Cement & cement products company Nuvoco Vistas Corporation announced Q1FY24 results: Consolidated cement sales volume for the Company increased by 7% YoY to 5 MMT in Q1FY24. Consolidated revenue from operations during Q1FY24 improved by 6% YoY to Rs 2,805 crore Consolidated EBITDA increased 7% YoY to Rs 402 crore The company has amongst the lowest carbon emissions at 462 kg CO2 per ton of cementitious materials Commenting on the performance of the Company, Jayakumar Krishnaswamy, Managing Director, Nuvoco Vistas Corp. stated, “Cement demand continues to witness healthy growth on account of government initiatives in the infrastructure and housing segments. We anticipate an uptick in construction activities post-monsoon. Moreover, we have successfully countered the dynamic cost environment through the optimization of the power and fuel mix between pet coke, linkage coal, and AFR supported by a reduction in pet coke and coal prices.” Furthermore, he added, “As for the expansion projects, the debottlenecking at the Risda Cement Plant has been completed during the quarter, while the cement expansion at Haryana Plant and debottlenecking at Nimbol Cement Plant are scheduled to be completed by September 2023 which will help us to establish a stronger presence in the North. The Ready-Mix Concrete business continues to expand its footprint across the country and has commissioned three new plants during this quarter.” Result PDF
Cement & cement products company Nuvoco Vistas Corporation announced Q4FY23 & FY23 results: Consolidated Q4FY23: Revenue improved 12% QoQ to Rs 2,929 crore Cement sales volume improved 17% QoQ to 5.2 MnT EBITDA improved 41% QoQ to Rs 383 crore Net debt declined by Rs 751 crore to Rs 4,414 crore from Q3FY23 Consolidated FY23: Revenue from operations improved by 14% YoY to Rs 10,586 crore for FY23 Cement sales volume improved 5% YoY to 18.8 MnT in FY23 Profit after tax for FY23 stands at Rs 16 crore Announcing the results of the quarter, Jayakumar Krishnaswamy, Managing Director of Nuvoco Vistas Corp, stated, “The macroeconomic indicators demonstrate a positive outlook for the sector as annual consumer inflation in India eased to 5.7% in March-23 and fuel prices have moderated from their recent highs. Manufacturing and investment activity is expected to increase in the economy due to the Government's emphasis on capital expenditure, better capacity utilization in manufacturing, double-digit credit growth, and moderated commodity prices. With the Government's continued focus on developing infrastructure and rural housing, cement demand is expected to remain strong in FY24.” He further added, “We have increased our market share for premium products to 36% on trade volumes in FY23 and this will continue to be a major thrust area for us. Our growth projects in the north, including Bhiwani's 1.2 MTPA cement capacity expansion and debottlenecking at Nimbol, are progressing well and will help us establish a stronger presence in the region. Ready-Mix Concrete (RMX) indicates growth momentum, and we are actively ramping up pan-India plant operations. Our commitment to this business is demonstrated by the back-to-back commissioning of the Guwahati and Coimbatore plants”. Result PDF