Binani Cement Reported Higher Price Realization; Turnover Increased by 48%, EBITDA Stood at Rs. 306 Crores
HIGHLIGHTS of FY 08-09 :
- Gross realization per metric tonne for FY 08-09 gone up to Rs. 3717 as compared to Rs. 3680 for the corresponding period FY07-08
- ENet Sales stood at Rs. 1489 Crores reported an increase of 52%
- Volume grown to 48 Lacs ton, reported a growth of 50%
- EBITDA for FY 08-09 reported Rs. 306 Crores and PAT Rs. 109 Crores
- Gross Block stood at Rs. 1791 Cores
- Dividend declared @ 21%
Mumbai, April 23, 2009 : Binani Cement Limited, Rs 1700 crores cement major & the flagship subsidiary of Rs. 2500 crores Braj Binani Group today announced the results for the 12 months period ending March 2009. The company has registered an impressive turnover of Rs. 1730 crore for FY 08-09, registering a growth of over 48%.
FY 2008-09 vs. FY 2007-08
- Net Sales up by 52% for the FY08-09 at Rs. 1489 Crores as compared to Rs 978 Crores for the corresponding period FY07-08.
- Net realization excluding excise duty per metric tonne for FY 08-09 gone up to Rs. 3227 as compared to Rs. 3136 for the corresponding period FY07-08
Commenting on the Company’s performance and future growth strategies, Mr. Vinod Juneja, Managing Director, Braj Binani Group said,“Binani Cement performed well in the FY 08-09 despite a weakening rupee and Forex fluctuation loss on account of increase in imported coal prices. Despite cost pressure, Binani Cement managed higher realization due to 50 per cent growth in sales volume. The company has executed a long term contract for supply of coal from Indonesia for its coal requirements for its Captive Power Plants which will show a saving in input cost in coming fiscal year. Company’s policy to hedge supply and avoid speculating gains or losses has given a firm stand to Binani Cement and post a profit in the global downturn”
“The Company’s financial performance confirms that its strong development strategy to diversify capacities and global expansion has been based on the right assumptions and that its position in the markets of Premium OPC segment is very strong,” added Mr. Juneja.
KEY DEVELOPMENTS IN FY 08-09:
- The company has executed a long term contract for supply of coal from Indonesia to meet its requirement for captive power plants
- The company initiated activities for development of 10 Million Tonne reserves lignite mine at Nimbari Chandawatan, Rajasthan
- The company signed an MOU with the Government of Gujarat for facilitation of approvals, allocation of limestone mines etc. For the Greenfield project in Gujarat having 2.5 Million Tonne Clinker/Cement production capacity.
- Binani Cement Factory LLC (BCF)’s expansion from present 1.2 Million MT capacity to 2.0 Million MT capacity is on and expected to be completed by June ’09.
- For expansion of cement manufacturing capacity of Shandong Binani Rong’An Cement Co. Ltd. (SBRCC) from 0.50 Million MT to 3.00 Million MT, the land acquisition and project design and engineering works are in progress.
- The installation of the second phase of 2x 22.3 MW power plants is slated to be completed by June 2009, as a result of which, the company will be self sufficient for its power requirements.
- The company to set up an Eco Friendly Export Oriented (EOU) Greenfield Clinker Grinding & Packaging Unit with an installed capacity of 1 million MT p.a at Port Louis, Mauritius.
- The company launched International Quality Cement, OPC 53 Grade into the eastern markets covering entire West Bengal.