BigBloc Construction Reports Net Profit of Rs. 30.14Crs in FY23

BigBloc Construction Limited, manufacturers of Aerated Autoclaved Concrete (AAC) Blocks, Bricks and Panels has reported consolidated net profit of Rs. 30.14 crore (PAT margin 15.0%) for the financial year ended March 2023, growth of 87.4% Y-o-Y as compared to the net profit of Rs. 16.08 crore (PAT margin 9.2%) in FY22. Total income during FY23 was reported at Rs. 200.94 crore, rise of 14.3% Y-o-Y as compared to total income of Rs. 175.78crore in FY22. EBITDA for FY23 stood at Rs. 50.84 crore (EBITDA Margin 25.3%), rise of 83.5% as against EBITDA of Rs. 27.70 crore (EBITDA Margin 15.8%) in FY22. EPS for FY23 stood at Rs. 4.28 per share. The Company has recommended 20% dividend, Rs. 0.40 per share on the face value of Rs. 2 per share for the FY 2022-23.

The Company’s wholly owned subsidiary – Bigbloc Building Elements Pvt Ltd has recently commenced commercial production of 5-lakh cubic meter (cbm) per annum 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.

Commenting on the development, Narayan Saboo, Chairman, Bigbloc Construction Ltd said, “We feel proud to inform all our stakeholders that the company is progressing well on its long-term growth roadmap. The Company has reported excellent numbers for FY23 with highest Revenue, EBITDA and Net Profit reported on a yearly basis. Company is growing strength to strength, delivering robust operational and financial performance maintaining healthy growth in revenue, margins and profitability. Strategic growth initiatives, operational efficiency and commitment to launching environment-friendly and sustainable building products will contribute healthy growth and maximise value for all stakeholders in the medium to long term. We expect the growth momentum to continue and expect to get further boost in coming years.”

For the Q4FY23, company reported consolidated net profit of Rs. 5.56 crore on total income of Rs. 47.24 crore. EBITDA for Q4FY23 was reported at Rs. 11.30 crore. In a joint venture with Thailand’s SCG Group, the company is setting up 3 lakh cbm per annum plant for ALC Panels and AAC Blocks at Kapadvanj Ahmedabad (Gujarat) and has acquired 60,000 sq mtr land for the project. The plant is expected to start commercial production in FY23-24.

“Wada project is eligible for 60% subsidy from the state government and the company has invested Rs. 48 crore so far in Phase I. Post completion of all expansion, the company’s total capacities will increase to 13.75 lakh cbm per annum making it the largest manufacturer of AAC block in the country. The Company will be in a better position to serve the growing demand of AAC blocks in Western India and strengthen its leadership position in the AAC block space in India. The Company expects to generate around 2.5 to 3 lakh units of carbon credit every year post expansion," said Mohit Saboo, Director & CFO, BigBloc Construction Ltd.