NUVOCO Vistas Announces its financial results for Q3 FY24

by Priya Jadhav

-       Consolidated revenue at Rs. 2,421 crores

-       Consolidated EBITDA increased 55% YoY to Rs. 421 crores

-       Consolidated EBITDA per ton of Rs. 1,048, highest in the past 10 quarters

-       Net debt reduced Rs. 632 crores YoY to Rs. 4,533 crores 

Mumbai, January 29, 2024: Nuvoco Vistas Corp. Ltd., a leading building materials Company in India, announced its unaudited financial results for the quarter ended December 31, 2023. 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.

The consolidated cement sales volume for the Company stood at 4.02 MMT in Q3 FY24. Consolidated revenue from operations during the same period stood at Rs. 2,421 crores. Consolidated EBITDA improved by 55% YoY to Rs. 421 crores.

The Company has successfully commissioned a 1.2 MMTPA Cement Mill at Haryana Cement Plant, taking the overall cement capacity to 25 MMTPA. This expansion will boost production volumes in the Northern region and enhances the ability to provide a diverse range of unique product offering to customers.

Premium products continue to remain a key focus area for the Company and have contributed significantly, with a 36% share of the company's cement trade volumes in Q3 FY24. Building on this leadership, we recently launched brand new marketing campaign for Duraguard Franchisee - 'Seedhi Baat Hai, Duraguard Khaas Hai', underscoring its unique features and reinforcing customer trust. Additionally, the Company also introduced engaging brand activation activity "Sabse Khaas Sarpanch", showcasing impactful stories of Sarpanches contributing to village development. These initiatives aim to boost market position and elevate the brand.

The Company remains committed to its sustainability agenda – Protect Our Planet. The Company has amongst the lowest carbon emissions at 462 kg CO₂ per ton of cementitious materials¹_. The Company achieved significant improvement of 5% YoY in alternate fuel rate (AFR) to 14% in Q3 FY24, amongst the best in the industry.

Commenting on the performance of the Company, Mr. Jayakumar Krishnaswamy, Managing Director, Nuvoco Vistas Corp. Ltd. stated, “Despite the challenging demand environment, the Company continues to deliver strong growth in EBITDA. We achieved the highest EBITDA per ton compared to the past ten quarters; a testament to our operational excellence, focusing on cost efficiency and value-led growth.”

Furthermore, he added, “With additional capacity in the Haryana Cement Plant, we are set to seize the opportunities. We continue to emphasize on quality and innovation and secure a larger market share in the North while retaining our leadership position in the East. On the Ready-Mix Concrete business, we have commissioned five new plants in the current fiscal, bringing our total to 56 plants pan-India.”