Monday, May 27 2024 | Time 05:36 Hrs(IST)
Business Economy

ACC net jumps 300 pc to Rs 945 cr in Q4; Dividend at Rs 7.50 per share

New Delhi, April 25 (UNI) Adani Group Company ACC Limited (ACC), a cement and building materials company, today announced a 300 percent jump in net profit to Rs 945 crore during the fourth quarter of 2023–24, up from Rs 236 crore in the same quarter last year.
For the full year 2023–24, the net profit stood at Rs 2,337 crore as against Rs 489 crore during 2022–23, the company said in a release.
In light of the ongoing capex and growth plans of the company, the Board of Directors has recommended a dividend on equity shares of Rs. 7.50 per share, which is consistent with the last year's dividend on a 12-month basis.
Commenting on the financial performance, Mr. Ajay Kapur, Whole Time Director & CEO, ACC Limited, said, “We continue to solidify our position as a frontrunner in the cement industry. Our financial performance, with a jump in EBITDA of 138 percent during the year, is a testament to the flexibility and strong foundation of our business model.”
The trust of our customers and our commitment to building a sustainable future with investment in efficiency improvements, green power, etc. have furthered our success as the company emerges even stronger than before. With passing time, ACC is getting younger and stronger with the expansion and performance efficiency plans, he said.
According to the company, the outlook for the cement industry remains positive based on higher budgetary allocation to infrastructure and construction and the government's push for affordable housing, green energy transition, demand-supply dynamics, and greater consolidation.
Adani Cement will have the advantage of accelerated growth, lower costs, and group synergies, which in turn will help sustainable performance and market leadership, the company added.
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