TN Electricity Minister denies commercial ties with Adani conglomerate
This is the first reaction of the DMK government following the indictment of the Adani conglomerate in a US court.
Cement and building materials leader ACC Ltd on Monday reported another steady and sustainable performance with operating EBITDA at Rs 679 crore and profit after tax (PAT) at Rs 361 crore in the first quarter of FY25.
The revenue stood at Rs 5,155 crore in the April-June quarter.
The Adani Portfolio company attributed the sustainable performance to volume growth, cost reduction, and improvement in efficiency parameters.
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ACC Ltd, a subsidiary of Ambuja Cements, recorded the highest-ever volume at 10.2 million tonnes in Q1 FY25, up 9 per cent (year-on-year).
“ACC’s performance strengthens our drive to consistently stay a frontrunner in the industry. Our performance this quarter exemplifies our efficiency and agility. Our strategic decisions, customer-centric approach, and operational excellence continue to drive growth,” said Ajay Kapur, CEO, Cement Business, Adani Group.
The ready-mixed concrete (RMX) business is growing steadily with improvement in profitability driven by improved efficiency parameters and optimising its footprint, according to the company.
Kiln fuel cost improved from Rs 2.14 per ‘000 kCal’ to Rs 1.73 per ‘000 kCal’ with the change of fuel basket and higher consumption of alternative fuels. Thermal value reduced from 757 kCal to 739 kCal, with further improvement expected in future quarters, the company said.
The Indian cement industry, which accounts for 23 per cent of India’s building material industry, has a strong correlation with India’s GDP growth. With a stable government and progressive policies, the Indian economy for FY25 is expected to grow in the range of 6.5-7 per cent, with growth in the cement industry likely to grow by 7 per cent to 9 per cent.
ACC has 20 cement manufacturing sites, over 82 concrete plants and a nationwide network of channel partners to serve its customers. “As we move forward, we remain committed to delivering value to our stakeholders in a sustainable manner,” Kapur said.
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