Cement manufacturer ACC Ltd, a part of the Adani Group, has announced impressive financial results for the third quarter ending December 2023. The consolidated net profit witnessed a substantial increase of 375.10 percent, soaring to Rs 537.63 crore. This remarkable performance was attributed to the company’s revenue reaching Rs 4,914.36 crore, reflecting an 8.31 percent growth compared to the same quarter in the previous fiscal year.
Earlier in the month, ACC made a significant strategic move by acquiring the remaining 55 percent stake in Asian Concretes and Cements Private Limited (ACCPL) at an enterprise value of Rs 775 crore. This transaction has transformed ACCPL into a wholly-owned subsidiary, a development expected to contribute to enhanced volume growth in the upcoming quarters.
ACCPL possesses a cement capacity of 1.3 million metric tonnes per annum (MTPA) in Nalagarh, Himachal Pradesh, while its subsidiary, Asian Fine Cements Pvt Limited (AFCPL), adds an additional 1.5 MTPA cement capacity in Rajpura, Punjab.
Ajay Kapur, the Whole Time Director & CEO of ACC Limited, expressed optimism about the company’s financial turnaround over the last 12 months. With recent capacity additions, the Adani Group’s total cement capacity now stands at 77.4 MTPA, setting the stage for sustainable growth in both volume and revenue.
ACC, the cement manufacturer under the Adani Group, has reported a substantial surge in its Q3 financial performance. The consolidated net profit skyrocketed by 375.10 percent, reaching Rs 537.63 crore, driven by a revenue increase of 8.31 percent to Rs 4,914.36 crore. A notable strategic move included the acquisition of the remaining 55 percent stake in Asian Concretes and Cements Private Limited (ACCPL) at an enterprise value of Rs 775 crore, transforming it into a wholly-owned subsidiary. ACCPL has a cement capacity of 1.3 MTPA in Himachal Pradesh, complemented by AFCPL’s 1.5 MTPA capacity in Punjab. ACC’s recent capacity additions have brought the Adani Group’s total cement capacity to 77.4 MTPA, paving the way for sustainable volume and revenue growth. Ajay Kapur, ACC Limited’s Whole Time Director & CEO, expressed confidence in the company’s financial turnaround over the last 12 months.