The cement major reported a consolidated net loss of Rs 87.32 crore in the third quarter of FY23 compared with a net profit of Rs 450.21 crore in the third quarter of FY22. Net sales rose 7.04 per cent to Rs 3910.49 crore in the third quarter of FY23 over the third quarter of FY22. Cement volume grew by 4 per cent compared with September 2021. Ready Mix Concrete performed well with a volume growth of over 10 per cent over the third quarter of FY22.

During the third quarter of FY23, Power and fuel expenses stood at Rs 1,317.53 crore, up 67.14 per cent yearly. In the third quarter of FY23, EBITDA slumped 97.75 per cent yearly to Rs 16 crore. On a quarterly basis, EBITDA margin was 0.4 per cent against 19.5 per cent in Q3FY22.

“The post-monsoon quarter will see the traditional rebound for the cement sector, including for ACC. We have had significant cost pressures in the recent past due to steep fuel price rise. However, recent cooling off in energy costs will impact us positively in the coming quarters,” said B. Sridhar, whole time director & CEO ACC. “During the quarter, ACC recorded strong growth in RMX volume of 10% and RMX business remains a huge growth engine for the future. We have aggressive growth plans and our capacity expansion initiative through our new green field projects at Ametha is progressing well and is expected to be commissioned by March 2023.”

India’s leading cement producer is ACC, a part of Adani Cement and ready-mix concrete. Nationwide over 83 concrete plants with 17 cement manufacturing sites to serve its customers. On Bombay Stock Exchange (BSE), shares of ACC rose 0.57 per cent to Rs 2258.