Total Installed Cement Capacity for 2024 : HeidelbergCement India Limited’s total cement grinding capacity stands at 6.26 MTPA as of the end of FY24.12
% of revenue from Cement for 2024 : Approximately 98% of revenue came from cement sales. This is calculated by dividing cement sales by the total revenue from products: 21,570.1 / 22,009.5 = 0.98.3
Utilization rate for 2024 : The sources indicate that HeidelbergCement India was “almost running at 80% plus capacity utilization” in FY24.4
Production for FY2024 : The company sold 4.81 million tonnes of cement & clinker in FY24.5
EBITDA for FY2024 : EBITDA for FY24 was INR2,941.4 million (including other income).6
EBITDA per ton in 2024 : The company reported EBITDA of INR659 per ton, a 16% year-on-year increase.7
Capacity Expansion Plans :
Clinker Debottlenecking Project : This recently announced project in Central India will increase clinker capacity to 3.3 million tons, resulting in an additional cement volume of 200,000 tons per annum. It is expected to be completed in Q1 of the 2025 calendar year.789
Gujarat Expansion : Plans for a grinding unit expansion in Gujarat are on hold pending environmental clearance (EC) from the government.1011 The company has not announced a timeline for when it expects to receive the EC.10
Total Debt from the balance sheet for the 2024 annual report : Total debt from the balance sheet is INR1,737.8 million. This is calculated by adding the non-current borrowing amount and the current portion of the non-current borrowing: 1,108.3 + 629.5 = 1,737.8.12
Total Cash & Cash equivalents from the balance sheet for the 2024 annual report : Total cash and cash equivalents are INR4,729.1 million.12
Recent developments from conference calls, including cost-saving initiatives, capacity expansion initiatives with timelines and milestones :
Cost-Saving Initiatives : The company is focusing on cost reduction and improvements in efficiency parameters.13 Specific cost-saving measures mentioned include:
Alternative Fuels (AF) : HeidelbergCement India is continuing to invest in alternative fuel projects to optimise variable costs and reduce carbon content. They are currently in the third phase of these projects.14
Green Power : The company has signed a long-term Hybrid PPA for 8 megawatts Wind and 8 megawatts Solar, which will start in the current quarter (likely Q2 FY25). They expect this to reduce power costs by around 30-35%.15
Capacity Expansion Initiatives :
Clinker Debottlenecking Project : See above for details.
Gujarat Expansion : See above for details.
The management stated that they would only hold conference calls once a year unless there was something substantial and material to announce.
currently decently valued at $90 EV/ton.
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