In the second quarter of FY23, ACC reported a net loss of Rs 87.32 crore.

NEW DELHI: In the second quarter of the fiscal year 2022–23, Adani Group’s building materials division, ACC, reported a net consolidated loss after tax of Rs 87.32 crore. According to a BSE filing, the company reported a profit after tax of Rs 450.21 crore in the previous fiscal’s corresponding quarter.

In Q2 FY23, the company’s net consolidated income was Rs 4,057.08 crore, up 6.42 percent from Rs 3,812.31 crore in the previous year. “We have experienced significant cost pressures in the recent past as a result of steep fuel price increases, but the recent cooling off in energy costs will benefit us in the coming quarters,” said B. Sridhar the sole director and CEO of the company.

Cement volume increased by 4% in the quarter that ended September 30, 2022, to 6.85 million tonnes, compared to 6.57 million tonnes in the same quarter last year. Ready Mix Concrete performed well, with volume increasing by 10% to 0.75 million cubic meters in the same quarter last year from 0.68 million cubic meters.

Net sales at ACC were Rs 3,910 crore, up from Rs 3,653 crore in the previous quarter.
“We have aggressive growth plans,” Sridhar said, adding that “our capacity expansion initiative at Ametha is on track to be operational by March 2023.”