Bigbloc Construction Ltd Reports Net Profit of Rs. 7.70 Crore in Q3FY23
BigBloc Construction Limited, has reported consolidated net profit of Rs. 7.70 crore (PAT margin 15.5%) for Q3FY23, growth of 81.6% Y-o-Y as compared to the net profit of Rs. 4.24 crore (PAT margin 8%) in Q3FY22. Total income during Q3FY23 ended December 2022 was reported at Rs. 49.55 crore. EBITDA for Q3FY23 stood at Rs. 13.31 crore (EBITDA Margin 26.9%), rise of 79.3% as against EBITDA of Rs. 7.42crore (EBITDA Margin 14%) in Q3FY22. EPS for Q3FY23 stood at Rs. 1.09 per share, rise 81.2% Y-o-Y. Company is also setting up two Greenfield projects with a combined capacity of 8 lakh cubic meter per annum – 5 lakh cubic meter per annum plant at Wada, Palghar (Maharashtra) and 3 lakh cubic meter per annum in joint venture with Thailand’ SCG Group Kapadvanj Ahmedabad (Gujarat). Post completion of both expansion, company’s total capacities will increase to 13.75 lakh cbm per annum making the company one of the largest players in the country. Company also expects to generate around 2.5 to 3 lakh tons of carbon credit every year post the expansion. During the quarter, joint venture company - Siam Cement Big Bloc Construction Technologies Pvt. Ltd acquired 60,000 sqmtrland at Kapadvanj, Khdea district near Ahmedabad, Gujarat. Company is setting up 3 lakh cubic meter per annum plant for ALC Panels and AAC Blocks. SCG is one of the largest cement and building material company in South East Asia and will hold 48% in the joint venture with 52% being held by Bigbloc Construction Limited. The plant is expected to start commercial production in Calendar Year 2023. Company had achieved financial closure for Wada facility expansion in the month of July 2022.Total capex for the Wada project is estimated to be around Rs. 65 crore and company is eligible for 60% subsidy for the project. Company expects commercial operations from the Wada facility in the month of February 2023.
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