Nuvoco Vistas Corp. Ltd., a leading building materials Company in India, announced its audited financial results for the quarter and year ended March 31, 2023. With over 23 MTPA 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.
Consolidated revenue from operations improved by 14% YoY to ₹10,586 for the year ended March 31, 2023. Consolidated cement sales volume improved 5% YoY to 18.8 MnT in FY23. PAT (Profit after tax) for FY23 stands at ₹16 crores.
The company stays committed to its sustainability initiatives by concentrating on raising the consumption of alternate fuel with an exit rate of 12% TSR (Thermal substitution rate) in FY23. With persistent emphasis on blended cement, Nuvoco has one of the highest cement to clinker ratios in the industry (at 1.82 in FY23). More than one-fifth of the company's power consumption comes from clean energy sources, enabling us to minimize our environmental impact and maximize stakeholder value.
Announcing the results of the quarter, Mr. Jayakumar Krishnaswamy, Managing Director of Nuvoco Vistas Corp. Ltd. stated, "The macroeconomic indicators demonstrate a positive outlook for the sector as annual consumer inflation in India eased to 5.7% in March-23 and fuel prices have moderated from their recent highs. Manufacturing and investment activity is expected to increase in the economy due to the Government's emphasis on capital expenditure, better capacity utilization in manufacturing, double-digit credit growth and moderated commodity prices. With the Government's continued focus on developing infrastructure and rural housing, cement demand is expected to remain strong in FY24."
He further added, "We have increased our market share for premium products to 36% on trade volumes in FY23 and this will continue to be a major thrust area for us. Our growth projects in the north, including Bhiwani's 1.2 MTPA cement capacity expansion and debottlenecking at Nimbol, are progressing well and will help us establish a stronger presence in the region. Ready-Mix Concrete (RMX) indicates growth momentum, and we are actively ramping up pan-India plant operations. Our commitment to this business is demonstrated by the back-to-back commissioning of the Guwahati and Coimbatore plants".