%. The Business Standard newspaper has reported that the producer will use the funds to support its 10.8Mt/yr cement plant network’s working capital requirements.

India: The Indian Coal Ministry has deducted Jaypee Cement’s bank guarantee for a lease for a planned coal mine. The Hindu newspaper has reported that the project is among 44 others penalised for delays in operation or missing production targets. UltraTech Cement also received a show cause notice regarding adherence to its timeline at one of its coal blocks.

India: UltraTech Cement increased its sales by 28% year-on-year to US$1.9bn in the first quarter of its 2023 financial year, from US$1.48bn in the first quarter of the 2022 financial year. The company’s net profit during the quarter was US$198m, down by 7% year-on-year from US$213m in the first quarter of the 2022 financial year.

Dow Jones Institutional News has reported that UltraTech Cement recorded increased cement demand in June 2022 and forecasts full-year year-on-year consumption growth nationally. The producer said that state-backed investment in infrastructure and industrial development will support high housing demand momentum, while pressure will remain on its profitability due to high costs.

India: Sagar Cement’s net sales were US$69.8m in the first quarter of the 2023 Indian financial year, up by 42% year-on-year from US$49.1m in the first quarter of the 2022 financial year. The quarter, which ended on 30 June 2022, saw an 82% year-on-year increase in costs to US$72.7m from US$40.1m. As a result, the company recorded a net loss for the quarter of US$1.64m, compared to a net profit of US$6.08m in the first quarter of the 2022 financial year.

Colombia: Federación Interamericana del Cemento (FICEM) and the Global Cement and Concrete Association (GCCA) have announced their next steps to accelerate the decarbonisation of cement production in Latin America and the Caribbean. The partners have named Colombia as the region’s first Net Zero Accelerator host country. The initiative works to identify barriers to decarbonisation and to recommend policy changes to make an immediate impact. Along with fellow Net Zero Accelerator host countries Egypt, India and Thailand, Colombia brings the total coverage of the initiative to 10% of global cement capacity.

GCCA chief executive officer Thomas Guillot said “The urgency of addressing climate change becomes clearer every day. Last year, our industry made a breakthrough Net Zero global commitment to reduce our carbon footprint, and we are now driving action in Latin America to make real change in one of the regions predicted to use the most concrete and cement in the coming decades. Our Roadmap Accelerator programme, previewed today by our members and affiliate (FICEM) at Latin America and the Caribbean Climate Week, highlights the tailored policies and tools we will use to ensure that Net Zero concrete and cement is achieved by 2050.”

India: Visaka Industries commissioned its Udumalpet cement panel plant in Tamil Nadu’s Tirpur district on 20 July 2022. Capital Market News has reported that the plant has a capacity of 10,000t/yr.

India: Ambuja Cements' sales were US$495m in the first quarter of its 2023 financial year, up by 18% year-on-year from first-quarter 2022 financial year levels. Its net profit rose by 45% to US$131m from US$90.4m.The company said that it experienced rising fuel prices and related inflationary impacts during the quarter. It mitigated their impacts through the improved efficiencies delivered under its I Can operating strategy. Meanwhile, its master supply agreement with ACC also helped to restrict growth in transport costs.

Holcim India chief executive officer (CEO) and Ambuja Cements managing director and CEO Neeraj Akhoury said "Ambuja has recorded robust volume growth of 15% and top line growth of 18%. Ambuja Kawach, our green cement, demonstrated a sales growth of 22% year on year."

India: Grasim Industries plans to establish a building materials sales platform with a total investment of US$250m over the five-year period to 2027. The Business Standard newspaper has reported that the new platform offers clear adjacencies with the cement and building materials producer's existing businesses and associate companies.

Parent company Aditya Birla's chair Kumar Mangalam Birla said "The building materials segment presents a huge scalable business opportunity with a proven path to profitability. With this foray, Grasim will be able to leverage the large business-to-business ecosystem within the Aditya Birla Group."