Friday, June 14, 2024

NUVOCO Vistas announces its financial results for Q4 FY22 & FY22

 Nuvoco Vistas Corp. Ltd., a leading building materials Company in India, today announced its audited financial results for the quarter and year ended March 31, 2022. Nuvoco Vistas is the fifth-largest cement company in India, in terms of capacity, with a combined installed capacity of over 23 MTPA.

The consolidated cement sales volume for the Company improved by 31%QoQ to 5.5 MnT in Q4 FY22. Consolidated revenue from operations during the same period improved by 35%QoQ to Rs.2,930 crores while consolidated EBITDA increased by 83%QoQ to Rs.440crores.

Consolidated revenue from operations improved by 24%YoY to Rs.9,318 crores for the year ended March 31, 2022.Consolidated EBITDA and PAT during FY22 stood at Rs.1,539 crores and Rs.32 crores respectively. Consolidated net debt of the Company declined by Rs.431 crores in Q4 FY22 and Rs.1,666 crores in FY22 to Rs.5,064 crores.

The Company stays committed to its sustainability initiatives by mainly focusing on increasing the consumption of alternative fuel, healthy share of blended cement, and conserving natural resources through efficient Waste Heat Recovery systems, making a positive impact on the environment and maximizing the value creation for its stakeholders. The Company’s Chittor Cement plant established an Alternate Fuel Rate (AFR) capability of up to 23% in FY22 which furthers its contribution to the circular economy. As India’s long-term growth drivers remain intact, the Company is well-positioned for growth to build a safer, smarter and sustainable world.

Commenting on the financial results, Mr. Jayakumar Krishna swamy, Managing Director, Nuvoco Vistas Corp. Ltd. said, “FY22 was an exceptionally challenging year. Several crises such as – the resurgence of COVID-19 pandemic, sand unavailability and inflationary pressure – have negatively impacted the industry. In the meantime, we continued to focus on internal levers and operational efficiencies. Market share of our premium products on trade volumes improved to 34%and will remain a major thrust area. Our investments in sustainability projects will further our ESG Agenda. We also remain committed to grow our operations on account of the announced clinker expansion plans at Risda & Nimbol; and Grinding Unit at Bhiwani.”

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