Adani Group's Ambuja Cements clocks highest-ever PAT at Rs 4,738 crore in FY24

AHMEDABAD: Ambuja Cements on Wednesday reportedprofit after tax(PAT) at Rs 4,738 crore for FY24 -- up by a record-setting 119 per cent (year-on-year) -- and operating EBITDA at Rs 6,400 crore, up by 73 per cent.

For the fourth quarter in FY24, the cement and building materials flagship of the diversified Adani Group reported operating EBITDA at Rs 1,699 crore, up 37 per cent (on-year), with a healthy cash (and cash equivalent) at Rs 24,338 crore.

"Our impressive financial performance during the year is a testament to the resilience and adaptability of our business model. It mirrors the Indian economy, which has emerged as a bright spot amid a challenging global economic scenario," said Ajay Kapur, Whole Time Director and CEO, Ambuja Cements.

The Adani Family last month fully subscribed to the warrants programme in Ambuja Cements by further infusing Rs 8,339 crore, increasing its stake in the building material company to 70.3 per cent.

This follows the investment of Rs 5,000 crore on October 18, 2022, and Rs 6,661 crore on March 28 this year by the promoter of the company, thereby infusing a total amount of Rs 20,000 crore in Ambuja Cements post-acquisition.

"We remain steadfast in delivering long-term value and sustainable growth as we soar towards doubling capacities, investment in efficiency improvement, green power, assured supplies of raw-material and fuel," Kapur added.

The Board has recommended a dividend on equity shares at Rs 2 per share, which is consistent with last year on an annualised basis.

According to Ambuja Cements, all key performance indicators (KPIs) like volumes, efficiencies cost and capex saw healthy improvements in the last fiscal year.

In FY24, the company successfully completed three acquisitions (Sanghi, Asian Cements and GU in Tuticorin) as cement capacity increased by 11.4 millions of tonnes per annum (MTPA), taking the total capacity to 78.9 MTPA.