BigBloc Construction Ltd Reports Record FY23 Performance with Expansions and Green Initiatives
Surat (Gujarat), May 29, 2023: BigBloc Construction Limited, one of India’s largest manufacturers of Aerated Autoclaved Concrete (AAC) blocks, bricks, and panels, has delivered a record-breaking performance for the fiscal year 2022-2023. The company posted a net profit of Rs. 30.14 crore, marking a remarkable 87.4% year-on-year growth compared to Rs. 16.08 crore in FY22. With a total income of Rs. 200.94 crore, an increase of 14.3% from Rs. 175.78 crore in FY22, BigBloc continues to show strong operational and financial performance.
The company’s EBITDA for FY23 surged 83.5%, reaching Rs. 50.84 crore, with a margin of 25.3%. Earnings per share (EPS) for the year stood at Rs. 4.28, up 88.5% from Rs. 2.27 in FY22. The Board of Directors has recommended a dividend of 20%, amounting to Rs. 0.40 per share on the face value of Rs. 2.
Expansion and Strategic Growth
BigBloc Construction has undertaken significant expansions, with its wholly-owned subsidiary, BigBloc Building Elements Pvt Ltd, launching a new 5-lakh cubic meter per annum AAC block plant at Wada in Palghar, Maharashtra. This new facility is expected to generate revenues of Rs. 200 crore per year upon reaching full capacity and will create jobs for 350-400 people.
The company is also working in a joint venture with Thailand’s SCG Group to set up a 3-lakh cubic meter per annum plant for AAC panels and AAC blocks at Kapadvanj near Ahmedabad, Gujarat. This facility is expected to begin commercial production in FY23-24. BigBloc has already acquired 60,000 sq meters of land for this expansion.
Carbon Credit Initiatives
As part of its commitment to sustainability, BigBloc Construction aims to generate 2.5 to 3 lakh carbon credits per annum once all its expansion projects are completed. The company is the only one in the AAC segment to generate carbon credits, underscoring its focus on eco-friendly building materials.
Green Energy and Renewable Initiatives
In line with its sustainability goals, BigBloc is also investing in solar energy. The company has installed 450 KW solar rooftop projects at its Umargam and Kapadvanj plants, which will cover approximately 33% of the power requirements at both locations. This move aligns with BigBloc’s ongoing efforts to reduce carbon footprints and increase reliance on renewable energy sources.
Financial and Operational Highlights
For Q4 FY23, BigBloc reported a consolidated net profit of Rs. 5.56 crore on total income of Rs. 47.24 crore. EBITDA for Q4 was Rs. 11.30 crore. The company’s capacity utilization for Q4FY23 stood at 80.11%, and the full-year capacity utilization was 83.44%.
Despite the seasonal impact of Holi and temporary labor shortages at construction sites, the company made significant strides in marketing and expanding its client base. New clients like Shapoorji Pallonji and Reliance Industries Limited at their Jamnagar site have been added to the company’s portfolio. BigBloc has also increased its marketing presence in Maharashtra and Gujarat, strengthening its team and market outreach.
Future Outlook
Mr. Narayan Saboo, Chairman & Managing Director of BigBloc Construction Ltd, expressed his pride in the company’s achievements: “We are on track with our long-term growth roadmap, having reported our highest-ever revenue, EBITDA, and net profit in FY23. With robust operational efficiency, sustainable products, and a strategic focus on expansion, we are confident of continuing this growth momentum in the coming years. The Wada project and other expansion efforts will solidify BigBloc’s position as the largest manufacturer of AAC blocks in India.”
Mr. Mohit Saboo, Director & CFO, emphasized that post-expansion, BigBloc will be able to serve the growing demand for AAC blocks in Western India and reinforce its leadership in the market.
About BigBloc Construction Ltd
BigBloc Construction Ltd is India’s leading manufacturer of AAC blocks and related products, with an installed capacity of 8.25 lakh cubic meters per annum. Known for its eco-friendly, lightweight, soundproof, fire-resistant, and cost-effective AAC blocks, the company markets its products under the brand name ‘NXTBLOC’. BigBloc’s clientele includes major real estate players like Lodha, Adani Realty, and Oberoi Realty.
For more information, visit www.bigbloc.in.
Rajneesh Singh is a journalist at Asian News, specializing in entertainment, culture, international affairs, and financial technology. With a keen eye for the latest trends and developments, he delivers fresh, insightful perspectives to his audience. Rajneesh’s passion for storytelling and thorough reporting has established him as a trusted voice in the industry.
