BigBloc Construction's net profit dips in Q4 FY23

26 May 2023 CW Team

The net consolidated profit of BigBloc Construction, a producer of aerated autoclaved concrete (AAC) blocks, bricks, and panels, fell by 25.80% during the three months ending March 31, 2023. The company said in a BSE filing that its profit after tax decreased to 55.5 million in Q4 FY23 from 74.8 million in the equivalent period of the previous fiscal.

The company's net consolidated total income for the fourth quarter of FY23 was 472.3 million, down 11.04 percent from the 530.9 million it reported for the same quarter in FY22.

For the fiscal year 2022–2023, the board of directors has recommended a 20% dividend, or Rs 0.40 per share, on the face value of Rs 2 per share.

According to the regulatory filing, the combined capacity utilisation for the most recent quarter was close to 80%.

In order to address the rising demand for AAC blocks in Western India, the company's wholly-owned subsidiary Bigbloc Building Elements has started commercial production of a 5-lakh cubic metre (cbm) per annum AAC Block factory at Wada in Palghar, Maharashtra. When operating at full capacity, the Wada facility will employ between 350 and 400 people and produce 200 crore rupees in revenue annually.

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