Considering the spread of the COVID-2019 pandemic, social distancing norms and the relevant guidelines and circulars of the Ministry of Corporate Affairs (MCA), the 84th Annual General Meeting (AGM) of ACC Limited (ACC/Company) was organised on July 6, 2020, via video conferencing. Martin Kriegner, Non-Executive Director of the Company, successfully chaired the AGM while other Board of Directors and the shareholders joined the meeting via videoconference.
Shareholders exercised their voting rights electronically, through remote e-voting /e-voting services administered by National Securities Depository Limited (NSDL).
Apart from approving the standalone and consolidated Annual Financial Statements for the year 2019, shareholders confirmed the payment of interim dividend @ Rs. 14/- per equity share amounting to Rs. 262.90 crore, which has already been paid to the shareholders of the Company.
Highlights of ACC’s performance in 2019 were shared with the shareholders. Despite the subdued economic environment, ACC net sales increased by 6% to Rs. 15,343 crore and its premium range of cement products delivered strong double-digit volume growth. ACC ready mix concrete business with a total of 90 plants continued to record strong growth of 12% in volume terms and 13% revenue growth over the previous year. Focused cost reduction initiatives resulted in Operating EBITDA improvement of 18% and Profit After Tax at Rs. 1,378 crores, a 35% improvement over the previous year.
To mitigate the impact of the coronavirus pandemic, ACC has executed a robust business continuity plan focused on Health, Cost, and Cash. Currently, all ACC plants and grinding units are operating while continuing to maintain strict health and safety protocols. ACC is a debt-free company and has sufficient cash reserves to meet its financial obligations, with a comfortable liquidity position.
On the recommendation of the Nomination & Remuneration Committee and the Board, shareholders approved the appointment of Sridhar Balakrishnan as Managing Director & CEO for a period of five years ending February 20, 2025.
The Shareholders also approved the re-appointment of Martin Kriegner and Vijay Kumar Sharma and the appointment of Neeraj Akhoury as Non-Executive Director of the Company.