India: Sanghi Industries has received shareholder approval to supply its cement and clinker to ACC and Ambuja Cements. Additionally, Sanghi Industries will begin to purchase of coal from fellow Adani Group subsidiary Adani Enterprises, according to the Economic Times newspaper. Under the new arrangements, ACC and Ambuja Cements will sell Sanghi Industries’ cement and clinker under their own brands, at a price 10% above production cost. This is reportedly below industry pricing standards for comparable deals of 25 - 30% higher pricing over costs.

Adani Group subsidiary Ambuja Cements acquired a 57% stake in Sanghi Industries on 5 December 2023.

Japan: Sumitomo Osaka Cement expects to record a 9.5% year-on-year rise in its sales in the 2024 financial year (1 April 2023 – 31 March 2024), to US$1.5bn. Nikkei Financial News has reported that this represents a downward revision of 1.3% from the producer’s previous estimate of US$1.52bn. On the other hand, Sumitomo Osaka Cement revised its profit forecast upwards by 12%, to US$79m. Previously in the 2023 financial year, it reported a loss of US$38.3m.

India: Ramco Cements reported 5% growth in sales in the third quarter of the 2024 financial year (1 October – 31 December 2023), to US$254m. Rising cement volumes – up by 9.9% to 4Mt – helped to drive the growth in sales. Despite weather-related disruptions, Ramco Cements raised its earnings before interest, depreciation, taxation, and amortisation (EBITDA) rose by 37% to US$48.4m. A 28% reduction in fuel prices to US$138/t of cement spurred earnings growth. Cement capacity utilisation during the quarter fell quarter-on-quarter to 74% to 82% previously.

India: In the third quarter of the 2024 financial year (1 October – 31 December 2023), Grasim Industries’ earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 34% to US$620m. The Hindu Business Line newspaper has reported that the company partly attributed this to an increased sales contribution from its cement subsidiary UltraTech Cement. Nonetheless, Grasim Industries’ net profit dropped by 42% year-on-year in the quarter, to US$313m.