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Q4 Results: Cement Companies Bullish About a Positive Outlook This Fiscal Demand across all sectors continues to remain robust; this will further be augmented by post Lok Sabha elections as the Centre and states are expected to retain their focus on the development agenda

By Shrabona Ghosh

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The cement demand in India is expected to remain robust, in line with the country's broader economic development goals. The industry's outlook remains positive driven by pre-election spending, ongoing government emphasis on infrastructure development and sustained real estate activity. Demand across all sectors continues to remain robust; this will further be augmented by post Lok Sabha elections as the Centre and states are expected to retain their focus on the development agenda. A similar sentiment reflected in the quarterly results of the top cement companies.

Ambuja Cements

Ambuja Cements, the Adani Group company, reported a net profit of INR 532.29 crore in the quarter ended March 2024, registering a growth of 6 per cent from INR 502.40 crore in the year-ago quarter. Revenue from operations rose 12 per cent to INR 4,780 crore in Q4 compared with INR 4,256 crore in the same quarter last year.

Ajay Kapur, whole time director & CEO, Ambuja Cements, said, "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. Cost optimization remains a core part of our strategy. Adani Cement will have advantage of accelerated growth, cost leadership, synergy with group businesses which will help to sustain market leadership."

The company's focus towards capacity-building through organic and inorganic ways, operational efficiency and decarbonisation measures are attributing to the growth.

Ultratech Cement

Ultratech Cement's profit increased by 35.55 per cent year-on-year(YoY) in the quarter ended March 2024. Consolidated net profit stood at INR 2,258.12 crore for the quarter ended March 2024. The company had reported a net profit of INR 1,665.95 crore during the same period last year.

The company's revenue from operations increased by 9.41 per cent to INR 20,418.94 crore in Q4, compared to INR 18,662.38 crore reported in the year before.

Shree Cement

Shree Cement's consolidated net profit jumped nearly 28 per cent YoY in the quarter ended March 2024 to INR 674.9 crore. The company reported consolidated net profit of INR 525.8 crore in the same quarter last year. Revenue from operations for the quarter rose more than 6 per cent YoY to INR 5,433 crore.

During the quarter, the company commissioned an INR 2,500-crore plant in Andhra Pradesh's Guntur, boosting its manufacturing capacity to 56.4 million tonne per annum (MTPA).

The company's growth can be attributed to the government's strong emphasis on infrastructure development, sustained real estate activity and expectations of a good monsoon.

J.K. Cement

JK Cement posted a 101 per cent increase in its consolidated net profit at INR 219.75 crore in the quarter ending on March 31, 2024. The company's net profit stood at INR 109.52 crore in the same period last year. Consolidated revenue from operations scaled up by over 11 per cent to INR 3,105.77 crore for the March quarter, as compared with INR 2,777.88 crore reported in the same period the previous year.

India Cements Ltd

India Cements reported a narrowing of consolidated net loss to INR 50.06 crore in the fourth quarter ended March 31, 2024, helped by improved sales volume. The company had posted a net loss of INR 243.77 crore in the same quarter a year ago.

"With the improved sales volume, India Cements Ltd could turn out a better operating performance and pared the losses for the fourth quarter under review. The cement and clinker volume for the fourth quarter was 24.36 lakh tonne as compared to 27.85 lakh tonne in the same period of the previous year," the company said. On the outlook, the company said the construction activity is expected to be brisk in the coming months driven by continued infrastructure spending by the government, private sector housing and commercial segments. "This presents a healthy demand outlook for cement and the industry, especially in the South, has built adequate capacity to meet the firm demand," India Cements added.

According to ICRA cement volumes are expected to grow by 9-10 per cent YoY in FY2024 to 425 – 430 million MTPA and by 8-9 per cent YoY in FY2025 to 460-465 million MTPA. The easing of cost-side pressures is likely to improve the operating margins by 260-310 bps to 16.0-16.5 per cent in FY2024 and by 80-100 bps YoY to around 16.8-17.3 per cent in FY2025.

Shrabona Ghosh


A journalist with a cosmopolitan mindset. I lead a project called 'Corporate Innovations' wherein I cover corporates across verticals and try to tell stories on innovations. Apart from this, I write industry pieces on FMCGs, auto, aviation, 5G and defense. 
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