HeidelbergCement India announced that the 62th Annual General Meeting (AGM) of the company will be held on 27 September 2021.

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The Board of HeidelbergCement India at its meeting held on 18 August 2021 has appointed Jyoti Narang (holding DIN 00351187) as an Additional Director in the category of Non-Executive Independent Director of the Company for a term of five years from 18 August 2021 until 17 August 2026 subject to the approval of the shareholders at the ensuing Annual General Meeting.

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The cement maker has entered into power purchase agreement, share subscription agreement and shareholders agreement with Lalganj Power (LPPL) on 10 August 2021 for subscribing to 3,636,364 equity shares of Rs 10 each, or 4.2% equity of LLPL at a premium of Rs 3.2 per share aggregating to Rs 4.80 crore in order to procure around 22 Gigawatt hours per annum of solar power under captive arrangement for operating its plant located at Village Madora, District Jhansi, Uttar Pradesh, India.

This will meet ~25% of the annual electricity demand of HeidelbergCement India's Jhansi plant. The electricity will be economical compared to existing sources and will partially replace electricity purchased under short term open access and from grid.

The electricity supply is likely to start from quarter ending December 2021 and will meet c. 25% of the annual electricity demand of the company's Jhansi plant. The electricity supply will be economical compared to existing sources and will partially replace electricity purchased under short term open access and from grid.

The expected CO2 savings by sourcing solar energy would be c. 400,000 tonnes over the life of the contract and is another milestone in reducing CO2 footprint.

Jamshed N Cooper, managing director, said: HeidelbergCement India reaffirms its commitment to reduce carbon emissions and spearhead in its sustainability initiatives.

HeidelbergCement India is is a subsidiary of HeidelbergCement Group, Germany. The company has its operations in Central India at Damoh (Madhya Pradesh), Jhansi (Uttar Pradesh) and in Southern India at Ammasandra (Karnataka). The company increased its capacity to 5.4 million tones p.a. through brown field expansion of its facilities in Central India in 2013. The new manufacturing capacity has enabled the company to increase its market share in Central India i.e. Madhya Pradesh and Uttar Pradesh and in markets of Bihar, Haryana and Uttarakhand.

The company's net profit rose 40.27% to Rs 68.65 crore on a 35.47% increase in net sales to Rs 550.38 in Q1 FY22 over Q1 FY21.

The scrip rose 0.90% to currently trade at Rs 262.85 on the BSE. On a year-to-date (YTD) basis, the stock has added 15.66% while the benchmark Sensex has gained 14.49% during the same period.

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Net profit of HeidelbergCement India rose 40.27% to Rs 68.65 crore in the quarter ended June 2021 as against Rs 48.94 crore during the previous quarter ended June 2020. Sales rose 35.47% to Rs 550.38 crore in the quarter ended June 2021 as against Rs 406.27 crore during the previous quarter ended June 2020.

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