Why Ambuja Cements and ACC don’t need a merger

After a lost decade, the two Holcim-owned cement companies have got their hunger back. A leadership that’s in sync has been key.

EBITDA per tonne is a boring yet important financial ratio that’s widely used to measure profitability in cement companies. EBITDA is short for earnings before interest, taxes, depreciation and amortization. When SY (we’ll call him that as he asked not to be named), an analyst who has been tracking the cement sector for 17 years, happened to see this particular number of ACC, the country’s oldest cement maker, he was surprised. That’s putting it mildly. He was actually astounded to see the growth in ACC’s profitability. 

ACC had managed to grow this ratio faster than peers like UltraTech Cement, the …


Prince M. Thomas

Prince leads the newsroom at The Morning Context as managing editor. A fascination with the written word has taken Prince to some of the leading newsrooms across the country, including The Economic Times, Dow Jones Newswires, Forbes India and Moneycontrol. In a career spanning 20 years, Prince has led teams, managed pages, projects and special editions, and has authored The Consolidators, published by Penguin Random House in 2017.

Managing Editor