Jharkhand News: Nuvoco Vistas announces financial results for FY24

PINAKI MAJUMDAR

Jamshedpur, May 2: Nuvoco Vistas Corp. Ltd., a leading building materials company based at Jojobera in Jamshedpur, today announced its audited financial results for the year ended March 31, 2024.

With 25 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.

What does the financial results reveal?

The company’s consolidated cement sales volume stood at 18.8 MMT in FY24. Consolidated revenue from operations stood at Rs. 10,733 crores, during the same period.

This year marked the successful commissioning of a 1.2 MMTPA grinding unit at Haryana Cement Plant, marking a significant milestone in our expansion.

The company completed debottlenecking projects at Risda and Nimbol Plants, which has resulted in a notable increase in clinker capacity.

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The company made significant strides in sustainability efforts under its ‘Protect Our Planet’ agenda with a reduction in carbon emissions by ~2% YoY to 454 kg CO2 per ton of cementitious materials1, reaffirming our position amongst the industry leaders in low carbon emissions.

The Alternate Fuel Rate (AFR mix) saw an impressive improvement, increasing to 13% in FY24 from 9% in FY23, amongst the best in the industry.

The company also increased its solar power capacity to 5.3 MW in FY24 from 1.5 MW in FY23.

Nuvoco Vistas MD highlights growth in EBITDA and PAT

Commenting on the performance of the Company, Jayakumar Krishnaswamy, Managing Director, Nuvoco Vistas Corp. Ltd., stated, “The Company enhanced its operational efficiencies and delivered strong growth in EBITDA and PAT despite a volatile demand environment during FY24, achieving the highest profitability. Our commendable operational outcomes reflect our dynamic and efficient strategy focused on premiumisation and cost optimisation. Moving to FY25, our strategies focus on growth, expanding our market presence, and extracting more volumes from home markets while continuing our thrust on efficiency improvement initiatives.”

Furthermore, he added, “The additional capacity in Haryana allows us to expand our market presence in the North while maintaining our leadership in the East. We have also seized the opportunity to grow our Ready-Mix Concrete business, commissioning seven new plants this fiscal year, bringing the total to 58 plants pan-India.”