Cement Firms See Volume Growth in Q1; Revenue Remains Flat

13 Aug 2024 CW Team

Leading cement manufacturers experienced single-digit volume growth in the June quarter, though their topline remained subdued due to the ongoing decline in prices. Listed companies such as UltraTech, Ambuja Cements, ACC, Shree Cements, and Dalmia Bharat reported volume increases ranging from 3 to 9 per cent and an improvement in capacity utilization in their latest quarterly earnings.

Despite these gains, the soft cement prices exerted pressure on their topline during the April-June period. Additionally, there was a slight rise in raw material costs due to increased expenses for fly ash and slag.

The all-India average cement price was approximately Rs 348 per 50 kg bag in June 2024, which was about 3 per cent lower year-on-year but higher compared to Rs 335 per bag in May 2024. For the first two months of FY25, the average cement price stood at Rs 340 per bag, marking an 8 per cent decrease year-on-year. In FY24, the average price was Rs 365 per bag, and in FY23, it was Rs 375 per bag, according to the report.

Furthermore, the intense heatwave and general elections contributed to a slowdown in construction activities during April-May.

UltraTech Cement reported a stable consolidated net profit of Rs 16.96 billion for the June quarter. The company's revenue from operations increased by 1.87 per cent, reaching Rs 180.69 billion for the period.

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