Adani's Ambuja Cements eyes expansion through acquisitions on path to 140 mn tonne capacity
Ambuja Cements will be open to exploring further acquisitions on its journey to 140 million tonne of production capacity, even after the Adani-group owned company has made two major buyouts in the last few months.
“With a net worth of almost Rs 60,000 crore and being debt-free, we have enough opportunities for expansion, both organic and inorganic,” chief financial officer Vinod Bahety said. “You can understand the strength that the balance sheet has,” he told analysts on a call post the company’s quarterly earnings.
The country’s second-largest producer of cement saw its consolidated profit more than halve on year in the September quarter to Rs 473 crore. Revenue from operations rose a little more than 1% to Rs 7,516 crore and were at an all-time high. The growth in revenues, though, was lower than the volume growth during the quarter.
At a consolidated level, Ambuja Cements sold 14.2 million tonne of cement, up 9% as compared to the previous year. The sales volume is, in fact, the highest for the September quarter in five years.
It had a net worth of nearly Rs 60,000 crore at the end of the September-quarter, with cash and cash equivalents of Rs 10,135 crore, which the company believes will enable an ‘accelerated’ growth going ahead.
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