Ambuja Cements, ACC and Sanghi Industries Limited

Q3 FY '25 Earnings Conference Call

January 29, 2025

MANAGEMENT

MR. AJAY KAPUR

MR. VINOD BAHETY

CHIEF EXECUTIVE OFFICER

CHIEF FINANCIAL OFFICER

MR. DEEPAK BALWANI - HEAD INVESTOR RELATIONS

MODERATOR

MR. PARVEZ QAZI - NUVAMA

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Ambuja Cements Ltd., ACC Ltd. and Sanghi Industries Ltd.

January 29, 2025

Moderator:

Ladies and gentlemen, good day, and welcome to the Ambuja Cements Limited Q3 FY '25

Conference Call. As a reminder, all participant lines will be in the listen-only mode and there

will be an opportunity for you to ask questions after the presentation concludes. Should you need

assistance during the call, please signal an operator by pressing star then zero on your touchtone

phone. Please note that this conference is being recorded.

I now hand the conference over to Mr. Parvez Qazi from Nuvama. Thank you, and over to you,

sir.

Parvez Qazi:

Thank you, Sagar. Good afternoon, everyone, and thank you for joining the call. Without much

delay, I will transfer the call to Mr. Deepak Balwani, Head of Investor Relations. Mr. Deepak,

over to you.

Deepak Balwani:

Yes. Thank you, Parvez. On behalf of Ambuja Cements, I extend a very warm welcome to all

the participants on the third quarter FY '25 earnings call. Ambuja Cements Limited is one of the

India's leading cement companies and a member of the diversified Adani Group, the largest and

the fastest-growing portfolio of diversified sustainable businesses. Our financial results, investor

presentation and press release are now available on stock exchanges and company website.

Before we begin the call, I would like to give a short disclaimer. This call may contain some of

the forward-looking statements, which are completely based on our belief, opinion and

expectation as of today. These statements are not a guarantee of our future performance and may

involve unforeseen risks and uncertainties.

Joining us on this call are Mr. Ajay Kapur, Chief Executive Officer; and Mr. Vinod Bahety,

Chief Financial Officer. Now let me invite Mr. Ajay Kapur to share his insightful perspective

on the quarterly results. Over to you, Mr. Ajay.

Ajay Kapur:

Thank you, Deepak. Good afternoon to all. I extend a warm welcome to each of you for joining

us in our Q3 and 9 months FY '25 earnings call of Adani Group's cement business. We continue

to strengthen our position as a market leader in the cement industry. Adani Cement is getting

stronger over time, focused on growth both organic and inorganic, along with emphasis on

operational excellence, ESG and safety parameters.

To begin with, I would like to share some of the highlights before diving into the specifics. 200-

megawatt solar power, the project in Gujarat, Khavda, has been commissioned in Q3 FY '25.

631 million tons of new limestone reserves were secured by us in this quarter. With Orient

acquisition at advanced stage, the total capacity by Q4 FY '25 to hit 104 million tons. We have

commissioned 8 new ready-mix plants in Q3 FY '25 thereby reaching a milestone of 100 ready-

mix plants.

The consolidated quarterly Y-o-Y performance, we achieved a revenue of INR 9,329 crores,

driven by strong focus on micro market management strategy, expansion of dealer network,

blended cements at 82%, increase in premium products as a percentage of trade sales volume by

400 bps to 26 percentage.

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Ambuja Cements Ltd., ACC Ltd. and Sanghi Industries Ltd. January 29, 2025

Operational costs for the quarter is at INR 4,618 per ton. This is driven by a 7% decline in energy cost owing to better fuel management and strong focus on green power. The kiln fuel costs reduced by 10% to INR1.66 from INR1.84 per 1,000 kilocal. The transportation costs declined by 6% at INR1,239 per ton on account of footprint optimization. Overall, lead distance reduced by 4 kilometers to 285 kilometers. Direct dispatch to customers increased by 700 bps to 57%.

With improvements mentioned on the cost front, EBITDA stood at INR1,712 crores at a margin of 18.4% and EBITDA per ton of INR1,038. As on December 31, the consolidated cash and cash equivalents stood at healthy INR8,755 crores.

The consolidated 9 months Y-o-Y performance, the revenue at INR25,156 crores, operational cost at INR4,520 per ton, EBITDA stood at INR4,103 crores and a margin of 16.3% and EBITDA per ton at INR881. In the best interest of time, I will not discuss the stand-alone financial performance of the listed companies separately as they are available on the stock exchanges.

Now I will share with you the progress we have made on our announced long-term strategic plan. As we plan to expand our cement capacity to 140 million tons by FY '28, we are pacing well to achieve the stated target. This has also resulted into higher cash outgo as informed above. With the acquisition of Orient Cement, our operating cement capacity will go up to 97 million tons post completion of the Orient transaction.

We are on course to commence -- commission our 4-million-ton clinker unit in Bhatapara in Chhattisgarh and associated grinding units of Sankrail, Farakka, both in West Bengal, and Sindri in Jharkhand by the end of this financial year. The grinding unit of Salai Banwa in Uttar Pradesh to be commissioned in Q1 FY '26. And the brownfield expansion of Bathinda grinding unit in Punjab, Marwar grinding unit in Rajasthan to be commissioned in Q2 FY '26.

The Kalamboli unit expansion in Maharashtra and Dahej grinding unit expansion in Gujarat, Jodhpur Penna grinding unit, Krishnapatnam grinding unit to be commissioned in Q3 of FY '26. Further clinker unit of 4 million tons at Maratha in Maharashtra and grinding unit at Warsaliganj in Bihar are also expected to be commissioned by the end of FY '26, enabling us to reach 118 million tons capacity.

We have also identified 14 additional grinding units for which land acquisitions and statutory approvals are under process, which shall enable us to hit 140 million tons by FY '28. For all the new facilities of 4-million-ton clinker line in Bhatapara, the overall project progress is at 78%. All major equipment has been received at the site and erection is in progress. Expected completion is Q4 FY '25.

For its corresponding grinding units at Farakka and Sankrail in Bengal, the overall project progress is at 87% and 82%. Major equipment has been received at site and expected completion of these units in Q4 FY '25.

For the new facility of 4-million-ton clinker line at Maharashtra, Maratha, contract has been awarded to EPC vendor, 72% of major equipment ordering has been done by the EPC partner

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Ambuja Cements Ltd., ACC Ltd. and Sanghi Industries Ltd. January 29, 2025

and 34% civil work has been completed. We expect completion by Q3 FY '26. These Kiln lines will have 42-megawatt of waste heat recovery and provision for utilizing 30% AFR.

For the new 3-million-ton clinker line at Jodhpur, which is of Penna, 85% civil work has been completed and major equipment ordering done. We expect completion by Q3 FY '26. For new facilities of 2.4 million ton grinding unit at Salai Banwa in UP, 50% civil work has been completed, and 47% delivery of major equipment has been received at the site. We expect completion by Q1 FY '26.

Major equipment ordering for roller press at Bathinda grinding unit, fly ash grinding and blending system at Kalamboli and grinding unit at Dahej in Gujarat has been completed and all the 3 projects are under execution. Contracts awarded for grinding unit at Marwar Mundwa in Rajasthan and Warsaliganj in Bihar to EPC vendor, and both projects are also under active execution.

Now I shift my focus to share some of the key initiatives being undertaken for becoming a cost leader in the cement industry. Securing major raw material at cost competitive prices and efficiency and productivity improvement capex will help further reduce cost by 8% to 10%.

First, let me discuss the steps we have taken to lower our energy costs. Our waste heat recovery capacity at the time of takeover was 40 megawatts which we are now targeting to increase to 218 megawatts by March '25. Currently, the WHS capacity is at 197 megawatts. We had earlier announced our investment in 1,000 megawatts RE, which is expected to get commissioned by FY '26. On this account, 200-megawatt solar power at Khavda in Gujarat has been commissioned in Q3.

Both WHRS and solar power would ensure that 60% of our power requirements are -- of the planned 140 million tons would be through green power. However, on clinkerisation, the share of green power will further rise to 83%. This would help in reducing the power cost by around INR100 per ton by FY '28.

As previously explained, to meet our requirements, we aim to have captive coal mines. As a result, we are bidding for coal mines in the auctions being conducted by the government. A higher share of coal from captive mines and the opportunity to buy imported pet coke will further lower our fuel cost.

Driven by better fuel management and structural initiatives, our power and fuel costs have decreased 7% to INR1,262 per ton in Q3 FY '25 from INR1,355 per ton in Q3 last year. These initiatives include better fuel mix and increase in share of green power. The share of green power in power mix has increased to 21.5% from 15.8%.

The second cost item is freight and forwarding. There are three focus areas for cost reduction here: reduction in lead distance, warehouse footprint optimization and rail road mix optimization. We are targeting to reduce the lead distance by about 100 kilometers. Primary lead distance in the current quarter is 265 versus 268 and secondary lead distance is 46 versus 53. This has been done by improvement in direct dispatch, which is up by 700 bps from 50% to 57% and our network optimization.

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Ambuja Cements Ltd., ACC Ltd. and Sanghi Industries Ltd. January 29, 2025

To further optimize our cost in logistics, we have ordered 11 GPWIS rakes, of which 11 have been delivered and running in approved circuit. These rakes will enable cost-efficient clinker movement from mother plants to the clinker grinding units.

In addition to these, we have also ordered 26 BCFC rakes for safe and cost-efficient transportation of fly ash from thermal power plants to our facilities. Of these 26 BCFC rakes, 5 rakes have been delivered and another 4 are expected to be delivered before March '25.

Because of these initiatives, our logistics costs have been reduced by 6% to INR1,239 per ton in Q3 FY '25 from INR1,322 per ton in Q3 FY '24. To secure our limestone supplies in Q3 FY '25, we have won bids for another 2 mines having reserves of 631 million tons, one in MP and one in Karnataka.

In our ESG commitments, we are taking multipronged actions to meet our ambitious commitment to net zero by 2050. As a step closer to this goal, we recently partnered with Finland-based Coolbrook to implement its proprietary zero-carbon heating technology, cutting fossil fuel use in manufacturing.

To promote the circular economy, we used waste-derived resources, like fly ash, slag and waste gypsum to substitute mineral resources. We also use alternate fuels, such as municipal, industrial, agricultural and plastic wastes, to replace fossil fuels. In Q3, we used 4.8 million tons of waste-derived resources, which otherwise would have been dumped into the environment.

Water stewardship continues to be a focus area for our business. Our efforts on rainwater harvesting and recharge and other water conservation initiatives continue to keep the company multiple times water positive.

In the last quarter, the 2 companies created societal values for more than 4.75 million people by contributing to fields like health care, education, employment and sustainable livelihoods. The efforts and initiatives have resulted in improvement of ESG ratings (DJSI, CDP, Sustainalytics, MSCI). We continue to partner with global national agencies like UNGC, WEF, AFID, GCCA, BEE, etc., to further advance our journey towards sustainable and responsible business practices.

Coming on the industry outlook. The improved consumption demand in housing and infrastructure segments and increased government spendings are poised to reverse the tepid 1.5% to 2% cement demand growth during H1 of FY '25. This demand is expected to grow by 4% to 5% in FY '25, meaning H2 should be much better than H1, further supported by pro infra and housing budget in the 2025.

Ambuja Cements is well poised to benefit from these trends. The anticipated rebound in demand supported by government initiatives is likely to enhance cement sector performance in the coming quarters. Ambuja Cements will continue to grow at a faster speed than the industry.

To conclude, as I mentioned earlier at multiple occasions, Adani Cement will benefit from accelerated growth, lower costs and group synergies, all of which will contribute to lead the market and achieve sustainable performance in the near future. The pace of capex has increased, which will help to achieve targeted growth ahead of time.

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Ambuja Cements Ltd., ACC Ltd. and Sanghi Industries Ltd.

January 29, 2025

With this, now I hand over to our CFO, Vinod Bahety.

Vinod Bahety:Thank you, Ajay ji. Good afternoon, ladies and gentlemen. Good to connect with all of you at a very important junction in our journey of growth. During our earlier discussions and various presentations, we have been highlighting on the key areas of growth, cost leadership, ESG and stakeholder value creation. We continue to positively progress on this journey.

While the past 27 months since we acquired the Holcim stake, that was somewhere in September '22, the growth was fuelled with acquisitions. From March quarter onwards, you will find more and more growth coming from the organic side. Ajay ji has already given you synopsis of the various projects and the status. Details are further available on the Slide number 26 and 27 of the presentation, which has been uploaded. We should be hitting Century million tons, 100-plus million tons in March quarter and followed by going up to 118 million tons by end of FY '26, followed by 140 million tons to be achieved by 2028, which is a very clear visible plan.

The organic growth will not only add to the overall capacity but also help us increase our market share and foremost be great in terms of adding in our cost leadership journey since the new capacities, which is almost 45-50% of our current base, will be highly efficient in capex, opex, green power and railway infrastructure.

In December 2023, if you remember, we have indicated a cost reduction target of INR530 per ton, wherein we aspire to achieve and reach to INR3,650 per ton by FY '28. And we are going well on this route with investments being committed.

For example, we had announced 1,000 megawatts of RE power last year, and I'm glad to share, which we are going to discuss more in our Q&A, 200-megawatt has been up and running in December '24, and this will keep added more out of the 1,000 megawatts, with each passing quarter. And by June '26, we should be completing the entire plan of 1,000 megawatts.

I'm also excited to share our foundation work on digitization of the entire value chain from quarry to lorry, which has gone extremely well, which will bring more efficiency in operations and also become an important catalyst of our growth and EBITDA expansion.

Some of you must have already experienced the CNOC, what we say is the Cement Network Operating Centre set up in the headquarters in Ahmedabad, and we are adding more and more features to our digital platform with every passing day. I have said before, this century-old industry is getting younger and efficient by the day. I'm glad that Ambuja is making strides and leading on this important transition phase.

Our balance sheet is getting stronger by the quarter. I'm glad to share that we have achieved a net worth of almost INR63,000 crores, which was in April INR51,000 crores, so almost up by INR12,000 crores. And we remain nil debt and with the highest rating of AAA. Ambuja's tangible assets, most importantly, out of this net worth, the tangible assets are almost 75% of the net worth and in our press release also, we have highlighted 15% of this net worth is comprised of cash and cash equivalent.

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Ambuja Cements Ltd., ACC Ltd. and Sanghi Industries Ltd.

January 29, 2025

Thus, while the industry is at an exciting time, Ambuja is at the cusp of growth and EBITDA

margin expansion led by cost leadership and stronger balance sheet, which will be a key factor

in the overall stakeholder value creation.

And with this, I would now pass on the call again back to the coordinator.

Moderator:

Thank you very much. Our first question comes from the line of Amit Murarka from Axis

Capital. Please go ahead.

Amit Murarka:

Yes. So just on the operating performance, frankly, like adjusted for incentives, it seems like

quite a weak quarter operationally and in terms of EBITDA per ton, it's only INR537 per ton, if

I just remove the onetime incentive in the numbers. So just wondering why the performance has

dropped so much sequentially like it is lower realization as well as higher costs, so just

wondering about the numbers here.

Ajay Kapur:

Yes. So good question. So, if you see, we have done well on the volume growth. Overall, I think

our volume has grown by 17%. However, as you know, we also have now volume of Penna and

Sanghi in the overall consol volumes. So about 1.4 million tons is coming out of Sanghi and

Penna.

And also, the cost structures of both the companies are currently under the phase where we are

launching various initiatives to reduce cost. The capacity utilization also of these two entities is

still sub-40%. So, I think some part of that cost is obviously now coming into the consol cost of

Ambuja and ACC. Besides that, there were 4 big plants of Ambuja, and ACC, which were under

shutdown during this phase.

And some of those plants, whether it was Wadi and Kymore for ACC, Maratha and Rabriyawas

for Ambuja. Some of them were going in for retrofitting of coolers upgradation and 1 or 2 plants

were for routine maintenance. So, I think as a result of that, there was more drawdown from the

inventory. So, you also have inventory impact, and also about INR100-150 impact because of

the newly acquired assets, which are currently under ramping-up phase.

My estimate is in the next financial year, both the assets should go up, I think Sanghi earlier and

Penna because it's also in the market where it takes time to ramp up. But both of them should hit

70% plus utilization levels in the next financial year. And thereby, with our initiatives on costs

that we have launched, I think we should start seeing this coming down. So, this is more of a

one-off rather than a standard.

Vinod Bahety:

A couple of points, Amit, so that it will also pre-empt for other questions as well. See, when we

compare Y-on-Y, this is like first full-fledged quarter which will have Sanghi, Penna, Asian and

Tuticorin assets. So, like if you compare, say, December '23 versus December '24, December

'23, Sanghi was just consolidated for hardly 15-20 days of operation because in December'23,

we achieved the closing of Sanghi.

And even for the September'24 quarter, Penna was only for partial period of the quarter, when

we acquired in somewhere, 16th of August, it got effectively consolidated. So only 1.5 months

was there for September'24 quarter. So, Q-on-Q or Y-on-Y, whatever you take, this is the first

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Ambuja Cements Ltd., ACC Ltd. and Sanghi Industries Ltd.

January 29, 2025 quarter where all these 4 acquisitions, Sanghi, Penna, Asian and Tuticorin, are getting

consolidated. Therefore -- you will compare it with this background as well.

Second point, while I don't understand like in terms of how people would look at it, but

incentives are very much part and parcel of this business. And with every investment which is

being made is entitled for incentives. Even as we speak, for example, like as an Ambuja consol,

we are sitting on a larger incentive bucket of almost INR4,500 crores to be received in due

course.

And even the earlier incentives, which have been in arrears, which will be received. Therefore,

if you see even September, there has been an income of incentive for the past period. And

likewise, the good thing is that at least these cash flows are now coming back to the balance

sheet, which were lying somewhere, the working capital was getting blocked.

So therefore, given the legacies of these companies, good thing is the business is able to resolve

many of these cases because the next question will also come in terms of the direct taxation

where we have also added some of the provisions back and on -- both on the direct tax and the

indirect tax, lots of efforts are going on to basically set the disputes and resolve them and bring

the money back into the balance sheet. So, incentives plays an extremely important role in the

overall business.

Amit Murarka:

And -- but realization is also down Q-o-Q. So, I was a bit surprised with that also because we

know that there were price hikes in December, and January. I mean industry has seen

improvement, but here both ACC and now even Ambuja has reported a Q-o-Q drop?

Ajay Kapur:

So, as I mentioned, 1.4 million tons of sales in this quarter that we've reported is coming out of

markets and also consolidated of performance of companies, which earlier were almost

operating at 0% utilization in the base period. So south, Penna is almost 1 million tons. And the

prices in south are more depressed. So that is also having an impact. The December price

increases happened towards the mid of December, and you will see impact of that in the Q4.

Amit Murarka:

Sure, sure. And just quickly, could you provide the MSA volume also in the quarter, both ACC,

Ambuja?

Ajay Kapur:

Sure. So, the MSA volumes for this quarter were total about 4.5 million tons overall, more or

less equal for both the companies.

Moderator:

The next question comes from the line of Navin Sahadeo from ICICI Securities.

Navin Sahadeo:

So just to be a little more specific because on the -- if we exclude the incentives, I mean, you did

explain that incentives are part and parcel. But if we just try to like exclude the incentive,

significantly, there has been an increase in other expenses in particular. The variable cost per se

is reasonably okay. But we are seeing significant increase in the other expenses.

Even the employee cost sequential increase is very much understandable. So, wanted to just

understand how much of it could be one-off in nature here? Because sequentially, there is an

increase of almost INR330 crores in that particular line item. So just wanted to get a sense, is

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Ambuja Cements Ltd., ACC Ltd. and Sanghi Industries Ltd.

January 29, 2025

there any one-offs here? Or this is more like a maintenance run rate that we should see because

we have periodic maintenance at other kilns also?

Vinod Bahety:

Navin, good observation. And this also has the same reference to what I highlighted. When you

compare again Y-on-Y, there is a sharp jump on other expenses on account of, a: because of

consolidation of say, Penna, Sanghi and other assets here. And therefore, the fixed overheads of

those companies will get consol here, number one.

Number two, there have been a higher consumption of stores and spares and on account of

shutdown of some of the kilns, which also we had informed about the plant shutdowns and all.

So, some of these kilns like Marwar, Rabriyawas, it has gone through. And especially like for

Penna, just to keep it up and running, Ganeshpahad and Tandur also we incurred some of these

efficiency investments.

And I'm so happy that the investments have started giving very good results because Penna kilns

are operating at very good capacities. And on top of it, if you see the volume growth 17%, that

also has been on account of, say, a good level of, say, investment on the branding and marketing,

which has seen a higher investment this quarter.

And with this market share, which has been sustained and captured more with these investments,

I'm sure this will yield much more better expansion of EBITDA given that Sanghi, Penna,

Tuticorin all will now start delivering sizable volumes with the foundation work which has been

incurred for this quarter. I mean, it is a highly operating leverage business. So, like the

investment which go in one quarter will start yielding sizable returns being an operating leverage

concept in the coming quarters.

Navin Sahadeo:

Yes, helpful. And second, just a question was on the MSA volume. Ajay ji did mention that total

volumes we got from Sanghi and Penna together is about 1.4 million for the quarter. How much

would be Sanghi out of that? I mean, if you could just break up.

Ajay Kapur:

0.4 million would be Sanghi and I think -- 0.5 million is Sanghi and 0.9 million is Penna.

Navin Sahadeo:

Correct. So -- yes, yes, sorry, you did mention about that. So, Sanghi per se, I just observing

some numbers because in Q4, March quarter, it had did almost 8 lakhs, and 0.4 million is very

similar to what we saw in Q2 also. So is it still in the ramp-up phase because that's -- all said and

done, it's a 6 million ton -- 6.6 million tons clinker and 6-million-ton cement. So, Is it still being

highly underutilized? Are there challenges there of evacuation? How should one look at it?

Ajay Kapur:

No. So, Navin, very good question. As I mentioned in the previous section, Sanghi has two kilns.

We have already completely done cost optimization and shutdown optimization of one kiln.

Second kiln, as I speak to you, is currently shut down, and we are taking all major repairs and

maintenance.

One of our power plants is also under shutdown and also being taken into full repairs and

maintenance. The 37% is the Sanghi cement utilization for this quarter, which was 22% same

quarter last year. And in the sequential previous quarter, it was 23%.

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Ambuja Cements Ltd., ACC Ltd. and Sanghi Industries Ltd.

January 29, 2025

So, in the market, the growth is coming in, however, at a slightly lower pace. But I'm very

confident that with all these repairs and maintenance, which was very much needed, I think by

March end, these assets should start delivering almost 80%, 85% utilization. So, there is no issue

on evacuation. There's purely issue on maintenance, and that's also some of the money which

has gone in this quarter in our shutdown expenses.

And Penna, I like to mention what my colleague, Vinod, just mentioned, the clinker utilization

of Penna is as high as 78% already. However, the cement utilization is sub-40%, which it takes

time to ramp up because, mind you, both Sanghi and Penna, we have transited to Ambuja and

ACC brands, which are obviously selling in category A versus the previous brands, which were

selling in category B and C.

So obviously, that needs substantial investments in the market. We are also putting more troops

on the ground, so that needs more hiring in the front-line sales and then brand and distribution

investments.

Moderator:

The next question comes from Ashish Jain from Macquarie.

Ashish Jain:

Sir, firstly, on growth. So, if we look at the volumes of 16.5 million tons adjusted for Sanghi and

Penna because I think they were not there in the base quarter, then the growth is much tepid at

around only 6%, 7%. Is that how we should look at it? Or do you think there is something missing

here?

Ajay Kapur :

Ashish, thanks for asking that question. The way to look at it is the utilization of Ambuja and

ACC, if I remove the others, is near 80%. Last year same quarter, it was 76%. So, we have --

the industry in the quarter 3, we believe should have grown around 5%. So, the traditional

volume that we have, where there is no new capacity, it has grown at about 7%, which is slightly

higher than the industry growth. And wherever we are having new capacity, we have grown

much more at 11%. So, I think that's a mix. It's a very logical mix.

Ashish Jain:

Okay, okay. Sir, secondly, looking at the numbers, so I understand your point on consol numbers.

But if I look at Ambuja standalone also, that also is showing a significant jump in costs both on

a sequential basis and very flattish cost on a Y-o-Y basis. So other expenses bit, I think, is what

you explained in terms of repair and maintenance and all which includes Ambuja facility as well.

But apart from that also looks like costs have inched higher on both sequential and Y-o-Y basis.

Can you...

Ajay Kapur:

So, what happens, Ashish, this I think I'll address for others also who'll come in the queue. I

mentioned this last time also. Increasingly, we have to look at Ambuja as a consol balance sheet

because when Ambuja does its business, it looks at the -- we cannot look at some of parts. We

look at the whole.

And at a whole level, we try and optimize each area, for example, Penna assets immediately in

the first quarter of -- second quarter, we have taken it to 78%. Whereas the Sanghi, we have not

been able to take because of some plant-related issues. So, I would rather focus on overall

Ambuja cost because that's the way I look at the balance sheet now.

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ACC Ltd. published this content on February 04, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 04, 2025 at 16:02:08.882.