ACC Ltd Q1 Results FY2023, PAT at Rs.227 Crore, seeing a decline of 60% YoY

On 14th July  2022, ACC Ltd announced its quarterly results for the first quarter of FY2023. 

Q1FY23 Key Highlights:

- The Company reported Net Sales during the quarter at Rs. 4,393 Crore from Rs. 3,810 Crore last year seeing a YoY growth of 15%.

- Profit after tax stood at Rs. 227 Crore, seeing a decline of 60% YoY.

- Cash & Cash Equivalent stood at Rs. 4,517 Crore as of June 30, 2022.

- EBITDA stood at Rs. 426 Crore seeing a decline of 51% YoY due to the significant impact of fuel cost increase despite strong efficiencies delivered under project ‘Parvat.

- Ametha project to add ~5 MTPA capacity progressing as per schedule; Integrated unit to be commissioned in Q4 FY2022 

- Waste heat recovery projects at Jamul and Kymore plants are on track for commissioning in Q3 FY2022

- Orders are placed for the next wave of projects at Chanda and Wadi plants 

- The company showed a strong volume growth of 10.5% YoY during the quarter

Commenting on the results,  Sridhar Balakrishnan, Managing Director and CEO of ACC Ltd said: “ACC continues its journey of capacity growth with the Ametha integrated project being on track. The integrated unit at Ametha will be commissioned in Q4 2022. Land acquisition and other actions for the grinding unit project at Salai Banwa are progressing as per schedule. The April to June 2022 quarter was impacted by rising global fuel costs and related inflationary impacts. We were able to mitigate part of this impact through our efficiency project ‘Parvat’. The cost reduction journey will be further accelerated with the commissioning of waste heat recovery projects in Jamul, Kymore & Ametha plants taking the share of green power to 15%. Sustainability continues to be one of our key focus areas. ACC is committed to making a tangible difference in the areas of carbon footprint reduction, protection of natural resources, and enabling progress and welfare of our communities through our various initiatives. I am pleased to inform you that our ‘#ChangeTheStory’ campaign, which seeks to free our water bodies of plastic waste, has been widely appreciated at multiple forums. I am confident that with all the projects that are underway, we will continue to deliver strongly on all our strategic priorities”

At around 10.23 AM, ACC Ltd was trading at Rs. 2,156.10 down by Rs. 0.3 or 0.01% from its previous closing of Rs. 2,156.40 on the BSE. The scrip opened at Rs. 2,126 and has touched intraday high and low of Rs. 2,157 and Rs. 2,111.30 respectively.