IANS | 01 May, 2024
Ambuja Cements on Wednesday reported profit after tax (PAT) at Rs
4,738 crore for FY24 -- up by a record-setting 119 per cent
(year-on-year) -- and operating EBITDA at Rs 6,400 crore, up by 73 per
cent.
For the fourth quarter in FY24, the cement and building
materials flagship of the diversified Adani Group reported operating
EBITDA at Rs 1,699 crore, up 37 per cent (on-year), with a healthy cash
(and cash equivalent) at Rs 24,338 crore.
"Our impressive
financial performance during the year is a testament to the resilience
and adaptability of our business model. It mirrors the Indian economy,
which has emerged as a bright spot amid a challenging global economic
scenario," said Ajay Kapur, Whole Time Director and CEO, Ambuja Cements.
The
Adani Family last month fully subscribed to the warrants programme in
Ambuja Cements by further infusing Rs 8,339 crore, increasing its stake
in the building material company to 70.3 per cent.
This follows
the investment of Rs 5,000 crore on October 18, 2022, and Rs 6,661 crore
on March 28 this year by the promoter of the company, thereby infusing a
total amount of Rs 20,000 crore in Ambuja Cements post-acquisition.
"We
remain steadfast in delivering long-term value and sustainable growth
as we soar towards doubling capacities, investment in efficiency
improvement, green power, assured supplies of raw-material and fuel,"
Kapur added.
The Board has recommended a dividend on equity shares
at Rs 2 per share, which is consistent with last year on an annualised
basis.
According to Ambuja Cements, all key performance indicators
(KPIs) like volumes, efficiencies cost and capex saw healthy
improvements in the last fiscal year.
In FY24, the company
successfully completed three acquisitions (Sanghi, Asian Cements and GU
in Tuticorin) as cement capacity increased by 11.4 millions of tonnes
per annum (MTPA), taking the total capacity to 78.9 MTPA.