NUVOCO Vistas announces its financial results for Q2 FY24
Mumbai : Nuvoco Vistas Corp. Ltd., a leading building materials Company in India, announced its unaudited financial results for the quarter ended September 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 1.2% YoY to 4.5 MMT in Q2 FY24. Consolidated revenue from operations during the same period improved by 7% YoY to
Rs. 2,573 crores and consolidated EBITDA also improved by 73% YoY to Rs. 336 crores.
The Company has completed its debottlenecking projects at the Risda and Nimbol plants, enhancing the clinker production capacity by 2,000 TPD. This will provide headroom for growth and cater to increasing demand.
In addition, the Premium products continue to remain a key focus area for the Company. The Company secured patent for its revolutionary product ‘Fibre Reinforced Cement Composition’ branded in the market as ‘Duraguard Microfiber Cement’. The patent, effective from the date of application – April 4, 2018, cites exclusive rights for the next 20 years. The Company also extended premium cement variants ‘Concreto UNO’ and ‘Duraguard F2F’ from Bihar and West Bengal to Jharkhand.
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. The Company achieved an alternate fuel rate (AFR) of 14.3% in Q2 FY24, amongst the best in the industry, a significant improvement of 5.2% YoY.
Commenting on the performance of the Company, Mr. Jayakumar Krishnaswamy, Managing Director, Nuvoco Vistas Corp. Ltd. stated, “Our Value over Volume strategy has positively contributed to the Company’s performance. Our trade share has increased from 72% in Q2 FY23 to 74% in Q2 FY24. In addition, the results also demonstrate our commitment to managing the dynamic cost environment through an optimized power and fuel mix between conventional and clean energy sources.”
Furthermore, he added, “The expansion at the Haryana Cement Plant is expected to be completed in FY24 which will enable us cater to the strong demand in the Northern region. On the RMX business, we have commissioned four new plants in the current fiscal, bringing our total to 55 plants pan-India.”