Heidelberg Cement India announced Q1FY24 results:
- Revenue increased by 1% YoY driven by an increase in volume by 8% and partially offset by a decrease in prices by 7%. Decrease in prices is driven by market prices and State Goods and Services Tax (SGST) incentive that ended after a period of 10 years in February 2023.
- On a per tonne basis, total operating cost including freight decreased by 6% YoY primarily due to a decrease in fuel prices and packaging cost. The decrease in operating cost was partially offset by the decrease in prices resulting in EBITDA off Rs 772 per tonne, a decrease of 10% YoY.
- The share of alternate fuel was 6% and with the help of green power initiatives across plants, the Company's overall share of green power increased to 33%.
- As at June 30, 2023, the cash & bank balance stood at Rs 6,103 million as against interest free borrowings off Rs 2,010 million .