Business
NUVOCO Vistas announces its financial results for Q1 FY24
– Consolidated revenue improved to Rs. 2,805 crores
– Consolidated EBITDA increased 7% YoY to Rs. 402 crores
Mumbai, August 11, 2023: Nuvoco Vistas Corp. Ltd., a leading building materials Company in India, announced its unaudited financial results for the quarter ended June 30, 2023. With 23.82 MMTPA of combined installed capacity, Nuvoco Vistas Corp. Ltd. is the fifth largest cement group in India and amongst the leading cement players in East India.
The consolidated cement sales volume for the Company increased by 7% YoY to 5 MMT in Q1 FY24. Consolidated revenue from operations during the same period improved by 6% YoY to Rs. 2,805 crores and consolidated EBITDA also improved by 7% YoY to Rs. 402 crores.
Premium products continue to remain a major thrust area for the Company and have contributed significantly, with a 37% share of the company’s cement trade volumes in Q1 FY24. The Company extended ‘Duraguard F2F’ – a premium composite cement in West Bengal and launched ‘InstaMix Superior Column Concrete’ and ‘Artiste Flooring Solution’ – specialized Ready-Mix Concrete (RMX) products in Q1 FY24, demonstrating Nuvoco’s continuous focus on product innovation.
The Company remains committed to its sustainability agenda – Protect Our Planet. The Company has amongst the lowest carbon emissions at 462 kg CO2 per ton of cementitious materials1. During the quarter, the Company successfully commissioned an Alternate Fuel Feeding system at Nimbol Cement Plant which will enable it to manage a wide range of fuels while increasing waste recycling tonnage. The Company achieved an alternate fuel rate (AFR) of 11.2% in Q1 FY24, amongst the best in the industry, a significant improvement of 5.2% YoY. The Company also maintained one of the highest cement-to-clinker ratio in the industry at 1.83 during the quarter, thus emphasizing blended cement and furthering its decarbonization initiatives.
Commenting on the performance of the Company, Mr. Jayakumar Krishnaswamy, Managing Director, Nuvoco Vistas Corp. Ltd. stated, “Cement demand continues to witness healthy growth on account of government initiatives in the infrastructure and housing segments. We anticipate an uptick in construction activities post-monsoon. Moreover, we have successfully countered the dynamic cost environment through the optimization of the power and fuel mix between pet coke, linkage coal and AFR supported by reduction in pet coke and coal prices.
Furthermore, he added, “As for the expansion projects, the debottlenecking at the Risda Cement Plant has been completed during the quarter, while the cement expansion at Haryana Plant and debottlenecking at Nimbol Cement Plant are scheduled to be completed by September 2023 which will help us to establish a stronger presence in the North. The Ready-Mix Concrete business continues to expand its footprint across the country and has commissioned three new plants during this quarter.”