Anjani Portland Cement sees revenue slip and profits tumble
India's Anjani Portland Cement Ltd has reported standalone revenue from operations of INR1068m (US$13.05m) in the quarter ended 30 September 2022, compared to INR1047m in the same period a year earlier. The previous quarter, ended 30 June 2022, saw revenue of INR1106m.
Net profit for the September 2022 quarter came in at a loss of INR106.6m, versus a gain of INR68.9m in the same quarter a year earlier. The quarter ended 30 June 2022 reported a loss of INR25.7m. Earnings per share fell from a gain of INR2.73 in the September 2021 quarter to a loss of INR1.02 in the June 2022 quarter, followed by a loss of INR4.22 in the September 2022 quarter.
The cement segment of the business accounted for revenue of INR1059m in the 30 September 2022 quarter, an identical result to the previous quarter and up from INR1037m in the same quarter a year earlier.
Over the first half of the year, ended 30 September 2022, revenue from operations stood at INR2174m, down from INR2269m in the comparable period of 2021. Net profit over the same timeframe fell from a gain of INR299m to a loss of INR132m. Power and fuel costs over the same period advanced from INR620m to INR1031m, while earnings per share declined from a gain of INR11.85 to a loss of INR5.23. Revenue from the cement business alone came in at INR2118m in the first half ended 30 September 2022, down from INR2259m in the same period a year earlier.
The company has also announced that it is entering into a brand sharing agreement/manufacturing licence agreement with Bhavya Cements Private Limited. Through this agreement, both Anjani and Bhavya grant a non-exclusive, non-transferable, non-assignable licence to each other to manufacture, distribute, sell, offer to sell and/or promote each other’s products solely in their respective market territory in accordance with the terms and conditions of this agreement.
According to Anjani, “This arrangement will leverage both Anjani Portland Cement Limited and Bhavya Cements Private Limited to improve their efficiency in the production, supply and distribution of their products, increase reach and expanse of market for their products, reduce lead time for supply of their products from the manufacturer to the final customer, improve environment sustainability and to achieve synergy in business operations for benefit of their customers.”
Anjani has also appointed Mr R S Ramanjaneyulu as chief financial officer, effective from 7 November 2022. With over 16 years’ experience in the financial field, Mr Ramanjaneyulu was previously deputy general manager, Finance & Accounts at Anjani. Prior to joining the company in 2019, he held positions at GMR Airport Developers Ltd, Rain Cements Ltd and Coromandal Fertilisers Ltd.
