Adani Group’s ACC Limited logs highest-ever annualised PAT at Rs 2,337 crore in FY24

Ahmedabad, April 25 (SocialNews.XYZ) ACC Limited, a subsidiary of Ambuja Cements, on Thursday announced lifetime high annualised profit after tax (PAT) at Rs 2,337 crore in FY24, up a staggering 378 per cent (year-on-year).

Part of the diversified Adani Group, ACC Limited registered operating EBITDA at Rs 837 crore for the fourth quarter (Q4) ended March 31, up 79 per cent.

The company attributed the improved performance for the fourth quarter and full year to an all-around improvement in volume, cost and efficiency parameters.

“We continue to solidify our position as a frontrunner in the cement industry. Our financial performance with a jump in EBITDA by 138 per cent during the year is a testament to the flexibility and strong foundation of our business model,” said Ajay Kapur, Whole Time Director and CEO, ACC Limited.

For the fourth quarter of FY24, the company registered PAT at Rs 945 crore, marking a three-time surge YoY.

In the context of the ongoing capex and growth plans of the company, the Board recommended a dividend on equity shares at Rs 7.50 per share, consistent with last year's dividend on a 12-month basis.

According to the company, its kiln fuel cost improved with a change of fuel basket and higher consumption of alternative fuel.

“The work on waste heat recovery system (WHRS) facilities at Chanda (18 MW) and Wadi (21.5 MW) is on track and will be commissioned in Q2 this year, which will help take the total capacity to 86 MW or 25 per cent of total power,” the company informed.

Moreover, the ongoing green power initiatives of the company will help achieve 60 per cent green power by 2028, reduce cost, improve EBITDA, and accelerate its ‘SDP Plan 2030’.

ACC Limited has 20 cement manufacturing sites, over 86 concrete plants, and a nationwide network of channel partners to serve its customers.

Source: IANS