Nuvoco Vistas to Reappoint Hiren Patel as Director

Nuvoco Vistas Corporation plans to reappoint Mr. Hiren Patel as Director at its upcoming AGM, recognizing his leadership and extensive industry experience with Nirma Group since 1997.

by Damodharan N

Updated Jul 05, 2024

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Nuvoco Vistas to Reappoint Hiren Patel as Director

Nuvoco Vistas Corporation Limited has announced its intention to reappoint Mr. Hiren Patel as a Director, according to the notice issued for its upcoming Annual General Meeting scheduled for July 24, 2024.

Mr. Patel, who currently serves as Managing Director of Nirma Limited and Chairman of Glenmark Life Sciences Limited, has been associated with the Nirma Group since 1997. Known for his extensive experience in consumer goods, chemicals, cement, and healthcare sectors.

 Mr. Patel has played a pivotal role in the growth and strategic development of the Nirma Group. The decision to reappoint him comes as he completes his term as Director, having attended all scheduled Board meetings during the fiscal year 2023-24.

Shareholders will vote on his reappointment alongside other agenda items, including the ratification of remuneration for Cost Auditors for the fiscal year 2024-25.

Read the Full AGM Notice Here

Nuvoco Vistas Annual Report

Nuvoco Vistas Corporation Limited is a leading manufacturer and retailer of building materials in India. It is part of the Nirma Group and has a strong presence in the cement, ready-mix concrete (RMX), and modern building materials segments. The company operates across eastern, northern, and western India, with its headquarters in Mumbai.

Key Highlights

Key Highlights encapsulate the most significant achievements of eth company, within a specific period, offering a concise overview of noteworthy milestones that share holders might have missed in the previous financial year. 

  1. Market Position: Nuvoco is among the top cement players in India, with a significant market share in the eastern region.
  2. Capacity: The company has a total installed cement capacity of approximately 23.81 million tonnes per annum (MTPA).
  3. Production Facilities: Nuvoco operates 11 cement plants, including integrated units and grinding units, with a strong emphasis on sustainability and efficiency.
  4. Sustainability: Focus on reducing carbon footprint through various initiatives, including the use of alternative fuels and raw materials (AFR) and increasing the use of renewable energy.

Financial Performance

Financial Performance refers to the evaluation of a company's profitability, efficiency, and overall health based on its financial statements, providing insights into its fiscal achievements and challenges.

  1. Revenue: The company reported a revenue of INR 10,057 crore for the financial year 2023-24.
  2. Profit: Net profit stood at INR 467 crore, reflecting robust operational performance.
  3. EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) was recorded at INR 2,168 crore, indicating strong profitability.
  4. Debt: The company managed to reduce its net debt by INR 1,200 crore, showcasing financial prudence and effective cash flow management.

Standalone Financial Statements (` in crores)

Particulars

FY 2023-24

FY 2022-23

Change (%)

Revenue from operations

8,939.23

8,581.52

4.17%

Other income

119.97

97.79

22.67%

Total Income

9,059.20

8,679.31

4.37%

EBITDA

1,219.64

917.29

32.96%

Total Expenses

8,851.30

8,811.54

0.45%

Profit / (Loss) before exceptional item and tax

207.90

(132.23)

257.22%

Exceptional item

-

238.22

-

Profit / (Loss) before tax

207.90

(370.45)

156.13%

Tax expenses

54.87

(460.62)

111.91%

Profit after tax

153.03

90.17

69.69%

Other comprehensive income

(2.11)

0.56

(476.79%)

Total comprehensive income

150.92

90.73

66.37%

Consolidated Financial Statements (` in crores)

Particulars

FY 2023-24

FY 2022-23

Change (%)

Revenue from operations

10,732.89

10,586.17

1.38%

Other income

33.49

13.21

153.41%

Total Income

10,766.38

10,599.38

1.58%

EBITDA

1,657.20

1,223.59

35.40%

Total Expenses

10,560.45

10,838.82

(2.57%)

Profit / (Loss) before exceptional item and tax

205.93

(239.44)

186.02%

Exceptional item

-

405.80

-

Profit / (Loss) before tax

205.93

(645.24)

131.92%

Tax expenses

58.56

(661.10)

108.86%

Profit after tax

147.37

15.86

829.18%

Other comprehensive income

(2.85)

1.91

(249.21%)

Total comprehensive income

144.52

17.77

713.23%

Management's Discussion and Analysis

Management's Discussion and Analysis (MD&A) is a section in a company's annual report where management discusses the financial performance, market conditions, and future outlook of the business.

  1. Market Dynamics: The cement industry in India is expected to grow steadily, driven by infrastructure development, urbanization, and housing demand.
  2. Operational Efficiency: Nuvoco has implemented various measures to enhance operational efficiency, including technological upgrades and cost optimization strategies.
  3. Challenges: The company faces challenges such as fluctuating raw material prices, regulatory changes, and intense competition in the market.

Key Strengths and Weaknesses

Key Strengths and Weaknesses highlight the core competitive advantages and challenges faced by a company, crucial for understanding its strategic position in the market.

Strengths

  • Strong market presence and brand recognition.
  • Diverse product portfolio catering to various segments.
  • Commitment to sustainability and innovation.

Weaknesses

  • Dependence on the cyclical nature of the construction industry.
  • Vulnerability to raw material price volatility.
  • High competition in the cement sector.

Future Outlook

Future Outlook outlines the strategic plans and initiatives that Nuvoco Vistas Corporation aims to implement to sustain growth and capitalize on emerging opportunities in the building materials sector.

  1. Growth Strategy: Nuvoco plans to expand its market presence by increasing its production capacity and enhancing its product offerings.
  2. Sustainability Initiatives: Continued focus on sustainability, with targets to reduce carbon emissions and increase the use of alternative fuels.
  3. Market Expansion: Exploring opportunities in new geographies and strengthening its distribution network to reach a broader customer base.

This provides an overview of Nuvoco Vistas Corporation's performance and strategic direction for the financial year 2023-24 based on the provided annual report​

Read the Full Annual Report Here 

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Nuvoco Vistas Corporation Limited 

Nuvoco Vistas Corporation Limited is a prominent building materials company in India, recognized for its commitment to safety, innovation, and sustainability. As the country's 5th largest cement group with a capacity of 25 MMTPA.

 Nuvoco leads in East India and operates 11 cement plants, 58 Ready-Mix Concrete (RMX) plants, and various offices across 85 locations nationwide. The company offers a diverse portfolio including cement, RMX, and Modern Building Materials (MBM), supported by state-of-the-art facilities like the Construction Development and Innovation Centre (CDIC) in Mumbai.

Nuvoco's products, known for their quality and adherence to global standards, cater to diverse customer needs and contribute to shaping a smarter and greener built environment.

Nuvoco Vistas to Reappoint Hiren Patel as Director - FAQs

1. What was Nuvoco Vistas' revenue from operations in FY 2023-24?

 Nuvoco Vistas' revenue from operations in FY 2023-24 is INR 8,939.23 crores.

2. How much did other income contribute to Nuvoco Vistas' total income?  

The other income for Nuvoco Vistas'  contributed to total income of INR 119.97 crores.

3. What was Nuvoco Vistas' EBITDA for FY 2023-24?  

 Nuvoco Vistas' EBITDA for FY 2023-24 is INR 1,219.64 crores.

4. What was the change in Nuvoco Vistas' total comprehensive income from FY 2022-23 to FY 2023-24?  

Nuvoco Vistas' total comprehensive income from FY 2022-23 to FY 2023-24 is Increased by 66.37%.

5. How many cement plants does Nuvoco Vistas operate?  

Cement plants Nuvoco Vistas operate are 11 plants.

6. What is Nuvoco Vistas' total installed cement capacity?  

 Nuvoco Vistas' total installed cement capacity is Approximately 23.81 million tonnes per annum (MTPA).

7. How much did Nuvoco Vistas reduce its net debt by in FY 2023-24?  

Nuvoco Vistas  to reduced its net debt by in FY 2023-24 is INR 1,200 crore.

8. What was Nuvoco Vistas' profit before tax in FY 2023-24?  

Nuvoco Vistas' profit before tax in FY 2023-24 is INR 207.90 crores.

9. What percentage change did Nuvoco Vistas see in its EBITDA from FY 2022-23 to FY 2023-24?  

Nuvoco Vistas  percentage change increased by 32.96%.

10. What was Nuvoco Vistas' total expenses in FY 2023-24?  

 Nuvoco Vistas' total expenses in FY 2023-24 by INR 8,851.30 crores.

11. What was the percentage change in Nuvoco Vistas' revenue from operations from FY 2022-23 to FY 2023-24?  

The percentage change in Nuvoco Vistas' revenue from operations increased by 4.17%.

12. What was Nuvoco Vistas' net profit in FY 2023-24?  

Nuvoco Vistas' Net profit in FY 2023-24 is INR 153.03 crores.

13. What was the exceptional item amount for Nuvoco Vistas in FY 2022-23?  

The exceptional item amount for Nuvoco Vistas in FY 2022-23 is INR 238.22 crores.

14. How much did Nuvoco Vistas' tax expenses amount to in FY 2023-24?  

Nuvoco Vistas' tax expenses amount to INR 54.87 crores.

15. What was the change in Nuvoco Vistas' total comprehensive income from FY 2022-23 to FY 2023-24?  

 Nuvoco Vistas' total comprehensive income increased by 66.37%.

16. What was Nuvoco Vistas' consolidated revenue from operations in FY 2023-24?  

 Nuvoco Vistas' consolidated revenue from operations is INR 10,732.89 crores.

17. What was the percentage change in Nuvoco Vistas' total comprehensive income from FY 2022-23 to FY 2023-24?  

 The percentage change in Nuvoco Vistas' total comprehensive income increased by 713.23%.

18. How many Board meetings did Mr. Hiren Patel attend during FY 2023-24?  

Mr. Hiren Patel attended 6 out of 6 during FY 2023-24. 

19. What is Mr. Hiren Patel's shareholding in Nuvoco Vistas?  

 Mr. Hiren Patel's shareholding in Nuvoco Vistas is  3,34,36,478 equity shares, constituting 9.36% of total paid-up capital.

20. What committees is Mr. Hiren Patel a member of in other companies?  

 Mr. Hiren Patel a member of in other companies Corporate Social Responsibility Committees in multiple companies.

21. Which company's financial statements did Nuvoco Vistas ratify during its AGM?  

Nuvoco Vistas will ratify the Audited Standalone and Consolidated Financial Statements.

22. What is the focus of Nuvoco Vistas' sustainability initiatives?  

 Nuvoco Vistas' sustainability initiatives are Reducing carbon footprint and increasing use of renewable energy.

23. How many directorships does Mr. Hiren Patel hold in addition to Nuvoco Vistas?  

Mr. Hiren Patel Director in multiple companies, including Nirma Limited and Glenmark Life Sciences Limited.

24. What was Nuvoco Vistas' total income in FY 2023-24?  

Nuvoco Vistas' total income in FY 2023-24 is INR 9,059.20 crores (Standalone), INR 10,766.38 crores (Consolidated).

25. What was Nuvoco Vistas' profit after tax in FY 2023-24 on a standalone basis?            

Nuvoco Vistas' profit after tax in FY 2023-24 is INR 153.03 crores.

26. What is the percentage change in Nuvoco Vistas' EBITDA on a consolidated basis from FY 2022-23 to FY 2023-24?  

The percentage change in Nuvoco Vistas' EBITDA on a consolidated basis increased by 35.40%.

27. What is the primary area of Mr. Hiren Patel's expertise according to his resume?  

 The primary area of Mr. Hiren Patel's expertise is Business development and brand leverage.

28. Which regions does Nuvoco Vistas primarily operate in?  

Nuvoco Vistas primarily operate in Eastern, Northern, and Western India.

29. What business segment does Nuvoco Vistas have a strong presence in?  

The business segment of  Nuvoco Vistas are Cement and modern building materials. 

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