The facility has revised its fiscal year-end operating projections upward as supply arrangements cover the vast majority of its concentrate requirements. Strong quarterly performance pushed first-half operating profit to Rs 2,033 crore, positioning the business to achieve nearly two-thirds of its annual EBITDA projection. Even as operational throughput climbs, normalized sulphuric acid prices are projected to compress long-term operating margins back toward standard baseline levels.
Key points
Kutch Copper has achieved a turnaround from an operating loss of Rs 320 crore to an opera…: Kutch Copper has achieved a turnaround from an operating loss of Rs 320 crore to an operating profit of Rs 2,033 crore.
Management expects long-run profit margins to settle near 5% despite hitting roughly 8.6%…: Management expects long-run profit margins to settle near 5% despite hitting roughly 8.6% in the September quarter.
The company has already attained approximately 65% of its full-year EBITDA guidance targe…: The company has already attained approximately 65% of its full-year EBITDA guidance target of Rs 3,100 crore.
Sources checked by our analysis pipeline: 1
“As far as the procurement of raw material is concerned, we have not seen any significant challenge in terms of what we are hearing otherwise in the market, because we have some of the long-term contracts tied up to a significant part of our requirement,” said Manan Vakharia, head of finance at Adani Enterprises.
Kutch Copper, housed within Adani Enterprises as one of the group’s incubation businesses, commissioned its smelter in 2024. As one of only two major operational copper smelters in the country, it is ramping up towards its initial capacity of 500,000 tonnes.
“We have already tied up approximately 50%-60% of our requirement (of concentrate) on the long-term basis, and on a short-term basis, another 20% is already contracted,” Vakharia told analysts after the company’s quarterly earnings.
The assured supply of raw material will help the company raise capacity utilisation to 80%-85% by March, Vakharia said. In July, the company had guided that utilisation would reach 75% by the end of the fiscal year.
Kutch Copper operated at 64% utilisation in the September quarter, producing 80,200 tonnes of…
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