BigBloc Construction’s net profit dips 30% in Q1 FY24, Real Estate News, ET RealEstate

August 27, 2023

NEW DELHI: BigBloc Construction, a manufacturer of aerated autoclaved concrete (AAC) blocks, bricks and panels, has reported a dip of 29.93% in its net consolidated profit during the quarter ended June 30, 2023. Its profit after tax stood at Rs 5.90 crore in Q1 FY24 as against Rs 8.42 crore it registered in the corresponding quarter of the previous fiscal, the company said in the regulatory filing.

The company’s net consolidated total revenue stood at Rs 54.93 crore, a dip of 1.21 per cent from Rs 55.60 crore it recorded in the similar quarter last year.

Narayan Saboo, chairman of the company said, “All our future projects at Kapadvanj (Gujarat) and Wada (Maharashtra) are progressing as scheduled. We expect the growth momentum to get further boost in coming quarters and aim 20-25% sales growth for FY24.”

The company’s joint venture company with Thailand’s SCG Group, SIAM Cement Big Bloc Construction Technologies has placed an order for supply of Machinery & Technical Services for setting up its Kapadvanj Plant for manufacturing of AAC Blocks. The company is setting up 3 lakh cbm per annum plant for ALC Panels and AAC Blocks at Kapadvanj Ahmedabad (Gujarat). The company has acquired 60,000 sq meters land for the project and completed banking tie-up for financing the project. The plant is expected to start commercial production in FY 2023-24.”

Bigbloc Building Elements, a wholly owned subsidiary, has recently commenced commercial production for AAC Block plant at Wada in Palghar, Maharashtra to meet growing demand of AAC blocks in Western India. At full capacity, Wada plant is expected to generate revenues of Rs. 200 crore per year and will employ around 350-400 people at the plant.

“The company has successfully completed Phase I of the Wada project and invested around Rs. 48 crore. We expect to start work on Phase 2 in the current financial year itself. Post completion of all expansion, the company’s total capacities will increase to 13.75 lakh cbm per annum. The company expects to generate around 2.5 to 3 lakh units of carbon credit every year post expansion,” said Mohit Saboo, director & CFO of the company.

  • Published On Aug 2, 2023 at 05:00 PM IST

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