May 31, 2025

To,
National Stock Exchange of India Limited BSE Limited
Scrip Code: ACC Scrip Code: 500410

Sub: Notice of 89th Annual General Meeting and Integrated Annual Report for the
Financial Year 2024-25

Dear Sir/Madam,

This is to inform that the 89th Annual General Meeting (“AGM”) of the Company will be held
on Thursday, June 26, 2025 at 10:00 a.m. (IST) through Video Conferencing (“VC”)/ Other
Audio Visual Means (“OAVM”) in accordance with the applicable circulars issued by the
Ministry of Corporate Affairs and the Securities and Exchange Board of India.

Pursuant to Regulation 34(1) of Securities and Exchange Board of India (Listing

Obligations and Disclosure Requirements) Regulations, 2015, we are submitting
herewith the Integrated Annual Report containing the Notice of AGM and Business
Responsibility and Sustainability Report for the Financial Year 2024-25 which is being
sent only through electronic mode to the Members, who have registered their e-mail
addresses with the Company/Depositories.

The Integrated Annual Report containing the Notice is also uploaded on the Company’s
website at [Link].

Please take the same on record.

Thanking you,

Yours faithfully,
For ACC Limited
PARIKH Digitally signed by
PARIKH BHAVIK PARESH
BHAVIK Date: 2025.05.31
PARESH [Link] +05'30'

Bhavik Parikh
Company Secretary & Compliance Officer

Encl: as above

ACC LIMITED
Registered Office:
Adani Corporate House
Shantigram, S. G. Highway, Khodiyar,
Ahmedabad – 382 421, Gujarat, India
Ph +91 79-2656 5555
[Link]
CIN: L26940GJ1936PLC149771
 Cement

STRENGTH
WITH
RESILIENCE

ACC Limited
Integrated Annual Report 2024-25

Green India's Most Trusted Pioneering Committed to

Products Cement Brand Digitalisation Net-zero by 2050
Strength
is what we strive for With a deep sense of
responsibility and a commitment
to sustained development, we
have built a core infrastructure
platform – one that grows
alongside India and contributes
meaningfully to its progress.
Our approach sets new industry
benchmarks through scale,
strategic capital deployment,
innovative project development,
and rapid execution. All of
this while ensuring that our
expansion remains responsible,
sustainable, and inclusive,
Resilience
benefiting not just our defines us Our ‘Hum Karke
stakeholders but the nation Dikhate Hain’ spirit
as a whole. gives us the strength
to navigate challenges
with determination and
adaptability. It allows
us to learn, grow, and
turn obstacles into
opportunities, always
striving to do better.
With each challenge, we
emerge stronger and more
committed to serving
our stakeholders and
contributing to a
brighter future.
Contents
Portfolio Overview
Approach to
Integrated
The Adani Portfolio of Companies 6

Corporate Overview
Performance Highlights FY 2024-25
ESG Performance FY 2024-25
About ACC
20
22
26
Reporting
Product Portfolio 29
Introduction to the Report Reporting Frameworks Reporting Scope
Business Model 38 and Boundary
ACC Limited, part of the The Report has been prepared
Message from the Chairman 40 diversified Adani Group, is proud in accordance with the guiding This Report comprises qualitative
CEO’s Message 44 to present its Integrated Annual principles and content elements of and quantitative information on
Report. The Report aligns with the IIRC’s Framework. It aligns with the performance of ACC for the
Statutory Reports the Integrated Reporting (IR) leading national and international reporting period from April 1, 2024
Strategic Review
Management Discussion and Analysis 190 Framework of the International frameworks, including the to March 31, 2025 (FY 2024-25).
Strategic Priorities and Progress 50 Integrated Reporting Council (IIRC), Global Reporting Initiative (GRI) Details given in the respective
Directors’ Report 228
ESG Goals and Targets 52 now under the IFRS Foundation. standards and the United Nations capital sections do not include those
Corporate Governance Report 248 ACC's Integrated Annual Report FY Sustainable Development Goals of subsidiaries, joint ventures and
Business Opportunities 54 2024-25 aims to provide a holistic (UN SDGs). The report also includes associate companies.
Business Responsibility & 297
Risk Management 58 analysis of the Company’s strategic performance indicators consistent
Sustainability Report
vision, performance, governance, with the Business Responsibility ACC's parent company - Ambuja
Stakeholder Engagement 64
and value creation in the context of and Sustainability Report (BRSR) Cements Limited had a cement
Materiality Assessment 68 Financial Statements
current external environment while guidelines issued by SEBI. capacity of 88.9 MTPA during the
Standalone 336 considering stakeholders’ insights, reporting period. The successful
ESG Overview Consolidated 452 material matters and risks that Statutory disclosures are made in completion of acquisition of Orient
impact its business over the short-, compliance with the Companies Act, Cement during April 2025 has
Financial Capital 74
medium-, and long-term. 2013, Indian Accounting Standards, subsequently added 8.5 MTPA
Manufactured Capital 84 Annexures
Cost Accounting Standards cement capacity. This along with
Intellectual Capital 98 Form AOC-1 578 The Company leverages the six (CAS), SEBI (Listing Obligations the operationalisation of 2.4 MTPA
GCCA Content Index 580 capitals - Financial, Manufactured, and Disclosure Requirements) capacity expansion at Farakka
Human Capital 108 Intellectual, Human, Natural Regulations, 2015, and the as well as 0.5 MTPA capacity
Natural Capital 124 Assurance Statement on BRSR 581 and Social and Relationship to Secretarial Standards issued by the addition through de-bottlenecking
articulate its value creation process Institute of Company Secretaries of at various plants has taken
Social and Relationship Capital 144
Notice 587 and highlight its Environmental, India. Stakeholders are encouraged Ambuja Cement Limited's total
Governance 180 Social and Governance (ESG) to review these disclosures capacity to 100.3 MTPA.
Board of Directors 184 Acronym Table 615 performance, empowering investors alongside the report’s content for
to make well-informed decisions. a comprehensive understanding. ACC's Reporting Suite
Leadership Team 186
Committed to the highest standards This ensures clarity, transparency,
BSE Scrip Code: 500410 Policy Framework BRSR
Awards and Recognitions 188 of disclosure, the Company and alignment with best practices.
NSE Scrip Code: ACC addresses all material matters
with the utmost transparency Sustainability ESG
To view this report online, please visit: D 36,480 crore and integrity. Report (FY 2024-25) Profile

[Link] Market Capitalisation* Integrated Annual Tax

Report (FY 2024-25) Transparency
*As on 31 March, 2025
Report
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Value Creation Approach

Driven by the Adani Group's Purpose – ‘Committed to building Nations with Goodness’

Utilising the Six Capitals through focused investments

Financial Manufactured Intellectual Human Natural Social and

Page 74 Page 84 Page 98 Page 108 Page 124 Relationship
Page 144

Delivered through our focused offerings under Cement and Allied product categories
Page 29

Anchored to our Four Strategic Priorities

Page 50

Responsibility performance. These statements are External Assurance

Delivering value for our Stakeholders
based on reasonable assumptions
Page 64 The Board affirms that ACC’s This Report is externally assured
and past performance and involve
Integrated Annual Report for FY as per the AA 1000 Assurance
Shareholders Government and a variety of risks and uncertainties.
Channel Partners Suppliers Community 2024-25 comprehensively addresses Standard. The organisation,
and Investors Regulatory Authorities These statements include all the
all material topics relevant to the employees and assurance providers
statements other than historical
Company. It offers valuable insights are independent agencies.
Construction Industry facts, performance highlights,
Customers Employees Media into the Company's strategies and
Professionals Associations objectives, approaches, and TUV India Private Limited has
processes for meeting stakeholder
mitigation plans. They are subject to assured the non-financial disclosures
needs and creating long-term value.
change considering developments in BRSR of this Report as per
The Board also recognises the
in the industry, geographical market International Standard on Assurance
integrity of the Report's content,
conditions, government regulations, Engagements (ISAE) 3000 (revised)
which has been developed with
laws and other incidental factors. and ISAE 3410 and the Assurance
Guided by the Adani Group's Core Values guidance from the Company's
Consequently, no forward-looking Report is annexed with this Report.
Page 7 senior management.
statement can be guaranteed,
Forward-looking Statements and actual results may vary
Courage Trust Commitment materially causing a material impact
This Report contains forward-looking
statements that reflect ACC’s views on the Company’s operations
concerning future events and and performance.

4 5
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

The Adani Portfolio of Companies

A legacy of Vision
To be a world-class leader in
Culture
Passion: Performing with
enthusiasm and energy

vision, a catalyst
businesses that enrich lives and
contribute to nations in building Results: Consistently achieving
infrastructure through sustainable goals
value creation.

for progress
Integration: Working across
functions and businesses to
create synergies

Values
Dedication: Working with
commitment in the pursuit of
The Adani Portfolio of Profile
Courage: We shall embrace new our aims
Companies embodies a Headquartered in Ahmedabad, India, the
Adani portfolio of companies was founded and
ideas and businesses Entrepreneurship: Seizing new
bold vision and enduring
impact. With strength
promoted in 1988 by visionary industrialist Trust: We shall believe in our opportunities with initiatives
Mr. Gautam Adani. Starting with the commodity and ownership
as our foundation and employees and other stakeholders
trading business under the flagship Adani
resilience as a force, we build Enterprises Limited (formerly Adani Exports Commitment: We shall stand by
businesses that sustain the Limited), the Adani portfolio of companies today our promises and adhere to high
ranks among India’s largest and most dynamic standards of business
nation’s growth and drive
business conglomerates.
sustainable progress. We
scale with purpose, navigate What Makes the Adani Portfolio of
challenges with conviction, Companies Unique?
and lead with responsibility. ƒ Market-leading position and bold investments
We are catalysts shaping in sectors critical to the Indian economy
including four key areas – transport and
a future‑ready India for
logistics, energy and utility, materials and
generations to come. metals, and various B2C sectors
ƒ Global credibility with four of the eleven
publicly-traded companies being investment
grade (IG)-rated and having a reputation as
India’s only Infrastructure Investment Grade
bond issuer

6 7
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Designed for Growth, Nation-Building and Value Creation

The Adani portfolio of companies is a world-class infrastructure and utility portfolio with a presence spanning
India’s critical sectors. With a market leadership position across the businesses and through bold investments,
innovation and sustainability efforts, the portfolio of companies is positioned for growth and shaping the

A portfolio
nation’s progress.

rooted in
purpose Flagship Infrastructure & Utility Core Portfolio Primary Industry Emerging B2C

Transport & Materials, Metal Direct to

Incubator Energy & Utility
Logistics & Mining Consumer

AGEL AESL* APSEZ Ambuja Cements4*

AEL Renewables T&D Ports & Logistics
Delivering (73.97%) (60.94%) (69.94%) (65.89%)
(67.53%)

impact at scale
ATGL2* APL NQXT1 ACC4* Sanghi4* NDTV*
Gas Discom IPP
(100%) (50.05%) (58.08%) (64.71%)
(37.40%) (74.96%)
Orient *
4

AWL6*
(46.66%) Food FMCG

ƒ ESG commitments in ƒ The Adani Portfolio plays a pivotal role in advancing India's (30.42%)
line with industry best decarbonisation goals. The Group has pledged to invest USD 100 billion
practices and credible over the next decade to support the green transition. Significant strides ANIL AAHL* Copper, GCC
New Industries Airports Aluminium PVC
global and national have been made by the companies within the portfolio to accelerate their
(100%)
ESG frameworks; decarbonisation efforts, with the aim of achieving Net Zero emissions by (100%) (100%) (100%) (100%)
overseen by a 100% 2070 or earlier, in alignment with India's Net Zero ambitions.
AdaniConneX3 ARTL Mining Services & Specialist
independent Board-level y To reduce Scope 1 emissions, the Adani Portfolio is enhancing Data Center Roads Commercial Mining Manufacturing5
ESG committee - operational efficiency, electrifying operations wherever possible,
(50%) (100%) (100%) (100%)
Corporate Responsibility adopting biofuels, and piloting hydrogen fuel cells where other options
Committee (CRC) are not feasible.
y The Portfolio's significant renewable capacity, currently at 14.2 GW
and projected to reach 50 GW by 2030, helps reduce Scope 2
Listed entity Unlisted entity *Direct Consumer
emissions by sourcing green electricity.
% Adani family equity stake in Adani Portfolio companies
y The Portfolio of Companies are also exploring waste heat recovery and
% AEL equity stake in its components
ƒ The Adani Foundation energy storage solutions, including utility-scale batteries and green
% Ambuja equity stake in its subsidiaries
has empowered over hydrogen for continuous green electricity.
9.1 million lives with y To abate Scope 3 emissions, Adani Portfolio businesses are adopting
impactful health, circular economy measures and exploring options to incentivise
nutrition, education, upstream and downstream stakeholders to reduce their emissions by
basic sanitation, offering price premiums for low-carbon products and services. 1. NQXT: North Queensland Export Terminal. On April 17, 2025, APSEZ Board has approved the acquisition of NQXT by APSEZ
women’s livelihood
y The pathway for decarbonising the last mile focusses on the 2. ATGL: Adani Total Gas Limited, JV with Total Energies
and skills development
creation of an integrated green hydrogen ecosystem, the adoption 3. Data center, JV with EdgeConnex
efforts aligned with the
of sustainable energy storage solutions, the exploration of carbon 4. Cement includes 67.53% (67.57% on Voting Rights basis) stake in Ambuja Cements Limited as on March 31, 2025 which in turn
aspirations of new India. owns 50.05% in ACC Limited. Adani directly owns 6.64% stake in ACC Limited. Ambuja Cements Limited holds 46.66% stake in
capture and utilisation (CCU) opportunities, the establishment of a
Orient Cement Limited w.e.f April 22, 2025.
carbon pricing mechanism, and the implementation of pilot projects
aimed at reducing hard-to-abate greenhouse gas emissions. 5. Includes the manufacturing of Defence and Aerospace Equipment
6. AWL Agri Business Limited: AEL to exit Wilmar JV, diluted 13.51% through Offer For Sale (January 13, 2025), residual stake dilution
is pursuant to agreement between Adani & Wilmar Group. | Promoter’s holdings are as on March 31, 2025.

8 9
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Empowering the ADANI 4 GW 210+ MW 2.25 GW

nation, sustaining
ENTERPRISES cell and module data center tied-up WTG manufacturing
LIMITED manufacturing capacity capacity capacity
India’s largest
business incubator 5,000+ 8
the planet Lane-KM airports network

road projects

Commitment to Sustainable Progress

The Adani portfolio of companies does not just represent diversification, they Net zero Tax transparency Renewable Waste managed through
are market leaders in their respective industries. With extensive operations commitment audit Energy Recycle and Reuse
across India and dominance in key sectors, these businesses are integral 2070 or earlier  24% of electricity mix 99%
to India’s economic progress, making them assets of national importance.
Through pioneering sustainability efforts and investments, they continue to
champion national progress while building a sustainable future.
Commitment to the Nation’s Progress

` 31,838 crore Why it matters?

Contribution to the nation’s
Capex in FY 2024-25 in utility and self-reliance and growth alongside
infrastructure-focussed segments including addressing the logistics and energy
next-generation businesses transition challenges.

10 11
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

ADANI PORTS ADANI GREEN

AND SPECIAL Handles 27% Large, diversified ENERGY LIMITED 14,243 MW 50,000 MW
ECONOMIC of India’s total cargo share marine fleet One of the world’s
largest and fastest
India's largest RE portfolio Targeted Operational Capacity
ZONE LIMITED Operating in MEASA* waters by 2030, on a secured growth
growing RE
path backed by resource-rich
30,000 MW
India's largest *Middle East, Africa, South Asia
companies
Integrated sites. Represents 10% of India’s
Transport Utility ~633 MMT Pan India presence Developing world’s largest RE non-fossil fuel capacity target
cargo handling capacity MMLPs, warehouses, agri-silos, rakes and trucks plant at Khavda in Gujarat

Commitment to Sustainable Progress Commitment to Sustainable Progress

SBTi/Net zero Tax transparency audit UNGC participant IBBI SBTi/Net zero Tax transparency audit UNGC participant IBBI
commitment commitment

2040    2050   

Commitment to the Nation’s Progress Commitment to the Nation’s Progress

` 8,315 crore Why it matters?

To create one of the world’s largest
50 GW Why it matters?
To support India’s net zero by 2070 ambition
Capex in FY 2024-25 towards expanding ports, Integrated Transport Utility companies with Of fully secured RE capacity creation target, through accelerated RE capacity creation
railways, roadways, multi-modal logistics parks, an extensive network that enables efficient, including at least 5 GW of energy storage by 2030 with the lowest-cost green electron.
warehouses, grain silos, marine flotillas and SEZ cost-effective movement of goods, boosting
infrastructure. the competitiveness of Indian industries.

ADANI TOTAL
ADANI ENERGY GAS LIMITED 53* 125* 3,401
SOLUTIONS 26,696 ckm 3.18 million India’s largest city geographical areas Districts installed EV charging points
LIMITED transmission network power distribution customers gas distributor of gas supplies
India’s largest
private-sector
One of the Largest
transmission and 22.8 million 14%* Biomass Facility
distribution company
smart metering portfolio addressable population in Uttar Pradesh, India

Commitment to Sustainable Progress

Commitment to Sustainable Progress
SBTi/Net zero Tax transparency audit UNGC participant IBBI
SBTi/Net zero Tax transparency audit UNGC participant IBBI commitment
commitment
2070   
2050   

Commitment to the Nation’s Progress

Commitment to the Nation’s Progress
Evolving Why it matters? USD 375 million Why it matters?
To lead India's energy transition
As India's leading integrated energy solutions provider with interests in: Address Indian energy Secured for network development: (of decarbonisation and net zero) by
ƒ Transmission: Majority RE evacuation projects market evolution including ƒ PNG pipelines for homes, industries and commerce delivering affordable, reliable low-carbon
ƒ Distribution: Becoming a supplier of choice and increasing RE share energy transition and grid ƒ CNG and LNG stations for transport consumers energy solutions across sectors.
ƒ Smart metering: Advancing grid modernisation and RE integration modernisation alongside
ƒ Cooling Solutions: Pioneering efficient cooling solutions meeting growing demand. * Including JV, IOAGPL

12 13
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

AMBUJA AWL AGRI

CEMENTS Iconic and Most Trusted 100+ MTPA* BUSINESS Amongst 5,000 2.1/121
LIMITED
LIMITED*
India’s second-largest
cement brands cement
India’s largest edible
India's MTPD million
manufacturing
cement manufacturer capacity
oil brand and a
leading packaged
largest edible oil
refinery capacity
retail outlets/
households reach
foods player port-based edible
oil refinery

Commitment to Sustainable Progress

SBTi/Net zero Tax transparency audit UNGC participant IBBI
Commitment to the Nation’s Progress
commitment
ƒ AWL has a capacity of over 5.5 Million MT (MMT), Why it matters?
2050   
which is ~25% of India Edible Oil consumption. Meeting the rising demand for healthy,
safe and high-quality food for a healthy
ƒ One of the very few Food & FMCG players to invest in
growing nation.
Commitment to the Nation’s Progress large manufacturing capacities, ensuring consistent
supply of high quality, hygienic packaged foods
40 MTPA Why it matters?
To address India’s rising cement demand,
ƒ Commitment of setting up world-class
Cement projects underway, aiming manufacturing facilities
driven by infrastructure projects and rising
for 140 MTPA capacity by 2028 housing and commercial needs.

*The Company had a cement capacity of 88.9 MTPA during the reporting period. The successful completion of
acquisition of Orient Cement during April 2025 has subsequently added 8.5 MTPA cement capacity. This along
with the operationalisation of 2.4 MTPA capacity expansion at Farakka as well as 0.5 MTPA capacity addition
through de-bottlenecking at various plants has taken the Company’s total capacity to 100.3 MTPA.

NDTV
ADANI POWER LIMITED
Among India’s
Global viewership 88+ million
LIMITED NDTV 24x7: 65 countries; Combined presence across
most trusted
India’s largest
private-sector thermal India’s largest 17,550 MW media companies NDTV India: 10 countries; and
NDTV Profit: 5 countries.
all social media platforms
power producer single-location private operational capacity
thermal IPP (Mundra)

Commitment to the Nation’s Progress

Commitment to Sustainable Progress With a commitment to unbiased, in-depth Why it matters?
reporting, NDTV brings stories that truly matter, NDTV is a significant player in Indian
SBTi/Net zero Tax transparency audit UNGC participant IBBI media due to its long-standing
ensuring integrity and accuracy remain at the
commitment reputation for credible, independent,
heart of our journalism.
    and fearless journalism. Its commitment
From cutting-edge analysis to on-ground
to unbiased reporting and high editorial
reporting, NDTV’s coverage has resonated deeply
standards makes it a trusted news
with viewers across the nation. This commitment
Commitment to the Nation’s Progress source in an era of misinformation.
was reflected in our impactful storytelling around
major events such as the World Economic Forum
12,520 MW Why it matters?
Ensuring reliable energy for India’s dynamic economy
2025 at Davos, Lok Sabha Elections, Mahakumbh,
Additional capacity and State Elections.
with peak power demand estimated to grow from 250 GW
creation by 2030 in May 2024 to nearly 400 GW by 2031-32, which will
necessitate more than 80 GW of additional thermal
power capacity.

14 15
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Empowering every ` 74,945 ` 539 ` 12,05,710

crore crore crore
Indian, every step Total global tax and
other contributions
towards CSR for
FY 2024-25
Market capitalisation

forward Note: Consolidated Adani portfolio of companies in FY 2024-25

350 USD ~USD

million 100 71
Indians# billion# billion
Impacted by Adani’s core Investment in green Asset base ensuring resilient
infra platform energy transition by 2030 critical infrastructure and
best-in-class performance
across its life cycle

#Consolidated Adani portfolio of companies

16 17
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Consolidated FY 2024-25 Revenue Accelerating India’s Rise with Industry-Best Performance

` 2,71,664 crore
APL APSEZ AESL AEL Cargo Volume Growth Renewable Capacity Growth Transmission Network Growth
FY 2025 (` In crore) 58,906 32,383 24,447^ 1,00,365 (MMT) (GW) (ckm)

CAGR 5% 12% CAGR 16% 53% CAGR 4% 16%

AGEL ATGL Ambuja Cements
12,422 5,442 37,699

Consolidated FY 2024-25 Adjusted EBITDA

` 89,806 crore
APL APSEZ AESL AEL
FY 2025 (` In crore) 23,917 20,471 7,746 17,315 Industry APSEZ Industry AGEL Industry AESL

2016 1,072 152 2016 46 0.3 2016 3,41,551 6,950

AGEL ATGL Ambuja Cements
2025 1,593 450 2025 172 14.2 2025 4,94,424 26,696
10,532 1,179 8,645

Consolidated FY 2024-25 PAT

City Gas Distribution Volume Thermal Power Capacity Airports Passenger Traffic
` 40,565 crore (MMSCM) Growth (MW) Growth (million)

CAGR 4% 6% CAGR 7% 24% CAGR 30% 37%

APL APSEZ AESL AEL
FY 2025 (` In crore) 12,750 11,061 922# 8,018*
AGEL ATGL Ambuja Cements
2,002 654 5,158

Industry ATGL Industry APL Industry AEL

Please Note: Revenue and Adjusted EBITDA includes Other Income.
^ Includes SCA income of ` 5,064 crore in FY 2024-25 2016 10,883 582 2010 84,198 660 2022 189.0 36.9
# AESL PAT is after an exceptional item of ` 1,506 crore due to carve-out of the Dahanu power plant.
2025 15,110 993 2025 2,21,813 17,510 2025 411.8 94.4
* Due to recognition of gain consequent to OFS of stake in AWL Agri Business Limited (formerly known as Adani Wilmar Limited)
PAT - Profit after tax including profit/loss from JV | EBITDA: Earning before Interest, Tax Depreciation & Amortisation |
Adjusted EBITDA: PAT + Share of profit from JV & Associates + Current Tax + Deferred Tax + Depreciation & Amortisation +
Finance Cost + Unrealised Forex Loss / (Gain) + Exceptional Items

18 19
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Performance Highlights FY 2024-25

A Track Record of Growth

Financial Indicators Operational Indicators

Revenue EBITDA EBITDA Book Value Cement

from Operations Margin Per Share Sales Volume Cost and Profit as a Percentage of Revenue from Operations
(D crore) (D crore) (%) (D per share) (MnT)
21,762

FY 2024-25

37.93
988
22,210

35.26
20
4,134
19,959

39
870
18
18

28.89
A C E G I
3,555

17

762
16,151

753
3,205

25.53
13,786

676
14% 16% 19% 5% (5)%
2,572

2,267

10

B D F H
18% 3% 29% 0%
2020
2021
2022-23*
2023-24
2024-25

2020
2021
2022-23*
2023-24
2024-25

2020
2021
2022-23*
2023-24
2024-25

2020
2021
2022-23*
2023-24
2024-25

2020
2021
2022-23*
2023-24
2024-25
FY 2023-24

A C E G I
13% 20% 21% 4% (2)%
Profit Profit Earnings Per Average Capital Cement
Before Tax After Tax Share Employed Production Volume
(D crore) (D crore) (D per share) (D crore) (MMT)
B D F H
17% 4% 23% 1%
2,402

17,445

33.08
2,335
3,127

29.5
29.12
15,237
128

26.92
2,757

14,227

A Profit Before Tax*

1,863
2,506

124

13,507

23.77
12,125
1,430

B Cost of Materials Consumed

99
1,709

76
1,203

885

C Power and Fuel

47

D Employee Cost

E Freight and Forwarding Expense

2020
2021
2022-23*
2023-24**
2024-25

2020
2021
2022-23*
2023-24**
2024-25

2020
2021
2022-23*
2023-24
2024-25

2020
2021
2022-23*
2023-24**
2024-25

2020
2021
2022-23*
2023-24
2024-25
F Manufacturing and Other Costs

G Depreciation and Amortisation

H Finance Cost

I Other Income

*The Company had changed its financial year ending from December 31 to March 31. FY 2022-23 was for 15 months (January 01, 2022 - March 31, 2023).
Therefore, the data for FY 2023-24 and FY 2024-25 is not comparable with the figures for the 15 months year ended March 31, 2023 *Before exceptional items and before share of profit of associates and joint ventures
**Restated, refer note 63 (D) of Consolidated Financial Statement

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

ESG Performance FY 2024-25*

Ensuring Sustainable
Development
Environment
Environment Social Governance

CSR Spent Corporate Responsibility

42 crore
Committee
Dedicated committee consisting of
Gross Carbon Emissions Renewable and
D Independent Directors to oversee
sustainability and climate change
Scope 1: Green Energy
strategy, initiatives and performance
484 kg/tonne
18% CSR Beneficiaries
Independent Directors

2.1 million
Net Zero Commitment of Cementitious Material
By 2050 with targets
validated by SBTi
Scope 2: 100%
22 kg/tonne till FY 2024-25 Board Committees chaired by
Independent Directors
of Cementitious Material

Local Sourcing of Raw

Material

96.6%
Trees Planted

5.1 million
Trees Planted till from Within India
FY 2024-25

Water Positive Data Security

Training Hours
1.04x Zero
Thermal Clinker Factor
44
Training Hours per Employee
complaints
Substitution
Rate 58.2%
10.5% Circular Economy Channel Partners

12 million tonnes
57,000+
Plastic Negative
‘Good’ Rating
of Waste-derived Resources Used 7.6X in Indian Corporate Governance
Scorecard (2023) by IIAS

*Standalone

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

ESG Performance FY 2024-25

ACC’s Guiding Focus

• ACC publishes its annual • ACC has committed to Net • ACC is a member of United • ACC aligns with the Paris • ACC Limited has carried • ACC is committed
disclosure as per the Zero by 2050 with targets Nations Global Compact and Agreement’s goal of limiting out Nature Based Risk to grow 5.9 million trees
Integrated Reporting validated by SBTi committed to conduct all global temperature rise to Assessments for its sites by 2030 as part of Adani
Framework of IFRS Foundation activities in alignment with the 1.5°C aligned with TNFD framework Group's commmitment with
10 Guiding Principles World Economic Forum's
[Link] initiative to grow
100 million trees

• ACC has carried out Climate • ACC is a member of India • ACC aligns its activities • ACC's parent company has • ACC participates in CDP • ACC participates
Risk Assessment for all its sites Business & Biodiversity with the United Nations become a signatory to the annual disclosures for climate in S&P Corporate Sustainability
as per recommendations of Initiative (IBBI) for sustainable Sustainable Development transitioning industrial cluster change and water security Assessment every year
TCFD management of biological Goals (SDGs) initiative of World Economic
diversity by business Forum (WEF). Adani Group
has signed an agreement for
Mundra to be Net Zero Cluster
with Ambuja, APSEZ and ANIL
as partners

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

About ACC

Cementing a Legacy India's

ACC is synonymous with legacy Driven by its vision, an unparalleled
and trust, having established itself journey of excellence, and a
as a pioneering organisation in robust growth blueprint, ACC is
1st Cement
of Innovation
cement and ready-mix concrete shaping history while redefining
production. With nearly nine
decades of experience, ACC has
benchmarks in the cement
industry. The Company is shaping Company
consistently set new benchmarks India’s future with innovation
through innovative research and and resilience. Committed to
ACC Limited (ACC) is a part of the Adani product development, contributing
significantly to India’s growth.
maximising stakeholder value,
the Company continues to
88+ years
Group, one of the largest and fastest-growing drive progress, setting new Industry Experience
portfolios of diversified sustainable businesses. ACC possesses extensive benchmarks in excellence and
expertise in mining and as one sustainable growth.
The Company is a prominent player in the Indian
cement, concrete, and building materials sector,
of the country’s largest cement
producers, the Company has With 19 cement manufacturing
102
Ready-Mix Concrete Plants
earned a reputation for its units, 102 ready-mix concrete
with a vast manufacturing and marketing presence pioneering role in cement and plants and a highly skilled
across the country. concrete technology. workforce, ACC plays a crucial
role in the nation’s infrastructure Shaping the Future
and development. The Company’s From iconic landmarks to
commitment to environmental dream homes that stand the
sustainability is ingrained across test of time, ACC has played
its entire value chain, from mining a pivotal role in shaping the
to sales, and in the promotion of nation’s infrastructure for
alternative fuels, contributing to generations. The vibrant
one of the lowest carbon footprints legacy of innovation,
in the cement industry. customer satisfaction and
excellence has fostered
lasting relationships and
maximised stakeholder value.
As the Company evolves from
a product-centric company
to a service-driven one, ACC
empowers partners and
contractors through technical
guidance and rewarding
loyalty programmes, laying
a strong foundation for a
sustainable future.

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

About ACC Product Portfolio

Strength for
ACC, one of the cement and building materials company of the Adani Group, is a leading player in India’s cement
industry, known for its robust manufacturing capabilities, advanced technology, and strong distribution network.
Backed by the Adani Group’s integrated infrastructure and logistics expertise, ACC continues to drive growth,

Every Structure
efficiency and environmental responsibility across the sector.

Adani Cement's Presence in 31 States and UTs across 635+ Districts

100+ MTPA* Gold Range

A super premium line-up of unique products for catering to specialised applications.
Cement Capacity
Gagal
ACC Gold Water Shield ACC Concrete+
64% Ropar Darla/Suli A specially formulated Xtra Strong
Clinker Factor Rajpura
Nalagarh Asian Nalagarh cement that repels water Specially formulated cement
Bhatinda Roorkee and protects houses from with unique binding properties
leakage and seepage. and special performance
24
Dadri
Kymore
Rabriyawas additives, designed to provide
Ametha
Integrated Units ACC F2R Superfast higher endurance.
Marwar Mundwa Tikaria
Chaibasa Scientifically developed
Lakheri
Farakka with superior strength and
22 Sanghi
Navalakhi
Sindri
Sankrail
superfine quality that has a
Ambujanagar superfast setting formula.
Grinding Units Dahej
Damodhar
Bargarh
Muldwarka Kolkata
Surat Bhatapara
Panvel

11 Chanda
BCCI Jamul
Maratha
Gopalpur

Captive Ships Patas

Jalgaon
Ganeshpahad Silver Range
Wadi Tandur
Devapur Vizag A set of high-quality offerings targeted at value-conscious buyers looking for high-quality cement at affordable prices.

102 Kudithini
Thondebhavi
Krishnapatnam
Boyareddypalli
Ready-Mix Concrete
Mangalore
Talaricheruvu ACC Suraksha Power ACC Suraksha Power+
Chittapur
Plants Madukkarai Loaded with unique Developed with engineered
Cochin Karaikal strength multipliers; Particle Size Distributor
Tuticorin
providing homes (PSD) technology, its
11 with strength that
increases over time.
advanced formula along with
tamper-proof packaging,
Bulk Cement
enhances the superior quality.
Terminals Integrated Plants Ambuja Dahej
Grinding units ACC Penna
Bulk Terminal Sanghi Orient Cement
ACC HPC Long Life ACC Super Shaktimaan
1,10,000+
Blending Unit
High-performance A scientifically engineered
Channel Partners cement that forms strong cement designed to meet
Map not to scale, used for representation only
across India bonds and makes dense consumers' needs, ensuring
concrete to provide homes remain durable
*The Company had a cement capacity of 88.9 MTPA during the reporting period. The successful completion of the consumer with for generations.
acquisition of Orient Cement during April 2025 has subsequently added 8.5 MTPA cement capacity. This along long-lasting homes.
with the operationalisation of 2.4 MTPA capacity expansion at Farakka as well as 0.5 MTPA capacity addition
through de-bottlenecking at various plants has taken the Company’s total capacity to 100.3 MTPA.

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Product Portfolio

Ready-Mix Concrete (RMX) Other Innovative Solutions by RMX

Customised range of RMX to meet the specific requirements of diverse clientele, from small homes to mega projects.
1 ACC Sustainocrete 6 ACC Suraksha 11 ACC Impactresistance – Crete
2 ACC Permecrete 7 ACC Column 4&6 12 ACC Exposed Aggregate
3 ACC Shieldcrete 8 ACC Adhar 13 ACC Insulocrete
4 ACC Colorcrete 9 ACC Farsh 14 ACC UTWT (Ultra Thin White Topping)
5 ACC NEEV 10 ACC Fillcrete 15 ACC Structural Lightweight

Solutions and Products

Construction
Chemicals
The ACC LeakBlock range
of construction chemicals
gives 360° water resistance
capability to structures.

RMX Innovative Solutions (Product Range) ACC LeakBlock Cement Mix ACC LeakBlock
LB 202 Cement Coat LB 303
ACC ECOMAxX ACC Coolcrete ACC Imprintcrete
High strength and durability High durability with peak Decorative concrete that
upto 70% low embodied CO2 temperature control resembles natural materials
like stone and wood
ACC Ultivacrete ACC Feathercrete
Ultra high strength with volume Upto 70% lighter than normal ACC Suraksha
reduction upto 45% concrete with thermal and sound Water-proof concrete that ACC ADMIX
insulating property minimises leakages and ACC ADMIX range is a new-generation super
ACC Jetsetcrete is anti-corrosive plasticiser based on modified PolyCarboxylate Ether
Ultra high strength in few hours, ACC Flowcrete (PCE)-based polymer, designed to impart exceptional
with self-levelling features Self compacting and self-levelling performance in concrete.
easy-to-use concrete
ACC Fibercrete ACC ADMIX LP-4300 | ACC ADMIX MP-5400
Increased structural integrity and ACC Bagcrete ACC ADMIX HP-6500 | ACC ADMIX HVF-7900
shrinkage cracks control Sustainable and efficient concrete
delivered for small applications

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Product Portfolio

Dry Mix Range for Retail Customers Dry Mix Range for Institutional Customers
Consumer-friendly packaging and ease of use make home-building easier. This range is designed to address the primary concerns faced by institutional consumers. Available in 40 kg
packs, these products provide customised solutions to suit the various requirements of customers along the
construction cycle.

Ready Use Self-Curing Water-proof Thin Bed Jointing

Plaster 101 Plaster 200 Plaster 201 Mortar 105

ACC LeakBlock Self-Curing

Waterproof Plaster
Plaster ACC Xtra Strong
Tile Adhesive 200
LB 101
XT 111

Grout Grout Tile Tile

250 275 Fix 111 Fix 222

ACC Xtra Strong

Exterior
ACC Xtra Strong ACC Xtra Strong Tile Fibre Reinforced Premium White
Tile Adhesive
Tile On Tile Premium White Fix 333 Mortar PMM 340 Adhesive
Adhesive XT 333 Adhesive

XT 222 XT 444

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Product Portfolio

ACC Green Building Centre (GBC)

ACC continues to promote conserve 2.5 lakhs MT of natural skill gaps through mason training
05 07 09
sustainable living through its topsoil and prevent 183 MT of CO2 programmes which help to empower ACC Prestress and
Green Building Centres (GBCs), emissions during the year. local communities. ACC GBCs are Precast Boundary Wall
which facilitated the construction key to inclusive growth and promote It is designed for quick
of 43,435 affordable homes in FY Based on an innovative franchise entrepreneurship along with and easy installation and
2024-25. These centres provide model, ACC has established 51 sustainable housing. helps to significantly
eco-friendly building materials GBCs across India, including 4 With an increasing focus on accelerate construction
and construction techniques new centres in sustainability and Net Zero 2050 ACC Cement Bricks timelines. Offering notable
while generating employment FY 2024-25, directly supporting goals, ACC aims to expand its cost advantages over
An ideal choice for ACC Designer Paver
opportunities. By leveraging 17,761 livelihood generation of 1,560 GBC initiative to ensure long-term traditional alternatives, it is
construction of load-bearing Blocks
MT of fly-ash, GBCs have helped people. These centres also bridge environmental and social impact. an efficient and economical
and non-load-bearing walls, ACC Designer Paver Blocks
these bricks offer a 15-20% choice for large-scale
are extremely versatile, ideal
cost saving in wall construction boundary wall projects.
for use in high-traffic areas,
02 04 due to their uniform shape
and size. Produced using fully
building premises, pedestrian
plazas, shopping complexes
ACC Cover Blocks automatic Vibro-Compaction and other areas. With a
technology, it ensures remarkable strength of up to
ACC Cover Blocks are essential
consistent quality, reliability M-50, these paver blocks offer
for achieving an even spread
and a low breakage rate, exceptional durability and
of concrete across surfaces,
01 significantly enhancing roof
strength. It also offers excellent
enhancing efficiency of
construction projects.
resilience for a wide range
of applications.
protection to reinforcement
bars (rebars), effectively
preventing rust and corrosion. ACC Chequered Tiles 06 08 10
Designed for open areas such
as driveways and ramps, these ACC High-Strength ACC Kerb Stone Quality Control Lab
provide an excellent anti-skid Paver Blocks These versatile elements are As part of its commitment
solution. Available in a range of Manufactured using ideal for various applications, to quality assurance, ACC’s
aesthetically pleasing colours a high-capacity Vibro including road dividers and Green Building Centre houses a
and designs, it seamlessly Compaction dual-process secure locking for pavers fully-equipped Quality Control
combines functionality dry mix machine, these in landscaping projects. Lab. This facility distinguishes
with visual appeal. pavers deliver exceptional Renowned for high strength, us from other manufacturers
ACC AAC Block
strength and superior finish. precise corners and visually by ensuring rigorous testing
Lightweight and suitable Customisable to meet appealing designs, it effortlessly and strict adherence to
for institutional and large
commercial projects, the 03 specific requirements, it can
exceed M-50 MPA strength,
combines functionality
with aesthetics.
industry standards.

material is highly recommended making it extremely durable

ACC Concrete
by architects and engineers. and flexible — ideal for
Saucer Drain
It offers distinctive advantages, driveways, industrial areas and
including earthquake A concrete saucer drain is a
external pavements.
resistance, fire resistance and specialised drainage system
exceptional thermal insulation. designed to efficiently manage
Additionally, it facilitates surface water runoff.
faster construction while It is commonly used in pedestrian
significantly reducing steel areas, malls, parking lots and other
and cement costs. spaces where effective water
management is crucial.

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Product Portfolio

Pavement and Floor Construction ACC User-friendly Green Concrete Products

ACC Green Interlocking ACC Green Concrete Plain and ACC Green Drains and ACC Garden Benches ACC Prestressed Cycle ACC Concrete Tactile
and Designer Paver Blocks Chequered Tiles Manhole Covers Superior quality, multiple designs Track Tile Concrete tactile paving is designed
and Slabs Anti-skid tiles available in several Various designs and and easy to install. Red Coloured precast concrete tile to assist individuals with visual
Easy to install, maintain and aesthetically pleasing colours sizes to facilitate (for cycle tracks) size 7ft x 2ft, helps impairments or mobility challenges.
repair and can be used for and designs, easy to install, road and pavement construction. ACC Green Concrete to enhance durability, and longevity.
different traffic conditions. maintain and repair. Cover Blocks
Designer blocks also enhance the Technically superior solution to ACC Precast LightPole
aesthetics of landscapes. ACC Kerb Stone and Drain prevent corrosion of steel rebars and Precast light poles are
ACC Kerb Stone is used with or facilitates a uniform concrete cover premanufactured concrete poles
without channel cover. during construction. used for lighting purposes, offer
several benefits over traditional
cast-in-place or steel poles.

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Business Model

Built to Succeed*
Inputs Process Outcomes SDGs

Financial Capital Vision Mission Purpose Financial Capital

To be a world class To be the largest, most Committed to building
D 18,271 crore Zero D 2,201 crore leader in business innovative efficient nations with goodness. D 141 crore D 2,402 crore
Net Worth Gross Debt Capex** that enrich lives sustainable cement Dividend Payout Profit After Tax
and contribute to & building materials Values
Manufactured Capital nations in building company in the • Courage
infrastructure world, creating value
• Trust
Manufactured Capital
11 78% 11 102 through sustainable & enriching lives of
Integrated Capacity Bulk Ready-Mix value creation. people and employees. • Commitment 58.2% 94%
Units Utilisation Cement Plants Clinker Share of
Terminals Factor Blended Cement

Intellectual Capital Agility and

Intellectual Capital
D 1.13 crore 8 Simplicity Reinitiating Demand 100% 6
R&D Expenditure Collaborations Ensuring Raw
Material Security
Plants GRIHA-listed
with Institutions ISO-Certified Products
and Research Passion
Raw Material
Collaboration and Trust

Bodies Extraction

Grinding of Raw Meal

Business Activities

Marketing and Sales

Human Capital Human Capital

Outbound Logistics
Results Mining

Drying and
Culture

Services
Customers

75,465 D 1.74 crore Inbound Logistics 0.41 3,171

Integration
Total Training Spent on Employee Operations LTIFR Total Employees
Hours Training and and Workers
Development Dedication
Cement Grinding
and Storage

Natural Capital Entrepreneurship Clinkerisation Natural Capital

68 million GJ 0.55 million 4.8 million KL Taxation

10.5% 1.04x 18%
tonnes Empowerment Thermal Water Renewable and
Total Energy Total Water Administrative Burden
Consumed of Alternative Consumed Accountability Substitution Positive Green Energy
and Transparency
Fuels Rate Consumed

Social and Relationship Strategic Objectives Social and Relationship

• Accelerating growth • Leading in ESG
57,000+ I 42 crore standards
2.1 million 96.6%
• Strengthening the
Channel Spent on CSR CSR Beneficiaries Sourcing from
Iconic Brands • Delivering superior
Partners till FY 2024-25 Local Suppliers
performance

*All numbers are on standalone basis

**including acquisitions

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Message from the Chairman

Forging a Dear Shareholder, growth, driven by increased capital Highlights of FY 2024-25

expenditure, robust domestic
We are reaching greater milestones
consumption, a burgeoning digital

Resilient Future 100 MTPA

in ACC’s transformative journey,
and gig economy, an expanding,
elevating its legacy to new heights
younger and more skilled
under the far-reaching and
workforce, as well as substantial
diversified Adani Group. As a vital
investments in infrastructure and Cement Capacity Milestone
pillar of the Group's infrastructural
manufacturing. The infrastructure crossed by the Adani Group's
prowess, our cement business plays
sector, vital to realising India's Cement Business in April
a crucial role in driving the growth
economic ambitions by 2030, is 2025.
and development of our nation's
projected to require investments
infrastructure. With sustained
of approximately USD 2.2 trillion.
growth during the year under
As a key enabler of infrastructure

Our cement
review, boosting operational and
growth, the cement industry
cost efficiencies, and a focus on
stands to benefit significantly from
an innovation-driven future, we
business plays remain committed to setting new
benchmarks and maintaining our
these investments.

a crucial role in
As India advances towards its
industry leadership.
vision of ‘Viksit Bharat’, we take
immense pride in contributing
driving the growth Our strategic customer focus
includes growing our green product
to the nation’s growth story.
Our products reflect our

and development
offerings, enhancing value, and
commitment to progress, quality
strengthening our dealer-distributor
and sustainability. We crossed
network through robust brand
of our nation's engagement initiatives. Over the
past three years, we have made
the 100 MTPA cement capacity
milestone in April 2025, propelling
ACC has achieved
infrastructure.
us closer to our ambitious 140
resilient progress across these
MTPA target by
priorities, which significantly
FY 2027-28. As India’s
significant cost
contributes to the overall market
- KARAN ADANI, CHAIRMAN
leadership of the Adani Group,
fastest-growing cement business, efficiencies,
we are contributing to its growth
and, by extension, the nation's
by laying a strong, sustainable
streamlined operations
growth. We are excited to share
the diligent efforts and noteworthy
foundation for a brighter tomorrow. and enhanced
achievements of our strong,
Maximising Value Creation
delivery speed.
young team as we drive ACC’s
By leveraging our Adani growth towards a dynamic and The Adani Group's market
leadership in various allied sectors
Group's extensive prosperous future.
is proving transformative for
infrastructure, including Driving Growth ACC, driving synergies across
through Opportunities logistics, procurement, and market
ports, railways and expansion. By leveraging the
India's economic growth has been
road networks, ACC has remarkable. The nation reached
Group's extensive infrastructure,
including ports, railways, and
achieved significant its first trillion-dollar milestone 60
road networks, ACC has achieved
years after independence, with the
cost efficiencies, subsequent trillions achieved in just
significant cost efficiencies,
streamlined operations, and
streamlined operations, seven and five years, respectively.
enhanced delivery speed. Access to
This rapid progress underscores
and enhanced India's commitment to quality
Adani Group's vast energy and

delivery speed.

40 41
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

quality, optimise resource utilisation, our ESG targets. Our accelerated empowering communities and
and align with evolving green investments in renewables and driving positive change for a better
building standards, while reducing waste heat recovery systems are future. Our sustainability principles
dependence on traditional raw optimising energy costs while are integrated into all aspects
materials. Digitalisation, AI, reinforcing our commitment of our business and reflect our
automation and robotics are no to responsible manufacturing. forward-thinking vision..
longer buzzwords of the future but Additionally, securing strategic
the reality of our efficient present. limestone and coal assets is ensuring Optimistic Vision for the
long-term resource availability, Future
We are harnessing digitalisation supporting our ambitious growth As we move forward, we are
across all business functions to drive plans. Through these collective confident that we are well-placed
sustainable growth and maximise efforts, we are well-positioned to to capitalise on India's promising
stakeholder value. By integrating drive sustainable growth, create growth opportunities, supported
advanced technologies and long-term value for stakeholders, by enduring relationships and a
modernising our processes, we and strengthen ACC’s leadership steadfast commitment to sustained
continue to build a more resilient, position in the cement industry. growth. The cement sector is set
future-ready organisation. ensures compliance with laws, for significant expansion, and our
Digital ecosystem initiatives have regulations, and corporate best strategic priorities are designed to
streamlined sales operations, while practices. We prioritise transparent leverage this potential effectively.
smart dashboards have enabled communication, providing timely and
centralised, real-time project accurate disclosures to stakeholders. As part of a leading conglomerate
monitoring. Our firm commitment Further, our stakeholder engagement with a presence in complementary
Digitalisation, AI, mining resources ensures a recovery systems are optimising to cyber security ensures robust initiatives help us address businesses, we are in a greatly
steady supply of raw materials at energy costs while reinforcing protection against emerging threats, concerns and build lasting trust.
automation and nominal costs, strengthening our our commitment to responsible and we continue to leverage AI, A comprehensive risk management
advantageous position to
drive growth, deliver a strong
robotics are no competitive edge. Furthermore, we manufacturing. Additionally, machine learning and advanced framework and independent audits performance, and in turn maximise
intend to maximise the value we securing strategic limestone analytics to strengthen our business further reinforce our commitment
longer buzzwords create through synergies within and coal assets is ensuring operations. As we move forward, to operational excellence and
long-term value. Our continued
focus on excellence, innovation and
of the future but the Adani ecosphere, MSA with the long-term resource availability, we remain committed to delivering financial integrity. customer satisfaction will guide us in
parent Ambuja Cements Limited supporting our ambitious growth exceptional value, driving innovation,
the reality of our and several strategic expansions plans. Through these collective and contributing meaningfully to ACC has become India’s first
contributing meaningfully to India's
progress and building a resilient
efficient present. of our business through addition efforts, we are well-positioned to India's growth and progress. large scale cement company with future for everyone.
of raw material reserves, greenfield drive sustainable growth, create science-based net zero targets
and brownfield growth. long-term value for stakeholders and Growing Responsibly and validated by the SBTi. We are Regards,
strengthen ACC’s leadership position Sustainably continuously forging strategic
Moreover, we are embracing in the cement industry. partnerships to drive our green
digitalisation and sustainability,
We are committed to the highest Karan Adani
ethical standards, fostering a culture agenda. For us, safety leadership
integrating advanced technologies Leading with Innovation is a shared responsibility, and Chairman
of integrity, transparency and
to enhance operational efficiency Innovation is at the heart of fostering a culture centred
accountability across all levels of the
and pushing towards our ESG our operations, driving our on well-being remains our top
Company. Our robust governance
targets. We are firmly aligning commitment to expanding green priority. Our dedication extends
framework is driven by a strong and
ourselves with globally recognised product offerings while enhancing beyond operational excellence to
independent Board, Moreover, we
frameworks to ensure our ESG operational efficiency and creating meaningful social impact.
are embracing digitalisation and
disclosures and sustainability responsibility. Our R&D team and We actively contribute to healthcare,
sustainability, integrating advanced
roadmaps not only meet but infrastructure are dedicated to education, skill development, and
technologies to enhance operational
exceed international benchmarks. providing state-of-the-art testing sustainable livelihood initiatives,
efficiency and pushing towards
Our accelerated investments facilities for our plants, developing
in renewables and waste heat solutions that elevate construction

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

CEO’s message

Navigating Growth
(MTPA) of consolidated cement our stakeholders and contribute

L 21,762 crore
capacity, becoming the ninth-largest meaningfully to the nation’s
cement business globally. infrastructure development.

with Strength and

This journey over the past 30 Revenue from Operations
months has been one of aspiration, This strength with resilience
resilience, and shared purpose. has translated into superior

Resilience An achievement made possible by

the bold vision of our leadership and
the firm commitment of our teams
performance, reinforcing ACC’s
position as an industry leader.
Balancing growth with responsibility,
L 2.402 crore
Profit After Tax (PAT)

and partners across the country. we continue to create long-term

value through our community
Marking a crucial step towards and customer engagement, while
our long-term goal of achieving maintaining agility in a dynamic
140 MTPA by 2028, this milestone business environment. At the core of
is not just a measure of capacity our operations lies RESQ: Reliability, From our leadership
Our journey expansion; it is a reflection
of what can be accomplished
Environment, Safety and Quality
— principles that inform every
in manufacturing,
innovative array of
is defined by through collective effort,
disciplined execution, and a deep
decision we take.
green and premium
strength with sense of responsibility towards
nation-building. Our every
Stakeholder Value Creation
We extend our heartfelt gratitude
products, quality
resilience — accomplishment brings us closer to our shareholders for their trust excellence to our
to our vision of creating a stronger, and confidence in the Company. firm commitment to
two pillars that more sustainable India. Guided by As we move forward on our strategic
responsible operations,
our motto—'Hum Karke Dikhate
empower us Hain’—we look forward to continuing
journey, we remain committed to
unlocking sustainable, long-term we have consistently
to navigate our journey of meaningful impact
and responsible growth.
value and delivering consistent
returns for our esteemed investors
raised the bar.

dynamic Our journey is defined by strength

and stakeholders. Our razor-sharp
focus on cost efficiency, quality
market with resilience — two pillars that
empower us to navigate dynamic
excellence, ESG, and strategic
market expansion has enabled
Dear Shareholder, Our steadfast focus on health and
landscapes FY 2024-25 has been a landmark
safety remains paramount, ensuring
market landscapes while reinforcing
our leadership position. We remain
us to achieve yet another year of
resilient growth.
Our Ready-Mix Concrete (RMX)
business, with a strong network
while year in more ways than one
and we take immense pride
the well-being of our people
and the communities we serve.
agile and responsive to evolving
challenges by leveraging the
of over 100 state-of-the-art plants
During the year, we delivered the
reinforcing in showcasing our significant
achievements across various
These accomplishments reflect our
dedication to sustainable growth,
strategic synergies of the Group, highest ever Profit After Tax of
across 19 states, has been at the
forefront of India’s construction
allocating capital expenditure
our leadership facets of our business operations
operational excellence, and our
vision to create long-term value for
efficiently, optimising resources,
I 2,402 crore with the highest
ever sales volume of 42.2 million
evolution for over three decades.
In the year under review, we
to you. From our leadership in
position. manufacturing, innovative array of
all stakeholders.
and embracing technological
advancements as we continue to
tonnes, up by 14% year-on-year.
The revenue stood at I 21,762 crore,
expanded our operations with
new RMX plants, implemented
green and premium products, quality build a solid foundation for long-term operating EBITDA at I 3,061 crore
We are proud to share that the strategic cost optimisation
- V I N O D B A H E T Y, excellence to our firm commitment growth. With resilience at our
Adani’s Cement Business has crossed with a margin of 14.1%. measures, and introduced technical
W H O L E -T I M E D I R E C TO R & to responsible operations, we core, we create enduring value for
CHIEF EXECUTIVE OFFICER 100 million tonnes per annum
have consistently raised the bar.

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

CEO’s Message

training programmes to enhance contributed to a reduction in Our approach to

the quality and operational logistics costs by 12%, down to
expertise of our people. I 992 per tonne. operational risk
encompasses safety,
We have further strengthened our Risk Management
cost leadership by streamlining
environment, and
Our robust risk management
logistics operations across our framework enables us to navigate quality management
business, focusing on strategic uncertainties in the global systems aligned
modal shifts with increased sea geopolitical environment and
transport, higher direct dispatch, with international
market volatility. We remain vigilant
depot network optimisation, and in monitoring external risks and standards.
deployment of advanced GPS agile in adapting our strategies. Our ISO 45001-certified
tracking systems, resulting in Strategic sourcing of raw materials,
improved freight management securing mining leases for limestone
Occupational
and reduced logistics costs. and coal, and investment in alternate Health and Safety
Additionally, investments in GPWIS
rakes for cost-efficient clinker
fuels and energy sources mitigate
Management System,
supply chain disruptions.
movement and BCFC rakes for rigorous audits, and
efficient transportation of fly ash Our approach to operational risk integration into
from thermal power plants have encompasses safety, environment,
contributed to a more agile and and quality management systems
procurement ensure a
cost-effective supply chain. aligned with international ‘zero harm’ workplace,
Cost Leadership
standards. Our ISO 45001-certified
promoting safety for
Occupational Health and Safety
Operational expenses were Management System, rigorous employees, partners,
Talent and Technology like ‘We Care’ honour safety
Our ‘Plants of the
streamlined through a revamped audits, and integration into and stakeholders. People remain integral to our growth contributions, promoting a safe and
business structure, stringent procurement ensure a ‘zero
strategy. We work relentlessly to productive environment. Future’ programme
cost controls, and synergistic harm’ workplace, promoting
negotiations. We expanded the safety for employees, partners,
create a safe and healthy work is revolutionising
environment while prioritising On the technology front, we are
use of our Waste Heat Recovery and stakeholders.
diversity, equity, inclusion, and a leveraging digital transformation manufacturing
System (WHRS), driving significant
Uncertain Global culture of continuous learning. to enhance efficiency across the processes.
savings in power and fuel costs.
Our holistic strategy integrates value chain—from quarry to lorry.
Greater reliance on linkage and Geo-political Scenarios
impacts of global disruptions on raw leadership development, Our initiatives include AI-driven

18%
captive coal, alongside maximised In an increasingly complex global
material availability and pricing. workplace culture, and strategic planning, real-time updates via
alternative fuel usage, has further environment marked by geo-political
initiatives to strengthen our platforms such as ‘OneConnect’
optimised our overall cost structure tensions and economic uncertainty, We remain committed to long-term
position as an industry leader and and ‘Adani Cement Connect’,
and sustainability efforts. we continue to leverage our planning, balancing immediate Renewable and Green
employer of choice. and advanced analytics through
strengths in operational resilience operational needs with sustainable Power Consumed
Power BI dashboards.
A key strategic focus remains the and strategic agility. Our diversified growth. Our ability to adapt quickly
Recognising people as our greatest

Net Zero
transition towards renewable energy, supply chain, strategic inventory to evolving market dynamics is
asset, we foster collaboration, Our ‘Plants of the Future’ programme
strengthening our sustainability management, and cost optimisation reinforced by ongoing investments
agility, and efficiency while incorporates automation, robotics,
efforts. These efforts collectively initiatives help us mitigate the in technology and innovation.
prioritising Occupational Health drone technology, and AI-powered
analytics, revolutionising. 2050
and Safety. Our programmes

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

CEO’s Message

Building a Sustainable Future enables customers to meet We continue to

Our optimism for the future stems sustainability goals with tailored
from India’s accelerated economic CO2 reduction. expand our market
growth and rising construction presence, broaden
Community upliftment remains a
activity. Infrastructure development
priority, impacting over 2.1 million
our value-added
remains a strong pillar of growth,
underpinned by government policy lives. We have utilised 12 million product portfolio, and
and investment. tonnes of waste-derived resources optimise our supply
and planted 5.1 million trees in
We continue to expand our market alignment with Adani Group’s chain leveraging
presence, broaden our value-added commitment to planting 100 million digital technologies.
trees by 2030.
product portfolio, and optimise Sustainability
our supply chain leveraging digital
technologies. Sustainability remains Our sporting initiatives empower remains core to all
core to all our operations, with a grassroots talent, helping athletes our operations, with a
focus on operational excellence realise their full potential and
and strategic initiatives to create contributing to India’s sporting focus on operational
long-term value for shareholders and success. excellence and
stakeholders.
We are immensely proud of our
strategic initiatives
We uphold the highest ESG team whose dedication drives to create long-term
standards through community our growth and leadership. We value for shareholders
engagement, empowerment of also thank our Board of Directors,
people, scaling up alternative fuel business partners, customers, and and stakeholders.
use, reducing carbon intensity, and stakeholders for their continued
driving water positivity efforts. Our support as we build enduring
decarbonisation strategy includes relationships and a prosperous
waste heat recovery, renewable future.
manufacturing processes and Tuticorin grinding unit of My Home Group Synergies
energy integration, and expanding
enhancing precision and operational Cements. These acquisitions have We continue to harness the strategic Our audacious goals are set and
green product offerings such as ACC
efficiency. Cyber security remains significantly bolstered our market synergies within the Adani Group, we are ready to soar higher —
F2R, ACC Suraksha, ACC Concrete
a top priority, supported by the position, increasing the Group’s total optimising capital expenditure, expanding market share, enhancing
Plus, ACC Gold, and ACC HPC — all
Adani Group’s ISO 27000-certified cement manufacturing capacity sharing best practices, and customer experiences, and
supporting eco-friendly construction.
cyber defence and security beyond 100 MTPA. leveraging the Group’s infrastructure championing sustainability.
operations centre, ensuring strengths in ports, power, and
logistics. This collaboration With 94% of our cement portfolio
enterprise-grade protection for our Logistics improvements such
accelerates cost efficiencies and consisting of blended cement, we Regards,
information systems. as depot network optimisation,
bolsters our competitive advantage. have substantially lowered carbon
modal shifts, and deployment
Stronger On-ground Network of technology-driven transport
emissions compared to ordinary Vinod Bahety
By aligning our sustainability Portland cement. Our Green Whole Time Director & CEO
Our expanding network continues management solutions have
goals and technology initiatives Pro-certified ECOMaxX concrete
to strengthen our market presence. enhanced our supply chain
with the broader Group, we are
Ambuja Cements Limited, our efficiency and reduced costs.
able to innovate and scale faster,
parent company, successfully Our Ready-Mix Concrete operations driving enduring value creation
completed strategic acquisitions, expanded with new plants, further for stakeholders. Our shared
including Penna Cement, Orient consolidating our presence commitment to ESG principles
Cement (in April 2025), and the across 19 states. fosters a unified approach to
responsible growth.

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Strategic Priorities and Progress

Progress with ACC’s strategic priorities are focused on building resilience and ensuring
sustainability. By investing in growth, innovation, environmental

Purpose stewardship and community development, the Company aims to shape

a future rooted in progress, well-being and shared prosperity.

Strategic Pillars

Accelerating Growth Strengthening the Iconic Brands Leading in ESG Performance Delivering Superior Performance

Focus Area Focus Area Focus Area Focus Area

Strengthen market position through capacity expansion Reinforce and maximise the brand value of ACC as Reinforcing business leadership by operating responsibly, Getting the most out of the existing portfolio through
– greenfield and brownfield. a contributor to nation building. sustainably and expanding eco-friendly product-suite. premiumisation, cost efficiency, volatility management,
skill building and digitalisation of systems and processes.

D 2,267 crore Several brand D 75.5 crore 37%

initiatives launched
Spent towards Organic Spending on Share of Premium
during the year
and Inorganic Growth Sustainability and Products in FY 2024-25
(Capex/Investment) in Climate-related
FY 2024-25 Initiatives in
FY 2024-25

D 42 crore
Linkage to Material Issues Linkage to Material Issues Spent on Social Initiatives
3 4
Linkage to Material Issues
1 2
Linkage to Material Issues 13 14
5 6 7 8 9 10 11 12
Key Risks Impacting Key Risks Impacting
Strategy Strategy Key Risks Impacting Key Risks Impacting
A B C D Strategy Strategy
E F G H i J K

Progress in FY 2024-25 Progress in FY 2024-25

Progress in FY 2024-25 Progress in FY 2024-25
• 5 MTPA Ongoing Capacity Expansion Significant Impact Created through Brand
Campaigns • 18% Renewable and Green Power H 147 Reduction of Cost per Tonne

• 13,254 New Channel Partners • 1.04x Water Positive • 75,465 Total Training Hours

• 5,63,559 New IHB Customers • 2.1 million CSR Beneficiaries

• 19,119 New Engineers
• 3,70,292 New Contractors

› Our Material Issues are set out on Pages 69 to 71 › Our principal risks are set out on Pages 61 to 63

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

ESG Goals and Targets

Charting a Circular
Economy
Objectives
The Company aims to replace natural resources with alternative

Better Future
waste material.

Lead Metrics 2030 Target Performance in FY 2024-25 SDGs Impacted

ACC advances its sustainability

Waste-derived 30 million 12 million
Resources tonnes tonnes
agenda by optimising resource use,
minimising environmental impact Thermal Substitution
28% 10.5%
Rate (TSR)
and driving innovation. Guided by its
Sustainable Development 2030 (SD
2030) Plan, ACC focuses on four key
aspects of climate and energy, circular
economy, environment, and people and Water and Objectives
Nature ACC is committed to water conservation, aiming to minimise environmental
community to drive responsible growth. impact while enhancing operational efficiency. The Company also seeks to
create a positive impact on biodiversity.

ESG Ambition Lead Metrics 2030 Target Performance in FY 2024-25 SDGs Impacted

Net Zero Waste to Water Bio-diversity Zero Harm Engaged Zero Non-
Water Positive
Resources Positive Positive Positive Communities compliance 5X 1.04x
Water Positive Water Positive

Climate and
Objectives Trees Planted 5.93 million 5.1 million till FY 2024-25
The Company aims to reduce its CO2 emissions.
Energy

Lead Metrics 2030 Target Performance in FY 2024-25 SDGs Impacted

Scope 1 421 kg/tonne 484 kg/tonne People and Objectives

CO2 Emitted of Cementitious Material of Cementitious Material
Communities The Company’s rich legacy of community development and caring for its
people, pathbreaking leadership and corporate empathy contribute to
Scope 2 10 kg/tonne 22 kg/tonne societal progress.
CO2 Emissions of Cementitious Material of Cementitious Material
Lead Metrics 2030 Target Performance in FY 2024-25 SDGs Impacted
Specific Thermal 710 kCal/kg 734 kCal/kg
Energy Consumption of Clinker of Clinker Number of
3.5 million 2.1 million till FY 2024-25
Specific Electrical 62 KWh/tonne 75 KWh/tonne Beneficiaries
Energy Consumption Cement Cement
Lost Time Injury
Renewable and Green
60% 18% Frequency Rate <0.1 0.41
Energy Consumed

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Business Opportunities

Evolving and
Adapting to Indian Cement Industry
Economic growth typically triggers and infrastructure facilities, all of

Change
a wave of development and which require significant amounts of
urbanisation, as people's incomes rise, cement. As the pace of urbanisation
leading to improved living standards or accelerates, the demand for cement
migration to urban centres in search increases, prompting the industry to
of better opportunities. It often leads expand production capacities and
to the construction of residential innovate production methods.
The Indian economy has complexes, commercial establishments
registered average growth
rate of 6% for the decade
ending in 2023-24, partly India, the world's second-largest The Indian cement industry is
cement producer, has a per capita poised for significant growth,
driven by the recovery after consumption of just 250 kg — seven with installed capacity projected
the pandemic and progressive times lower than China’s 1,600 kg— to reach 850 million tonnes per
highlighting vast growth potential. annum (t/a) by 2030 and 1,350
economic reforms. Driven by sustained demand from the million t/a by 2050.2 Strong
This momentum is expected housing and infrastructure sectors, economic fundamentals, including
cement volumes are projected to robust GDP growth, India’s
to continue, supported by grow by 4-5% annually, reaching transition to a middle-income
favourable demographics, 440-445 million metric tonnes (MT) country, and an expanding
in FY 2024-25. This growth is expected working-age population, are
stable governance, robust to continue, with a further increase expected to drive cement demand.
urban and rural demand, of 6-7% annually, to reach 475-480
million MT by FY 2025-26.1 Additionally, recent income tax
technological advancements cuts and substantial capital
and substantial government expenditure plans are expected

2nd Largest
to further stimulate housing
investment in infrastructure. and infrastructure development.
The cement industry Cement Producer in the world The Cement Manufacturers’
Association (CMA) of India has set
has also benefitted a target for a CAGR of over 6% in
from the conducive installed capacity. With utilisation

686 MT
rates approaching 70%, capacity
operating environment expansion will be a key focus for
within the country. Installed Capacity producers. As a result, mergers and
acquisitions are likely to remain a
major trend in the industry.

6%
Forecasted CAGR of installed
cement capacity by CMA
1
ICRA, 2 IBEF

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Integrated Annual Report 2024-25

Business Opportunities

Continued Expansion Infrastructure Push Growth of Growth Drivers and Trends

of the Indian Economy The Union Budget for FY 2025-26 Housing Sector Population Growth Rural Development Industry Consolidation
India's economy has demonstrated has allocated capital expenditure The aspiration for home ownership, With a population of nearly 1.5 Investments Mergers and Acquisitions (~200
remarkable resilience and dynamism (capex) of I 11.21 lakhs crore, a 10% especially in the post pandemic billion, India has become one of Government projects for rural roads, MT capacity in 10 years) have
in recent years, positioning itself increase over the revised estimate period is fuelling the growth of the world’s most populous nations, schools, healthcare and sanitation enhanced the operational capacity
as one of the world's largest of I 10.18 lakhs crore (USD 116.78 India’s housing sector, across urban creating a steady and substantial facilities have expanded cement of existing players, optimised
and fastest-growing economies. billion) for FY 2024-25. The budget and rural areas. As the primary demand for housing. A significant demand in rural areas, creating new production and helped to achieve
Looking ahead to the FY 2025-26, focused on infrastructure investment consumer of cement, the housing portion of this population belongs market opportunities. economies of scale.
the economy is projected to to drive economic growth, stimulate sector currently accounts for around to the working-age group,
expand by 6.5%, driven by robust demand, and improve productivity 65% of the nation’s cement demand. further adding impetus to the Technological Advancements Environmental Sustainability
domestic demand, strategic across key sectors. Additionally, Housing, therefore, continues to real estate sector and driving its and Innovation Strict environmental regulations
government initiatives, technological Public Private Partnerships (PPPs) remain one of the major demand growth potential. Advanced manufacturing are compelling manufacturers to
advancements and a favourable are being actively encouraged drivers for the cement sector. technologies improve efficiency, adopt cleaner and sustainable
global economic environment.3 to enhance execution and boost Urbanisation and reduce costs and enhance product practices which help to reduce their
private sector participation in Infrastructure Development
infrastructure development. ~65% quality. While innovations in the carbon footprint and retain their

6.5% of India’s Cement Demand

Rapid urbanisation and government
initiatives like Smart Cities Mission,
form of green cement, ready-mix
concrete and specialty cement
competitive edge.

Forecasted GDP Growth of

Indian economy in FY 2025-26
D 11.21 lakhs crore comes from the Housing Sector PMAY and AMRUT has resulted
in the development of residential,
help to adopt sustainable practices,
it also helps to fulfil evolving
Allocated Capital Expenditure commercial and infrastructure construction requirements.
for FY 2025-26 projects, which have substantially
increased cement consumption.
Projected GDP Demand and Supply Trend
Growth
Supply Demand
(%) ACC’s Positioning
+7.6%
With rising government initiatives, and boost profitability. As awareness on emerging opportunities.
+5.6% +5.1% cement demand is set to grow 1.2– about the ecological impact of The Company has significantly
1.5 times GDP. ACC aims to surpass grows, ACC is significantly expanding expanded its production capacity

440-445
9.7

596
9.2

552

this, targeting double the industry its capacity for alternative energy and intends to steer its growth path
521
490
7.6

422

growth rate. The Company continues production to minimise the use of with an emphasis on innovation,
6.5

394
6.5

356

to support the nation’s growth vision finite resources. operational excellence and
by continuously investing in organic value creation.
and inorganic growth strategies. With India poised to become a
The Company is also embracing USD 25 trillion economy by 2050,
digitalisation to optimise operations ACC is determined to capitalise
FY22

FY23

FY24

FY25

FY26

FY 2022 FY 2023 FY 2024 FY 2025

3
Annual Economic Survey

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Integrated Annual Report 2024-25

Risk Management

Navigating Business
Uncertainty
ACC operates in a dynamic business environment, where potential risks Risk Management
could impact its strategic objectives. To address this, ACC has developed Framework
Enterprise Risk Management
a robust Enterprise Risk Management (ERM) process and internal controls (ERM) provides a structured
framework that identifies, assesses, mitigates and monitors business risks. and impartial approach to risk
assessment and management.
To ensure comprehensive risk analysis, the framework includes transaction evaluation, process implementation,
Backed by various corporate
regular reviews and monitoring of key risk indicators. The Company follows a structured approach to identifying
functions, the ERM
risks and opportunities, with each function evaluating its operation.
framework ensures thorough
identification, evaluation,
prioritisation, mitigation,
monitoring and reporting of
critical risks.
Risk Management
Process
The risk management framework Objectives
integrates risk maps, environmental of Risk
Management Risk Identification Risk Mitigation Risk Monitoring and Risk Governance
scanning and comprehensive
and Assessment Strategies Reporting
assessments. Using a 3x3 matrix
to evaluate risk severity and
The Company has a After identifying and The Company maintains ACC implements key
probability (High, Medium, Low),
structured process to assessing risks, the a strong system for control mechanisms,
each department conducts
Better Better identify and assess Company formulates monitoring and reporting adheres to relevant
detailed evaluations of current
Management Compliance risks across operations, comprehensive mitigation risks, ensuring timely guidelines, and
and future operational scopes
analysing their likelihood strategies. These strategies identification of emerging institutionalises
to identify function-specific
and impact, and prioritising include implementation threats and assessment consistent, proper
risks and opportunities. Better
them based on overall of effective controls, of existing mitigation practices. This approach
These are consolidated to provide Prevention Conform to the
Incorporate risk significance to ensure procedures and policies strategies. Regular updates ensures effective
an organisation-wide risk overview. established laws
assessment into effective risk management. to reduce both the on risk profiles, mitigation governance and enhances
For critical risks, effective mitigation and regulations.
the Company’s likelihood and impact of efforts and changes in risk operational efficiency
plans are developed and rigorously
strategic identified risks. exposure are brought to across the Company.
monitored by senior management. Identify threats
decision-making. the attention of the Board
Stringent controls are implemented and reduce and senior management.
across operations to ensure the likelihood
regulatory compliance and ensure and impact
effective business functioning. of potentially
adverse events.

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Risk Management

Legal, Regulatory, and Tax Committee Mergers & Acquisitions Committee

Supports the RMC in reviewing the Company’s Assists the RMC in evaluating the Company’s
legal, tax, and regulatory matters, as well acquisition strategy, reviewing proposed mergers,
as overseeing tax and other regulatory acquisitions, investments, or divestments, and
compliance programmes. assessing the due diligence process.

Risk Mitigation Measures

Nature of Risks Definition Mitigating Factors

Maintaining The cement industry in India comprises To mitigate this risk, ACC's parent company
Market Share both small and large players, creating Ambuja Cements Limited has devised an
a highly competitive environment. ambitious plan to reach a total capacity of 140
Risk Governance With rapid capacity expansion and MTPA by FY 2027-28, thereby enhancing its
ACC undertakes a comprehensive consolidation, the Company’s primary market position across India. Additionally, the
approach to managing internal challenge is to maintain its market Company is actively working on strengthening
and external risks. Through a position in a rapidly-evolving industry. its brand equity through innovation and
robust risk assessment process, digitalisation to remain competitive
the management is empowered and profitable.
to identify, evaluate and mitigate
risks while ensuring regulatory Comply Regulatory changes are evolving The Company has undertaken various projects
compliance and operational Risk Management Committee (RMC) with New rapidly across countries due to shifts in across its operations to control pollution and
efficiency. Central to ACC’s The Risk Management Committee the Companies Act 2013, the Regulations climate and environmental concerns. comply with the new emission standards
strategy is risk governance, which (RMC), comprising 50% Independent RMC reviews risk governance, Non-compliance with new standards for dust, SOx and NOx, as mandated by the
enables informed, strategic Directors, operates within a assessments, policies and practices, introduces significant complexity, Ministry of Environment, Forest and Climate
responses based on risk ratings. comprehensive risk management directly reporting to the Board potentially leading to reputational and Change (MoEF and CC). These initiatives aim to
Quarterly reports to the Risk framework to monitor, report, and supporting its responsibilities, financial repercussions. To address ensure adherence to environmental regulations
Management Committee, led and mitigate the risks faced by with the assistance of two these challenges, the Company utilises and minimise impact on the surroundings.
by the CEO and CFO, ensure the Company. In compliance with sub-committees. transformation, upgradation and
transparency and accountability. modification strategies, which can often
come at a hefty cost.
The Company employs both Commodity Price Risk Reputation Risk
top-down and bottom-up Committee Committee
approaches to assess risks. This sub-committee assists the It supports the Risk Management Fuel and The cement industry is both ACC prioritises long-term supply agreements
The Risk Management Committee Risk Management Committee Committee in reviewing risks Raw Material capital-intensive and energy- and to ensure business continuity by optimising
oversees the ERM process, in reviewing the risks related to related to the Company’s Security raw-material-intensive, with energy its fuel mix, enhancing plant efficiency, and
ensuring its adequacy and the Company's commodity price reputation, promoting a and raw materials accounting for increasing the use of alternative fuels such as
mitigation progress. By focusing exposures, while fostering risk culture of risk awareness while a significant portion of operating WHRS and solar. Despite challenges arising
on a maximum of two risks awareness and adherence to the upholding high standards of costs. This makes cost management from the MMDRA Act’s notification, which
per meeting, ACC ensures Code of Conduct. It develops and conduct. The sub-committee and efficiency improvements crucial imposes lease renewals and grants through
a clear, focused approach regularly reviews the Commodity also assesses and addresses for the industry's sustainability and auctions, ACC secures adequate limestone
to addressing issues and Price Risk Management (CPRM) specific issues, potential competitiveness. resources and identifies suitable blocks
implementing actionable solutions, Policy in line with prevailing conflicts of interest and other for future acquisition to maintain efficient
strengthening its ability to market conditions. reputation-related risks reported procurement of raw materials like coal,
adapt, safeguard its business and to the Committee. limestone and fly-ash.
promote sustainable growth.

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Risk Management

Nature of Risks Definition Mitigating Factors Nature of Risks Definition Mitigating Factors

Cybersecurity Cyber security is of utmost ACC operates in a secure environment and has Natural The cement industry heavily depends To mitigate risks related to natural resources,
importance within the organisation. implemented multiple advanced cybersecurity Resources on natural resources like limestone, coal ACC is enhancing its operational efficiency to
ACC continuously identifies and blocks solutions. To further protect critical and other minerals. Ensuring continuous optimise resource utilisation. The Company is
data leakages that pose a threat to information systems, air-gapped cyber-safe supply of these vital materials while also focusing on resource conservation, reuse
its information systems. At the same backup procedures have been established maintaining optimal cost and quality and recycling, with initiatives for improving the
time, plans are in place to establish to mitigate the impact of potential security standards is crucial for smooth clinker factor and thermal substitution rate,
a secure and monitored environment breaches. All IT systems undergo regular business operation. alongside investments in renewable energy
for the use of AI tools and solutions. upgrades and patching to ensure resilience and WHRS systems to reduce reliance on
As the digital landscape continues to against emerging threats. Cybersecurity non-renewable sources. Additionally, ACC is
evolve both nationally and globally, policies and procedures are periodically investing in coal and limestone mines to ensure
ACC fully embraces the need for the updated, with ongoing user education to the availability of key raw materials, aiming to
construction sector to adapt, driving reinforce adherence and minimise risks. improve sustainability, minimise environmental
the development of more efficient and The Company’s digital transformation journey impact and build a more resilient supply chain.
effective solutions. spans its entire digital landscape, integrating
robust security measures across networks,
cloud infrastructure, data centres, business
applications and cybersecurity frameworks. Energy Energy security is vital for ACC, ACC recognises the importance of mitigating
Security as it significantly impacts both the risk of energy price inflation, and one key
operations and overall production strategy is diversifying fuel sources, including
costs. With energy expenses forming the use of alternative fuels. This approach
Health and safety is fundamental to ACC places health and safety at the heart of a substantial part of production costs, not only reduces the impact of fluctuating
Health and
the sustainability of ACC’s business, its operations, continuously reviewing systems particularly during the energy-intensive energy prices but also promotes sustainability,
Safety
requiring a multidisciplinary approach and processes to improve frontline safety. processes of kilning and grinding, while the Company continually evaluates
and teamwork. It demands a high level Initiatives such as Unchaai Kendra and Life managing energy costs efficiently is energy procurement options and implements
of commitment from all stakeholders at Saving Safety Rules help raise awareness crucial for the Company. innovative technologies to enhance energy
every level of the organisation. and prevent accidents, while regular risk efficiency and operational resilience, ensuring
assessments further support onsite and offsite competitiveness in a dynamic cement industry.
efforts in ACC’s pursuit of ‘Zero Harm’.

Project Project execution is crucial to the The Company is leveraging synergies with
Execution Company's vision of reaching 140 MTPA the Adani Group’s project management arm,
Climate Climate change presents various The Company is investing in renewable by FY 2027-28, with large-scale projects which brings proven expertise in executing
Risk physical risks, including flooding, energy sources, energy efficiency initiatives already underway at multiple sites. large-scale projects. To mitigate budgetary
rising temperature and water stress. and low-carbon technologies to reduce Ensuring timely completion, maintaining concerns, the Company ensures a strong cash
Additionally, emerging and potential greenhouse gas emissions. These efforts are the highest safety and quality standards flow through internal accruals and is executing
regulations could introduce or amplify part of its commitment to sustainability and and adhering to budgetary constraints ongoing projects primarily via the EPC mode,
regulatory risks. environmental responsibility. are the top priorities for ACC's business. partnering with world-renowned suppliers.
Internal processes are being aligned with the
goal of simplification, standardisation and skill
enhancement, encapsulated in the Projects
team's 5S mantra, to achieve maximum
speed and scale.

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Integrated Annual Report 2024-25

Stakeholder Engagement

Strengthening
ACC’s stakeholder engagement is of the highest standard.
driven by a robust policy, overseen Reporting directly to the Board,
by the Stakeholder Relationship it continuously refines its charter

Relationships
Committee. Comprising solely to stay ahead of regulatory
Independent Directors, the developments and industry best
Committee operates under the practices, reinforcing ACC’s focus on
Companies Act, 2013, and SEBI transparency and stakeholder trust.
regulations, ensuring governance
ACC prioritises transparency
and integrity in stakeholder
relations to ensure meaningful
Approach to Stakeholder Process of Stakeholder
engagement, provide valuable Engagement Engagement
insights and ensure effective To fulfil the Company’s strategic ACC has a structured process to
resolution of concerns. objectives, the active engagement of identify key stakeholders through a
stakeholders is essential. It provides defined, closed-loop methodology.
Periodic engagement with valuable insights into their Stakeholders include individuals or
stakeholders enhance the expectations and ensures effective organisations directly or indirectly
resolution of concerns or grievances. affected by ACC’s activities or
Company’s understanding ACC’s stakeholder engagement those with a vested interest in its
of social, environmental and framework, guided by a robust operations. Each group’s actual
policy, aligns with international best and perceived impacts, along with
economic factors related to practices to ensure a consistent their magnitude, are assessed.
the business. The Stakeholder and standardised approach to Continuous dialogue is maintained
communication and interaction with throughout the year, across multiple
Relationship Committee, chaired diverse stakeholder groups. communication channels, gathering
by an Independent Director, insights that help refine strategies.
Regular feedback and grievance
safeguards the interests of redressal mechanisms ensure
all stakeholders. effective engagement and timely
resolution of concerns.

Categorisation
Identification of
and prioritisation
key stakeholders
of stakeholders

Outputs from stakeholder Engagement

engagement to enhance with stakeholders
strategy and action

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Integrated Annual Report 2024-25

Stakeholder Engagement

ACC's Stakeholder Universe

Stakeholders Engagement Purpose of Frequency Stakeholder Capitals Stakeholders Engagement Purpose of Frequency Stakeholder Capitals
Mechanisms Engagement Value Created Impacted Mechanisms Engagement Value Created Impacted

Shareholders •
•
Investor relations arm
Annual Report
• To strengthen
business
• Quarterly/
annually as and D 7.5 Suppliers • Supplier meets
• Periodic
• Adherence to the
supplier code of
• Continuous
interactions
96.6%
and Investors • Public disclosures conduct and when requested Dividend per assessments and conduct Local Sourcing
• Investor Meetings/ communication • One-on-one Share interactions • Strengthen business
Calls shareholder relationships
• Growth and
• Create awareness
profitability of interaction
as and when
14% for sustainable
ESG oriented Return on supply chain
business requested
Equity (RoE)
Community • Project-based • Positive • Continuous
2.1 million
Channel • Channel satisfaction
surveys
• To enhance
transparent
• Bi-annual survey
• Annual/
537 stakeholder meets
• CSR arm
engagements for
sustainable mining,
interactions
CSR
Partners communication • Community Advisory water conservation,
• Annual conferences continuous Channel Partner Beneficiaries
• Marketing meetings of products and process Panel land reclamation,
services meets and other CSR
initiatives

Government • Annual Report • Climate change • Continuous Taxes paid to Media • Media briefings • Increase • Need-based Impactful brand
-elated rules/ • Press releases transparency and
and Regulatory • Plant Visits interaction
the national • Marketing clarity in shared
initiatives
• Regulatory Compliance regulations
Authorities exchequer communication information launched
Reports • Communications
on proposed
legislations Construction • Marketing/
Conferences
• Promote advanced • Continuous
construction interactions 767
Professionals techniques, Training and
Customers • Customer Satisfaction
Surveys
• Customer
satisfaction and
• Periodically
14,750 sustainable
construction
Certification
• Formal and Informal practices, Programmes
feedback on Knowledge
Feedback services/products knowledge Held
• Technical Services Meets dissemination on
Team Camps • Understand good construction
• Products Promotion grievances and product quality
Drives • Strengthen
• Meetings/ • Knowledge • Need-based
• Grievance Redressal
System
relationship with
customer
Industry Conferences enhancement for 8
Associations • Policy papers policy interventions Partnerships
and policy advocacy
Employees •
•
Training and Seminars
Meetings and Reviews
• Work-life balance • Continuous
• Transparent interactions
3,171 on sustainable
• HR Programmes development
• Employee Satisfaction
appraisal and Employees
promotion policy practices
Surveys and Workers in value chain
• Stability of
• Departmental Given Training
Meetings internal policy
Capitals: Financial Manufactured Intellectual Natural Human Social and Relationship
• Townhall Meetings • Fair remuneration
• Internal Newsletters structure
and Magazines

Capitals:
Partnering with Industry Associations
Financial Manufactured Intellectual Natural Human Social and Relationship
ACC collaborates with various national and international associations to influence public policies and industry actions,
thereby strengthening its engagement with the broader industry landscape.

Trade and Industry Chambers/Associations

United Nations International Renewable India Business & Global Cement and Confederation of Science Based World Economic National Safety
Global Compact Energy Agency Biodiversity Initiative Concrete Association Indian Industry Targets initiative Forum Council

66 67
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Materiality Assessment

Prioritising Key Issues

Environment
ACC’s ESG framework is guided by the principle of materiality,
Material Topics GRI Topics Impacts Identified Key Performance Indicators SDGs at Play
incorporating input from both management and stakeholders to
validate key issues affecting the economy, environment and society. Climate & • Energy • Rise in global warming • Energy Consumption
(within the organisation)
The materiality assessment provides insights into significant Energy • Emissions • Increased dependency
on fossil fuels • Energy Intensity
impacts, based on a comprehensive review conducted during the • Carbon emission • Reduction of Energy
reduction Consumption
reporting period. • Reduced dependency • Direct (Scope 1) GHG Emissions
on fossil fuels • Energy Indirect (Scope 2)
• Quarrying and land GHG Emissions
• Other Indirect (Scope 3)
Materiality Process GHG Emissions
• GHG Emissions Intensity
Analyse Determine Evaluate Emphasise Authenticate
• Emissions • Deterioration of • Oxides of Nitrogen, Sulphur and
Develop a Evaluate the Assess the The leadership The updated Air Quality
human health other significant air emissions
comprehensive view actual and significance of team reviews the material topics are
• Dust and air pollution
understanding of potential impacts both positive and significance of the thoroughly reviewed
ACC’s operations, of the Company’s negative impacts, identified impacts, and finalised in
sustainability products, activities evaluating their ensuring a thorough collaboration with
Water • Water and • Reduced dependency • Total water withdrawal
context, applicable and stakeholder severity and evaluation. senior management, Effluents on natural water
laws and regulations relationships on the likelihood These impacts are ensuring Management • Water discharged
resources
• Water consumption
and business the economy, of occurrence. then categorised alignment with • Water scarcity
relationships. environment This ensures a into distinct strategic priorities.
Additionally, it and society. comprehensive material topics for
addresses the needs These impacts understanding focused action. • Waste • Industry waste • Waste generated
Circular
and expectations are systematically of their minimisation • Waste diverted from disposal
Economy
of both categorised potential effects. • Natural resource • Waste directed for disposal
internal and external as positive or conservation
stakeholders negative based
effectively. on the outcomes
of assessments • Biodiversity • Ecosystem • Operational sites with
Biodiversity
and due diligence conservation high biodiversity value
processes • Conservation efforts across
locations
conducted
throughout the year. • Species preservation
• Number of trees planted

Material Issues for Enterprise Value Creation Sustainable • Non-GRI • Reduction • Percentage of blended cement
Topic in emissions used
The Company has identified 15 material topics critical to its business and aligned them with Key Performance Construction and negative
Indicators (KPIs) to address and integrate them into the Enterprise Risk Management (ERM) framework. Additionally, environmental
ACC is committed to reviewing these material topics every two years to ensure alignment with its evolving impacts
business objectives.

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Materiality Assessment

Social Governance
Material Topics GRI Topics Impacts Identified Key Performance Indicators SDGs at Play Material Topics GRI Topics Impacts Identified Key Performance Indicators SDGs at Play

Human • Employment • Improved • Average hours of training per year Corporate • Anti-corruption • Trust and • Communication and training
• Training and productivity and per employee Transparency about anticorruption policies and
Capital performance Governance • Anti-competitive
procedures
Education • Programmes implemented and Behaviour
Development assistance provided to upgrade and Business
• Confirmed incidents of corruption
employee skills Ethics and actions taken
• Employees receive regular
performance and career • Legal actions for anti-competitive
development reviews behaviour, anti-trust and
monopoly practices
• Benefits provided to full- time
employees to take care of their • Significant fines and non-
health, family and death/disability monetary sanctions for non-
• Return to work and retention compliance with environmental
rates of employees that took laws/regulations in the social and
parental leave economic area

Diversity and • Diversity and • Increase in • Diversity of Board and employees

Equal Opportunity employment
Inclusion opportunities for
• Women representation across
Sustainable • Supplier • Environmental and • Percentage of suppliers assessed
cadres Environmental social risks across for which environmental
diverse workforce Supply Chain Assessment the supply chain and social risks assessed for
• Ratio of basic salary and
remuneration of women to men • Supplier Social • Enhanced indirect improvement
Assessment employment
• Non-discrimination • Robust policies • Total number of incidents of
Human and governance to human rights and status of
• Freedom of
Rights Association reduce risk of human corrective actions taken
rights violations Information • Customer Privacy • Gaining trust • Total number of substantiated
and Collective • Number of sites covered for
of employees complaints received concerning
Bargaining • Violations of human human rights assessment Technology and customers breaches of customer privacy
rights impacts the
• Child Labour
stakeholders and
• Trainings related to human and Data through enhanced
rights • Number of systems/processes/
• Forced or business reputation Privacy information mechanisms automated or
Compulsory Labour technology digitalised
• Security Practices
• Threat to data safety
• Occupational • Reduced incidence • Number of fatalities, Lost time due to potential
Occupational lacunae in IT
Health and Safety of occupational injuries and other incidences
Health & injuries reported systems
Safety • Enhanced employee • Initiatives undertaken to
morale and promote good health and
satisfaction educate community on
• Occupational prevention of diseases
illnesses and
exposure risks
• Reduced risk of
injury and loss of life

• Local • Indirect economic • Percentage of operations

Community Communities impacts with implemented local
Relations community engagement,
impact assessments, and/or
development programmes

• Non-GRI • Improving customer • Implementing Customer

Customer Topic experience Relationship Management and
Relationship and therefore maintain the data base
Management profitability
of business

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Capital-wise Human

Performance
Capital

See more on Social and

Page 108
Going beyond traditional financial metrics, ACC demonstrates its ability to create Relationship
value for all stakeholders through a comprehensive approach towards responsible
business growth. By strategically managing financial, human, natural and social Capital
capital, the Company focuses on resource efficiency, talent empowerment and
community development. It empowers the Company to resiliently thrive in a
dynamic landscape and create holistic impact on all stakeholders. See more on
Page 144

Manufactured
Capital

See more on
Page 84

Natural
Capital
Intellectual
Capital
See more on
Page 124

Financial See more on

Page 98
Capital

See more on
Page 74

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Focus Areas

Growth Margin Management Financial Shareholder

and Efficiency Stability Returns

• Strong growth in • Focus on cost reduction • Continue to remain debt • Value creation through
revenue driven • Leveraging synergies free despite substantial dividend issue
by robust volume between cement allocation for capex

Development and Key Initiatives

uptake and market business and the Group • Substantial growth
expansion • Increased share of in assets driven by
renewable energy commencement of new
unit operations
• Effective logistics
management

D 21,762 crore 18% D 3,593 D 7.5

Revenue from EBITDA Margin Cash and Cash Equivalents Proposed Dividend per
Operations Share in FY 2024-25

Key Performance Indicators

D 25,413 crore
39 MnT Total Asset Base D 141 crore
Cement Sales Volume Dividend Payout during
the Year
D 18,271 crore
Net Worth
6%

Ensuring
Financial
Capital

Dividend Payout Ratio

Prudent Growth
ACC has leveraged its operational excellence and cost efficiencies to deliver resilient
financial performance during the year gone by. With expanded EBITDA margins, higher Material Topics Stakeholders Impacted UN SDGs Impacted
premium product sales, a robust ground network and best-in-class working capital of
1 Economic Performance Investors and Shareholders
35 days, ACC has achieved the highest ever sales volume in a year, continues to remain
debt-free and maintains ample cash and cash equivalents to fund growth plans. 2 Procurement Practices Employees
3 Climate and Energy Channel Partners
4 Indirect Economic Impacts Suppliers

Community and NGOs

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Financial Capital

Overview Delivering Results margins and delivered robust volume

growth at a price premium. Break-up of Total
ACC leveraged its parent’s market Consistently
Operating Cost
expansion, operational excellence, The Company is consistently
ACC is harnessing digitalisation,
cost efficiency and strategic enhancing efficiencies to
automation, AI and lead distance D
synergies to report resilient financial significantly reduce costs to
reduction to drive logistics cost 16%
performance during the year. I 3,650 per MT by FY 2027-28. A
efficiencies. With a growing
Targeted market initiatives and Leveraging 65% cost synergies with 43%
presence along India’s coastline,
enhanced consumer engagement Adani Group’s market leadership in C
ACC’s parent Ambuja Cements
have led to notable volume growth. power, coal and ports, the Company 22%
operates 17 sea-based terminals
By optimising costs through group benefits from economies of scale,
and Grinding Units, including 11
synergies and business excellence efficient logistics and a reliable B
strategically located Bulk Cement
initiatives, the Company’s net raw material supply. The Company’s 19%
Terminals (BCTs). Specialised BCFC
worth has reached an all-time high parent company – Ambuja Cements
rakes and EV trucks enhance volume
of I 18,271 crore. The Company Limited has an accelerated Capex
handling while further reducing A Raw Material Costs
has reduced operating expenses, programme, funded through internal
costs. Additionally, with 40% of its
increased sale of blended, premium accruals, further supported by these B Power and Fuel Costs
Fly-ash requirements secured under
and value-added products, and growth synergies. Increased trade C Logistic Costs
long-term agreements, ACC ensures
expanded EBITDA margins in sales, premium product volumes
raw material security and retains D Other Costs*
alignment with its ambition to and value-added solutions, coupled
cost leadership in the market.
become the lowest cost cement with cost reduction and efficiency
producer in the world. ACC continues improvements, have bolstered *Other Costs include: Other expenses;
to utilise its financial expertise, cash Employee benefits expenses; Changes
in inventories of finished goods, work-in-
reserves and internal accruals to fuel progress, and stock-in-trade.
expansion plans and strengthen its
growth trajectory.
Earnings Assets Growing
Asset Base
Reduction in several expenses With ACC’s parent company - Ambuja
Growth Trajectory Revenue Cement Sales such as power, fuel, freight, etc. Cements Limited’s recent acquisition (D in crore)
from Operations Volume have led to an improvement in of Orient Cement Limited (OCL) and
The active engagement of the
Technical Support team with key (D crore) (MnT) profitability from D 2,335 crore# in Penna Cement Industries Limited

25,413
FY 2023-24 to D 2,402 crore in (PCIL), along with multiple projects

23,368#
influencers has strengthened the

20,544
FY 2024-25. Other expenses have nearing completion, ACC's parent

21,039
ground network and substantially
38.99

18,200
21,762

been reduced primarily because company - Ambuja Cements Limited's

37.93
22,210

increased trade sales volumes.

35.26
19,959

By offering value-added solutions of the implementation of a unified operational capacity has surpassed
28.89
16,151

25.53

and implementing focused business model with a new, leaner 100 MTPA in April 2025. Further, 1.3
13,786

branding strategies, the Company is structure, alongside automation Bn MT limestone reserves were
successfully expanding the share of and digitisation initiatives that have secured in FY'25, bringing total
premium products. These initiatives simplified processes. Additionally, reserves to ~9 Bn MT. Additionally,
are collectively contributing synergies with the Group Company OCL’s high-quality limestone reserves

2020
2021
3

2023-24
2024-25
2022-23
to higher volume growth and have led to better-negotiated rates are expected to act as a key enabler
enhancing the Company’s revenue wherever possible. in achieving the targeted 140 MTPA
2020
2021
2022-23*
2023-24
2024-25

2020
2021
3

2023-24
2024-25
2022-23

generation capacity. capacity by FY 2027-28.

3
The Company had changed its financial year ending from December 31 to March 31. FY 2022-23 was for 15 months (January 01, 2022 - March 31, 2023).
9
The Company had changed its financial year ending from December 31 to March 31. FY 2022-23 was for 15 months (January 01, 2022 - March 31, Therefore, the data for FY 2023-24 and FY 2024-25 is not comparable with the figures for the 15 months year ended March 31, 2023
2023). Therefore, the data for FY 2023-24 and FY 2024-25 is not comparable with the figures for the 15 months year ended March 31, 2023 Restated - refer note 63 (D) of Consolidated Financial Statement
#

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Financial Capital

Credit Rating Adani Cement's Targeted Capacity Investor Relations Investors have key expectations In response, the Company provides
(MTPA) regarding the Company's regular financial disclosures and
CRISIL Ratings has reaffirmed its The Company recognises the
performance, including sustainable governance updates. The Company
'CRISIL AAA/Stable/CRISIL A1+' significance of its investors as
growth, attractive returns and also prioritises effective risk
ratings on ACC Ltd.'s bank facilities essential providers of financial
16% profitability. Additionally, they management, maintains an
and short-term debt programme, capital, which is crucial for fuelling
emphasise the importance of risk open line of communication
reflecting its strong business risk growth and achieving long-term
management, corporate governance through its Investor Relations
profile. The Company benefits success. To maintain a strong
With Orient and clear policies. Investors also function, and ensures timely and
from the Adani Group’s leadership Cement relationship with investors, the
seek better disclosures, transparency transparent communications
in coal, power and logistics, which 67.5 77 89 97 104 140 Company engages with them
and credibility in the Company's with all stakeholders to address
significantly drives cost efficiencies. through a variety of platforms.
financial reporting. their expectations and foster
Additionally, ACC remains debt-free These include Annual General
long-term trust.
despite substantial payouts for Meetings (AGM), quarterly and
acquisitions during the year,
demonstrating its financial strength
Sep '22 FY '24 Oct '24 Oct '24 FY '25 FY '28 annual results presentations and
meetings with Chief Investment 35+ 300+
and operational efficiency. Officers (CIOs) and High Net-Worth Highly Reputed and Independent
Bihar. Ambuja Cements Limited aligning with its goal of enhancing Individuals (HNIs). Research Houses Providing Active Domestic and Overseas Institutional
is also setting up a 6 MTPA green energy usage across all Coverage Investors and Research Analysts
cement grinding unit in Bihar, at operations. Over I 75.5 crore has Furthermore, the Company Engaged in Active Interaction
an investment of I 1,600 crore. been spent to advance sustainability participates in investor conferences
The project will be executed in three initiatives during the year. both domestically and overseas,
Healthy Blend of Domestic
phases, with the first phase of 2.4 organises investor roadshows, events, and Foreign Institutional
MTPA, targeted for commissioning Additionally, ACC has stepped up plant visits and presents detailed Investors
by Q4 FY 2025-26. its waste management efforts, investor reports. These modes of
AAA(Stable) embracing circular economy interaction are conducted quarterly,
Long-Term Credit Rating principles to decrease reliance annually or as required, ensuring that
Capacity Details (MTPA)
on virgin material and reduce stakeholders are kept informed of
A1+ Existing Capacity 38.55
waste. This not only minimises the Company's progress and outlook.
Short-Term Credit Rating environmental impact but also
Projects under Execution 5 enhances margins. These efforts are Investor relations (IR) at ACC
integral to ACC’s ambitious target plays a strategic role in conveying
Focused Expansion Total Capacity by 43.55
of achieving Net Zero emissions the investment proposition
FY 2025-26
ACC along with its parent company by 2050. Notably, ACC is the only to institutional investors and
Ambuja Cements Limited is large Indian cement company shareholders. Key business
undertaking multiple capacity Sustainable Investment committed to achieving Net Zero updates were proactively shared
expansion projects, both organic Strategy by 2050 with targets validated by across the year through various
and inorganic, towards its target In the past year, ACC has the Science Based Targets initiative channels such as emails, social
of achieving 140 MTPA of cement strengthened its commitment to (SBTi), solidifying its leadership in media platforms, one-on-one calls
manufacturing capacity by sustainability through strategic sustainable practices. and stock exchange disclosures.
FY 2027-28. ACC has prudently investments designed to reduce The Company engaged with over 300
allocated capital to expand environmental impact and promote investors and research professionals
capacities at Sindri, Salai Banwa eco-conscious practices. By focusing across different geographies through
and Kalamboli. on energy efficiency and increasing
the use of renewable energy, the
K 75.5 crore investor conferences, one-on-one
meetings and non-deal roadshows.
ACC is expected to benefit from Company is positioning itself for Spent to Inculcate Sustainable
Ambuja Cement’s expansion in lower power costs in the future, Practices in FY 2024-25

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Financial Capital

Leveraging Group Synergy

ACC harnesses the collective cutting-edge technologies, and strengthens supply chain and
strength of the Adani Group, financial expertise, the Company logistics and unlocks innovative
aligning its strategic initiatives with enhances operational efficiency digital solutions, reinforcing ACC’s
the Group’s extensive capabilities. and accelerates sustainable growth. competitive edge in the market.
By leveraging shared resources, This synergy drives cost optimisation,

Fly Ash Realty

Utilisation of fly-ash Supply to upcoming projects –
generated from Dharavi, Navi Mumbai Airport,
Adani power plants Ganga Expressway

Logistics
Leverage APSEZ’s
MMLPs to serve
major demand
Coal
centres and use Use AEL/ANR
the Company’s expertise in
expertise in procuring coal and
logistics to mining operations
reduce cost
Intelligent
PHYGITAL
Infrastructure Merger and Acquisitions (M&A) and Integration
Power &
People The Company aims to become the 33 MTPA capacity has been added. the supply chain, reducing costs and
Renewables
Talent movement lowest-cost cement producer along The acquisitions by ACC and its enhancing market presence. With a
within the Group Leverage Adani
Power Ltd’s with its parent company - Ambuja parent company Ambuja Cements, series of Capex and Opex initiatives
across verticals
expertise to improve Cements Limited, while ensuring made at a capex of I 24,896 crore, in place, the Company continues
CPP’s operational the delivery of quality products to include the integration of Orient to accelerate its cost leadership
the market. Strategic acquisitions Cement, Penna Cement, Sanghi journey, reinforcing its position as an
of Ambuja Cement have expanded Industries, Asian Concretes & industry leader.
the Company’s capacity and Cements, Asian Fine Cements and a
strengthened its competitive edge. Grinding Unit in Tuticorin.
By integrating these assets, ACC
has optimised the supply chain, ACC's parent company – Ambuja
D 24,896 crore
reduced costs and enhanced market Cement’s strategic acquisitions Worth of acquisitions made by
Sportsline ABEX Services/ ACC and its parent company
presence. Post the integration of have strengthened its capacity
Leveraging Adani Sportsline Digital Infra Ambuja Cements
ACC and Ambuja Cements Limited and market footprint, provided a
to showcase the Brand's value Leverage shared services vertical
to the Adani Portfolio, competitive edge while optimising
proposition of the Group, along with digital
infra (IT)

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Financial Capital

Hedging Enterprise Value Creation Market Capitalisation

ACC employs robust hedging ACC has redefined its approach, (D crore)
strategies to manage financial risks from a traditional financial
arising from market fluctuations. perspective to a dynamic business ACC (Standalone)
These measures effectively mitigate finance model, that prioritises
exposure to volatile commodity
long-term value creation and

46,791
prices, exchange rate variations
meaningful business partnerships.

36,480
and interest rate changes,
With a steadfast commitment to

31,308
ensuring financial stability and
delivering exceptional stakeholder
safeguarding performance.
value, the Company has embraced
a disciplined financial strategy that
Financial Engineering
ensures optimal resource utilisation
ACC strategically optimises its
and prudent capital allocation.
capital structure through innovative
By adopting innovative practices
financial engineering to maximise
and streamlining project execution,

Mar '23
Mar '24
Mar-25
shareholder value and mitigate risks.
ACC has achieved faster project
By leveraging financial instruments,
completions while laying a strong
capital markets and structured
transactions, the Company adeptly foundation for sustainable growth
navigates complex financial and enduring stakeholder success.
landscapes, ensuring sustainable BSE 100 Ranking Company
growth and enhancing its resilience Enterprise Value Framework (in D lakhs crore)
against market uncertainties. • Growth-oriented
(Future)
Tax Transparency

254
251
• Gatekeeper for Compliance
ACC has established a dedicated tax
• Broader approach

178
governance framework to manage its
tax affairs ethically and responsibly. covering ESG
This framework ensures timely • Multi-stakeholder
compliance with tax obligations, engagement
fostering stakeholder trust and • Focus beyond Cash
Benefitting from Ambuja's Strategic Expansions safeguarding the Company’s
Flow and Liquidity

2023
2024
2025
ACC stands to gain from the 46.6% stake in OCL, acquired from power plants, renewable energy reputation. A specialised team, led
Management
ongoing expansions of its parent its promoters and select public infrastructure, waste heat recovery by subject matter experts, follows
company, Ambuja Cements Limited, shareholders, fully funded through systems (WHRS), and alternative international best practices through
standard operating procedures Economic Value Created
which continues to strengthen its internal accruals. The acquisition fuels and raw materials (AFR)
to ensure consistency and (C in crore)
market position through strategic unlocks significant clinker capacity capabilities. By integrating these
transparency across all operations. FY 2024-25 FY 2023-24
acquisitions. A key milestone in in North India, capitalising strengths, Adani Cement is
this journey is the acquisition of on OCL’s premium limestone poised to reinforce its industry Direct Economic Value Generated 22,835 20,452
The Legal, Regulatory, and Tax Revenue from Operations 21,762 19,959
Orient Cement Ltd. (OCL) for an reserves in Rajasthan. leadership. ACC is also expected
Committee at the Board level Other Income 1,072 493
equity value of I 8,100 crore — an to benefit significantly from these
oversees the effectiveness of our
ambitious step towards surpassing These additions bring highly developments, driving operational Economic Value Distributed 21,402 19,152
tax compliance programme, while
100 MTPA operational capacity efficient assets into the portfolio, efficiency and long-term growth. Cost of Goods Sold8 12,511 10,885
the Board of Directors acts as the
in April 2025. This includes a including railway sidings, captive Employee Benefit Expenses 718 737
ultimate authority on tax matters,
reinforcing our commitment Payments to Providers of Capital 141 174
to ethical, compliant and Payments to Government 7,989 7,319
professional tax practices. Community Investments 43 37
Economic Value Retained 1,433 1,300
8
Cost of Goods sold includes: - (i) Cost of material consumed, (ii) Purchase of stock-in-trade, (iii) Changes in inventories of finished goods, work-in-progress
and stock-in-trade, (iv) Power and fuel, (v) Consumption of stores and spares, and (vi) Consumption of packing material

82 83
 ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Focus Areas

Capacity Enhancing Sustainable Quality

Expansion Efficiency Manufacturing Improvement

• ACC benefits from • Aiming to become • Reducing environmental • State-of-the-art

Ambuja Cements one of the most impact of the Company’s Cement and Concrete
Limited’s expanded cost-competitive cement operations R&D facility to ensure
capacity through the manufacturers complete quality control

Development and Key Initiatives

• Enable greener solutions
strategic acquisition in the country for customers by with all parameters
of Penna Cement • Reduce the clinker sourcing right kind of exceeding those of BIS
Industries Limited and factor, enhance energy raw materials such as • Rigorous quality
Orient Cement Limited efficiency and optimise Gypsum, Slag, Fly Ash management systems to
• ACC benefits from raw material and fuel and Red Mud diagnostic support for
Ambuja Cements' blends manufacturing units
organic growth • Leveraging Group • All sites are equipped
strategy which synergies to achieve with state-of-the-art
includes a balanced cost leadership in the testing facilities
mix of greenfield and industry
brownfield projects

140 MTPA 85.7 MW WHRS 18% 100%

Targeted Capacity Capacity in FY 2024-25 Overall Energy Compliant with BIS
of the Adani Cement Consumption powered by Parameters
Group by FY 2027-28 Renewables and Green
10.5% TSR

Key Performance Indicators

in FY 2024-25
Energy 100%
of our Plants are
D 4.06 crore ISO-certified
R&D Spend for 58.2%

Robust Foundation
Adani Cement Clinker Factor
Manufactured
Capital

for Sustained
Progress Material topics Stakeholders Impacted SDGs Impacted
ACC remains committed to adopt responsible practices to drive operational efficiency Capacity Utilisation and
1  Suppliers
and ensure optimum manufacturing performance. Along with the adoption of Current Demand
Employees
advanced technology for improving process efficiency, the Company strives to 2 Land Acquisition for Mines
reduce energy and resource consumption through the integration of Waste Heat and New Operations Government and Regulatory Bodies
Recovery Systems (WHRS) and Alternative Fuels. It enables ACC to aim for full ESG
3 Energy Efficiency Construction Professionals
compliance, enhance cost competitiveness and drive its sustainability efforts across
the manufacturing value chain. 4 Compliance to
Regulatory Requirement

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Manufactured Capital

Overview Manufacturing Highlights of FY 2024-25 Development 2.4 MTPA. Although civil work is powered by Waste Heat Recovery
still underway, major equipment Systems (WHRS) and Alternative
The Company effectively utilises The Company is committed to
for production has already been Fuels and Raw Materials (AFR),
its physical infrastructure,
including land, buildings, 1,056 10.5% 285 become the lowest-cost cement
manufacturer and has continued
delivered to the site. Additionally,
the Company's blending unit at
ensuring high energy efficiency and
full compliance with ESG standards.
production plants, leased mines, Captive Power Thermal WHRS Generated to make substantial investments
Kalamboli has started civil work and
heavy machinery, equipment, Generated Substitution Rate (Mn Units) to strengthen its market presence,
secured major equipment supplies
furniture and fittings, to (Mn Units) (TSR) achieved with a focus on improving efficiency,
support and streamline its enhancing cost competitiveness,
for its 1.0 MTPA expansion. ACC aims
to complete the expansions at 1.6 MTPA
75 kWh/t 58.2% 18.0%
daily operations. and promoting environmental
Salai Banwa by Q2 FY 2025-26 and Capacity Expansion at Sindri
sustainability to secure a
Kalamboli by Q3 FY 2025-26.
Cement competitive edge.
16.4 MMT
Clinker Factor Renewable and
Specific Electrical
Green Energy
Consumed Capacity Expansion
ACC pursues a balanced combination 2.4 MTPA
Clinker Production Energy Consumed of greenfield and brownfield Capacity Expansion at
ACC is undertaking multiple
734 kCal/kg Clinker
projects. The Company’s expansion Salai Banwa
capacity expansion projects across
29.5 MMT
roadmap integrates a strategic
its locations. The grinding unit at blend of organic and inorganic
1.0 MTPA
Specific Thermal Energy
Sindri is undergoing a 1.6 MTPA initiatives, ensuring sustainable and
Cement Production Consumption
expansion and is in the final stages accelerated growth. Land acquisition
of completion and commissioning. Capacity Expansion at
and statutory approvals for all
Meanwhile, the Salai Banwa grinding Kalamboli
projects are currently underway
unit is expanding its capacity by with these assets expected to be

ACC’s Value Chain

Raw Material Raw Material Clinker Cement Grinding Packaging Sales and Technical
Logistics
Sourcing Preparation Production and Blending and Storage Assistance

ACC extracts essential Once extracted, the The blended raw material The clinker is cooled and Once the cement is produced, it ACC ensures that cement The Company relies on extensive
raw materials like raw materials are is fed into rotary kilns, mixed with gypsum and is packaged into bags or loaded reaches distributors and market research and branding
limestone, clay and crushed and grounded where they are subjected other additives before in bulk, depending on customer construction sites promptly to differentiate its offerings.
laterite from quarries. into fine powder to to extremely high finely grinding it in requirements. ACC has deployed through its world-class logistics. ACC has built strong relations
The Company’s ensure homogeneity. temperatures (1400– advanced grinding mills. proper storage facilities to Cement is transported via with distributors, contractors
advanced mining These materials are 1500°C) to form clinker, This stage leads to the ensure the product retains road, rail or sea, depending on and end-users, ensuring a robust
techniques ensure the then blended in precise the key intermediate production of different its quality by preventing proximity and volume, with ACC market presence. The Company
sustainable extraction proportions using product in cement types of cement, exposure to moisture and leveraging advanced tracking also provides technical
of these resources automated systems manufacturing. To ensure catering to diverse other contaminants systems to optimise delivery assistance to customers.
while minimising to achieve the desired sustainability, ACC invests consumer needs. routes and minimise costs.
environmental impact. chemical composition in alternative fuels and
required for ACC cement. energy-efficient kilns
to reduce greenhouse
gas emissions and
energy consumption.

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Manufactured Capital

Raw Material and Initiatives Driving ACC’s Logistics Journey Adani Cement's
Fuel Security Leadership in Logistics
To ensure self-sufficiency, ACC is
Go Direct ACC continues to implement digital solutions for
acquiring coal and limestone mines
which will enable the Company to
optimising the supply chain, expanding the fleet
capacity for D2C delivery.
11
meet a substantial amount of its Bulk Cement Terminals
requirements. ACC has acquired a
Agile and ACC has advanced its in-plant automation by
60
coal mine in Madhya Pradesh during
the year and is well-positioned for Automated implementing advanced vehicle tracking, reducing truck
the future. With abundant limestone Logistics turnaround times and significantly enhancing dispatch
Specialised BCFC Rakes to
reserves and coal for fuelling its Infrastructure capacity. The Company is also actively working towards
be Deployed for Increased
plants, the Company remains reducing lead distances by 100 km through optimising
Efficiency
on the right track to expand its plant and warehouse footprints.
growth trajectory. Capitalising on Ambuja's Focus on Renewable Energy

Energy
As a subsidiary of Ambuja its ambitious 1 GW renewable Commercial
Excellence
The Company leverages advanced scientific models
to optimise operations and strategically renegotiate
11
Cements Limited (ACL), ACC is energy strategy. Owned GPWIS Rakes
ACC is in the process of expected to benefit from ACL’s freight and handling rates. It improves cost efficiency
Out of the remaining 707 MW and profitability. By integrating an electronic proof
implementing several green commissioning of a 200 MW
energy contracts that are
aligned with the Group’s broader
solar power project in Khavda,
Gujarat, as well as 99 MW wind
of solar and wind power, 70%
projects are slated for completion
of delivery system with real-time tracking and a
touchless freight billing process, it enhances logistical
26
by June 2025, and the balance transparency, simplifies delivery confirmations and BCFC Rakes Ordered,
sustainability objectives. power project, as a key part of
by December 2026. ensures seamless vendor payments. of which 6 BCFC Rakes
Inducted in a Single Year
Push Towards The Company has continued its transition from diesel to
Low-Cost Green compressed natural gas and electric fuels, reducing the
Energy Company’s carbon footprint while improving logistics
Logistics by capitalising on its extensive paper-based processes, reducing sustainability and cost efficiency.
The Company aims to significantly coastal footprint. It enables ACC to administrative overhead and
reduce logistic costs through achieve sustainable growth, reduce minimising errors. The multi-channel Real-time Integrated state-of-the-art digital tools for real-time
digitalisation and a lead distance emissions, handle larger volumes and confirmation process provides Demand order processing, ensuring optimal source matching
reduction of approximately 100 km, lower overall logistics costs. dealers with exceptional flexibility, and Supply based on cost-effectiveness and service quality.
which is expected to be achieved streamlining delivery confirmations Optimisation The Cement Network Operating Centre further boosts
through optimum plant and Transforming Key Processes across different platforms. operational efficiency and excellence.
warehouse footprints. This effort is The Electronic Proof of Delivery Additionally, the ePOD vendor billing
supported by the Company’s M&A (ePOD) system has improved portal improves vendor relations
Digital ACC has strengthened its centralised logistics control
activities and the deployment of invoicing accuracy and efficiency, through transparent, fast payment
Transformation tower, enabling real-time performance monitoring
specialised Bogey Covered Fly Ash/ substantially reducing processing mechanisms. Real-time tracking
and proactive decision-making to drive operational
Cement (BCFC) rakes, secured times and document management offers full visibility to both dealers
excellence. The implementation of AI-enabled fleet
through long-term contracts for costs, while significantly boosting and vendors, ensuring a seamless,
management systems with 98% GPS coverage has
streamlining fly-ash sourcing. customer satisfaction. The new ePOD touchless experience that simplifies
improved customer tracking, logistics efficiency and
The Company is also pioneering system is transforming the logistics freight bill submission via the portal.
cost savings through strategic route planning.
efforts for improving marine industry by enhancing efficiency
logistics in the cement industry and transparency. It eliminates
Coastal Logistic ACC has a fleet size of 14 dedicated sea vessels which
Infrastructure enables the Company to dispatch 3 million tonnes
of cement annually, significantly reducing carbon
emissions, while operating across 11 strategically
located terminals.

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Manufactured Capital

Leading the Future of Driving Efficiency

CASE STUDY
Marine Logistics and Safety through
For ACC and its parent
In-Plant Automation
company, Ambuja Cements
Initiative
Limited, marine logistics The Digital In-Plant Automation
is central to operational initiative is a transformative
excellence. By expanding its project which aims to optimise
strategic coastal footprint, the logistics and enhance safety by
Company enhances efficiency, equipping trucks with GPS and
extends reach and strengthens implementing a robust Safety
customer engagement. Dashboard. Initially launched
at the Jamul site, this initiative
Pioneering bulk cement has been cascaded to other
transportation via coastal cement plants, driving significant
shipping in India, ACC operational improvements.
handles large volumes with While real-time GPS tracking
unmatched cost efficiency. ensures adherence to designated
Through digitisation, optimised routes and safety protocols by
lead distances, and alternative trucks, the Safety Dashboard
fuels, the Company strives to offers comprehensive fleet
reduce emissions and build a insights, incident reporting and
greener future. Leveraging the clear operational visibility.
Adani Group’s expertise in port
infrastructure, ACC ensures This project reflects the Company’s these apprehensions, the focus fleet monitoring, resource
seamless and sustainable commitment to its ‘Growth with shifted to demonstrating the optimisation and incident
transportation of cement Goodness’ philosophy which helps tangible benefits of efficient reporting. By leveraging AI for data
and clinker. ACC's leverages to balance operational efficiency fleet management, highlighting accuracy, even in remote areas,
the strategically located Bulk with stakeholder well-being. In its improved tracking, reduced losses, the system minimises errors and
Cement Terminals (BCTs) first year, the initiative minimised and enhanced operational control. ensures timely updates.
of its parent company - Driver Management Centres route deviations, corrected freight The breakthrough came with the
Ambuja Cements Limited to ACC has established best-in-class Beyond safety, DMCs prioritise distances and ensured On-Time- decision to offer GPS devices at GPS implementation has
enable rapid, cost-effective Driver Management Centres (DMCs) drivers’ health with regular In-Full (OTIF) dispatches. little to no cost, easing financial improved safety, efficiency and
distribution across peninsular at each plant, staffed by dedicated check-ups, eye screenings, nutritious concerns and fostering trust. fleet management while aiding
India while subsequently safety professionals, to ensure the meals, clean rest shelters and Overcoming Challenges As a result, fleet owners quickly theft prevention and regulatory
reducing emissions. safety and well-being of the drivers hygienic sanitation facilities. recognised the system’s value compliance. Fleet owners have
Encouraging fleet owners and
associated with the Company. Recognising drivers as the backbone in identifying inefficiencies and reported significant recoveries
transporter unions across various
These centres provide defensive of the business, the Company treats optimising performance, leading to due to real-time tracking, further
states to adopt GPS and Radio
driver training, GPS monitoring, and them and their families with utmost widespread adoption. enhancing trust and adoption.
Frequency Identification (RFID)
behaviour-based safety counselling, respect and care. By enhancing Customer satisfaction has also
technologies posed a significant
while also promoting road safety road safety and improving drivers' Benefits improved, as accurate tracking
challenge, requiring careful
awareness through campaigns and lives, DMCs create a ripple effect of The initiative has created seamless enables better communication on
planning and collaborative
stakeholder involvement. positive change, securing futures, linkages between sales, logistics, delivery timelines.
engagement. Initial resistance
safeguarding society and embodying stemmed from concerns over cost plants, dealers, fleet owners
the Company’s commitment to and the perceived complexity and end customers. The Safety
progress and goodness. of implementation. To address Dashboard now ensures real-time

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Manufactured Capital

Plants of the Future Clinker Production Cement Production Thermal Holistic Digital Integration rugged devices have enhanced Strengthening Operational
Volume Volume Substitution Rate The successful digital integration field operations with real-time Technology (OT) Security
The Company has
(MMT) (MMT) (%) of Asian Cement added to data access. These tools improve ACC has deployed a cutting-edge
embraced world-class
the Company’s capacity. decision-making, operational OT observability solution,
manufacturing standards
Advanced in-plant automation efficiency and user experience. providing real-time visibility
by incorporating advanced

33.08
solutions, including vehicle tracking, and proactive threat detection.
18.74
technologies, optimising

16.40
Enhancing Safety and Security

10.5
29.5
16.75
16.26

29.12
weighbridge automation and This advancement has significantly

26.92
production processes and
14.55

9.15
9.15
9.15
23.77
maintaining stringent intelligent Delivery Order (DO) The Company has made strides strengthened ACC’s cybersecurity

7.46
quality control measures. allocation, were also implemented to towards safety with the inclusion framework while enhancing the
It continues to focus on optimise operations. of a Visitor Management System reliability and continuity of its
enhancing operational for secure access, Safety Kiosks manufacturing operations.
efficiency, reducing Digital Innovations to provide resources and training
costs and minimising its Digital projects such as the and AI-driven video analytics for
environmental impact. Technical Information System detecting hazards in real time.
2020
2021
2022-23*
2023-24
2024-25

2020
2021
2022-23*
2023-24
2024-25

2020
2021
2022-23*
2023-24
2024-25
(TIS) Chatbot, an intelligent virtual Additionally, an Automated Change
assistant streamlining support and System ensures swift updates to
interactions and Industrial Tabs, safety protocols.

*
The Company had changed its financial year ending from December 31 to March 31. FY 2022-23 was for 15 months (January 01, 2022 - March 31,
2023). Therefore, the data for FY 2023-24 and FY 2024-25 is not comparable with the figures for the 15 months year ended March 31, 2023. Enhancing Efficiency
ACC is dedicated to investing Optimising AFR Usage at Jamul

CASE STUDY
in key areas of its operations, During FY 2024-25, Jamul During the monsoon period,
Key Projects in FY 2024-25 enhanced reliability and reduced Advanced Packing Solutions aiming to become one of the Cement Works achieved challenges arose due to high
As part of the comprehensive turnaround times. Additionally, a The Company introduced advanced most cost-competitive cement a significant milestone in moisture materials causing
‘Plants of the Future’ programme, Heat Accounting application for packing solutions to enhance manufacturers in the country. Alternative Fuel (AFR) usage, frequent jamming of the AFR
ACC has introduced a series coal tracks its heat value from efficiency and accuracy. Cement Bag Its strategic initiatives include increasing its TSR to 13.5% feed chute. To resolve this,
of digital initiatives designed procurement to consumption, Tracking systems provide end-to- reducing the clinker factor, through a mechanised feeding the team optimised the flap
to transform manufacturing maximising energy efficiency and end visibility, reducing inventory enhancing energy efficiency system. The AFR grew from operation timing and introduced
processes. These initiatives focus on minimising waste. losses and improving supply chain and optimising raw material and 0.56% in 2018 to 2.5% in 2022. air blasters at jamming
digitalisation to enhance production transparency. In-plant logistics fuel blends. The Company is also The team’s goal is to surpass 17% locations to prevent material
quality, including: Enhancing Reliability optimisation ensures timely material focused on improving power AFR usage while maintaining accumulation. This initiative
To enhance operational reliability, movement, while AI-powered CCTV sources and increasing the use of clinker production levels. aims to improve kiln efficiency
Improving Fuel Quality ACC has implemented IoT-based systems detect print anomalies and alternative fuel and raw material and reduce heat consumption.
vibration analytics, allowing real-time help to count bags. in its manufacturing processes.
The Company has undertaken
equipment monitoring to predict These efforts collectively support
key initiatives to improve fuel
failures and enable proactive Revolutionising Processes and ACC's commitment to operational
quality across its plants, ensuring
maintenance. An app-based Production excellence and sustainability.
operational efficiency and
sustainability. The integration of Work Breakdown Structure (WBI) Leveraging AI, ACC introduced a
Gross and Net Calorific Value (GCV/ reporting system ensures efficient Chat GPT-based solution operator
NCV) measurements with the maintenance tracking, improving for real-time production support and
Laboratory Information Management resource utilisation and team implemented High-Level Control
System (LIMS) enables accurate, coordination. These innovations (HLC) systems for kiln mills to
real-time tracking of fuel quality. significantly reduce downtime optimise performance and energy
Similarly, integrating Coal Testing and enhance productivity efficiency. These advancements
Methods (CTM) with LIMS has across operations. improve product quality,
streamlined testing processes, reduce costs and align with
sustainability goals.

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Manufactured Capital

Drone Monitoring
Technical Centre of Excellence The Company continuously Drone Surveillance Enhances Plant Efficiency

CASE STUDY
The Technical Centre of Excellence (CoE) has been best-in-class processes and systems, the CoE will adopts latest technology to drive at Sindri
established to advance Chairman Gautam Adani’s play a pivotal role in new product development and its manufacturing operations. A drone-based plant visit at sharing, and enhanced safety
commitment to achieving Zero Carbon emissions the technical evaluation of upcoming projects and Drones have been effectively Sindri was conducted to improve compliance through Automated
in the Cement Business. The CoE is dedicated to potential acquisitions, ensuring alignment with the deployed across various plant use operational oversight and Workforce Monitoring System
enhancing reliability, productivity, and efficiency overall business strategy. cases, including ultrasonic thickness enhance asset management. (AWMS) implementation.
across manufacturing processes. By integrating measurement for chimneys and The drone provided excellent It enabled inspections of
ducts and inspection of structure visibility, covering critical areas SILO tops, air preheaters and
welding and bolting in areas such as such as plant equipment, spontaneous coal combustion
preheaters, conveyor structures and storage yards, railway tracks, in storage yards, ensuring the
clinker silo domes. Thermal imaging weighbridges and the plant implementation of preventive
is utilised for monitoring cyclones colony. Material deposits were measures. Additionally, it
and other hot areas, while stockpile found on the belt conveyor facilitated surveillance for
volumetric measurements are gallery shed, requiring immediate theft prevention, cleanliness
conducted for both covered and cleaning and Galvanised Iron (GI) and colony maintenance while
uncovered stockpiles. sheet replacement to ensure supporting damage assessments
optimal functionality. during unforeseen situations.
Drones also enhance safety by This innovation is aligned
inspecting Personal Protective The initiative brought with the Company's focus on
Equipment (PPE) usage, several benefits, including operational excellence and
monitoring critical activities access to hard-to-reach asset protection.
during shutdowns and ensuring areas, real-time footage
effective housekeeping. They assist
in area mapping and contouring
within mines, bolster security
and perform confined space
inspections in cyclones, silos, kilns
and chimney internals. Additionally,
drones are employed for internal
and external area surveys,
including truck monitoring and
facilitating inspections in areas
that are challenging to access
through walk-bys.

Product Quality Management

ACC proudly upholds the highest blended cement quality across all initiatives and advanced energy
product quality standards through a plants, reduced carbon footprint management for a sustainable future.
robust quality management system. and enhanced market-driven With a focus on cost optimisation
The Company has a state-of-the-art product development. and responsible growth, the
cement and concrete R&D lab in Navi Company is dedicated to delivering
Mumbai, showcasing its focus on Automation in testing and high-quality cement at competitive
innovation. Embracing sustainability, benchmarking has ensured data prices, thereby enhancing long-term
ACC maximised low-grade limestone accuracy and standardisation, stakeholder value.
usage and replaced natural gypsum demonstrating ACC's commitment

100%
with cost-effective by-products to continuous improvement and
without compromising quality. operational excellence. As industry
Advanced techniques improved pioneers, ACC drives future-focused of our plants are ISO Certified

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Manufactured Capital

ACC Chanda’s WHRS

Project
At ACC's Chanda Unit in
Chandrapur, Maharashtra,
an 18 MW Waste Heat
Recovery System (WHRS)
was implemented, achieving Mining
the highest power generation
The Company’s commitment to
efficiency among industry
sustainable operations is reflected
peers at 48 KWh/tonne of
in its efforts to enhance equipment
Clinker. Innovative design
productivity, reduce environmental
elements, including dual
impact during mining activities, and
inlet tapings from the cooler
optimise fleet operations through
and hot air recirculation,
strategic negotiations and minimal
maximised heat utilisation,
stock rehandling. To improve
boosting power output.
Cost Efficiency efficiency and sustainability
Space constraints were
in its mining operations, the
ACC has introduced several systems. Electricity costs are being overcome by installing a
Company has implemented the
initiatives to optimise costs optimised with the installation single boiler at the pre-heater
following measures:
across its operations. Fuel cost and commissioning of Waste Heat fan outlet, efficiently
optimisation has been achieved Recovery Systems (WHRS) across capturing waste heat.
through the use of alternative all viable kiln systems. Heat energy Initiatives Optimising ACC's Mining
fuels and strategic negotiations. consumption is being lowered Despite challenges such as
The efficient management of the by replacing inefficient clinker structural modifications, Eco-friendly Utilising no-blast techniques with surface miners in coastal areas.
Captive Power Plant (CPP) has cooler systems with modern, space limitations, foundation mining
resulted in significant cost savings. high-efficiency alternatives, overlaps and adverse weather
Furthermore, a consolidated improving heat recuperation and conditions, the project was Zero waste Adopting policies to maximise resource efficiency.
approach to transportation and reducing fuel usage. successfully executed through mining
logistics has contributed to further meticulous planning and
cost reductions. These combined Additionally, electrical energy innovative problem-solving. Enhanced safety Implementing rigorous safety measures throughout mine development and operations.
initiatives are strengthening the consumption is being curtailed The team's proactive approach standards
Company’s cost competitiveness through the installation of high in material storage, logistics
while ensuring long-term efficiency drives and motors, and workforce management Worker safety & Deploying mining equipment designed to minimise occupational hazards.
sustainability and maintaining high alongside process audits, ensured efficiency. health
standards of efficiency. benchmarking and optimisation Effective coordination,
measures to enhance grinding strategic planning and Resource Blending low-grade and high-grade materials to extend mine life and optimise resource use.
ACC has undertaken several and clinkering efficiency. teamwork played a crucial optimisation
initiatives to drive cost efficiency Lastly, productivity improvements role in overcoming obstacles,
and sustainability. To reduce are being driven by high-level optimising timelines and Conservation Prioritising the sustainable use of minerals, water, and other natural resources.
fuel costs, alternative fuel usage control systems, supported by ensuring the seamless efforts
is being enhanced through the cutting-edge technologies such as execution of this landmark
installation of Chlorine Bypass Vision Analytics, to enhance the sustainability initiative.
Systems and additional shredding performance of kilns and mills.

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Integrated Annual Report 2024-25

Focus Areas

Responsible Products and Technical Accelerated

Sustainable Construction Services Digitalisation

• Strengthening reach • Maximising the use of • Comprehensive digital strategy to

Development and Key Initiatives

of ACC’s premium and value-added solutions boost growth and efficiency
customised range of • Building awareness about
concrete sustainable construction
practices

• Products Listed in GRIHA’s 43,095 Tech-enabled

Green Catalogue Customer Sites provided with Operations across the Value Chain

Key Performance Indicators

Instant Mix Solutions
124 bots
saving 160K+ Man-hours
Dedicated B2B &
B2C teams 3,000
serving customers Sales and Technical Members using
the Digital CRM Platform

Tailor-made solutions 6,20,000

for every construction need
Contractors on the Digital Platform
with the Highest-ever Payout

Advancing through
Intellectual
Capital

Material Topics Stakeholders Impacted UN SDGs Impacted

Innovation 2
1 Customer Satisfaction

Sustainable Construction
Investors and Shareholders

Channel Partners

3 Economic Performance Suppliers

Leveraging its R&D capabilities and advanced technology for product innovation, ACC
Customers
continues to drive sustainable growth. Its technical expertise and knowledge empower
the Company to inculcate responsible practices and introduce sustainable products Employees
to the market. As India’s first brand in Portland Cement and Ready-Mix Concrete
Community and NGOs
(RMX), it has shaped iconic megaprojects. Its premium Gold and Silver Range offers
durability and eco-conscious performance, reinforcing ACC’s legacy of excellence and Government and Regulatory Bodies
industry leadership.
Construction Professionals

Industry Associations

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Integrated Annual Report 2024-25

Intellectual Capital

Delivering Quality
GRIHA Certification The Company is one of India’s Pioneering Innovation
for ACC's Blended pioneering brands in Portland in Construction
Cement Products Cement and Ready-mix concrete, ACC's state-of-the-art Research
ACC's entire range of blended renowned for its quality and & Development Centre is
cement products, including durability. Over the decades, it redefining construction by
ACC Suraksha, Concrete Plus, has played a key role in numerous integrating technology and
Gold, F2R, HPC and Gold Water megaprojects across the country. advanced scientific procedures
Shield, is listed in GRIHA's ACC’s Gold and Silver Range of to create superior quality
(Green Rating for Integrated Cement, designed for specialised cement that also meets
Habitat Assessment) green applications, helps to reduce sustainability targets.
product catalogue. GRIHA is environmental impact and is ideal
With a century of expertise,
a national green rating system for general construction purposes.
ACC develops future-ready,
developed by the Ministry The Company’s also has a range of
application-based solutions
of New and Renewable value-added products that deliver
that meet evolving demands.
Energy, Government of India. exceptional value to its customers.
The Company’s quality
ACC’s products were evaluated
management systems and
based on third-party test
results, benchmarks and
environmental certifications.
100% diagnostic support ensure
exceptional performance.
Compliant with BIS Parameters
For ACC and its parent
company, Ambuja Cements
Limited, innovation is a
continuous journey. The R&D
Centre is the foundation of
this pursuit, driving excellence
to build a stronger, more
Overview Sustainable Construction Mix Proportion and Modular resilient world.
Solutions Curing. These advancements
The Company’s rich legacy of
not only enhance construction
innovative product development The Company strives to minimise its
quality but also align with the
keeps it a step ahead of carbon footprint while enhancing Atoot Bandhan
Company’s ambitious sustainability
competition. Along with heavy product quality and delivering on
goals. Through these efforts, ACC's Atoot Bandhan is a dynamic,
investments in research and its brand promise. Its offerings are
ACC continues to support the point-based loyalty programme
development, ACC adopts latest designed to help customers and
development of environment- designed to reward contractors for
technology to introduce novel and construction professionals reduce
friendly and resource-efficient generating leads, recommending
sustainable products to the market. environmental impact, enhance the
construction projects. or purchasing ACC products, and
Besides, digitalisation has helped quality of construction and lower
utilising our on-site technical
the Company to optimise resource operational costs. Certification Received by the
services. To enhance engagement,
utilisation, reduce carbon emission Company’s Plants:
enrolled contractors can also earn
and strengthen its leadership in the ACC Certified Technology
bonus points through interactive
cement industry. To address customer concerns and games, quizzes and exclusive events,
promote sustainable construction making every association with ACC
practices, ACC introduced innovative more rewarding.
solutions such as ACC Certified
Technology, Instant Concrete

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Intellectual Capital

Empowering Engineers and Architects

The engineering and architectural programme offers a comprehensive opportunities and insights into
ACC RMX Transforming Concrete Solutions
community plays a vital curriculum to enhance technical industry-relevant challenges. ACC’s Ready-Mix Concrete (RMX) cement capacity expansion and proficiency and ability to engage
role in shaping the nation’s expertise, focusing on cutting-edge business operates a nation-wide infrastructure projects. with customers.
infrastructure and driving industry topics. A key highlight was a tech talk by network of 102 plants, significantly
progress. Recognising their Mr. Umesh Soni, National Head shaping India’s construction ACC Concrete remains committed ACC’s value-added solutions — ACC
contribution, the Company along Participants, selected by Adani’s - Technical Services covering sector for over three decades. to quality and technical AEROMaxX, ACC ECOMaxX, ACC
with Ambuja Cements Limited, Technical Team from states like Uttar concrete innovations, evolution and Through innovation, enhanced excellence. ‘Concrete Site Controls’ Coolcrete, ACC Bagcrete, and the
has partnered with IIT Kanpur to Pradesh, Madhya Pradesh, Delhi and advanced materials like Ultra-High service standards and sustainable technical meets were conducted newly launched ACC Feathercrete
launch the Executive Excellence Uttarakhand, included professionals Performance Concrete (UHPC). practices, ACC has set industry in Kolkata and Pune for Projects of (for Pune, Mumbai, and NCR) —
Programme (EEP) — a four-day from esteemed organisations such The event was extremely successful benchmarks and holds the a reputed company. It highlighted have been received well by the
residential certification course as the Delhi Metro Rail Corporation and the participants heartily GRIHA certification. the importance of site control for market. Innovations were also
tailored for engineers, architects and MAX Infra. Fully sponsored by appreciated the initiative. precision in execution of projects. showcased at the Architecture
and construction professionals. the Group, the programme provided With operations in 54 cities, As part of the Quality Month Summit at Gautam Buddha
Designed by IIT professors, the immersive learning, networking RMX has cemented its position celebration, hands-on training University, Uttar Pradesh.
as one of the industry leaders. sessions on concrete handling and
The Operations and R&D teams testing were held at a renowned Aligned with the Adani Group's
are driving mix optimisation company’s site in Hyderabad. A lab policies, ACC Concrete is driving
across India, with a strong technician at the Lodha Mumbai digital transformation to enhance
focus on reducing raw material site received the prestigious Best customer service and operational
costs. This initiative is fuelling Quality Performer award, and ACC efficiency. Key initiatives include
steady business growth, Concrete earned commendations auto-signature implementation
particularly in the captive sector. from Chennai Airport, Mumbai in Proof of Delivery (POD) for
Integration with the Adani Group Metro and Hyderabad AIG Hospital improved accuracy, automated
has accelerated expansion, for outstanding performance. stock alerts for optimal
leading to the commissioning of Additionally, 21 RMX technical inventory management, and an
14 new RMX plants, with further team members from across SAP-integrated email system
units planned for FY 2024-25. India participated in CTI training to monitor Transit Mixer loads,
Additionally, 10 internal project which enhanced their technical ensuring better utilisation and cost
RMX plants are supporting Adani’s efficiency in the RMX sector.

Sales Volume Revenue from Operations

(in lakhs m3) (in D crore)

April 2023 - March 2024 25.2 April 2023 - March 2024 1,289
April 2024 - March 2025 28.6 April 2024 - March 2025 1,380

EBITDA EBITDA Margin

(in D crore) (%)

April 2023 - March 2024 161.31 April 2023 - March 2024 12.5
April 2024 - March 2025 199.41 April 2024 - March 2025 14.4

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Intellectual Capital

Digitalisation empowering teams to make Tech-led Infrastructure Optimising Procurement

informed decisions and manage The adoption of SD-WAN technology Introduction of the Note for Approval
ACC recognises digitalisation as management, manufacturing, and with regulatory standards.
challenges proactively. substantially reduced network (NFA) portal has streamlined
a crucial driver for sustainable control systems. With a well-defined These initiatives are modernising
business growth. The Company has digital transformation strategy, operations, enhancing efficiency and deployment times, with several procurement processes by
Modernising Financial Systems sites now operational. The Wifi centralising approvals, improving
actively adopted and integrated ACC aims to revolutionise these further solidifying ACC’s position as
digital technologies over the last few processes, optimise resource a market leader. New General Ledger (GL) has been Modernisation Project added many traceability and enhancing
years across key business functions allocation and achieve sustainable implemented for streamlining new access points across several efficiency. ACC has taken a leap
such as sales, logistics, material growth while ensuring compliance financial processes, enhance sites, enhancing communication and towards digital transformation
reporting accuracy and prepare operational efficiency. through the rapid adoption of NFA
the Company for SAP S/4HANA across the Company.
implementation. GL supports
Digital Strategy and Approach
real-time financial reporting and
compliance, ensuring future-ready
Go financial management.
ve
Insights Secure rn
Processes Data and Cyber security

an
Inculcating Digital -

ce
h

ACC has implemented an IT-OT

wt

Change Management

&
network segregation across several
Gro

Value-driven

Co
St Data
Innovation e ion an Trust plants to ensure the security of

ntro
Data and Accuracy - t
um v

Information Technology (IT) and

da
Cons Ser
p

Single source of Truth

rdi

ls
Agile Operational Technology (OT)
Self

sation

systems. Additionally, advanced

New Assets
Business Process Business OT monitoring solutions now offer Redefining the Construction Industry through
Harmonisation Utilisation Removal of Waste
Models real-time threat detection, bolstering Digital Transformation
and Optimisation
Opt
cybersecurity and operational
imsation ACC along with its parent Operating Centre (CNOC)
reliability. This helped to establish
Platform Continuous Improvement Company Ambuja Cements dashboard to optimise strategies
Hygiene-supported
data recovery systems, migrate to
AI/ML Industry 4.0 Limited (ACL) is revolutionising for maximum output.
and Future-proof the Azure datacentre and integrate
the construction industry with
mergers and acquisitions efficiently.
Optimisers visionary digital initiatives aimed In collaboration with Adani
at operational excellence and AI Labs, ACC is integrating
customer-centric solutions. AI models, generative AI and
EBITDA ACC’s Focus on
The Company is modernising video-based analytics to enhance
Cybersecurity
processes using AI and IoT decision-making processes.
Cybersecurity is a crucial pillar technologies to enhance Advanced logistics systems utilise
Digital Initiatives user experience for TSOs, ASMs
of ACC's digital transformation. efficiency and innovation. GPS and RFID technology for
and dealers. Features like AI-driven
The Company’s comprehensive With ISO 27001-certified real-time fleet tracking, while
visit planning and real-time account
digital transformation strategy operations and advanced Initiatives such as the NexGen robust cybersecurity measures
updates have been an integral part
ensures efficient utilisation of network modernisation, the Sales & Reward Platform ensure ensure operational security,
of ACC’s technological innovation
resources across its operations Company safeguards its collaboration among stakeholders, reflecting ACC’s commitment
and operational excellence.
and supports sustainable business with secure, reliable and the Plants of the Future to innovation. Additionally,
business expansion. and resilient processes. programme integrate automation, AI-powered GPS site identification
Digitising projects
robotics and drones to improve helps monitor route deviations
Revolutionising Sales A new digital dashboard has been
production quality and reduce and detention times at unloading
introduced for centralising project
The Company has elevated its costs. The Company’s Industry sites, optimising efficiency and
monitoring and reporting, offering
sales operations by replacing 4.0-based Command-and-Control logistics management.
a detailed view of financial status,
legacy systems with solutions like programme delivers advanced
progress updates and safety metrics.
OneConnect and Adani Cement analytics via the Cement Network
The dashboard provides real-time
Connect, to improve efficiency and
access and drill-down functionalities,

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Intellectual Capital

The Company has also introduced overstocking, understocking and Logistics Transformation seconds. Additionally, the addition The tool has many benefits such
‘Poorvaanuman,’ an advanced tool wastage. Implemented in phases, it WhatsApp Chatbot ACC is revolutionising logistics with of 11 General Purpose Wagon as optimal inventory management,
leveraging AI-ML and optimisation predicts demand using AI models like to Improve Customer the Integrated Unit – Grinding Unit Investment Scheme (GPWIS) rakes cost minimisation and strategic
techniques to forecast demand XGBoost and LSTM and optimises Engagement (IU-GU) Clinker Allocation Optimiser. for clinker movement and 62 Bogie insights into new IU-GU locations,
for cement packing bags and raw raw material planning. Part of Adani This advanced tool optimises clinker Cement/Fly Ash Carrier (BCFC) capacity expansions and
The Company has introduced
materials like PP Granules with AI Labs, ‘Poorvaanuman’ promises to movement across Integrated Units rakes for fly-ash transportation has clinker swaps. It also improves
an innovative WhatsApp
over 95% accuracy. By addressing enhance operational efficiency and (IUs) and Grinding Units (GUs), enhanced supply chain reliability and budget planning, maintenance
Chatbot to improve
inefficiencies in traditional increase savings. addressing inefficiencies in manual cost-effectiveness. schedules and Key Performance
communication and customer
procurement, ACC reduces planning while considering long-term Indicator (KPI) visualisation,
service for channel partners
inventory and operational costs. enhancing decision-making and
and employees. Designed for
operational efficiency.
real-time engagement, the
chatbot streamlines query Traditionally, cement logistics, valued
resolution, offers swift at over several thousand crores
support and enhances annually, relied on manual planning
professional communication. influenced by real-time factors Business Process Reengineering (BPR)

CASE STUDY
like rake availability. The optimiser,
During the year, ACC along with that enhance efficiency,
The rollout will occur in two using Operations Research and
its parent company Ambuja reduce risks, and prepare the
phases: Phase 1 focuses on Mixed Integer Linear Programming
Cements Limited, launched an organisation for growth.
providing dealers with sales (MILP), integrates data on demand,
ambitious Business Process
order statuses and invoice logistics costs, inventory levels
Reengineering (BPR) programme The programme aims to
PDFs, while Phase 2 deals and production capacities to
aimed at standardising processes increase efficiency, ensure
with credit limits, outstanding determine optimal clinker allocations
across its operations under a faster market entry, lead to
balances, incident logging and for up to a year. Outputs are
unified ‘One Way of Working’ cost reductions, improve credit
service requests. Additionally, presented via an intuitive Power
framework. Covering Order-to- control, enhance compliance
the chatbot facilitates BI dashboard, enabling scenario
Reshaping Procurement in the Cement Business Cash (O2C), Procure-to-Pay and streamline mergers and
queries related to business testing at a national level in
(P2P), and Record-to-Report acquisitions. The programme is
To enhance efficiency and accountability, the Company has adopted applications and TIS data. (R2R), this initiative also led by the BPR Office, guided by
Catalogue Buying, a streamlined procurement process integrated into
introduces a common Master a Steering Committee, reflecting
the SAP Fiori platform. This user-friendly system allows employees to Key features include Data Management (MDM) a collective commitment to
procure materials such as stationery, hardware and safety equipment authorised access, tailored approach. The programme operational excellence.
through a structured catalogue, to ensure transparency and ease. communication workflows focuses on designing scalable
and personalised greetings for and market-responsive processes
The process begins with employees creating Purchase Requisitions customers. It also promotes
(PRs) via SAP Fiori, with automatic Purchase Orders (POs) generated new products and offers, builds
and sent to vendors upon approval. The Shared Service Team (SST) trust through industry insights
collaborates with the ARC Team to manage contracts and maintain and strengthens brand loyalty.
up-to-date catalogues. This seamless process minimises buyer By leveraging technology, the
involvement and enables employees to track PR status directly through WhatsApp Chatbot modernises
SAP, reducing time and effort. communication, boosts
customer satisfaction and
Resembling e-commerce platforms like Amazon, Catalogue Buying drives business growth.
offers detailed product specifications and images for informed
decision-making. By eliminating unnecessary steps and adhering
to Annual Rate Contracts, this innovative approach enhances
operational excellence and sets new standards for procurement in the
cement industry.

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Focus Areas

Employee Health Developing the Employee Develop Talent

and Safety Talent Pool Engagement Pipeline

Development and Key Initiatives

• Tech-led safety • Comprehensive • Prudent performance • Identify critical positions
initiatives recruitment strategies management system and succession
• Deploying and • Skill enhancement • Dynamic work culture candidates internally
implementing programmes for fostering collaboration and externally
Group-level safety employees through team-building
programmes across • Specific learning and activities, engagement
the Company development surveys, town halls and
programmes leadership talks

8 44 hours • Enthusiastic • Consistently

Manufacturing Units Training for Each participation in all publishing Internal

Key Performance Indicators

achieved 'Zero Harm' Employee employee engagement Job Postings
during the Year initiatives • Succession Plan
• Town Halls formulated
16,951
2 Number of Training • Leadership
Safety Audits were Rolled Out interactions
Conducted with 16 • Newsletters and
Leadership Members Emailers
involved as Auditors
75,465
Total Training Hours • Multiple recognitions
across Sites

Empowering
Material Topics Stakeholders Impacted UN SDGs Impacted
Human
Capital

1 
Talent Acquisition Employees
and Retention

Future-ready
Customers
2 Diversity and Inclusion
Channel Partners
3 
Employee Training

Teams
and Development
4 
Employee Well-being Measures
5 Employee Engagement
6 
Performance
Management System
ACC aims to foster a dynamic work culture. As an industry frontrunner, it nurtures
7 Freedom of Association
top talent, prioritising agility, diversity and empowerment. The Company creates a
collaborative environment where teams share insights and expertise, enabling swift 8 Human Rights
adaptation to market shifts. ACC’s agile workforce is pivotal to driving efficiency and 9 Health and Safety
sustainability in a competitive industry.
10 Mental Health and Well-being
11 
Customer Relationship
Management

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Human Capital

Overview Employees and Workers Strength Spirit of Excellence Diversity, Equity and To enhance gender diversity,
Age Group Female Male Total Inclusion ACC is actively trying to
Building a sustainable organisation ACC has created an environment
increase the number of women
requires a holistic strategy that <30 40 102 142 where teams can collaborate ACC is dedicated to fostering
representatives across its
integrates leadership development, seamlessly, sharing insights and diversity, equity and inclusion (DEI)
business by 2030, supported by
a positive workplace culture and >30 64 2,965 3,029 expertise, forming the foundation for across its operations, recognising
initiatives like ‘BeConnected’.
strategic initiatives. This approach quick adaptation to market changes. that these values drive innovation,
This platform empowers women
strengthens ACC’s position as an Grand Total 104 3,067 3,171 The Company has developed productivity and long-term growth.
through mentorship, networking
industry leader and an employer an agile workforce, essential in The Company ensures equality and
and professional growth,
of choice, attracting and retaining an industry where efficiency respect for all individuals, regardless
creating a vibrant and inclusive
top talent for long-term success. Managerial Staff Categories and sustainability are critical. of gender, ethnicity, age, caste,
workplace culture.
Recognising people as its greatest Management Category Female Male Total By promoting cultural integration religion or other backgrounds, and
asset, the Company prioritises and breaking down barriers, ACC promotes inclusive workplaces
effective people management as
a key differentiator. During FY
Junior Management
(Assistant Manager and
65 519 584 has created a cohesive and inclusive
workplace. Celebrating diversity
through pay parity, skill balancing
and diverse demographics.
3%
2024-25, various HR initiatives below) and empowering employees have Gender Diversity
were introduced, focusing on Middle Management 28 1,066 1,094 been key drivers of its success. Aligned with its DEI policy, the
inclusion, workplace safety, (Deputy Manager to Together, these efforts strengthen Company integrates these principles Focus on Equal Pay
career advancement and human General Manager) ACC’s ability to thrive in a dynamic into human resource management
ACC follows a gender-neutral
rights protection. market, build resilience and retain and partnerships with stakeholders,
Senior Management 1 22 23 remuneration with an emphasis
a forward-thinking approach. maintaining a zero-tolerance

3,171 (Associate Vice-President on specific skills and experience.

approach to discrimination and
and above) As a result, at some levels, females
Talent Acquisition and harassment. Regular training and
are paid more than their male
Total Employees and Workers Grand Total 94 1,607 1,701 Retention awareness programmes reinforce
counterparts and vice versa.
(including Differently-abled) ACC embraces agility, excellence, this commitment, complemented by
diversity and employee the Prevention of Sexual Harassment
empowerment to drive meaningful (POSH) policy, ensuring a safe and
transformation. It prioritises dignified workplace.
innovation and adaptability, ensuring
resilience in a competitive market.
Recognising the importance of
attracting and retaining top talent,
ACC implements comprehensive
recruitment strategies, leveraging
diverse channels like online
portals, social media, professional
networks, internal postings and
campus hiring. Employee retention
remains a cornerstone of its Human
Capital strategy. It allows the
Company to build an ecosystem
that nurtures career growth,
supports development and
celebrates achievements to build
lasting relationships.

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Human Capital

Learning and Development Employee Development Programmes

ACC prioritises developing the skills
and capabilities of its workforce Name Target Group Description
to enhance performance and
accelerate professional growth. Fulcrum CXO-level Leaders This nine-month Leadership Development Programme is
The Company’s robust talent designed to nurture CXO-level leaders across ACC. This
development programme leverages comprehensive initiative focuses on strategic leadership,
a digital ecosystem, providing business synergy and functional expertise while enhancing
seamless learning through dedicated skills to manage stress, ambiguity and complex challenges.
modules, virtual instructor-led It emphasises overall personality development, trust-
masterclasses, and customised building and creates diverse teams to ensure collaboration
web sessions on functional and and growth across the organisation.
leadership aspects.

44 NorthStar Middle-level Managers This 11-month Leadership Development Programme,

in partnership with Ivy League institutions, develops
Training Hours per Employee middle-level leaders by enhancing their versatility and
adaptability. The curriculum covers business cycles,
ACC follows the [Link] learning financial management, people skills, communication,
philosophy, with 70% of learning Digital Dexterity at ACC and strategic planning, preparing participants for future
through on-the-job training, 20% leadership roles. The programme results in significant
ACC has commenced an ambitious technology serves as a backbone
via interactions with superiors, and improvements across all dimensions of the Adani
journey into the digital era by for enhancing operational
10% through structured training Behavioural Competency Framework (ABCF).
positioning digitalisation at efficiency. Data analytics and
interventions. Line Managers its core, driving operational AI-driven processes through
play a pivotal role in supporting excellence and inspiring MS Co-pilot have enhanced
new employees during the Takshashila Senior-level Managers This 12-month Leadership Excellence Programme, in
the pursuit of greatness. decision-making and optimised
onboarding process, ensuring a collaboration with the Indian School of Business, equips
With enhancements such as SAP operations, including drone
smooth transition. This journey participants for leadership success. The programme
upgrades, integrated mobile apps utilisation. We also utilise AI
includes business-specific and combines classroom learning, interactive sessions,
empowering stakeholders and across several operations to bring
discipline-specific learning, 360-degree feedback, action learning projects and
streamlined platforms, digital out the best out of our workforce.
facilitated by the Company’s e-Vidya individual coaching to develop essential leadership skills.
digital portal. The portal serves as It provides leaders with the knowledge and tools needed
a comprehensive platform, offering to excel, ensuring growth and preparing them for future
employees easy access to training leadership challenges.
materials and resources.

e-Vidyalaya All Employees At ACC, continuous learning is more than a priority — it is

Training Highlights of FY 2024-25
a commitment. Embracing the future of skill development,
the Company has launched e-Vidyalaya, an innovative
16,951 75,465 J 1.74 crore e-learning initiative in collaboration with Skillsoft.
Through the Percipio digital learning portal, employees
Total Number of Training and Total Training Hours Amount Spent on Training
gain seamless access to a vast repository of knowledge,
Awareness Programmes
spanning business, productivity, collaboration, and digital
transformation. Designed for flexibility, this initiative allows

1,148 491 1,701 individuals to upskill at their own pace. Complementing

digital learning, we integrate targeted in-person training
Total Topics Covered Employees Trained on Employees Trained on to address functional and behavioural development needs,
in Training Health and Safety Measures Skill Upgradation fostering a culture of growth, agility, and excellence.

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Human Capital

Employee Engagement Performance Management performance in specific categories Compensation

System to identify high performers and The Company promotes a positive
Being an employee-centric meetings, and leadership talks, all exceed expectations. Long Service areas of improvement. This approach work environment through its fair
organisation, ACC engages with its aimed at creating an environment awards celebrate those with 10+ The Company has established informs decisions on promotions, remuneration and compensation
employees through various initiatives that drives growth. The Company years of service. ACC regularly a comprehensive Performance rewards and career development, policy. It boosts employee
that promote a sense of belonging also runs monthly and quarterly conducts surveys to understand Management System (PMS) to ensuring effective differentiation of productivity and fosters healthy
and involvement. These include reward and recognition programmes, employee experiences, to enhance ensure transparency and clarity, performance. All eligible employees, competition. Exceeding statutory
team-building activities, surveys, such as spot awards and employee of their well-being and promote a while setting clear expectations undergo annual appraisals, while requirements, the compensation
engagement programmes, town hall the month, to motivate employees to positive work culture. for its workforce. This system workers are evaluated with as per practices ensure that the
encompasses performance agreed conditions with the union. workforce is well-rewarded for
measurement, mid year and end
their contributions and recognised
year reviews, ratings, promotion
for their efforts.
Unity in Action on recommendations, moderation
and individual feedback.
Sports Day
Regular feedback is integral to
The Sabarmati Riverfront Sports this process, with bi-directional Saksham: Empowering Workforce through Innovation

CASE STUDY
Complex in Ahmedabad buzzed reviews and 360-degree feedback
with energy as Adani Sports Project Saksham is an ambitious Furthermore, ACC’s integration of
helping to build trust, transparency
Line hosted the two-day Adani initiative which aims to empower Oracle Fusion HCM underscored
and continuous growth. A key
Sports Day for ACC and its parent employees with essential the Company’s dedication
feature of the PMS is the bell curve
company, Ambuja Cements tools and helps to build self- to digital transformation.
performance appraisal, which
Limited. Employees from various confidence. Recently, the project This cloud-based system has
uses forced ranking to compare
departments came together employee performance based on introduced Neuro-Linguistic streamlined HR operations,
to compete, collaborate and competencies, achievements and Programming (NLP) showcasing reduced costs and enhanced
celebrate sportsmanship. overall performance. its potential to revolutionise employee experiences through
communication and relationship automation and data-driven
This method allows the Company dynamics. decision-making.
The event featured exhilarating to identify high and low performers,
competitions, including relay highlight areas of improvement
races, tug of war, volleyball, and and guide decisions on promotions,
pickleball, fostering teamwork rewards and career development.
and camaraderie. Each day began It ensures fairness and consistency
with a health and safety briefing in evaluating employee performance
and an energising Zumba session. throughout the organisation.
The spirited event concluded with All eligible employees undergo
a celebratory dinner, marking a annual performance appraisals.
perfect blend of competition, unity This approach guarantees that every
and shared achievement. employee receives constructive
feedback and support to drive their
professional growth.

Performance Appraisal
ACC’s performance appraisal process
includes performance measurement,
mid-year-end reviews, ratings,
promotion recommendations,
moderation and individual feedback.
Using the bell curve method, the
Company compares employee

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Human Capital

Human Rights all partners and suppliers adhere to Human Rights Assessment Employee Well-being Maternity leave is granted for a
its safety standards. By embedding and Due Diligence Measures period of 26 weeks. In case of
ACC prioritises Occupational Health
OHS principles into every aspect of ACC has implemented a due adoption, 12 weeks of leave is
and Safety (OHS) to create a safe The Company ensures holistic
its operation, ACC aims to maintain diligence process to assess granted. If a woman desires to work
working environment. OHS at the employee well-being by offering
a safe, healthy and productive human rights risks across its post availing maternity benefit, the
Company is driven by the aim of comprehensive support programmes
workplace for all employees and operations, value chain and employer allows her for any such
achieving ‘zero harm’ across all its and creating a supportive work
stakeholders. ACC has implemented activities. This includes issues period based on mutual agreement.
operations. This goal is supported by environment. This includes flexible
an Occupational Health and Safety such as health and safety, forced Paternity leave of 6 days is also
a robust framework, which includes working hours, regular health
Management System across all labour, child labour and equal given to the non-primary caregiver.
leadership commitment, clear check-ups, health insurance,
its operational locations, covering remuneration. The Company is In addition to maternity leave,
policies and systematic processes. childcare facilities and celebrating
both employees and contractual committed to gender-neutral there are other paid leaves in a year
OHS management strategy is significant events. ACC promotes
workers. This system is certified by pay and it ensures fairness and which an employee is entitled to
comprehensive, incorporating physical fitness through fitness
ISO 45001. To ensure continued transparency, with regular reviews to like privilege leave of 21 days, sick
advanced safety systems, extensive classes, sports facilities, wellness
compliance, ACC conducts regular address any disparity. leave of 7 days and casual leave of 7
training programmes and ongoing challenges and health resources.
safety audits and reviews, in days which an employee can avail of
monitoring of safety performance. To support parenthood, parental
adherence with rigorous standards depending on the requirement.
leave (maternity as well as paternity
that are in line with the safety
OHS governance framework is based leave) is offered. In addition,
management framework.
on well-defined policies and active employees have other paid leaves to
safety committees, all aligned with their credit which can be availed.
the Company’s Occupational Health
and Safety Policy. This policy applies
3,171
to all of ACC’s operations, business Employees and Workers Trained
units, suppliers, visitors, customers on Human Rights Issues Assuring Excellence
and other stakeholders. To further through the Global
strengthen its commitment, ACC has Capability Centre
implemented comprehensive Safety Human Rights Assessment Process Adani Group has launched
Management Systems across the the Global Capability Centre
group, with clearly defined roles and (GCC), marking a pivotal
responsibilities. 1 4 step towards sustainable
growth and operational
Moreover, OHS requirements are fully excellence. Inaugurated by
Identifying Providing
integrated into the procurement and Chairman Gautam Adani on
Risks Remedies where
contractual processes, ensuring that 2 Sep 2024, and unveiled
and Impacts Appropriate
by Karan Adani, Chairman
of ACC, the GCC focuses
5 on efficiency, innovation,
Following and business excellence.
Policy Integrating several thousand
Commitments employees over two years,
this initiative optimises HR,
Finance, IT, and Procurement
2 3 functions, fostering innovation
Impact Monitoring and and enhancing stakeholder
Management Analysing the experience through advanced
and Effectiveness of digital tools and analytics.
Mitigation Remedial
Measures

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Human Capital

'We Care' Initiatives

Suraksha Bandhan Roko Toko

This unique initiative connected thousands of Roko Toko promotes behavioural transformation by
individuals across the organisation, including empowering individuals to intervene and correct
contractors, transporters, township residents and unsafe acts or conditions, encouraging leaders to
students at Adani Public Schools. It was well-received, ‘never walk past’. ACC along with its parent company
cultivated emotional bonds among participants who Ambuja Cements Limited publishes Roko Toko
Health and Safety reporting period. Recognising the We Care shared the spirit of Suraksha Bandhan. moments to inspire widespread participation and
ACC upholds fundamental human impact of its operations and The ‘We Care’ programme is accountability.
rights, which are integral to supply chain on human rights, it designed to promote safety among
its core values and corporate has implemented a Supplier Code frontline workers and contract
responsibility efforts. The Company’s of Conduct, which addresses key personnel, aiming for a ‘Zero Harm’
Human Rights Policy is aligned issues such as forced labour, child workplace. Each site identifies up to
with internationally recognised labour, fair working conditions, three ‘Safety Heroes’ every month
frameworks such as the Universal occupational health and safety and to recognise good safety behaviour,
Declaration of Human Rights, the freedom of association. Additionally, through surveys, honouring them
ILO Declaration on Fundamental it is committed to ensure personal with a Golden Helmet and a gift
Principles and Rights at Work dignity, privacy and safety through worth I5,000 during the Safety
and the UN Guiding Principles the protection of the right to Gate Meeting, attended by the
on Business and Human Rights. freedom of association. Additionally, entire workforce and their families.
This policy ensures the protection the Company’s comprehensive In FY 2024-25, 283 ACC Safety
and respect of human rights across Employee Grievance Redressal Policy Heroes have been recognised and a
all its operations and applies to provides a platform for employees to souvenir has been launched in their
employees, associates, customers, raise issues confidentially. honour. The CEO and Management
vendors and contractors. Committee unveiled this souvenir
at the Taj Gandhinagar. Copies were Learning from Incidents Monthly Campaigns
The Company prioritises raising ceremoniously presented to the
The LFI initiative extends the importance of safe Each month, a unique theme drives safety awareness
awareness of human rights among Safety Heroes from each site, in the
behaviour beyond the Company’s boundaries, through innovative online and offline campaigns,
its workforce, successfully training presence of their families.
encouraging employees to share personal incident engaging the workforce. Rewards at Safety
73% of its employees during the
learnings. These contributions are shared with all Gate Meetings further encourage participation.
employees and recognised with appreciation letters December’s ‘Never Miss a Near Miss’ campaign led to
and gift vouchers. an impressive 177% increase in incident reporting.

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Human Capital

Initiatives Undertaken to strengthen Safety Performance

Leadership Commitment and Training and Capability Safety Execution Strategy

Governance Building at ACC

Key performance indicators A robust training needs ACC leverages advanced

(KPIs) have been integrated into identification process was technologies to ensure a safe
performance appraisals and senior implemented across plants. working environment. The Company
leadership training. Safety training Line Managers enhanced their has implemented SafeX for
sessions were successfully capabilities through training in risk efficient reporting of safety
conducted, sharing lessons from assessment, incident investigation indicators and utilises drone
past incidents across teams. and managing high-risk activities. applications during high-risk
Governance was strengthened Incident learning videos were activities such as shutdowns and
in high-risk processes through shared to foster continuous silo cleaning. Additionally, ACC
critical control management improvement. Saksham training monitors and analyses critical
and monthly safety reviews. sessions were conducted for safety parameters through a
Individual engagement promoted contract workers and project dedicated dashboard, enabling
safety leadership, ensuring safety workshops were organised effective safety management and
open communication for the with relevant teams to strengthen continuous improvement. Technological Intervention Safety Engagements and
swift resolution of issues. safety practices. for System Assurance #SafetyCulture Rewards and Recognitions
This approach ensured a secure
work environment by encouraging ACC leverages advanced #SafetyCulture serves as Adani’s Throughout the year, ACC involved
reporting and promptly addressing
individual concerns.
58,731 technologies to ensure a
safe working environment.
flagship brand identity, focused
on fostering a strong safety
its employees and workmen
in its safety journey through
Workers Trained The Company has implemented ethos. This initiative drives the quarterly campaigns focused on
under Saksham Gensuite for efficient reporting development and implementation work-at-height and electrical
94,959 of safety indicators and utilises
drone applications during
of all safety interventions,
programmes, and engagements.
safety. Monthly safety themes
were introduced to enhance
Safety Concern-visible personal
tours (VPC) and Hazards
Reported and Corrected
2,34,924 high-risk activities such as
shutdowns and silo cleaning.
As part of the Adani Group,
ACC actively engages internal
competency and compliance.
The Company recognised exemplary
Man-hours Spent on Additionally, ACC monitors stakeholders, including employees safety practices and hosted
Saksham Training and analyses critical safety and associates, alongside local knowledge-sharing sessions,
parameters through a dedicated communities, through impactful often featuring industry experts.

4,453 dashboard, enabling effective safety-themed campaigns and To strengthen safety culture and
safety management and comprehensive training initiatives. ownership, ACC organised Saksham
Near Misses Reported and 4,345 continuous improvement. Samvaad, engaging many leaders

12
Corrective Actions Taken from the cement business and
Number of Permits to Work reinforcing key safety principles.
Audits Conducted
Safety Campaigns Rolled Out
during the Year
8
Sites Achieved 'Zero Harm'

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Human Capital

Industrial Relations The Corporate Responsibility Safety Performance for FY 2024-25

De-risking Projects ACC fosters strong employee- Committee oversees safety Description FY 2024-25 FY 2023-24
management relationships governance at the Company with a
Despite technological Fatality (On-site) 1 0
through open communication, comprehensive Safety Management
advancements, the cement
mutual respect, and collaboration. System and clearly defined roles at Lost Time Injury 22 28
industry remains labour and
Regular feedback sessions, the group level. Safety governance is
infrastructure intensive, with Restricted Workday Cases 7 3
team-building activities and led by the Apex Council, comprising
inherent risks. To challenge Medical Treatment Cases 9 2
transparent decision-making senior leadership and supported
this, ACC embraced a bold
build trust and align goals. by the Steering Safety Council, Lost Time Injury Frequency Rate 0.41 0.62
question: "If the risk is high,
These initiatives create a which includes business safety
why involve humans?" This Total Injury Frequency Rate 0.72 0.71
supportive, engaged workplace, heads and leaders.
mindset drove innovation First Aid Cases 34 36
beyond traditional boundaries. ensuring a positive environment
that drives collective success and Taskforces at both Group and site
With the Adani Group’s
organisational growth. levels oversee safety implementation. Prioritising Employee Health and Wellness
progressive approach, ACC has
Site committees meet quarterly to
succesfully completed trial on ACC has established OHS facilities at sites to provide healthcare services, ensure compliance with health-related
Safety Governance review performance and introduce
applying safety cage inside standards and support OHS teams in promoting medical fitness, appropriate work placement, first aid, preventive care,
new measures. During the year,
calciner and preheater areas. ACC maintains a robust safety health education and monitoring.
ACC held several safety committee
governance structure. The OHS
meetings and integrated safety KPIs
governance framework is built on
into the performance appraisals of Occupational Health Non-Occupational Health
clear policies and involves safety
senior leaders.
committees to drive initiatives in
Key Initiatives Key Initiatives
a top-down manner and support
prudent workforce engagement.

1
Apex
Council Round-the-clock First-aid and Dust Preventive Health In-house
medical staff ambulance prevention mist health initiatives awareness allied services
STRATEGIC services water spraying
2 3
Steering Six Group
Safety Level
Council Task Forces

PLANNING Occupational Canteen Tele-consultation Clinical

4 5 health centres facilities and services support during
Business Business rest sheds hospitalisation
Safety Council Task Forces

EXECUTION

6 7 8
Site Council Site Task Forces Championship - AIC*

IMPLEMENTATION
*Area Implementation Committee 9
ACC Stakeholders
(Employees, Contractors, Third Parties, Business
Partners & Communities)

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Focus Areas

Net Zero Energy Water Waste Management Biodiversity

Efficiency Positivity & Circular Economy

• Only large • Adopted newer • Increased usage • Co-processes waste • On track to grow
Indian cement technologies to of recycled water in kilns to reduce 5.9 million trees
company improve energy and rainwater use of fossil fuels by 2030
committed to
efficiency harvesting • Utilise industrial • Nurturing rich
achieving Net
• Developed waste like fly-ash, biodiversity
Zero by 2050,

Development and Key Initiatives

with targets innovative products slag, chemical across locations
validated by that reduces water gypsum and more through extensive
the Science usage for the to transform waste tree plantations
Based Targets customers into valuable raw and ecological
initiative materials and initiatives
• Reducing water
(SBTi) conserve mineral
consumption per
• Collaborating resources
tonne of product
with global • Adopted initiatives
climate and
to co-process
sustainability
plastic wastes
organisations
to drive
meaningful
change

484 kg/tonne 734 kCal/kg of 1.04x 0.55 MMT 5.1 million

Key Performance Indicators FY 2024-25

of Cementitious Clinker Water Positive Waste Co-processed Trees Planted till
Material Specific Thermal FY 2024-25
Scope 1 Emissions Energy Consumption 52% 12 MMT
Gross Water Waste-derived No Net
22 kg/tonne 75 kWh/tonne of

Nurturing
Requirement Resources Used Deforestation
Natural
Capital

of Cementitious Cement Met through

Material Specific Electrical Harvested 7.6x
Scope 2 Energy Consumption

Eco-Consciousness
Rainwater Plastic Negative
Emissions

18% 10.5%
Thermal Substitution
Renewable and
Rate (TSR)
Green Power

Sustainability lies at the heart of ACC’s strategy. The Company is advancing

decarbonisation through green power investments, increased alternative fuel Material Topics Stakeholders Impacted SDGs Impacted
use, and targeted Thermal Substitution Rate (TSR) goals. A robust Enterprise
1 
Climate and Energy Communities and NGOs
Risk Management (ERM) framework enables proactive climate risk assessment,
driving innovation and competitiveness. The Company has outlined its goals in its 2 
Air Quality Government and

Sustainable Development 2030 (SD 2030) Plan and is making focused efforts to Regulatory Bodies
3 
Water Management
achieve them before planned timelines.
Suppliers
4 
Circular Economy
Channel Partners
5 
Biodiversity Management
Employees
6 
Sustainable Construction

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Natural Capital

Sustainability Strategy The Company actively promotes

100% Plants are ISO Certified Performance Highlights for FY 2024-25
the integration of climate change
Sustainability principles are
measures with national and

484kg/tonne 22 kg/tonne
embedded across the Company’s
value chain and ACC strives to foster
global policies, demonstrating Net Zero
sustainable practices across the
its commitment to broader Commitment of Cementitious of Cementitious
environmental initiatives
business. Through the introduction By 2050 with targets Materials materials
and sustainable practices.
of green products, fossil fuel validated by SBTi
Implementation of the policies Scope 1 Emission Scope 2 Emission
substitution, increased shared on
is overseen by the Corporate
Green Power and clinker factor
Responsibility Committee
optimisation, ACC is determined
(CRC), which consists of
to progressively reduce its
environmental impact. Together with
independent directors and is
accountable to the Board.
18% 12 MMT 1.04x
Ambuja Cements Limited, ACC Renewable and Waste-derived Water Positive
is among the only two Indian Green Energy Used Resources
cement manufacturers committed Environmental Policies
to achieving Net Zero by 2050, Climate Change Policy
ahead of India’s commitment to be

7.6x 5.1 million 94%

Net Zero by 2070. Energy Management Policy
ESG Policy
Strong Governance for Plastic Negative Trees Planted till Blended Products
Sustainability Oversight Corporate Environment Policy FY 2024-25
Water Stewardship Policy
• Corporate Responsibility
Committee: Oversees sustainability Waste Management Policy
agenda and climate change Resource Conservation Policy Climate and Energy The assessment has also helped The functional teams drive initiatives
mitigation in identifying opportunities and to reduce carbon footprint, build
Bio-diversity Policy Climate Strategy
• Independent Directors: Provide taking initiatives to mainstream the resilience against climate risks
The Company’s climate initiatives
guidance on long-term targets. opportunities into business such and encash opportunities The Risk
align with national and international
• Senior Management: Leads as the use of renewable energy, Management Committee (RMC)
frameworks, including the Nationally
execution of sustainability setting up of Waste Heat Recovery supervises sustainability and ESG
Determined Contributions (NDCs)
initiatives, aligning with business Systems (WHRS), etc. risks. Climate-related risks have
under the Paris Agreement and
goals become integral to the Company’s
the UN Sustainable Development
Climate Governance enterprise risk management process,
• Regular Monitoring: Ensures Goals (UN SDGs). and are focused
The Board and senior leadership with performance improvements
continuous improvement and on reducing the Company’s carbon
team conduct quarterly reviews discussed during CEO and
accountability by management and footprint, building resilience and
to assess progress against the COO plant visits.
the Board achieving Net Zero emissions,
ACC has conducted a climate risk Company's goals and targets.
The Corporate Responsibility Climate Risks and Mitigation
Environmental Policy and assessment for all plants based
Committee (CRC), which includes Measures
Management System on TCFD and IFRS S2 guidelines.
This analysis identified physical independent directors, oversees The Company is aware of the
ACC’s comprehensive Environmental
and transitional risks, enabling the sustainability efforts and monitors climate-related risks it faces,
Management System aligns
development of mitigation strategies climate-related KPIs. including increasing regulatory
policies, procedures and practices
to address climate change impacts pressures, rising energy costs and
with industry best standards,
and enhance business resilience. Senior management ensures the physical risks such as extreme
enabling proactive management of
integration of the Company’s broader weather events disrupting
climate risks, waste reduction and
sustainability strategy, supported by production and supply chains.
recycling efforts.
its ESG team responsible for shaping Additionally, the demand for
and implementing the ESG agenda. reduced carbon emissions in

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Natural Capital

cement manufacturing is growing. List of Transitional Risks

To manage these risks and ensure
business continuity, ACC has Risk Category Risk Subcategory Risk Description
integrated climate change risks
into its comprehensive Enterprise Transition Policy and Legal The PAT scheme sets three-year energy-saving targets for
Risk Management (ERM) strategy. Risks energy-intensive industries like cement production, enabling
the certification and trading of surplus savings, with financial
ACC considers both, physical risks
penalties for non-compliance. Additionally, Renewable Purchase
caused by the increased frequency
Obligations (RPO) mandate a minimum use of renewable energy
and severity of climate and and upcoming policies may introduce carbon pricing mechanisms,
weather events, and transitional impacting operations and finances, if targets are not met.
risks associated with economic,
technology or regulatory changes. Technology The limited commercial viability of low-carbon technologies like
It has conducted a thorough Scenario Analysis like flooding, drought, cyclones CCUS presents operational risks, as their implementation remains
Climate Change Risk Assessment, The Intergovernmental Panel and wildfires under IPCC scenarios costly and it is still in the developmental phase. Additionally,
covering short, medium and on Climate Change (IPCC) has SSP1-2.6, SSP2-4.5 and SSP5-8.5. the evolving regulatory landscape and lack of clear commercial
This evaluation enabled the evidence create uncertainty, further complicating their adoption
long-term horizons, considering developed scenarios known as
Company to understand potential and impacting operations.
both, physical and transitional Shared Socioeconomic Pathways
risks. These challenges present (SSP) to simulate impact of climate impacts and prepare effective
strategies to mitigate risks Market Although captive limestone mines ensure secure raw material
opportunities for innovation, change under different scenarios of supply, rising cost of fuels like coal and coke pose financial risks.
sustainability leadership and temperature rise. ACC conducted associated with varying greenhouse
These fuel price increases are influenced by changing climate
competitive advantage. a climate risk assessment across gas emission pathways.
conditions, adding to the company's operational vulnerabilities.
all its sites, analysing physical risks

List of Physical Risks

Risk Mitigation Internal Carbon Pricing
Objectives of Implementing
Risk Category Risk Subcategory Risk Description According to the Company's ACC has implemented an Internal
Internal Carbon Pricing
climate risk assessment, none of Carbon Pricing (ICP) mechanism,
Excessive rainfall can result in pluvial flooding, causing substantial its sites currently face physical assigning a value of USD 28 per • Emission Reduction
Acute Physical Flood Pluvial
damage and operational disruptions. climate risks. However, ACC is tonne of CO2, to foster sustainability • Employee Engagement
Risks
implementing site-specific strategies and climate responsibility. • Carbon Planning
Cyclone Over the past four decades, the frequency of intense cyclones
to address potential future scenarios This includes a shadow pricing
(Category 3 and above) has steadily increased. If this trend persists • Investment Decisions
with climate change, the heightened wind speeds of these storms
and minimise the impact of model that quantifies financial risks
unforeseen events on operations. at site and organisational levels, • Supplier Selection
could pose severe threats to infrastructure and assets, potentially
causing catastrophic damage. These proactive measures integrate helping ACC manage climate-related • Operational Efficiency
adaptation strategies into existing risks, reduce its carbon footprint • Regulatory Compliance
Wildfire Temperature and precipitation patterns significantly influence operations, focusing on short, and drive low-carbon investments
conditions that promote wildfires. Rising temperatures make
medium and long-term goals to while identifying opportunities for
wildfire-prone regions warmer and drier, increasing the likelihood
ensure all future developments sustainable growth.
of intense wildfires, which pose serious risks to assets and may
are designed to be resilient
result in potential shutdowns.
and sustainable.

Chronic Extreme Temperature Global warming driven by climate change has resulted in severe
Physical Risks consequences. Rising temperatures worldwide have triggered far-
reaching impacts.

Water Stress Ongoing water scarcity can exacerbate climate change impacts,
leading to more frequent and severe droughts, heatwaves and
an elevated risk of wildfires. Reduced water availability may also
threaten food security, disrupt ecosystems and spark social unrest
as competition for this vital resource intensifies.

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Natural Capital Natural Capital

Pioneering Zero-Carbon
Heating Technology
The Company is progressing
towards its Net Zero ambitions by
adopting advanced zero-carbon
heating technology to decarbonise
its cement manufacturing process.
Through a strategic partnership
with Finland-based technology
and engineering firm Coolbrook,
ACC will implement Coolbrook’s
groundbreaking RotoDynamic
Heater (RDH) technology across the Company’s reliance on reinforcing its commitment to
its facilities. This innovative fossil fuels while significantly sustainable and environmentally
solution will drastically reduce lowering carbon emissions, responsible operations.

Net Zero Commitment Emission Reduction

ACC leads climate action and Targets 2030 ACC to Gain from Decarbonisation Levers at ACC Limited Cements
sustainability within its sector, ACC Limited commits to reduce Ambuja being Signatory
aiming to play a pivotal role in gross Scope 1 and 2 GHG emissions to AFID
India’s net zero emissions goal. 18.5% per tonne of cementitious ACC is expected significantly Scope 1 Scope 2 Scope 3
Committed to achieving net zero material by FY2030 from a FY2023 benefit from the partnership
Higher Energy Efficiency Decarbonisation of Decarbonise
emissions by 2050, the Company’s base year. Within this target, ACC between its parent company Electricity Supply Chains
2050 Net Zero targets are already Limited commits to reduce gross - Ambuja Cements Limited Increasing consumption of
validated by SBTi. ACC is the only scope 1 GHG emissions 16.3% per becoming signatory to alternate fuels Use of renewable energy Supplier Engagement
large cement manufacturer in tonne of cementitious material for reducing carbon
the Alliance for Industry Increase in Thermal  aste Heat Recovery
W footprint
the country to have its targets and gross 2 GHG emissions 53.1% Decarbonisation (AFID), a Substitution Rate (TSR) Systems (WHRS) for
validated by SBTi. The Company per tonne of cementitious material global coalition focused on Procurement Policy
Power generation
also aligns with the Global Cement within the same time frame. achieving Net Zero - in line Improved Technology and Choices
and Concrete Association (GCCA) No new fossil fuel-based
with the Paris Agreement. Optimising Increasing rail and
Roadmap for Net Zero Concrete by The target boundary includes captive power plants
Ambuja is the first cement clinker factor sea transport
2070. ACC’s validated SBTi targets biogenic land-related emissions and manufacturer to join AFID,
can be viewed on the removals from bioenergy feedstocks. Alternate raw Business Model
facilitating the exchange of Innovation
materials
SBTi Target Dashboard. insights between stakeholders
in energy-intensive sectors. Zero-carbon heating Use of Electric Vehicles (EVs)
Committed to Net Zero technology
Performance on SBTi Targets
by 2050, Ambuja has set Innovation and optimising
GHG Emissions Scope 1 Scope 2 Science Based Targets and the use of natural
plans to invest I 100 billion in resources
Target Year 2030 421 kg/tonne 10 kg/tonne renewable energy, including
Cementitious Cementitious 1 GW capacity and 376 MW
Material Material from Waste Heat Recovery
Systems (WHRS).
Future Initiatives
Performance in 484 kg/tonne 22 kg/tonne
FY 2024-25 • Pilot on carbon capture and utilisation/storage
Cementitious Cementitious
Material Material • Future-ready technologies like green hydrogen, carbon capture and utilisation

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Natural Capital

Energy Management Energy Efficiency Specific

The Company continues to reduce returns and conduct mandatory Thermal Energy
To promote continuous
both thermal and electrical energy energy audits. The scheme sets Consumption
improvement, ACC conducts regular
energy audits to identify areas of consumption per tonne of product. energy consumption norms, verifies (kcal/kg of Clinker)
enhancement and track its progress Several plants participate in India's (Ecert) savings, issues energy
against set targets. The Company’s Perform, Achieve and Trade (PAT) savings certificates and facilitates
operations are ISO 50001 certified, scheme, with specific thermal trading of these certificates.

754

734
742
742
energy consumption steadily It has resulted in the reduction of

737
and it offers training programmes
to employees to raise awareness decreasing over time. PAT identifies energy use and carbon emissions,
on energy efficiency. This includes high-energy industries as designated which has contributed to more
an in-house course on Energy and consumers, requiring them to sustainable operations.
Emissions, available through its file annual energy consumption
online platform, E-Vidyalaya-Percipio.
com. By focusing on innovation and
energy efficiency, the Company aims

2020
2021
2022-23*
2023-24
2024-25
to reduce thermal and electrical
energy consumption and optimise
energy costs. With its investments, Energy Consumption during monthly management
the Company is on track to As a high energy consuming meetings and quarterly Board
achieve its goal of reducing energy industry, cement manufacturing meetings focus on improving energy
Renewable and Green Power agricultural and municipal waste these waste materials replaces fossil
consumption by 2030. demands effective energy efficiency, reducing consumption
ACC is investing in renewable through advanced co-processing fuels, preventing them from ending
management to optimise costs and and achieving cost savings.
energy to reduce its carbon technology. The Company up in landfill sites and causing
minimise environmental impact. The Company is working towards
footprint and minimise reliance operates pre-processing and environmental harm. By adopting
ACC monitors energy performance lowering thermal and electricity
on conventional fossil fuel-based co-processing facilities across alternative fuels, the Company
at all sites and reviews key findings usage and taken targets for 2030.
electricity. The Company aims to India, each equipped with storage further strengthens its commitment
increase its share of green power areas, feeding arrangements and to sustainable and responsible waste
to 60% by 2028 through a I 100 laboratories. These state-of-the-art management practices.
facilities enable efficient waste
0.55 MMT
billion investment by its parent
Energy Management Initiatives management, focusing on energy
734 kCal/kg
company – Ambuja Cements Limited,
a significant expansion, focusing recovery and recycling. In line with
Alternative Fuels
on solar, wind energy and Waste its commitment to sustainability,
Thermal Energy Consumed
Heat Recovery Systems (WHRS). ACC is ramping up investments
This strategy supports ACC's to modernise and enhance Waste
68 million GJ commitment to environmental
sustainability, reducing greenhouse
these facilities. Co-processed
Enhancing the Using Alternative Improving Thermal Total Energy Consumed in (lakhs tonnes)
gas emissions and promoting the use Expert teams provide solutions to
Energy Efficiency of Fuels Substitution Rates FY 2024-25
of clean energy. like-minded customers, helping
Operations (Co-processing)
increase the utilisation of waste in

18 % 18% manufacturing. The pre-processing

5.6

5.5
5.2
facilities play a critical role
Energy Consumed from Renewable and Green Power in converting heterogeneous
Renewable and Green Power Consumed out of Total Power waste into a homogenised mix,

3
Consumption

2.4
reducing reliance on fossil fuel.

75 kWh/tonne
With continuous upgrades to its
waste management infrastructure,
Waste Heat Recovery Renewable Energy Green Products Alternative Fuel Resource (AFR)
of Cement-specific Electrical ACC consumed 0.55 million tonnes
Systems (WHRS) ACC adopts a sustainable of alternative fuel during the
Energy Consumption

2020
2021
2022-23*
2023-24
2024-25
approach to managing industrial, reporting period. The utilisation of

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Natural Capital

Thermal Substitution Rate Environmentally-friendly

Pioneering Sustainable Waste Management through Geoclean Thermal Substitution Rate (TSR) Products ACC has implemented various
CASE STUDY

reflects the percentage of fossil ACC is a leader in producing and air pollution control measures,
ACC's waste management division, Sustainable waste management further strengthening its efforts including Electrostatic
fuels replaced by alternative sources distributing blended cement, known
Geoclean, is revolutionising is crucial for aligning with the to abide by circular economy Precipitators (ESPs) and bag
like biomass, industrial waste, for its eco-friendly properties
waste disposal for municipalities Company's broader sustainability principles and ensure responsible filters for flue and process
and refuse-derived fuel in cement and reduced clinker content.
and industries with innovative, and carbon reduction goals. waste management. emissions. Closed conveyor
manufacturing. A higher TSR By incorporating materials such
eco-friendly solutions. Collaborating with over 20 belts have been installed for
reduces reliance on non-renewable as slag and fly ash, ACC promotes
By harnessing co-processing municipalities and multiple The Company is focused on material transfer and dust
resources, cuts carbon emissions, environmental preservation while
technology, Geoclean enables industries, Geoclean diverts maximising TSR by co-processing suppression methods such
and drives a circular economy by enabling the construction of strong,
resource recovery, reducing waste from landfills, remediating industrial and non-industrial as water sprinkling on roads
transforming waste into energy. durable infrastructure across India.
landfill waste and minimising over 10 legacy sites and waste, including biomass and and tyre washing have been
Across the industry, cement ACC products are certified by GRIHA,
environmental impact. reclaiming 100+ acres. plastics, in kilns and captive power deployed. Continuous Emission
plants are adopting advanced highlighting ACC’s commitment
With seven pre-processing plants, thereby reducing reliance Monitoring Systems (CEMS)
TSR strategies to achieve greater to sustainability and quality
and 13 co-processing facilities, In FY 2024-25, Geoclean on conventional fuels such as coal. are in place at all plants to
sustainability while maintaining in its offerings.
Geoclean increased its Thermal co-processed over 5.5 lakhs tonnes monitor SO2, NOx, particulate
operational excellence.
Substitution Rate (TSR) to of waste. Expanding operations, it matter and other significant
10.5% in FY 2024-25. aims for 28% TSR by FY 2027-28, ACC's thermal substitution rate
(TSR) has been steadily increasing
58.2% emissions, with results
displayed digitally across all
over the years, with a target of Clinker Factor
monitoring locations.
reaching 28% by 2030.
94%
10.5% Blended Cement's Mix in the
Entire Product Mix
Thermal Substitution Rate (TSR)

Air Emissions
Thermal
In addition to greenhouse gas
Substitution
emissions, fuel combustion during
Rate
operations generates air pollutants
(in %) such as nitrogen oxides (NOx) and
sulphur oxides (SOx), exacerbating
the environmental impact of the

10.5
industry. Business activities also

9.15

9.15
9.15
contribute to particulate emissions

7.46
through fuel combustion and
vehicular movement.

2020
2021
2022-23*
2023-24
2024-25

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Natural Capital

Water Management for cooling, dust suppression and for water security leadership, Water Withdrawal and Water Intensity Wastewater Discharge
domestic consumption. ACC has ACC’s robust water stewardship Consumption ACC has set an ambitious goal ACC recycles and treats wastewater
Water, a vital natural resource, is
achieved a water-positive status policy focuses on conserving water The Company relies on diverse to reduce freshwater usage generated at its plants for uses such
central to ACC’s SD 2030 plan and
and aims to reach 5x by 2030. resources and supporting both its water resources but prioritises intensity per tonne of cement as gardening and dust suppression,
sustainability efforts. While cement
Recognised internationally by operations and local communities. minimising its impact on shared produced. Over the years, the ensuring no discharge occurs
manufacturing employs a dry
Carbon Disclosure Project (CDP) sources. By continually assessing Company has achieved significant outside the premises.
process, water is judiciously used
and improving water withdrawal improvements in water intensity and
processes, ACC adopts efficient is on track to meet its target well Rainwater Harvesting and
and sustainable water management ahead of schedule. Conservation
Objectives of Water Stewardship Framework practices. Proactive measures Rainwater harvesting and

Reduce Dependency on Ensure Become

ensure the responsible and
judicious use of water, reinforcing 172 Litre conservation initiatives inside
our boundary and beyond our
Freshwater Water Security Water Positive the Company’s commitment to Per tonne of boundary include utilisation of
environmental stewardship. cementitious material closed mine pits for rainwater
Seek to minimise Ensure water security for Aim to continue being
harvesting and groundwater
4.8 million KL
reliance on freshwater communities residing beyond water-positive through
resources for operations their immediate boundaries sustainable water Wastewater Recycling recharge, revival of ponds in
management practices and Reuse rural areas checkdam, roofwater
Water Consumption in
Aligned with its commitment to harvesting etc. Partnerships with
Production
sustainability, the Company has government bodies for projects
established robust wastewater like check dams, engagement with

Zero Operations in Water

Stressed Areas
recycling and reuse practices
across its units. These initiatives
developers for rainwater harvesting,
implementation of modular
Wastewater Discharged Three of ACC's plants are located in are designed to enhance water zero-water curing solutions, and
water stressed areas where efficient efficiency, reduce dependence on deployment of rainwater harvesting
water management is essential. freshwater sources and minimise projects across communities ensure
water security for our operation
12%
Despite these challenges, the its overall water footprint.
Company remains fully compliant Recycled water is effectively and communities.

Water Recycled on Net Basis with regulatory requirements while utilised for purposes such as
striving to minimise its impact on dust suppression and gardening,
local water resources by maximising reflecting the Company’s dedication
the use of harvested rainwater and to responsible water management.
52% recycled water.

Gross Freshwater Consumption

from Harvested Rainwater

1.04x
Gross Water Positive

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Natural Capital

Waste Management and Waste Disposal Biodiversity Management At the same time, businesses impact restoration. is highly dependent
For more details of waste environmental assets and ecosystem on natural capital, particularly
Circular Economy The Company focus is on recycling of Biodiversity management is a key
generation, please refer to services, which may have either abiotic services such as minerals
ACC is committed to sustainable waste. Only biomedical waste is sent priority in the Company's materiality
BRSR, Principle 6, Question 9. positive or negative consequences. (e.g. limestone) and water.
resource use, waste reduction to common facility for incineration. assessment, recognising the
There is no disposal of hazardous These impacts, in turn, create Indirectly, the business relies on
and circular economy principles. vital role of healthy ecosystems
Waste Management wastes in landfills. risks due to organisational ecosystem regulation services,
The Company exceeds regulatory in mitigating natural disasters.
dependencies on nature. including climate and water
standards and adopts industry best ACC strives to achieve waste Robust biodiversity supports
practices to minimise environmental
impacts. By complying with relevant
collection and segregation at source,
classifying materials as hazardous
Zero essential ecological services
critical to both business and
Nature-related risks can be physical,
regulation, as well as protection
against floods and storms, which are
Hazardous Waste sent to arising from climatic events (e.g. crucial for operational continuity.
environmental laws, ACC ensures or non-hazardous and storing them society. ACC’s comprehensive
Landfill extreme weather) or geological
responsible waste management in designated areas. Each waste biodiversity policy addresses
changes (e.g. seismic activity), However, also has significant
across its operations. is managed as per the regulatory operational impacts by guiding the
Circular Economy which may be acute, chronic, or impacts on natural capital,
requirements of that waste and as identification and assessment of
During the year, ACC utilised both. They can also be transition particularly through mining
Waste Generation per the condition stated in consent biodiversity-related risks across
12 million tonnes of waste-derived risks, resulting from misalignment operations. Extracting raw materials
Waste minimisation and to operate. The Company focus is project sites. It implements a
resources, The wastes are used between an organisation’s strategy requires removing layers of the
recycling form an integral on recycling and co-processing of structured mitigation hierarchy —
as resources in two ways:- one is and the evolving regulatory and earth’s crust, leading to land-use
part of ACC’s sustainability waste. Some of the initiatives on avoid, minimise, restore, and offset
alternate fuels where wastes like policy landscape. On the other changes that affect local flora and
strategy. Regular waste audits waste management are: — while ensuring regular progress
plastic waste, municipal wastes, hand, nature-related opportunities fauna. ACC remains committed to
are conducted to identify evaluation. The policy applies to all
• Plastic waste is mainly disposed agri wastes are used for replacing involve activities that create positive mitigating these impacts through
improvement opportunities and operations, suppliers, and value chain
through co-processing by the fossil fuels. Another way is where outcomes by reducing environmental responsible resource management
implement action plans for waste partners, reinforcing the Company's
Company and a very small wastes like fly-ash, slag, gypsum impact or contributing to ecosystem and sustainable practices.
reduction. ACC has consistently commitment to sustainable
quantity like burst bags through waste, etc. are used to replace use
minimised waste generation environmental practices. It aims
authorised scrap dealers of mined resources.
and as part of its sustainability to achieve No Net Deforestation
• Bio-medical waste is disposed through time-bound afforestation
commitment, sends zero hazardous

12 million tonnes
through incineration at authorised programmes and No Net Loss of
waste to landfills and conducts
Common Biomedical Waste Biodiversity across all operations
regular employee awareness
Treatment Facilities of Waste-derived Resources and sites with critical habitats.
training sessions to promote
responsible waste management • E-waste is recycled through Utilised during the Year Ultimately, the objective is to achieve
practices and create a culture of authorised recyclers a Net Positive Gain in biodiversity,
environmental stewardship. • Hazardous waste (used oil) is strengthening the natural
reused at plant or is co-processed environment for future generations.
Following types of waste are in cement kiln and the quantity
generated by ACC: which cannot be co-processed ACC has conducted a detailed
is sent to common authorised Nature Risk Assessment, including
• Plastic waste
facility a Biodiversity Risk Assessment,
• E-waste
based on the Taskforce on
• Bio-medical waste • Scrap is sold to authorised
Nature-related Financial Disclosures
• Construction and Demolition waste vendors
(TNFD) LEAP approach in 10 km
• Battery waste • Mining overburden is repurposed radius across its plants and mines.
• Other hazardous waste and used for backfilling within the This methodology facilitated
• Non-hazardous waste mines the identification, evaluation,
• Fly-ash is used in manufacturing and reporting of nature-related

0.47 million tonnes of blended cement.

• Discarded drums are sent to
dependencies and impacts.
The TNFD defines dependencies
Total Waste Generated as ecosystem services essential
authorised recyclers
for business operations, such as
a clean and reliable water supply.

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Natural Capital

Biodiversity Risk Assessment Additional tools such as DOPA, eBird Biodiversity Action Plan Biodiversity Protection and
The operations were assessed India, and Global Mangrove Watch To mitigate the biodiversity risks Enhancement Measures
within a 10 km radius, with the were also employed. identified in its assessment, ACC ACC strictly adheres to Indian
operational site as the central point, has developed a comprehensive laws and regulations, including
to evaluate potential impacts and Following the assessment, a Biodiversity Action Plan (BAP) the Forest Conservation Act and
dependencies on local biodiversity risk categorisation matrix was that integrates nature-based the Compensatory Afforestation
and ecosystem services. The IBBI developed for each site, evaluating solutions and aligns with the IUCN Fund Management and Planning
Ecosystem Services Matrix tool was both impact and dependency. Mitigation Hierarchy. The BAP Authority (CAMPA) Act, ensuring
utilised for ecosystem and service The findings identified high-risk, includes site-specific action plans, compliance with the principle of
mapping, while risk identification medium-risk, and low-risk sites encompassing initiatives such as No Net Deforestation. Under the
was aligned with the International requiring targeted action to mitigate greenbelt development, wildlife Forest Conservation Act (1980)
Finance Corporation Performance biodiversity impacts. monitoring in and around the plant, and the Compensatory Fund Act
Standard 6, the UN CBD’s Post-2020 the creation of rainwater harvesting (2016), the Company is required
Global Biodiversity Framework, structures, and a mangrove to compensate for any forest land
DJSI, and the TNFD Framework. restoration plan, among others. cleared for operational activities
through afforestation. Additionally,
ACC has a Mine Closure Plan in
place at all mining locations, which
includes compensatory afforestation
Biodiversity Mitigation Hierarchy and rehabilitation measures upon
closure. The Company also complies Enhancing Degraded Habitats Daytime Operations
Avoid Reduce Regenerate & Restore Transform with the Green Belt Development
The Company implemented targeted ACC restricts mining operations
guidelines set by the Government
habitat management plans to and raw material transportation
Implementing measures Reducing Rehabilitating Actions to achieve of India. Other initiatives to prevent
regenerate and restore degraded to daylight hours when operating
to prevent adverse unavoidable improved affected ecosystems No Net Deforestation environmental degradation and
habitats across our sites. near protected areas to
impacts on biodiversity management impacts to restore their and No Net loss to enhance biodiversity include:
minimise disturbance.
from the outset. through practices functions and services. Biodiversity and progress Mining Overburden Management
and technologies. towards Net Positive. Community Collaboration
Mining overburden is stored Capacity and Awareness Building
ACC works closely with local
separately in non-mineralised zones ACC priorities continuous training for
E.g. Greenbelt E.g. Lighting E.g. Rainwater E.g. Targets to plant trees communities to manage the planted
as per the approved mine plan its team members who work closely
Management: Adhering Management: Harvesting: Developing at each site and working and rehabilitated areas effectively,
and used for mine rehabilitation. with local communities, ensuring its
to CPCB guidelines Re-orienting structures to with communities around. and partners with them to manage
Progressive mine closure plans activities have minimal biodiversity
by using native lighting systems to increase groundwater any adjoining offset areas with
are available as per statute impact. Awareness programmes are
tree species and reduce impacts on recharge and restore initiatives in adjoining area.
for all locations. regularly held for all stakeholders.
avoiding monoculture nocturnal wildlife. local water bodies;
plantations to enhance Mangrove Restoration. Tree Plantation Targets
biodiversity and E.g. Compensatory tree ACC as part of Adani portfolio of
mitigate pollution. plantations in companies is committed to grow 5.9
case of trees cut million trees by 2030. Out of this, 5.1 IBBI Membership
during expansion. million trees are already grown. ACC is a member of India Business and
Biodiversity Initiative (IBBI). IBBI serves
as a national platform of businesses and
its stakeholders for dialogue sharing
and learning, ultimately leading to
mainstreaming sustainable management
of biological diversity into businesses.

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Natural Capital

Responsible Mining
Greening Initiatives at ACC’s Gagal Plant ACC acknowledges the vital
CASE STUDY

In order to improve biodiversity, The Gagal plant’s mining lease monitor lizards have adapted role of mining in its production
ACC has made significant covers 231.25 hectares, with to the ecosystem. process while remaining deeply
investments towards greening 58 hectares allocated to active conscious of its environmental
efforts across various areas mining. The remaining land Key factors in the project’s impact. As a responsible corporate
near its Gagal Plant, including was previously barren but has success include local community entity, the Company is committed
non-mine zones, closed mine since been transformed into a involvement, employment to sustainable mining practices
sites, manufacturing facilities dense forest through artificial opportunities, and collaboration that prioritise environmental
and integrated townships. regeneration using local species. with the local forest department. conservation, biodiversity
These initiatives have transformed Over nearly two decades, the area Challenges, such as illegal felling protection, and social responsibility.
the Gagal plant into one of was developed, and the plant and forest fires, were addressed Ensuring full compliance with all
the greenest areas in Bilaspur, has maintained it for over four through community participation relevant laws and regulations, ACC
Himachal Pradesh, attracting decades. The hilly landscape is and innovative solutions like integrates sustainability into its
visitors with its scenic beauty. home to different species, acting co-processing pine needles in operations with a comprehensive
The Gagal plant began operations as a habitat for leopards, monitor cement kilns. The initiative has Mine Closure Plan, incorporating suppression measures during drilling plants. Overburden is responsibly
in 1984 at Barmana Hill, and lizards, geckos and different types improved biodiversity, controlled compensatory afforestation and and well-maintained haul roads help managed, transforming some sites
after mining concluded there in of birds. Till date, over 1 million soil erosion and enhanced rehabilitation. curb airborne pollutants. In select into thriving habitats for migratory
the 1990's, activities shifted to trees have been planted across water levels, contributing to locations, limestone is transported and local birds. Additionally, water
Gagal Hill. The rehabilitation of 202.5 hectares in and around the area's ecological balance. To minimise environmental via covered tippers to prevent conservation efforts, including
the Barmana mine into a mango the plant, mines, township and Moving forward, ACC plans impact, all mines utilise controlled dust and spillage. groundwater recharge through
orchard has further added to its community areas. Animals such to plant over 2,000 saplings blasting with high-precision closed mine pits, further reinforce
appeal for visitors. as langurs, macaques and Bengal annually and expand efforts to electronic detonators, enhancing ACC enforces stringent health ACC’s commitment to responsible
community areas. safety and reducing emissions. and safety standards and actively and sustainable mining.
Scientific mining technologies aid fosters biodiversity by developing
mineral conservation, while dust green belts around mines and

Regulatory Compliance • The Air (Prevention and Control of

Pollution) Act, 1981 ACC goes above and beyond
ACC understands that regulatory
compliance, setting new
compliance is fundamental to • Noise Pollution (Regulation and
industry benchmarks through
responsible and sustainable Control) Rules, 2000
its focus on sustainability and
operations. The Company rigorously • The Environment (Protection) Act, environmental stewardship.
adheres to a comprehensive 1986 The Company takes a proactive
framework of environmental
• Hazardous and other Wastes approach to environmental
regulations, ensuring all necessary
(Management & Transboundary management, constantly
approvals are secured. To maintain
Movement) Rules, 2016 innovating and refining its
transparency and accountability,
• Solid Waste Management Rules, practices to drive meaningful,
compliance is meticulously
2016 lasting impact.
monitored through the Legatrix
software. Key environmental • Bio Medical Waste Rules, 2016
regulations governing its • Plastic Waste Management Rules,
operations include: 2016
• Environmental Clearances • E-Waste Rules, 2016
• The Water (Prevention and • The Construction and Demolition
Control of Pollution) Act, 1974 Waste Management Rules, 2016

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Natural Capital
Focus Areas

Community Customers Distributors Suppliers

Support

Development and Key Initiatives

• Focused on • Enriched customer • Connected with • Focused on engaging
sustainable livelihoods, engagement through distributors through with local suppliers
women empowerment, focused initiatives various initiatives
rural infrastructure
and social inclusion

D 42 crore 3.7 lakh 13,254 96.62%

Spent on CSR Contractors Enrolled in ACC New Channel Partners Sourced from

Key Performance Indicators

Reward Connect Loyalty added during the Year within India
Programme
7.38 lakh
CSR Beneficiaries 537
in FY 2024-25 2.44 lakh Channel Partner Meets
IHB Engagement

43,095
Customer Sites provided
with Instant Mix Solutions

Collaborating for
Social and
Relationship Capital

Inclusive Growth
Material Topics Stakeholders Impacted SDGs Impacted
1 Procurement Practices Communities and NGOs

2 Sustainable Supply Chain Government and


Regulatory Bodies
3  reen Supply Chain
G
ACC places community engagement at the core of its corporate responsibility. (Logistics and Transport) Suppliers
Using Participatory Rapid Appraisal and digital interfaces, it tailors programmes
4 
Compliance with Channel Partners
to regional needs and strives to strengthen relationships with stakeholders.
Regulatory Requirements
Through innovation and data-driven insights, the Company fosters interactions Construction Professionals
with customers, suppliers and partners to create a meaningful impact and 5 
Marketing Communication
Media
nurture sustainable development of people and communities. and Reputation

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Social and Relationship Capital

Overview Corporate Social and prosperity in the regions

surrounding its operations and
1 Community Health
Prioritising enduring ties with Responsibility
stakeholders, ACC engages in diverse beyond. Read more about ACC’s CSR
ACC CSR, part of the Adani The Adani Foundation significantly
Corporate Social Responsibility initiatives here.
Foundation, drives initiatives in enhances healthcare access for
(CSR) initiatives. The Company education, health, livelihoods, remote and vulnerable communities,
has positively impacted over 8.79
lakhs people across 315 villages
skill development and community
infrastructure, aligning with
15 states supporting SDGs 2, 3 and 6.
Through Mobile Health Care Units,
in 27 districts and 15 states. Where ACC CSR Operates
national priorities and global wellness centres, rural clinics, health
Guided by UN SDGs, the Company Sustainable Development Goals camps and multi-speciality hospitals,
ensures development through
active stakeholder engagement,
(SDGs). By empowering communities
and prioritising sustainability,
7.38 lakh it ensures essential medical services
reach underserved populations.
leveraging tools like the CSR Lives Positively Impacted
ACC ensures dignity, well-being, With over 77,782 consultations
Committee and community advisory in FY 2024-25
provided, the Foundation advances
panels. These efforts empower inclusive health coverage, improving
sustainable growth, instil confidence well-being and fostering a healthier
and strengthen partnerships for Adani Foundation nation while contributing to
meaningful local development. Since 1996, the Adani Foundation, the Adani Group’s community sustainable development and
engagement arm, has empowered children, women and marginalised nation-building.
Approach communities through education, health, livelihoods and climate action,

77,782+
A systematic approach, employing aligned with national priorities and global SDGs. Operating in 7,060
Participatory Rapid Appraisal, villages across 21 states, it impacts 96 lakhs lives. At ACC CSR sites, it
micro-planning or baseline enhances lives in 315 villages across 15 states, positively impacting Beneficiaries of our Community
assessments, enables the design over 8.79 lakh individuals. Health Initiatives
of tailored programmes that
address regional needs effectively.
This method ensures community
involvement at every stage, creates
ownership and collaboration, while Health Camps Infrastructural Support to
encouraging active contributions During the year, health camps Health Centre
from stakeholders to create
6 1 were organised for vulnerable Infrastructural support is vital
impactful and sustainable communities, providing crucial care for improving village health
interventions. Climate Community to those unable to afford treatment. centres. It ensures better
Action Health These camps, held in underserved hygiene, facilitates emergency

27
areas, supported universal health response and government
coverage. Two types of camps were programme implementation.
Districts Impacted organised: general and specialised, Adani Foundation has supported
CSR 2 with the latter focusing on five health centres in Kudithini,
5
disabilities, eye care, gynaecology, Wadi, Madukarrai and Lakheri this
Intervention Education
315 Community
Development Areas
tuberculosis and other critical
healthcare needs.
year. Notably, the Kudithini centre
has gained recognition from both
Villages Impacted
state and national governments

285
for its impact.

D 42 crore 4 3
Funds Allocated Skill Sustainable
Livelihood
Health Camps Held
33,000+
Development Residents Addressed through
Development
5 Health Centres

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Social and Relationship Capital

2 Education
Support towards TB Eradication
CASE STUDIES

Adani Foundation has supported 378 TB patients The Adani Foundation has
in Sindri and Kymore by providing nutritional kits. significantly advanced education
In Gagal, Himachal Pradesh, the Foundation received at ACC cement sites, benefitting
an award from the Honourable Chief Minister of 32,134 students through strategic
Himachal Pradesh for its significant contributions interventions. Key initiatives include
to the TB eradication programme. Additionally, it investment in infrastructure,
has provided three portable x-ray machine in Gagal, UTHAAN programmes, teacher
Tikaria and Kymore. This has benefitted suspected TB training and bridging learning gaps
patients to avail x-ray services at their doorstep. via coaching classes. ACC has also
established 17 schools, supported by
the Foundation, delivering quality
education to 11,289 students from
host communities.

Transforming Rural Healthcare with Mobile Units 32,134

ACC, in partnership with the Adani for conditions such as high blood screened 168 primary school Students Benefitted
Foundation, is transforming rural pressure (471 cases) and diabetes students for eye flu.

17
healthcare through its Mobile (290 cases), often missed by local
Health Unit (MHU) initiative primary health centres. These initiatives underscore ACC
at the Chilhati site in Bilaspur, and Adani Foundation’s dedication Schools Established
Chhattisgarh. Covering 13 Additionally, the CSR team to addressing critical health
panchayats and 16 villages, the organised an eye care camp across challenges and creating healthier
programme benefits over 7,400 five villages, in collaboration with communities, ensuring rural
residents, providing doorstep HelpAge India, delivering free populations have access to vital
medical services across a 20 check-ups, glasses and treatment healthcare services. Pre-police Training
km radius. The MHU visits 2-3 to 972 individuals. The camp also The Adani Foundation empowers
villages daily, offering diagnosis youth through its pre-police
training programme, preparing
aspirants, especially from rural
and underprivileged backgrounds,
for careers in law enforcement.
The initiative includes physical
fitness training, guidance for written
exams, and interview preparation,
addressing challenges faced in police
recruitment. Promoting diversity,
it encourages women and
marginalised groups to participate
in these programmes. This year,
the Foundation has supported

722
722 youths across 10 locations, to current year, 43 have already been
enhance employability and ensure selected for the country’s police and
societal well-being. Among the youth armed forces. Youth Supported during the Year
enrolled in the programme, in the

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Infrastructural Support to particularly for girls, supporting

Schools and Anganwadi the Swachh Bharat Abhiyan.
3 Sustainable Livelihood Development
Centres Upgraded Anganwadi centres, with
The Adani Foundation at ACC
The Adani Foundation is dedicated to child-friendly infrastructure and
cement sites is committed to
improving education infrastructure learning aids, improve early childhood
enhancing and diversifying the
as part of its community education and care.
income of grassroots communities by
development initiative. It supports creating a self-sustained ecosystem
construction of new classrooms
and renovates schools to address 23 that taps into human potential
and local resources. Our initiatives
safety and functionality concerns. Schools Repaired and Renovated span on-farm, off-farm, and
It undertakes repairing of roofs, non-farm areas, focusing on

31
walls and other facilities required natural farming, irrigation, animal
for creating a conducive learning husbandry, dairy development
environment. To promote hygiene, Model Anganwadis Developed and empowering women-owned
the foundation builds toilets, enterprises. Through Adani
Saksham, the Company’s skilling
programme, ACC provides
youth with training to enhance
Transforming Education
employability and entrepreneurship.
through Utthan Project
These efforts reached 23,095
The Adani Foundation’s Utthan individuals in FY 2024-25, to foster
Project is a transformative sustainable livelihoods.
initiative aimed at improving
education in government
schools, especially in rural and
underserved areas. By enhancing
23,095
Individuals Benefitted from
infrastructure, introducing
ACC’s Sustainable Livelihood
digital and activity-based
Development Programmes
learning and providing teacher
training, the project strengthens
pedagogy and fosters holistic
student development through
co-curricular activities and Micro-irrigation
community involvement.
The Adani Foundation’s intervention
5
Currently implemented in Coaching Centre (ACCC).
These centres operating in Jamul, at ACC sites focuses on improving
19 schools across Bargarh,
Lakheri, Chaibasa, Madukarrai and agricultural productivity and
Kudithini and Sanghi, it supports Coaching Centres
Chanda, provide 360 students with farmers' livelihoods. By linking
2,204 students. Established
foundational knowledge, guidance with government programmes, the
and assessments. This initiative foundation helped 583 farmers
Providing Coaching Centres
At ACC cement sites, the
Foundation addresses
empowers learners to transition
into mainstream education
360 access subsidised drip and sprinkler
irrigation systems, benefitting 840
and achieve academic success, Students Benefitted acres of land in FY 2024-25.
socio-economic barriers faced by
furthering the Foundation’s
academically bright rural students
through the Adani Competitive
commitment to sustainable
educational development. 583
Farmers Benefitted through
ACC’s Micro-irrigation Initiatives

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Lift Irrigation
The Adani Foundation's 57 solar lift Transforming Rural Livelihoods around Jamul
irrigation initiatives, implemented ACC is dedicated to creating This technology has significantly
in Chaibasa, Sindri and Lakheri, has sustainable livelihoods in the boosted farmers' incomes.
successfully irrigated approximately communities where it operates. Success stories like those of
307 acres of land, benefitting 313 In collaboration with the Adani Heelendra Sahu and Sudarshan
farmers. This initiative enables Foundation, ACC is enhancing Yadav highlight the transformative
farmers to cultivate multiple crop dairy farming in villages near ACC impact of this initiative on rural
seasons annually, boosting income Jamul. Through the Livestock livelihoods, empowering farmers
and agricultural productivity. It is Development Project (LDP), for a better future.
estimated that the intervention Cattle Breed Improvement farmers benefit from sex-sorted
will increase income by I 25,000 The Adani Foundation’s 'Livestock semen (SSS) artificial insemination,
per acre and generate 15 additional Development Programme' empowers increasing the likelihood of female
human days per harvest cycle. cattle owners through initiatives calf births from 50% to 90%.
such as artificial insemination,
Promotion of FPOs and
313
preventive vaccination and
Farmer’s Training
de-worming. Cattle health camps,
To improve farmers' knowledge organised in collaboration with
Farmers Benefitted through
of modern agricultural practices, the animal husbandry department,
ACC’s Focus on Lift Irrigation
the Foundation has organised 64 provide treatment for various Sustainable Livelihood for Tribal Farmers
training programmes, benefitting diseases. The foundation also offers
2,490 farmers. Additionally, the ACC, in partnership with the Adani year-round agricultural yield, Historically, these communities
training on fodder cultivation and
foundation is supporting two Foundation, is revolutionising increasing farmers' incomes, relied on rain-fed agriculture,
best practices for milk production.
Farmer Producer Organisations farming for tribal communities reducing migration and constrained by undulating
Since April 2024, 1,478 normal
(FPOs) across the cement sites, with near the ACC Chaibasa, Sindri promoting sustainable livelihoods. terrain and limited resources.
and 1,096 sex-sorted artificial
786 members, further enhancing and Lakheri site by introducing Benefitting 313 farmers across 57 The solar-powered lift irrigation
inseminations have been facilitated,
community engagement and solar-powered lift irrigation. irrigation units, it now supports units provide consistent water
resulting in the birth of 513 improved
agricultural development. This initiative enhances 307 acres of farmland. supply, enabling cultivation of
breed calves. Additionally, 90 health
Kharif, Rabi and Jayad crops,
camps have treated 30,906 cattle
while supporting transitions
2,490 across 10 cement sites.
to higher-value cash crops.
Farmers have reported an average

30,906
Farmers Benefitted through
income increase of I 30,000 per
ACC's Farmer Training
acre annually.
Cattle Treated
Additional benefits include
improved nutrition through
Dairy Development the average income of beneficiaries vegetable cultivation and
through dairy activities reaching opportunities in allied sectors like
The Adani Foundation is leading
approximately I 58,977 per annum. animal husbandry. Inspired by its
a dairy enterprise development
initiative in Tikaria, which includes success, the Foundation plans to
two milk collection centres across
10 villages, benefitting 90 cattle
90 expand the project, covering 100
more acres and benefitting 100
owners. These centres collect an Cattle Owners Benefitted additional farmers this year.
average of 339 litres of milk daily, through ACC’s Dairy
generating an annual turnover of Development Initiatives
D 70.78 lakhs. This initiative provides
significant financial benefits, with

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Modern Irrigation Transforms Farming Practices Sustainable Farming through Mechanisation at Kymore
CASE STUDY

CASE STUDIES
With declining groundwater and (AF-WCI) Project, supported by hours, was reduced to just 4 Adani Foundation and ACC The Centre, equipped with
unpredictable rainfall, farmers the Adani Foundation, introduced hours, saving 60% of water. are revolutionising agriculture machinery like a Super Seeder,
like Shri Ramji Patel from him to sprinkler irrigation. With efficient water distribution, by introducing mechanised Straw Reaper, tractors and
Kharkhari, Amehta, faced growing Initially hesitant, he decided to his crops thrived and electricity solutions to promote sustainable cultivators, offers affordable
challenges. His traditional adopt the system after receiving costs dropped significantly. practices. A Custom Hiring Centre rentals. Last Rabi season, it served
flood irrigation method was financial assistance through a Shri Patel’s experience inspired established in Jamuwani Kalan, 55 farmers, generating I 1.18
labour-intensive, inefficient and government subsidy and project fellow farmers, encouraging near ACC Kymore, exemplifies how lakhs in revenue while saving 100
costly, consuming excessive water support. A lottery draw enabled widespread adoption of collective efforts can make farming tonnes of straw as cattle feed and
and electricity. Struggling with him to purchase a sprinkler sustainable irrigation. His journey more profitable and efficient. preserving soil health.
rising expenses and water system for I 27,457, with I 13,728 highlights how innovation and
scarcity, Shri Patel realised covered by subsidies. support can drive agricultural Jamuwani Kalan in Katni district, This initiative reduces input
change was necessary. resilience, ensuring a sustainable home to 450 farming families, costs by up to 45% and promotes
Once installed, the impact was future for farmers and has faced challenges like stubble zero-tillage practices. Plans to
The Adani Foundation's Water immediate. Irrigating one acre, their communities. burning and high land preparation extend services to nearby villages
Conservation and Irrigation which previously took 8–9 costs, particularly for smaller further amplify its impact,
farmers. To address this issue, the fostering sustainable agriculture
Adani Foundation launched the and community welfare. ACC has
Centre in February 2024, with an also undertaken this initiative in
initial investment of I 2.5 lakhs, Damodar, Kuduthini and Tikaria.
matched by the farmers’ group.

Sustainable Irrigation Boosts Agricultural Output

in Himachal
ACC and Adani Foundation, in (Kuhl), including check dams,
partnership with NABARD, have water drop structures and
successfully implemented the footpath crossings ensure reliable
Dhounkothi Panjgain Watershed irrigation without energy usage.
Development Project (DPWDP) to
enhance agricultural productivity The project has benefitted 31
in Kanoun and Ropa villages, farmers, improved crop yields and
near the ACC Gagal plant. enabled the cultivation of millets,
Completed in FY 2023-24, the vegetables and other crops.
initiative involved constructing In Kanoun village, 24 farmers now
645 metres of irrigation channels cultivate maize, soybean, ginger,
to improve water distribution and turmeric, millet and vegetables,
reduce wastage. while 7 farmers in Ropa grow
maize and wheat. The initiative
Previously, farmers relied on is set to boost agricultural
inefficient gravity-based channels, productivity and secure
leading to dry fields, especially in sustainable water management
summer. The newly constructed for the future.
permanent irrigation channels

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4 Skill Development
Empowering Women through Skill Development

CASE STUDIES
ACC, the cement and building programmes equip women with
material company of the technical, communication and
diversified Adani Portfolio, in industry-specific skills, opening
partnership with the Adani doors to opportunities in data
Foundation, is empowering women processing, market analytics and
in rural Varanasi via its Adani Skill customer support. Beneficiaries
Development Centre (ASDC) at like Sandhya Verma, from a
ACC Salai Banwa. The initiative farming family, have ensured
recently placed 50 trained women their families' financial stability.
at Indi village, a Knowledge This initiative reflects ACC and
Process Outsourcing (KPO) the Adani Foundation’s ongoing
enterprise, enabling financial commitment to empowering
independence and community women and fostering sustainable
upliftment. The ASDC’s training growth in rural communities.

Bhagat Devi’s Journey of Empowerment

Aligned with the Government of enrolled 6,610 youth in certification General Duty Assistant, Artificial
India’s Skill India Mission, the Adani courses since April 2024. Of these, Intelligence and Retail Sales. Bhagat Devi’s story is one of Living near the ACC Cement plant, Despite challenges, Bhagat
Foundation drives a skill development 6,286 have completed their training Candidates have been placed in resilience, hope and determination opportunities were scarce, but remains committed to repaying
programme through the 'Adani Skill and received certificates, while renowned companies such as Toyota, to build a better future for Bhagat refused to be limited by her loan within six months and
Development Centre', a registered 1,733 have been placed in relevant Amazon, Foxconn, Tata Motors, etc. her family and community. circumstances. With a I 50,000 reinvesting in her business.
Section 8 company. The initiative industries and 617 have launched post completion of their training. As Secretary of the Radhe loan from the SHG, she opened She aspires to expand into a
aims to empower Indian youth by their own enterprises. The average Self-Help Group, she has been a a Dhaba near the plant’s gates, vegetable and fruit shop, to serve

6,610
providing them with valuable skills to monthly income of placed candidates pillar of support for women in her providing affordable, home-cooked workers and nearby villages.
achieve their goals. Operating across is I 12,600. They have been placed village, despite facing financial meals to labourers. Her initiative With this, she hopes to increase
12 Adani Foundation sites at ACC in different roles including Domestic Youths Enrolled for Skill hardship herself. quickly gained trust, offering her monthly income from I 5,000
cement locations, the programme has Data Entry, Assistant Electrician, Development workers a welcome alternative to to I 10,000 and secure a brighter
unhealthy food options. future for her children.

Women Empowerment Initiative

Throughout the year, Adani women-led Farmer Producer
Foundation has supported 952 Organisations (FPOs) in Tikaria and
Self-Help Groups (SHGs) with 9,799 Wadi have a combined membership
members. Beyond savings and bank of 786, empowering women through
credit linkages, these SHGs engaged sustainable livelihoods that ensure
in diverse enterprises, including financial independence.
stitching, bakery, mushroom
cultivation and slipper manufacturing
to generate a total revenue of I 952
117.58 lakhs. Additionally, 65 SHGs SHGs Supported in
with 415 members undertook FY 2024-25
income-generating activities,
contributing I4.61 lakhs in
annual revenue. Furthermore, two

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Benefitting from Government Schemes

Ensuring Farm Prosperity through Innovative Soil Testing Solutions During the year, 34,062 eligible deposited in beneficiary accounts
CASE STUDY

CASE STUDY
In the heart of Deori Majhgawan and soil composition. What started equipment. By hosting soil test beneficiaries submitted application after the intervention.
village, nestled in the Kymore as an awareness initiative soon camps, they ensured that farmers for various government social
region, a group of thirteen
women from diverse backgrounds
became a thriving business. could access vital information to
improve productivity.
welfare schemes (valued at I 695.59
crore) in various states. An amount 34,062
came together under the Shakti The SHG established a Smart of I 3.88 crore was successfully Beneficiaries
Peeth Self-Help Group (SHG) Soil Test Lab, where members Beyond financial gains, the
to transform their community. collected samples, operated the initiative has empowered
Owing to declining soil health, device and delivered instant these women with confidence
their farm yields dwindled and results. Encouraging sustainable and leadership, making them

CASE STUDY
they sought a sustainable solution. agriculture, they also promoted role models in their village.
organic farming through a Bio Through their efforts, local
With support from the Adani Input Resource Centre, creating farmers now cultivate healthier
Foundation and BAIF Livelihoods further opportunities for women. soils, achieve higher yields
Programme, they introduced and secure better livelihoods.
the AgroNxt Bhu-Parikshak — Their dedication earned them The Shakti Peeth SHG exemplifies
Encouraging Rural
an AI-driven, chemical-free soil the Dr. Manibhai Desai Gaurav how knowledge, innovation,
Entrepreneurship
testing device. This innovation Puraskar Second Best SHG and community spirit can drive
at Gudur
allowed them to offer soil health Award. They also received an lasting change.
cards, providing farmers with award of I 20,000, which they ACC, in partnership with
critical insights into nutrient levels reinvested in advanced soil testing the Adani Foundation,
is promoting rural
entrepreneurship in Gudur
Gram Panchayat near ACC
Tikaria. The initiative has
established 12 Self-Help
Groups (SHGs) to address
socio-economic challenges
in the village with 2,000
residents. Prior to the
initiative, the villagers mainly
engaged in agriculture
and worked as labourers.
Poverty and limited access Providing Financial Support to Street Vendors
to essential services ACC, in partnership with the who repaid previous loans
acted as an impediment Adani Foundation, empowered have received an additional
to their well-being. street vendors in Madukkarai I 50,000 loan at subsidised
Through microfinance and through the Government of India’s rates, with I 1.46 crore already
business training, the SHGs PM Street Vendor’s Atmanirbhar disbursed. This scheme promotes
have uplifted families. Nidhi (PM SVANIDHI) scheme. financial inclusion and supports
Sundra, a 54-year-old woman, This initiative has assisted nearly entrepreneurship at the grassroot
received I 1.50 lakhs to invest 400 vendors in accessing vital level, helping vendors recover
in farming equipment and financial support to grow their from the setback suffered
now she earns I 15,000 every businesses. Through the 'Meri during the pandemic.
month, thereby improving her Sangini Meri Margdarshika'
family's standard of living. programme, 290 vendors

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Employment Opportunity for Young Women 5 Community Development

The Adani Foundation, committed growth, creating sustainable
to community development, has livelihoods and improving the connectivity, building community
launched a Knowledge Process socio-economic status of rural halls for social and cultural
Outsource (KPO) centre in families, thus addressing issues activities and installation of LED
Kymore, Madhya Pradesh and related to unemployment and streetlights and high-mast lights
Varanasi, Uttar Pradesh aiming to fostering long-term prosperity for safety and energy efficiency.
empower local youth, especially of communities. Additionally, it addresses water
women. The initiative offers direct scarcity by repairing handpumps
and borewells. Other projects
150
employment to 150 young women
from nearby villages, promoting include Panchayat Bhavans,
economic independence and skill bus stop sheds, libraries and
Girls Employed from Nearby
development. This project aligns with recreational spaces. In FY 2024-25,
Villages
the Foundation's vision of inclusive the Foundation completed 192
infrastructure projects, benefitting
5,43,783 people. These efforts
support self-reliant, empowered and
sustainable communities.
CASE STUDY

5,43,783
The Adani Foundation is committed strong infrastructure in promoting
to improving the quality of life sustainable growth, the Foundation
in communities by investing in focuses on key initiatives such Beneficiaries
vital infrastructure development. as the construction of cement
Understanding the importance of concrete (CC) roads for better

Construction of Roads initiatives like water supply via Infrastructural Support

tankers, handpump repairs and
The Adani Foundation has The Adani Foundation has
borewell drilling. These efforts have
constructed 13,680 metres of made significant contributions
provided clean and safe drinking
cement concrete roads, footpaths to community development by
water to 1,34,076 beneficiaries,
and gravel roads, greatly enhancing constructing community halls,
alleviating water scarcity and
connectivity and accessibility panchayat bhavans, bus stop sheds,
enhancing health and hygiene
for communities. This initiative libraries/reading rooms, open gyms
within communities.
has directly benefitted 1,22,750 and playgrounds. These initiatives
Transforming Lives through Skill Development individuals by providing durable have directly benefitted 1,28,474
Installation of LED Lights
In the heart of Karnataka’s Wadi, However, after joining the Today, Sangeeta inspires many, and infrastructure, improving mobility individuals, providing essential
where survival often outweighs Adani Skill Development Centre, in Wadi, 28 other newly-trained and ensuring safer commute The Adani Foundation has installed infrastructure for social gathering,
the pursuit of a better future, she completed a three-month individuals are charting their own between locations. 1,548 LED streetlights and 4 education, recreation, governance
small shifts have sparked profound training programme and secured path to financial independence. high-mast lights, significantly and improved water management.
transformations. At the ACC site, a position at Wistron Infocomm, Through skill development, the Drinking Water Supply improving illumination and safety
individuals are reshaping their earning I 19,000 a month with region is turning its dreams Scheme in public spaces. This initiative
stories and empowering their food and lodging. into reality. has positively impacted 1,06,600
The Adani Foundation has made
communities. Sangeeta’s journey beneficiaries, creating a safer,
significant strides in addressing
is an example of this change. This opportunity not only lifted more secure environment
drinking water challenges in
Born into a family burdened her family from poverty but also for the community.
underserved areas through
by illness and hardship, her led to her promotion as a trainer,
dreams seemed out of reach. enabling her to guide others.

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6 Climate Action
CASE STUDY

The Adani Foundation's water-based

livelihood initiative at ACC sites has
significantly impacted communities
by promoting sustainable water
conservation and self-employment
opportunities. This programme
enhances agricultural productivity,
creating better livelihoods for
daily wage labourers. It supports
long-term economic growth and
resilience, empowering rural areas
with sustainable solutions for water
resource management.

14,841
Beneficiaries of ACC’s Climate
Action Initiatives

Deepening and Disiltation

of Ponds
Transforming Connectivity in Jamul In alignment with the Company’s
The road construction from The expansion to 4.5 metres "Earlier, my commute to ASDC commitment to water positivity,
Bogda Bridge to the ACC Plant now ensures smoother traffic Jamul was stressful due to the Adani Foundation promotes
Gate in Jamul, Chhattisgarh, has movement, especially for larger waterlogging and traffic. water conservation through
significantly improved accessibility, vehicles. A 930-metre drainage Now, with the widened road and initiatives such as deepening
traffic flow and stormwater system was also installed to better drainage, my journey is of ponds and construction of
management. Spanning 927 prevent flooding and improve hassle-free," says Jyoti Sahu, farm ponds. During the year, the
metres, the upgraded road benefits stormwater management. a teacher at Utthan Coaching. Foundation has desilted 18 ponds
30,000 residents, easing transport This development marks a crucial and created three farm ponds,
to industrial and residential areas. The improved infrastructure has step in strengthening connectivity adding 1,17,310 cubic metres
enhanced access to the ACC Plant, and safety in Jamul. of water storage. This initiative
Previously, the narrow 3-metre facilitating business operations irrigates 520 acres, benefitting 8,397
road caused severe congestion and and improving residents' community members.
waterlogging during monsoons, quality of life.
disrupting daily commutes.
21
Ponds Desilted and Farm
Ponds Created

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Streams and Canals

Treatment  onnecting Seven Ponds for Improving
C

CASE STUDIES
The Adani Foundation has Rainwater Harvesting
undertaken a crucial stream and ACC, in partnership with the Adani farmers with a sustainable
canal desiltation project, covering Foundation, has revolutionised water solution. Additionally, it
2,960 metres of stream length. water conservation in Bohardih promotes livelihoods through
This initiative has increased water village, near the ACC Chilhati site women’s Self-Help Groups (SHGs)
storage capacity by 7,598 cubic in Bilaspur, Chhattisgarh, through engaged in vegetable cultivation,
metres, benefitting 310 individuals. the transformative ‘Sapt Sarovar’ fostering empowerment and
It has also enabled irrigation for 59 project. This initiative connected economic independence.
acres of agricultural land, enhancing seven seasonal ponds, reinforced
agricultural productivity. with 14 inlets and outlets, and By deepening the ponds and
created 20 pond bunds across augmenting their capacity,
Creation and Repair of ACC and Adani Foundation
300+
33,000 sq. m to significantly
Check Dam enhance rainwater harvesting addressed crucial water
The Adani Foundation has and storage capacity. challenges in rural communities,
Beneficiaries
made notable progress in water highlighting their commitment
conservation by constructing six The project ensures perennial to water conservation,
Sunken Ponds water access for 1,200 villagers sustainable livelihoods and
new check dams, adding 56,292
cubic metres of water storage. The Adani Foundation has developed and benefits 70 acres of collaborative progress.
Additionally, six old check dams sunken ponds to combat water farmland, empowering 60
were repaired, improving efficiency scarcity and promote sustainable
and creating an extra 5,500 cubic agriculture. These ponds add
metres of storage. These efforts 20,398 cubic metres of water
storage capacity, benefitting 64 Construction of Check Dam Assures Financial Security
aid groundwater recharge, ensuring
individuals and facilitating the for Farmers
reliable supply of water for irrigation
and daily use. It has benefitted 431 irrigation of 16 acres of land, thereby In Halakatta village, Kalaburagi I 30,000 and it has improved his
individuals and helped to irrigate supporting agricultural productivity district, a 500-metre-long check standard of living.
458 acres of land in FY 2024-25. and improving water availability dam, 14 metres wide and 2 metres
for the community. deep, has transformed agriculture The stable income has enabled
by addressing water scarcity. Eranna to diversify into goat

431 64
The dam irrigates 30.8 hectares,
allowing farmers to cultivate
rearing, further strengthening
his financial security. "Earlier, I
Beneficiaries depended entirely on the monsoon
Farmers Benefitted multiple crops year-round, reducing
their reliance on monsoons. and crop failure was common.
Now, with irrigation, I grow
Eranna, a local farmer with multiple crops and have even
Tree Plantation engages local communities in the four acres of land, previously started a new business. Life has
The Adani Foundation has made a planting, nurturing and maintenance struggled with unpredictable improved greatly," he says.
significant impact on environmental of these trees to foster ownership rainfall, limiting him to the
sustainability through its tree and environmental responsibility. cultivation of a single seasonal This initiative has brought lasting
plantation and community forest crop. After the construction of the economic and social benefits to

51,063
initiatives. Planting 51,063 trees check dam, he grows black gram, Halakatta's farming community.
across 49.95 acres, the Foundation wheat, cotton and vegetables.
has enhanced green cover, supported Trees Planted His annual earnings have risen to
biodiversity and helped mitigate
climate change. Additionally, it

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Relationship Management Delivering Technical Services for Stakeholders

ACC leverages a strong ecosystem of digital applications and interfaces to enhance its understanding and
engagement with diverse stakeholders, including customers, suppliers, and channel partners. The Company Stakeholders Services
continuously works to optimise its interactions and communication with these stakeholders. By embracing Customers IHB Meets Site Services
innovative technologies, ACC ensures efficient and effective dialogue. The Individual House Builders (IHB) meets are ACC offers on-site services to its customers, focusing
designed to guide IHBs on key aspects of home on delivering strong and durable homes through the
construction. These meetings cover essential topics use of the right construction technique. Among the
related to construction, the selection of good key services provided are IMP (Instant Mix Proportion),
quality construction materials and their sources, a scientific method for mixing concrete to ensure
as well as the latest trends and innovations in the optimal strength, MCS (Modular Curing Sheet), which
field. The purpose of these meets is to assist both eliminates water usage during the curing process, and
new users and non-user customers in choosing the AD (Architectural Drawing), offering well-suited plans
right materials and adopting the most effective and designs, particularly for rural areas, to ensure
construction practices. proper structure and layout.

14,750 1,22,725
IHB Events Services Given
2.44
Lakhs+ Coverage
Professionals Technical Lectures Plant Visits
To engage professionals, we will regularly organise Plant visits for professionals are organised to
technical lectures and concrete talks, featuring demonstrate the Company’s commitment to
presentations from both internal and external experts. transparency and build trust with engineers by
showcasing the actual production environment.
272 These visits, along with interactions with the plant
Technical Lectures team, foster relationship-building and position the
AAA brand as the preferred recommendation.
13,280 34
Coverage Plant Visits

1,286
Coverage
Contractors Plant Visits Mega Events Skill Building Workshops
Plant visits for contractors are Mega events are organised to Our skill-building workshops are
organised to enhance their strengthen our relationship with designed to enhance contractors'
knowledge and understanding of contractors. These events provide technical knowledge of cement
the cement manufacturing process. contractors with opportunities and construction practices.

3,950 3,923 27 These visits provide them with an

opportunity to observe the entire
production process firsthand,
to expand their network and
inspire one another to improve
their performance. They also
Upon completion of the workshop,
contractors are awarded a
certificate, which serves as tangible
Suppliers Local Foreign Suppliers deepening their comprehension. serve as a company initiative to proof of their expertise for future
(Indian Suppliers) Additionally, they allow contractors express gratitude to contractors projects. Some of the workshops
to gain valuable market insights for their valuable contributions we offer include Steel Detailing &
by observing industry trends and and dedicated service to Estimation, Project Management,
innovations, which can inspire fresh the organisation. Earthquake Resistance, Rainwater
124 96.62% 23.25% ideas for their own projects.
477
Harvesting, and Quality Concrete.

Critical Suppliers Directly Sourced from Directly Sourced 329 Mega Events 767
within India from MSMEs Plant Visits Workshops
6,713 47,792 22,811
Coverage Coverage Coverage

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Strengthening Contractor Connections

ACC serves a diverse customer As such, ACC continually adapts its To foster stronger relationships,
base, including individual home offerings to meet the evolving needs enhance market visibility and
builders, developers, institutional of these customers. expand reach, ACC launched 'Mega
clients, masons, contractors and Experiential Events for Contractors'.
professionals. Individual home Contractors play a vital role in These events focus on engagement
builders play a crucial role, especially the construction of individual and entertainment, recognising
as their reliance on contractors homes, executing key tasks on-site. top performers, sharing brand
for decision-making continues to Their influence on decision-making stories, products and services, and
increase. The Company recognises has grown, with one contractor enrolling new contractors into
the growing importance of this now handling an average of 25 loyalty programmes, all while offering
segment in its overall strategy. to 30 million tonnes per month. gifts and giveaways.

ACC Wins Best Customer Service Award

The Company is excited to the customer service category,
announce its success at the which was thoroughly evaluated
17th Customer Fest Show India by a prestigious jury, led by
2024, where it participated Mr. Anubhav Mehrotra, CXO at Tata
alongside 60+ corporate brands 1mg. The Company is honoured to
from sectors such as banking, have received the ‘Best Customer
manufacturing, retail, automobile, Service’ award at the event held
and insurance. ACC showcased its at The Westin, Goregaon, Mumbai,
‘AAA Certified Technology’ under on 23rd May 2024.

Launch of Reward Hub for Contractors

The Reward Hub, integrated into Programme’ and ‘Best Customer & The app adds value not only to
'Bharose Ke Saathi' Campaign the RewardConnect app, is a Influencer Engagement Initiative’. contractors but also to dealers
ACC has introduced 'Bharose unified platform for stakeholders and the Company by improving
Ke Saathi', a series of short in the cement business, including The RewardConnect app empowers business visibility, lead generation
documentary stories honouring the influencers and channel partners. contractors by enabling them to and overall efficiency. Since its
longstanding relationships with Previously, loyalty programmes earn points, achieve tier upgrades pilot launch, the app has migrated
its contractors. These episodes such as Laksh-Asman and and access benefits such as over 6 lakhs contractors across
highlight their strength, Abhimaan operated separately, insurance coverage for themselves multiple regions. Moving forward,
perseverance, and resilience, but the digital team unified them and their families. Contractors can the nation-wide rollout is set to
showcasing how they have built for a streamlined experience. redeem points for gifts, including ensure a seamless transition,
successful livelihoods over the Launched in 2020 and expanded construction-related tools with comprehensive training and
years. Through their journey with the Atoot Bandan app in that enhance their business. support for all users.
with ACC, they have not only January 2023, the initiative The transition to the

6,00,000+
constructed enduring structures has successfully onboarded RewardConnect app integrates
but also shaped their own futures. several lakhs contractors. previous apps into a more
These programmes have garnered user-friendly platform, offering Contractors Migrated across
industry recognition, winning additional features like Multiple Regions with the Help
awards like ‘Most Innovative Loyalty self-enrolment, business tools and of the Application
gamification options.

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Channel Finance Branding and Marketing

To strengthen business ACC employs a comprehensive
collaborations and support channel marketing strategy that strengthens
partners, ACC has launched a its parent brand through creative
Channel Financing Facility in and impactful communication.
partnership with SBI Bank, ICICI The Company focuses on robust
Bank and Yes Bank. This specialised on-ground branding for regional
financing solution is tailored to initiatives while utilising digital
meet the specific needs of channel platforms for relevant and effective
partners, offering attractive terms. outreach. With nearly nine decades
The initiative provides flexible of contribution, ACC has played
and convenient financing options, a key role in shaping India's
enabling partners to manage infrastructure and improving lives
working capital more effectively. As across the nation.
a result, channel partners are better
equipped to drive business growth ACC’s Approach to Branding
and achieve greater success. and Marketing
ACC has strengthened its sales
Engineers and Architects strategy by seamlessly integrating
ACC with its parent company Ambuja traditional and digital marketing,
Cements Limited, in collaboration Adani Cement’s commitment Initiatives Undertaken during ensuring maximum reach and This customer-centric approach, storytelling, and performance-driven
with IIT Kanpur and Infrastructure to excellence extends beyond FY 2024-25 engagement. With an extensive combined with strategic marketing, strategies, ACC has pioneered
partners, recently launched the product innovation, as evidenced Engineers’ Day Celebration distribution network of over 43,000 ensures continued momentum in an in the physical and digital
‘Executive Excellence Programme by sponsoring the entire course retailers nationwide, the Company evolving marketplace. realms. Furthermore, consistent
To mark Engineers’ Day 2024 and
(EEP)’, a comprehensive four-day fee, making the programme guarantees product availability amplifications enabled the digital
honour the legendary Bharat Ratna
residential course aimed at accessible to a wider pool of and accessibility across India. ACC Foundation Day ecosystem to reach 24.1M+
Mokshagundam Visvesvaraya,
enhancing the skills of engineers professionals. Participants, including By offering tailored solutions to On ACC’s 88th Foundation Day, accounts, generating over
Adani Cement hosted a nationwide
and architects in the construction representatives from esteemed individuals, builders, architects, we unveiled a film that powerfully 250K+ interactions and a 1.5%
celebration featuring several
industry. This exclusive programme is organisations like the Delhi Metro and engineers, ACC has built captured our legacy in shaping engagement rate in September
technical seminars and engaging
designed to empower professionals Rail Corporation and MAX Infra, strong, trust-driven relationships, the nation. This tribute honours alone. This success is driven by
‘Concrete Talks’.
by providing them with cutting-edge benefitted from the industry-specific reinforcing its competitive edge. a pioneering brand known for creativity, data-backed strategies,
knowledge and insights, delivered by insights and techniques The Company balances on-ground its steadfast trust and lasting and a commitment to strengthening
Passport to Success
IIT Kanpur’s esteemed faculty. shared by experts. branding for regional initiatives impact, having built millions the legacy of trust and strength.
The Company has established with digital platforms and television ACC with its parent company –
of homes and significantly
The course was tailored for key The EEP has received tremendous distinct identities for its advertisements for targeted and Ambuja Cements Limited has proven
contributed to the country's growth.
professionals such as structural feedback for its impactful content contractors through various impactful outreach. that even legacy brands can thrive
Celebrating this remarkable journey,
engineers, concrete technologists, and organisation, reaffirming Adani levels of accreditation, enhancing in a digital-first world with the right
the film highlighted not just the
project managers, and quality Cement’s role in shaping the future their performance and offering A robust digital presence ideas and innovation.
construction of structures, but
assurance experts, with participants of infrastructure development. tailored incentives. across its website, Facebook, the building of a stronger, united
selected from cities across By equipping engineers and LinkedIn, and YouTube enables nation, garnering over 3 million views
Quality Week
24.1 million+
India. The programme not only architects with the latest tools and ACC to engage effectively with across platforms.
focused on advanced topics techniques, the programme supports World Quality Week is an annual customers, expanding its reach and
relevant to the construction the vision of nation-building and event dedicated to promoting best strengthening brand positioning. Enhancing ACC’s Digital Accounts Reached
sector but also encouraged drives progress through excellence practices in quality management and Through customised messaging Presence
networking, collaboration and in the construction sector. raising awareness. Several technical for specific customer segments,

2,50,000+
ACC’s digital transformation has
knowledge exchange. events were organised for B2B ACC enhances the overall
been marked by a strategic focus on
customers and QA/QC engineers. experience, fosters brand loyalty,
social media, video, and interactive Interactions Occurred
and drives sustainable sales growth.
content. Through engaging

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Celebrating Unity through Infrastructure and Culture

ACC’s Independence Day film, ‘The nation’s infrastructure, bridging and goodness. The celebration
Bridge of Unity’, showcases India’s cultures and communities to of this spirit comes alive on
udAAAn Sales Championship Driving Excellence diversity while emphasising the propel India forward. Both Ambuja Independence Day, a time to reflect
common ground that unites its Cements Limited and ACC are on the progress and collective
The udAAAn Sales Championship and consumer incentive share. A well-defined governance
people. Over 88 years, ACC has committed to building a better strength that have shaped
in Central UP East Varanasi schemes played a crucial role structure ensured that best
played a pivotal role in shaping the nation, fostering a spirit of unity India’s journey.
was a strategic initiative aimed in driving market penetration. practices and key learnings were
at achieving 100% premium Daily on-ground activities such replicated across other markets,
product (PP) sales of ACC in Sant as product demonstrations and contributing to sustained growth
Ravi Das Nagar and Chandauli structured follow-ups helped and long-term brand loyalty.
districts through a structured and strengthen dealer relationships The udAAAn Sales Championship

16.1 million+
data-driven approach. The team and increase product visibility. not only strengthened premium
ACC Gold Water Shield Protecting Homes
focused on four key pillars: In addition, branding campaigns, product sales but also positioned
Prospecting, Lead Qualification, workshops, and contractor ACC as a market leader by Adani Cement's Monsoon Ad campaign was strategically
People reached
Customer Engagement, and engagement sessions in key fostering deeper customer trust Campaign highlighted ACC’s distributed across multiple
Market Need Assessment, districts such as Chandauli and and engagement. flagship product — ACC Gold platforms. With a strong message
ensuring efficiency in identifying
high-potential customers and
Bhadohi helped reinforce the
brand’s value proposition.
Water Shield — offering long-term
solutions to the common issues
of trust and protection, it reached
16.1M+ people, garnered 48K+ 48,000+
enhancing sales conversions. of water seepage and leakage likes, and achieved 820K+ Likes
This initiative led to tangible faced by 60-70% of residential impressions. This initiative
buildings during the monsoon. effectively raised awareness on
8,20,000+
A combination of targeted business gains, including higher
customer education, dealer EBITDA, increased dealer Targeting urban homeowners, safeguarding homes during the
profitability programmes, profitability, and stronger market builders, and contractors, the challenging monsoon season.
Impressions

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Running Television Campaigns

Cementing Excellence, Building Trust ACC has maintained a continuous including Independence Day, Budget World Cup further extended the
ACC has been synonymous with Iconic Brands of India India's Most Trusted on-air presence for 32 weeks until Day, and the PM's speech, with a reach by 250 million in June 2024.
quality, innovation, and reliability, ACC along with its parent company Cement Brand November 2024, reinforcing its particular focus on movie genre In-stadia branding during the Indian
shaping India’s infrastructure with - Ambuja Cements Limited have According to TRA Research's brand message. The campaign dominance through major releases Cricket Team’s home series boosted
its commitment to excellence. been honoured as Iconic Brands Brand Trust Report, ACC & reached an audience of over 750 like Sam Bahadur and Dunki. brand recall. Additionally, ACC is
The Company has not only of India 2024 by The Economic Ambuja Cement has retained million across entertainment, news, going hyper-local by engaging
redefined industry standards Times for the third consecutive the top two spots for the last and movie channels. Dominating the Strategic Sports Associations with regional sports, such as the
but also established itself as year. This prestigious recognition two years. ACC has retained the cement category with a 45% share ACC has made significant strides Chhattisgarh Premier League,
a pioneer in sustainability and reflects the brands' commitment top spot for the last two years. of voice (SOV) in key markets, 80% in sports marketing, associating ensuring a strong, targeted presence
customer-centric solutions. to quality, innovation, and ACC has achieved this remarkable of viewers saw the ads more than during major events like the IPL in key markets. These associations
Its legacy of trust and performance customer satisfaction, reinforcing accolade by through innovation, three times. The brand also made a on JIO Cinema, reaching over 300 continue to drive visibility and
continues to strengthen, earning their core values and industry sustainability, and customer-centric strong impact by associating with million viewers in two months. brand engagement.
them prestigious accolades leadership. The award further solutions which have consistently top TV premieres and key events, Their collaboration with the T20
year after year. highlights their significant exceeded customer expectations.
contribution to nation-building and
sustainable growth.

Celebrating Occasions, Strengthening Bonds

Festivals are more than just Onam, and Chhat Puja, were darkness and bring light to all.
celebrations — they are moments leveraged for brand campaigns. This film was created entirely
that bring people together, These included gifting, counter using AI — an industry first—
fostering a sense of belonging and arch branding, and festival-related generated significant digital PR
shared joy. ACC embraces these events across various states. across platforms such as Mad Over
cultural and national occasions High-footfall locations like pandals Marketing and Afaqs.
to deepen its connection with were targeted for increased
consumers and channel partners, visibility. Notable highlights Diwali 2024 Film
ensuring its brand becomes included branding at Lalbaugcha Through its festive film, ACC
an integral part of cherished Raja in Mumbai, featuring VIP entry portrayed Diwali as more than just
traditions. Through engaging and 150+ double-sided lollipops, a festival of lights; it’s a celebration
campaigns, strategic branding, as well as promotions at Ganesh of homecoming, reuniting with
and innovative storytelling, ACC Pandals in Bengaluru, Jalgaon family and friends, and reliving
continues to create memorable and Nashik. The Onam campaign cherished childhood memories.
experiences that resonate included a 5-day van activity, It symbolises the unbreakable bond Strengthening Sports Partnerships Nationwide
across generations. combining consumer activations of trust with one’s roots.
with dealer family gatherings ACC proudly served as the title interviews, behind-the-scenes Partnership with Adani
Festival-based Brand across multiple districts. sponsors of the Gujarat Giants, stories, and Pro Kabaddi League Ahmedabad Marathon 2024
Republic Day 2025 Film
Campaigns reinforcing their commitment contests, attracted approximately Ambuja Cements Limited and ACC
This Republic Day, ACC celebrated to major sporting events. 2 million views. The initiative
Festivals offer a unique opportunity Durga Puja 2024 Film Limited partnered with the Adani
the pride and unity inspired by the They partnered with the Gujarat achieved 2.5 million video
to strengthen emotional Through ACC's Durga Puja film, the Ahmedabad Marathon 2024 as
Indian flag. To mark the occasion, Giants across the Pro Kabaddi views and an impressive
connections with both consumers company highlighted devotees' 'Powered By' sponsors. Both brands
ACC created a remarkable film that League and ILT20, enhancing 57 million impressions.
and channel partners. Key festivals, deep faith in Maa Durga and her had a strong presence throughout
evokes a deep sense of patriotism brand engagement. Their digital
such as Poila Baisakh, Baisakhi, annual homecoming, symbolising the venue on both Bib Expo days
and respect for the tricolour. campaign, featuring player
Ugadi, Vishu, Gudi Padwa, Ganpati, the power of belief to dispel and Marathon Day.

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Localised Brand Activations

The Company’s brand activations Premium Signage for Enhanced Brand Visibility
have had a significant impact across ACC is enhancing brand presence prioritised for high-performing
regional markets. The 'My Mushak and consumer engagement by dealers and key locations.
Messenger' campaign reached out upgrading traditional signage These premium signboards
to societies and pandals during the in the cement category. have been installed at hundreds
Ganpati Festival in Maharashtra, Moving beyond non-lit flex boards, of dealer counters, receiving
enhancing local engagement. the Company has introduced overwhelming positive feedback
The 'Kaabil Sarpanch' initiative in premium Glow-Sign Boards and for their ability to stand out in
Bhatinda honoured exceptional ACP (Aluminium Composite Panel) cluttered retail environments.
Sarpanch work, generating buzz and boards, ensuring stronger brand The enhanced visibility has not
boosting brand recall. Additionally, recall and higher visibility in only strengthened ACC’s brand
the 'Sharad Ananda' activation competitive markets. impact but has also driven greater
during Durga Pujo in Kolkata reached enthusiasm among sales teams
a wide audience, strengthening Since last year, ACP boards have to accelerate this initiative across
the brand’s presence during the been strategically rolled out across more dealer outlets.
festival. These localised initiatives East, West, and Central regions,
have successfully fostered deeper
connections with communities,
driving both saliency and recall.

Driving Premium Product Sales

ACC is driving premiumisation as a
key priority, ensuring greater value
for consumers through superior
product offerings. By optimising
costs, enhancing quality, and
increasing brand awareness, the
Company is steadily expanding its
premium portfolio’s share in total
sales — a crucial commercial goal.
The premium range includes ACC
Concrete+ and ACC F2R, while
the super-premium category is
led by ACC Gold.

To amplify visibility and consumer

engagement, a multi-channel
marketing approach was deployed,
combining high-impact outdoor
branding in key markets with
seepage protection. Additionally, As a result, premium product sales Channel Partner Meets teams, these events were highly expressed gratitude to their
a radio campaign across major
targeted consumer schemes surged from 23% (4.9 million MT) praised for their family-centric support networks, reinforcing ACC’s
towns. Creative advertisements Throughout the year, ACC
with small-value gifts at cement to 25% (5.6 million MT) in the first approach and focus on mutual commitment to building deeper,
emphasised the benefits of strengthened its long-standing
counters further incentivised half, underscoring the success of growth. Acknowledging the vital more meaningful relationships
premium products, such as partnerships with channel partners
purchase and brand loyalty. ACC’s premiumisation drive. role of channel partners in the within its extended family.
faster construction and superior through nation-wide meets.
Expertly organised by regional Company’s success, the gatherings

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Supply Chain
The Company's supply chain
transformation centres on strategic
investments in automated logistics
infrastructure and process
automation. It has implemented
both hardware and software
solutions, integrated with SAP
ERP, to streamline operations.
These advancements are aimed
at optimising the efficiency of its
extensive supply chain network.

Supply Chain Visibility

The real-time AI-enabled tracking
platform, along with analytics
and machine learning, provides
actionable insights from track-and-
trace data. Efforts are underway
to enhance global positioning
system accuracy, minimise vehicle
diversion and optimise logistics Digitising Contract Administration for Enhanced Efficiency
chain. Recognising the need for performance metrics and process
costs, achieving an impressive The Contract Administration compliance checks, and change tools foster better communication
real-time insights into cost and design for delivering successful
98% coverage. This initiative has Department (CAD) plays a crucial order management, ensuring that between departments, ensuring
availability for better source projects. TC has adopted the Adani
resulted in improved shipment role in managing contracts across all stakeholders can efficiently timely and well-informed
selection, the Company is developing group Digital P2P SOPs to ensure
accuracy, better customer visibility the cement industry, handling track contract statuses, manage decision-making.
an enhanced model. This dynamic increased alignment, compliance
and a reduction in freight leakages. agreements with suppliers, modifications and maintain
order allocation system factors in and synergy. There is a whole
Customers can now track shipments customers and stakeholders. compliance. The system’s Beyond operational improvements,
elements such as order size, delivery paradigm shift towards sustainable
and receive estimated arrival times Traditional contract management integration with ERP systems the digital transformation also
status, total cost, inventory levels, procurement and treating vendors
via the Company’s mobile app methods, reliant on manual enhances data accuracy and optimises costs by reducing
vehicle availability, and committed as partners. More emphasis is given
and SMS alerts. Additionally, the processes and paper-based facilitates smoother operations reliance on physical storage
delivery time, improving ACC’s agility to foster the atmosphere of SLA and
Company is automating in-plant systems, often result in across procurement, finance, and and manual labour, and better
and ensuring a more efficient, KPI-based procurement practices.
logistics processes to streamline inefficiencies, errors and a lack supply chain management. compliance management
cost-effective supply chain.
dispatch and reduce loading of transparency. This has driven mitigates risks associated with
To ensure transparency in the
time, with plans to fully automate the need for digitalisation, aiming The benefits of digitalising CAD legal and regulatory requirements.
Procurement bidding process, the e-auction
logistics operations for long-term to streamline processes and processes are far-reaching. Ultimately, digitalisation not
The Techno-Commercial team platform of SAP Ariba is
sustainability. enhance accuracy, compliance Increased efficiency is realised only boosts efficiency and
(TC) has been strategically followed with 100% compliance.
Management visibility and tracking and collaboration. through the automation of accuracy but also enhances the
Planning and Optimisation reorganised to enhance efficiency,
have been enhanced through repetitive tasks, reducing the overall decision-making process,
effectiveness and value generation
The Company has introduced a the in-house development of Key digitalisation initiatives turnaround time for vendor maximising business value and
in procurement. Team reorganisation
robust sales and operations planning commercial approvals and workflow include the introduction of invoice processing from 15-20 increasing ROI for the organisation.
is done in an umbrella pattern
framework to optimise its supply management. The business is vSPEED, an Electronic Contract days to just 5-7 days. The system By automating key aspects of
under one CPO for all procurement
chain operations. This framework now poised to introduce modern Management System (ECMS) also minimises human error, contract administration, CAD is
verticals. Over the past year,
employs a linear programming advancements through Business designed to centralise contract improving the accuracy of data positioning itself to handle growing
following integration with the Adani
model, incorporating monthly Process Reengineering (BPR) and storage and automate workflows. entry and document handling. contract volumes with greater
Group, the team has improved
planning, weekly adjustments the comprehensive implementation vSPEED offers features like Furthermore, enhanced agility and effectiveness.
strategic alignment, technology
and daily tracking to manage the of a P2P digital platform. real-time tracking, automated transparency and collaboration
adoption, supplier relationships,
complexities of its vast supply
cost optimisation, risk mitigation,

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Integrated Annual Report 2024-25

Governance

Grounded in
ESG Governance
Upholding the highest standards of business objectives. Recognised with

Ethics and
governance, transparency and compliance is a ‘Good’ rating in the 2023 Indian
central to ACC’s operations. The Company’s Corporate Governance Scorecard by
Board Committee actively oversees ESG Institutional Investor Advisory Services

Transparency
risks, opportunities, strategic initiatives India Limited (IIAS), ACC remains
and key performance indicators, with steadfast in integrating ESG principles
regular reviews conducted in Management to drive resilience, growth and long-term
Committee meetings. A dedicated ESG and stakeholder value.
sustainability team ensures alignment with

Board Committees
Strong governance underpins a
At ACC, effective governance is upheld Committees oversee diverse matters,
resilient, sustainable organisation, through the crucial role of the Board monitoring policies, processes and
embedding transparency and Committees. The Company has 12 practices. Their formation follows a formal
Committees, encompassing both statutory process approved by the Board, adhering
fairness at all levels. The Company and non-statutory functions. These to all relevant regulations.
engages openly with stakeholders,
guided by robust policies, standards
and management systems.
These frameworks address risks, Statutory Committees Governance Committees
help to seize opportunities and Corporate Responsibility
A Audit Committee CR
enable the Company to fulfil Committee
its responsibilities towards the Stakeholder Relationship
S PC Public Consumer Committee
organisation and its stakeholders. Committee

Corporate Social RR Reputation Risk Committee

C
Responsibility Committee
Commodity Price Risk
CP
Nomination and Committee
N
Remuneration Committee
Legal, Regulatory, and Tax
LRT
R Risk Management Committee Committee

Merger and Acquisition

MA
Committee

Information, Technology and

ITD
Data Security Committee

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Integrated Annual Report 2024-25

Governance

Board Independence Details of the Board

The Independent Directors have No. of Other Other Committee
submitted their Declarations Directorships Positions in India
of Independence, reaffirming Name & DIN of Directors Category held in
compliance with the independence Indian Listed Chairperson Member
Companies
criteria outlined in Section 149
Mr. Karan Adani, Chairman Non-executive Non-independent 2 0 2
of the Companies Act, 2013 and
(DIN: 03088095)
Regulation 16 of the SEBI Listing
Mr. Vinay Prakash Non-executive Non-independent 1 0 0
regulations. SEBI Listing regulations (DIN: 03634648)
require at least half of the Board to Mr. Vinod Bahety Whole-Time Director & CEO 3 0 2
consist of Independent Directors (DIN: 09192400)
— a requirement the Company Mr. Sandeep Singhi Non-executive Independent 2 2 0
fully satisfies. (DIN: 01211070)
Mr. Nitin Shukla Non-executive Independent 2 0 3
(DIN: 00041433)
Notably, there have been no
Mr. Rajeev Agarwal Non-executive Independent 4 3 4
changes impacting the status of
(DIN: 07984221)
Independent Directors within the
Ms. Ameera Shah Non-executive Independent 2 1 2
Company. The Board includes four (DIN: 00208095)
Independent Members, with detailed Mr. Arun Kumar Anand Non-executive Non-independent 0 0 0
profiles provided in the Corporate (DIN: 08964078) (LIC Nominee)
Governance Report, showcasing
their extensive backgrounds. Board Effectiveness utilisation and fostering a Board evaluation. The process
The Board affirms that these culture of integrity. This includes included independent discussions
The Board operates with a clear
Independent Directors are highly implementing robust measures to with all Board members, focusing
focus on long-term objectives,
reputed individuals of integrity, with prevent corruption and unethical on key themes like Fiduciary Role
ensuring alignment of actions with
expertise and experience in their practices, upholding exceptional of the Board, strategy involvement,
stakeholder interests. It emphasises
respective fields. governance and maintaining a discussion quality, leadership and
strategic direction, risk management,
strong ethical framework throughout organisation health, and Board
financial performance, shareholder
Board Participation the organisation. Structure & Capability.
engagement and sustainability to
The Board is responsible for deliver lasting value for shareholders.
overseeing the Company’s Board Evaluation Following the above process,
performance and making strategic The Board established a formal meeting of Independent Directors
By overseeing ACC’s strategic
decisions by assessing various process to assess its performance, and the Board are convened
execution, evaluating risks and
operational aspects, including and the Board closely examine processes and activities. along with that of its Committees to discuss the performance of
ensuring transparent financial
risk management, sustainability and approve all related-party Frequent interactions with the and individual Directors, including the Board, its Committees, and
communication, the Board
and stakeholder relations. transactions, seeking shareholder Adani Group Management help keep the Chairman. This evaluation individual Directors.
maintains a commitment to
Regular meetings are held to review approval where required. Directors informed of best practices openness, adequate disclosures followed a structured approach,
and offer guidance, with a strong All transactions are conducted at and key events. The Nomination addressing various aspects of Board Remuneration
and responsiveness to shareholder
attendance rate of approximately arm's length and in compliance and Remuneration Committee queries. It prioritises long-term the Board’s functioning such The Directors' Remuneration Policy
96.47% during FY 2024-25, with the Companies Act 2013 and leads the Company’s succession value creation while responsibly as composition, Committee governs the Board’s compensation
demonstrating active engagement. SEBI Listing Regulations. Details on planning, while the Board, through managing environmental and social effectiveness, experience, in accordance with applicable
the management of related-party various committees, ensures impacts and adhering to the highest competencies, fulfilment of specific laws and regulations. The policy
The senior management routinely transactions can be found in the alignment with environmental, ethical standards. duties, contribution to meetings, and ensures that the remuneration
briefs the Board on key business financial statements section of the social and governance standards. overall governance practices. levels and composition for Directors
matters, and at an annual special Annual Integrated Report 2024-25. Regular updates on project The Board plays a pivotal role in are optimal and in line with
meeting, the Board reviews and performance and specific assessing the long-term implications The Company hired independent regulatory requirements.
approves the business plan for the The senior management regularly developments are actively sought of decisions, optimising resource external agency to facilitate the
following year. The Audit Committee updates the Directors to ensure throughout the organisation.
they are informed of business

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Integrated Annual Report 2024-25

Board of Directors

Leading with Excellence

Mr. Karan Adani Mr. Vinay Prakash Mr. Vinod Bahety Mr. Sandeep Singhi Mr. Nitin Shukla Mr. Rajeev Agarwal Ms. Ameera Shah Mr. Arun Kumar Anand
Chairman, Non-executive, Non-executive, Non- Whole-Time Director & CEO Non-executive, Non-executive, Non-executive, Non-executive, Non-executive,
Non-independent Director independent Director Independent Director Independent Director Independent Director Independent Director Non-independent
Nominee Director

S RR MA C R LRT ITD CP R S ITD MA CP A LRT MA CP N C R CR S PC ITD RR

N R S CR PC RR A PC LRT ITD MA CP A C N CR CP LRT

B F R G B F R G B F R G R M C T B R G M C T B R G M C T B F R G B F R G

M C T M C T M C T M C T M C T

Chairman Member Skills

Statutory Committees Governance Committees Skills Board Metrics

A Audit Committee CR Corporate Responsibility Legal, Regulatory, and B Business Leadership Board Age Profile (%)
LRT
Committee Tax Committee
S
Stakeholders'
Relationship Committee
PC
Public Consumer
Committee
MA
Merger and Acquisition
Committee
F Finance Expertise
62.50%
50%
R Risk Management of Board Consists of
Information, Technology and 56-75 years
C
Corporate Social Reputation Risk ITD Independent Directors
RR
Responsibility Committee Committee Data Security Committee G Global Experience

Nomination and Commodity Price M Merger & Acquisition

N CP
Remuneration Committee
Risk Management
Risk Committee
C Corporate Governance & ESG 37.5% 96.47%
R 35-55 years Average Attendance in the
Committee T Technology & Innovation Board and Committee Meeting

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Integrated Annual Report 2024-25

Leadership Team

Visionary Leaders

Mr. Vinod Bahety Mr. Rakesh Tiwary Mr. Sanjay Kumar Gupta Mr. Praveen Kumar Garg Mr. Navin Malhotra Mr. Bhimsi Kachhot
Whole-Time Director & CEO Chief Financial Officer Chief Procurement Officer Chief Logistics Officer Chief Sales and Marketing Officer Chief Strategy and
Business Development

Mr. Sanjay Behl Mr. John Varghese Ms. Madhavi Isanaka Mr. Vineet Bose Mr. Vaibhav Dixit
Head – Sales, Marketing Chief People Officer Chief Digital Officer Chief Legal Officer Head – Manufacturing
& Logistics

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ACC LIMITED
Integrated Annual Report 2024-25

Awards and Recognitions

Celebrating Success
Sustainability Branding Statutory Reports
Management Discussion and Analysis 190

Directors’ Report 228

Corporate Governance Report 248

Business Responsibility & 297

Sustainability Report

Golden Peacock Environment Iconic Brands of India 2024 India’s Most Trusted Brand
Management Award (Two years in a row)

Safety

Financial Statements
Standalone 336

Consolidated 452

Thondebhavi Plant wins 6th ICC National Occupational Arogya World Healthy
International Safety Award Health and Safety Workplace Award 2024
Conference & Awards

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Integrated Annual Report 2024-25

Management Discussion
Prelude

ACC Limited, a member of the diversified Adani

and Analysis Portfolio, has been a pioneer in cement and
concrete technology for nearly nine decades.
With 19 cement plants, 102 ready-mix concrete
units, and a formidable national footprint, ACC
continues to build the backbone of India's
infrastructure with strength and resilience.
Setting industry benchmarks, ACC operates India’s only central technology
support centre in the cement sector. By leveraging Group synergies,
self-sustaining CAPEX, and operational excellence, the Company drives
sustainable growth while maintaining one of the industry's lowest
carbon footprints — a testament to its commitment to future-ready,
responsible construction.

Evolving beyond a product-centric approach, ACC is transforming into a

service-driven powerhouse, empowering partners and contractors through
technical expertise and loyalty programmes. With a premium brand built
on durability and high performance, ACC sets new industry standards and
fosters long-term trust and partnerships — cementing a future of strength
with resilience.

Committed to maximising stakeholder value, ACC integrates sustainability

across its value chain, from mining to sales, promoting alternative fuels
and responsible resource use. Whether in landmark structures or homes
built to last, ACC’s legacy of excellence, customer satisfaction, and
relentless innovation continues to shape India’s construction landscape for
generations to come.

A Focus on Sustainability
ACC is committed to climate action and sutainable practices across
business. With an ambitious target of Net Zero by 2050, the Company
focuses on multiple initiatives like lowering the clinker factor,
optimising energy efficiency, expanding waste heat recovery systems
and increasing renewable energy capacity. Other initaitives include
water conservation and water recycling, circular economy, tree
plantation, biodiversity management and continuous engagement
with the community.

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Integrated Annual Report 2024-25

Management Discussion and Analysis

Economic Scenario Cement Industry Demand and Supply Trend

The global economy during India, the world’s second-largest Supply Demand
2024 remained stable, despite cement producer, plays a vital role +7.6%
geopolitical uncertainties. in infrastructure and construction. +5.6% +5.1%
Global financial conditions In FY 2024-25, cement demand

440-445
596
remain largely accommodative, grew at a moderate 4% to 5%,

552
521
490
with some differentiation across impacted by election-related

422
394
jurisdictions. Central Banks of construction delays and extreme

356
many large economies have eased heatwaves slowing construction
their monetary policy to captivate activity. Supply-side growth was
investments and promote growth. driven by capacity expansions and
According to the International Mergers and Acquisitions (M&A),
Monetary Fund (IMF), global with major players investing in
economic growth is estimated to new plants to meet rising demand FY 2022 FY 2023 FY 2024 FY 2025
grow at by 3.3% in 2024, moderation from housing, infrastructure, and
from 3.5% reported in 2023. commercial sectors. Additionally, D 1.5 trillion in 50-year Private Partnership (PPP) projects
interest-free loans to states for and sustained infrastructure
India, amongst the fastest growing The Union Budget 2025-26 capital investment will further investment signals strong
major economies globally and a reinforces India's infrastructure fuel cement demand. future growth.
rapidly developing nation, continued ambitions, allocating D 11.21
to demonstrate its resilience Private consumption remained providing a solid foundation for trillion for capital expenditure. As urbanisation accelerates, rising With increasing urban development
in FY 2024-25. stable, reflecting resilient domestic sustained growth despite external Initiatives such as the D 1 trillion incomes and migration to cities drive and a robust policy framework,
demand. Fiscal discipline, a uncertainties. Urban Challenge Fund and the demand for housing, commercial the cement industry is poised for

3.3%
strong external balance, a D 150 billion SWAMIH Fund 2, which spaces, and infrastructure, directly expansion, innovation, and a key
services trade surplus, and During FY 2024-25, the Indian aims to boost urban development benefitting the cement industry. role in shaping India's modern
robust remittance growth have economy is expected to record and accelerate housing projects. The government’s push for Public infrastructure.
Estimated Global Economic reinforced macroeconomic stability, a growth of 6.5%.
Growth in 2024 Sector-wise Share of India’s Installed Cement
Cement Consumption Outlook Capacity Ambition
The Indian cement industry is set

1,350
for sustained growth, driven by
India’s GDP Growth Trend 10%-14% 11%-15% infrastructure projects and urban
Outlook
850 MTPA
development. Installed capacity
(%)
24%-25% 25%-29% is projected to reach 850 million
Looking ahead, India’s economic only generate employment but

686
tonnes per annum by 2030 and 1,350
growth is expected to accelerate, also enhance connectivity and
supported by rising urban and reduce logistical costs, providing
million tonnes per annum by 2050. MTPA
9.7

9.2

Strong economic fundamentals,

rural demand, a favourable a boost to the overall economy. including GDP growth, rising incomes, MTPA
7.6

6.5
6.5

monsoon, and increased Additionally, the rapid proliferation and a growing workforce, will fuel
government expenditure on of digital technology and the 62%-65% 60%-65%
demand. Recent income tax cuts and
infrastructure, technology, and ongoing IT revolution will certainly capital expenditure plans will further
innovation. The Indian government aid future growth prospects. boost housing and infrastructure.
continues to prioritise large-scale Overall, Gross Domestic Product The Cement Manufacturers’

FY 2024

FY 2028
infrastructure projects, including (GDP) is projected to expand by Association targets a 6% CAGR1 in
capacity, with utilisation nearing 70%2.
FY 2022
FY 2023
FY 2024
FY 2025
FY 2026

the development of highways, 6.5% in FY 2025-26. 2024-25 2030 2050

Capacity expansion and M&A activity
railways, housing, airports, and Commercial
will remain key industry trends, shaping
ports. These initiatives not Housing the sector’s future growth.
Infrastructure

CMA
1
ICRA
2

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Integrated Annual Report 2024-25

Management Discussion and Analysis

Cement Capacity Addition over the Decade (MTPA)

all plants, based on TCFD and
IFRS S2 guidelines, has identified

43-45
risks and opportunities, driving

35-40
mitigation strategies and initiatives

30-35
like renewable energy adoption and
Waste Heat Recovery Systems.

34
Climate Risks

24
24

ACC recognises the climate-related

23
22

risks it faces, including physical and

transitional risks that could disrupt
16

16
14

operations and supply chains.

To ensure business continuity, it
has integrated climate risks into
its Enterprise Risk Management
strategy. It has conducted a
comprehensive Climate Change
FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

FY25

FY26P
FY16

Risk Assessment across short,

medium and long-term horizons
Source: CRISIL M&A Research, ICRA to address both physical and
transitional risks while seizing
Key Demand Drivers of the Indian Cement Industry opportunities for innovation and
sustainability leadership.
Urbanisation and Rural Development Technological Industry
Infrastructure Investments Advancements Consolidation ACC’s climate risk assessment
Development and Innovation Business Review global policies, reinforcing its
confirms that none of its sites
commitment to sustainability across
all operations. currently face physical climate risks.
Rapid urbanisation and Government projects Advanced manufacturing Mergers and acquisitions Sustainability Strategy
However, the Company is proactively
government initiatives for rural roads, schools, technologies and (~200 MT in 10 years) The Company integrates implementing site-specific
Environmental Policies
like Smart Cities Mission, healthcare and digitalisation drive have streamlined sustainability across its value chain, strategies to mitigate potential
PMAY and AMRUT sanitation facilities efficiency, reduce costs operations, optimised prioritising circularity through green • Climate Change Policy
future challenges, integrating
drive demand for have expanded cement and enhance product production, and enhanced products, fossil fuel substitution and • Energy Management Policy adaptation measures into operations
residential, commercial, demand in rural quality. Innovations like economies of scale. process optimisation to minimise • ESG Policy to ensure long-term resilience and
and infrastructure areas, creating new green cement, ready-mix environmental impact. It is the sustainability.
• Corporate Environment Policy
projects, boosting market opportunities. concrete, and specialty only large scale Indian cement
cement consumption. cement support evolving manufacturer having its Net Zero • Water Stewardship Policy
Internal Carbon Pricing
construction needs and targets validated by SBTi. • Waste Management Policy
ACC has introduced an Internal
long-term sustainability. • Resource Conservation Policy Carbon Pricing (ICP) mechanism,
Environmental Policy and
• Bio-Diversity Policy valuing CO2 at USD 28 per tonne,
Management System
>40% 62,500 km ~J 1.25 ~USD 4.5 ACC’s Environmental Management Climate Strategy
to drive sustainability and climate
responsibility. This shadow pricing
of India’s of All-weather Roads lakhs crore billion System aligns with industry’s best model helps assess financial
ACC’s climate initiatives align with
Population to be Provided Planned CAPEX of in M&A Deals by standards to proactively address risks, reduce emissions, optimise
global and national frameworks,
Expected to Live to Unconnected Indian Cement-makers climate risks, water stewardship, operations and guide investment
in Urban Areas by Habitats by FY 2028-
two leading players circular economy and biodiversity
including the Paris Agreement,
between FY 2024-25 to reduce its carbon footprint decisions, supplier selection
20303 29 under PMGSY - IV4 and FY 2026-275
in 2024 and 20256 management. Overseen by the and regulatory compliance
and achieve India’s Nationally
Corporate Responsibility Committee, while fostering a low-carbon
Determined Contribution (NDC).
the Company integrates climate growth strategy.
A climate risk assessment across
PIB, 4Pradhan Mantri Gram Sadak Yojana (PMGSY) - IV, 5CRISIL, 6Moneycontrol
3 action with national and

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Integrated Annual Report 2024-25

Management Discussion and Analysis

Net Zero Commitment and electrical energy consumption Thermal Substitution Rate Water Management
while optimising costs, with research
ACC is at the forefront of climate Thermal Substitution Rate (TSR) Water is a critical natural resource
investments in place supporting its
action, driving sustainability within measures the percentage of fossil and a key focus of ACC’s SD 2030
2030 energy reduction goals.
the sector and contributing to fuels replaced by alternative plan and sustainability initiatives.
India’s net zero ambitions. It is the sources like biomass, industrial Although cement manufacturing
As a high-energy industry, cement
only large cement manufacturing waste, and refuse-derived fuel follows a dry process, water
manufacturing requires efficient
company in the country to have its in cement production, reducing is essential for cooling, dust
energy management and ACC
Net Zero targets validated by SBTi carbon emissions and promoting a suppression, and operational needs.
monitors performance across all
(Science Based Targets initiative). circular economy. ACC is steadily ACC has achieved 1.04x water
sites, reviewing key findings in
increasing its TSR, aiming to reach positivity during the year and aims
monthly management meetings.
ACC also stands to benefit from its 28% by 2030, by co-processing to reach five times water positive
The Company is reducing reliance
parent company, Ambuja Cements industrial and non-industrial waste by 2030. Recognised by the Carbon
on conventional energy by
Limited, becoming the first cement in kilns and captive power plants to Disclosure Project (CDP) for water
incorporating renewables like solar
manufacturer to join the Alliance for minimise reliance on conventional security leadership, the Company
and wind while harnessing waste
Industry Decarbonisation (AFID), a fuels like coal. follows a robust water stewardship
heat from its processes. Through its
global coalition supporting Net Zero policy to conserve resources
participation in India’s Perform,
goals under the Paris Agreement. Optimising Clinker Factor and support both operations
Achieve and Trade (PAT) scheme,
The Company is committed to ACC leads in producing and and communities.
ACC continues to enhance energy
increasing its share of green power distributing blended cement,
efficiency, lower carbon emissions,
to 60% by FY 2027-28. which reduces clinker content It actively minimises its impact
and drive sustainable operations.
and enhances sustainability by on shared water sources by
ACC is advancing its Net Zero incorporating materials like slag and meeting its need from harvested
Renewable and Green Power
ambitions by integrating Coolbrook’s fly-ash. Its portfolio of products is rainwater and recycled water
pioneerisng RotoDynamic Heater ACC is actively investing renewable and implementing sustainable
GRIHA-certified.
(RDH) technology to decarbonise and green power to lower its carbon management practices. ACC has
its cement manufacturing process. footprint and reduce dependence three plants in water-stressed Waste Management and Regular waste audits are conducted
Air Emissions
This collaboration with the on fossil fuel-based electricity regions, making efficient water use Circular Economy to identify areas for improvement,
In addition to greenhouse gas
Finland-based engineering firm will with a target of achieving 60% and rainwater harvesting crucial for with action plans implemented to
emissions, fuel combustion in ACC is dedicated to sustainable
significantly reduce reliance on fossil green power by 2028. reducing reliance on other water enhance waste minimisation and
operations generates air pollutants resource management, waste
fuels and lower carbon emissions, like nitrogen oxides (NOx) and resource. The Company is committed reduction, and circular economy recycling efforts. The Company
strengthening the Company’s In addition, ACC adopts a sustainable to lowering freshwater intensity focuses on co-processing of
sulphur oxides (SOx), along with principles, exceeding regulatory
commitment to sustainable and approach to waste management per tonne of cement and remains waste, including plastic waste in
particulate emissions from vehicular standards and industry best
responsible operations. through advanced co-processing on track to achieve its ambitious cement kilns, manages e-waste
movement. To mitigate these practices to minimise environmental
technology, operating pre-processing reduction targets ahead of schedule. through authorised recyclers, and
impacts, ACC has implemented impact. The Company ensures
Energy Management and co-processing facilities across hazardous materials such as used
advanced air pollution control responsible waste management
India. These state-of-the-art Wastewater recycling and reuse are oil and discarded drums through
ACC drives continuous improvement measures, including Electrostatic by complying with all relevant
facilities focus on energy recovery prioritised, with treated water used co-processing or disposal at
by conducting regular energy Precipitators (ESPs), bag filters, environmental laws across its
and recycling, with continuous for dust suppression and gardening, authorised facilities. Scrap is sold
audits to identify optimisation closed conveyor belts, dust operations. Waste is collected and
investments to modernise the ensuring no external discharge from to certified vendors, while mining
areas and track progress against suppression techniques, and segregated at the source, classified
infrastructure and enhance its plants. ACC also collaborates overburden is repurposed for
set targets. Its operations are ISO Continuous Emission Monitoring as hazardous or non-hazardous,
efficiency. During the reporting with governments and developers backfilling within mines. As part
50001-certified, and employees Systems (CEMS) to track and and stored in designated areas to
period, ACC utilised 0.55 million to promote rainwater harvesting, of its circular economy approach,
receive training on energy manage emissions in real time. facilitate efficient disposal and
tonnes of alternative fuel, reducing groundwater recharge, and village ACC used 12 million tonnes of
efficiency, including an in-house recycling. A substantial portion
fossil fuel dependency while pond restoration and multiple other waste-derived resources during
course on Energy and Emissions of waste-derived resources is
preventing waste from reaching initiatives. These efforts contribute the year, including fly-ash and slag
via the [Link] utilised, reducing dependence on
landfills, reinforcing its commitment to long-term water security for its as clinker substitutes, reinforcing
platform. Focused on innovation, the mined materials and preventing
to responsible and sustainable operation and for communities its commitment to resource
Company aims to reduce thermal unnecessary landfill disposal.
waste management. beyond its fence, reinforcing ACC’s conservation and sustainable
dedication to responsible and cement production.
sustainable water management.

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Integrated Annual Report 2024-25

Management Discussion and Analysis

Biodiversity Management production’s dependence on natural Biodiversity Protection and Regulatory Compliance Market Development ACC’s Products and Solutions
resources like limestone and Enhancement Measures
Biodiversity management is a key ACC recognises that regulatory ACC boasts a robust pan-India ACC Gold Water Shield (Water-
water, ACC remains committed to ACC strictly complies with Indian
priority for ACC, recognising the compliance is essential for channel network, consisting of repellent Cement)
responsible resource management, environmental laws, including
critical role of healthy ecosystems responsible and sustainable approximately 57,104 channel Launched in 2013 as part of the
ensuring minimal impact on the Forest Conservation Act
in mitigating natural disasters and operations, adhering to a stringent partners and 43,177 retailers/ premium product range, ACC Gold
biodiversity while maintaining and the CAMPA Act, ensuring
supporting essential ecological framework of environmental laws sub-dealers, who support the Water Shield is renowned for its
operational sustainability. No Net Deforestation across
services. The Company’s biodiversity and securing all necessary approvals. Company in meeting India’s demand superior water-repellent qualities
policy guides the identification and its operations. Under these Compliance is monitored through for quality cement and building
Biodiversity Risk Assessment and commands the highest premium
assessment of biodiversity-related regulations, any forest land cleared the Legatrix software, ensuring materials. This extensive network among ACC’s offerings. The product
risks across project sites, ensuring A 10 km radius around the for operational activities is transparency and accountability. contributed to around 77.6% of is promoted through a combination
a structured mitigation hierarchy operational site was assessed to compensated through afforestation Key regulatory regulations the Company’s cement sales in the of outdoor and in-shop branding,
of avoidance, minimisation, evaluate potential impacts and initiatives. The Company has a governing its operations include the retail segment. technical service team promotions,
restoration, and offsetting. dependencies on local biodiversity robust Mine Closure Plan in place, Environmental Clearances, Water and digital channels, including the
This policy applies to all operations, and ecosystem services. The IBBI incorporating mine rehabilitation in and Air (Prevention and Control Strong Distribution Network website and online advertising.
suppliers, and value chain partners, Ecosystem Services Matrix tool was compliance with existing legislative of Pollution) Acts, Environment ACC’s Sales and Marketing ACC Gold Water Shield is amongst
reinforcing ACC’s commitment used for ecosystem mapping, with requirements. Additionally, it adheres (Protection) Act, and various waste teams have developed a deep the six ACC products which have
to sustainable environmental risk identification aligned to global to the Green Belt Development management rules. understanding of evolving customer certified by and enlisted in GRIHA’s
practices. The Company aims to frameworks such as IFC Performance guidelines set by the Government
preferences, enabling the Company green product catalogue.
achieve No Net Deforestation Standard 6, the UN CBD’s Post-2020 of India to enhance biodiversity. Sales Volume to optimise capacity utilisation
through time-bound afforestation Global Biodiversity Framework, DJSI, As part of the Adani portfolio, it
In FY 2024-25, ACC's CLC sales through a refined product mix and
programmes and No Net Loss of and TNFD. The assessment resulted aims to plant 5.9 million trees by Sector-wise Revenue
saw substantial growth, reaching improve supply chain efficiency
biodiversity across critical habitats, in a risk categorisation matrix, 2030, with 5.1 million already grown.
42.2 million tonnes compared to by revitalising its dealer network. (%)
ultimately striving for a Net identifying high-, medium-, and Targeted habitat management plans
36.9 million tonnes in FY 2023-24. In line with its responsible growth
Positive Gain. low-risk sites. are implemented to restore degraded
Notably, Individual Home Builders and sustainability strategy, ACC is
ecosystems across operational sites. 21
and ground-plus-three-storey (G+3) strategically reducing the share of
A detailed Nature Risk Assessment, Biodiversity Action Plan
buildings in the retail segment Ordinary Portland Cement (OPC) in
including a Biodiversity Risk To address identified biodiversity To minimise environmental impact,
remain ACC’s largest customer its product portfolio. At the same
Assessment, has been conducted risks, ACC has developed a the transport of mined material
segments, driving both volume and time, initiatives such as appointing
using the Taskforce on comprehensive Biodiversity takes place through covered 79
profitability. The anticipated growth new channel partners and increasing
Nature-related Financial Disclosures Action Plan (BAP) incorporating conveyor belts. Continuous training
in demand from these sectors wallet share per counter are being
(TNFD) LEAP approach to evaluate nature-based solutions and aligned for employees and awareness
is attributed to the increasing implemented to manage the dealer
nature-related dependencies and with the IUCN Mitigation Hierarchy. programmes for stakeholders Retail
trends of urbanisation and channels effectively, particularly
impacts. Nature-related risks may The plan includes site-specific further reinforce its commitment to
rural empowerment. in key markets. These efforts have Institutional
arise from physical factors such as initiatives such as greenbelt biodiversity conservation.
strengthened its connection with
extreme weather and geological development, wildlife monitoring, retail customers.
changes or from transition risks rainwater harvesting structures, and
linked to regulatory and policy mangrove restoration to enhance
shifts. Meanwhile, nature-related ecological resilience.
opportunities focus on reducing
environmental impact and enhancing
Avoi

ecosystem restoration. Given cement Biodiversity

fset

Mitigation
da

Of

Hierarchy
nc
e

e
Mi
nim tor
ise Res

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Integrated Annual Report 2024-25

Management Discussion and Analysis

Ready-Mix Concrete (RMX) Green Building Centres

ACC’s Ready-Mix Concrete (RMX) ACC continues to champion
business operates a nation-wide sustainable living through its Green
network of 102 advanced plants, Building Centres (GBCs), which
playing a pivotal role in shaping facilitated 43,435 affordable homes
India’s construction sector for over in FY 2024-25. These centres
three decades. With innovation, high provide eco-friendly building
service standards and sustainable materials, generate employment,
practices, ACC has set industry and reduce CO2 emissions by
benchmarks and earned the Green leveraging 17,761 MT of fly-ash,
Rating for Integrated Habitat conserving 2,52,348 MT of topsoil.
Assessment (GRIHA) certification. Using an innovative franchise
model, ACC has established 51
Operating in 54 cities, ACC Concrete GBCs across India, including
leverages advanced plant structures, four new centres in FY 2024-25,
optimising mix processes to empowering local communities
reduce raw material costs, driving ACC Concrete remains committed solutions, such as the new ACC and supporting livelihoods. With a
growth, especially in the captive to quality and technical excellence, Feathercrete, continue to drive focus on sustainability, ACC plans
sector. 14 new plants have been with training sessions, awards, and success, complemented by to expand its GBC initiative to
commissioned for FY 2024-25 and commendations for outstanding digital advancements enhancing take further steps towards its Net
more planned for FY 2025-26. performance. Its value-added customer service. Zero 2050 goals.

RMX Business – Performance GBC Sustainability Report (FY 2024-25)

Particulars Unit FY 2024-25 FY 2023-24 Particulars Unit FY 2024-25
Sales Volume lakhs m3 28.6 25.2 Social Beneficiaries of GBC's Got Direct Livelihood 1,560
Revenue from Operations ` crore 1,380 1,289 Beneficiaries of GBC's Got Indirect Livelihood 6,300
EBITDA ` crore 199.41 161.31 Housing Houses Facilitated through GBC Products 43,435
EBITDA Margin % 14.4% 12.5% Shelters Facilitated through GBC Products 1,73,760
Environment Natural Soil Saving (in MT) – 2.6 kg of Natural Soil Saved Per Brick 2,52,348
Waste utilisation (in MT) – 1.2 kg of Fly-ash Used Per Brick 17,761
Value-added Solutions were successfully launched under ECOMaxX has earned green points
the Company’s RMX vertical, further from the Indian Green Building CO2 emission reduction (in MT) – 183 MT of CO2 Emissions Avoided Per Million 99,187
ACC’s state-of-the-art R&D
enhancing its market offerings. Council (IGBC). Currently, ACC Bricks
facility is dedicated to innovation,
actively addressing emerging ECOMaxX sales account for 11% of Wood Saved (in MT) 4,855
customer needs with a range of Green Products total RMX sales. The strategic focus Trees Saved 10,431
value-added products and solutions. The Company launched ACC is on enhancing the capabilities
These solutions, which make up 29% ECOMaxX, an Expert Green Concrete of the sales force, effectively
of total RMX sales, play a crucial designed to meet the needs of communicating value to customers, Business Performance (Consolidated)
role in driving the growth of the sustainable construction, reducing and fostering partnerships with
Particulars FY 2024-25 FY 2023-24
segment. Notably, ACC ECOMaxX, CO2 emissions by 30-100%. As a nodal agencies and consultants.
Sales Volume CLC (MMT) 42.2 36.9
ACC Coolcrete, and ACC Bagcrete GreenPro certified product, ACC
Revenue from operations (D crore) 21,762 19,959
Operating EBITDA (D crore) 3,061 3,062
Operating EBITDA Margin (%) 14.1 15.3

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Integrated Annual Report 2024-25

Management Discussion and Analysis

Significant Improvements in Key Financial Ratios (Standalone) Master Supply Agreement Customer Engagement and Relationship
Particulars FY 2024-25 FY 2023-24 (MSA)
The Company is addressing the construction methods, and skilled
Operating EBITDA Margin (%) 13.9 15.3 ACC Limited has a Master Supply
vital needs of Individual Home professionals. ACC’s GRIHA-certified
Net Profit Margin (%) 11.8 10.9 Agreement (MSA) with its parent
Builders (IHBs) and promoting products and on-site sustainable
company, Ambuja Cements Limited
Return on Net Worth (%) 16.5 15.5 sustainable construction practices. construction solutions are designed
(ACL), and fellow subsidiaries Sanghi
Net Worth (D crore) 18,271 16,022 ACC recognises the significant to enhance construction quality and
Industries Limited (SIL), Asian Fine
investment made by IHBs and is promote sustainability, ensuring a
Net Debt Equity Ratio NA NA Cement Private Limited, and Penna
committed to supporting their seamless and efficient experience
Debtors Turnover (Times) 20.5 22.8 Cement Industries Limited. It also
construction journey by meeting for its customers.
has an MSA with one of the Group’s
Inventory Turnover (Times) 6.7 6.1 their needs for quality materials,
cement companies, Adani Cement
Debt Service Coverage Ratio (Times) 4.4 19.4
Industries Limited (ACIL). During
FY 2024-25, the Company sold
Costs-Cement Business has successfully reduced its kiln overall efficiency, rationalising 9 million tonnes of Cement and
fuel cost from D 1.94 to D 1.61 wheeling operations, maximising Clinker (CLC) under the agreement.
During FY 2024-25, ACC
per thousand kilocalories over direct dispatches, streamlining This arrangement delivered several
implemented several cost
the same period. warehouse footprints, negotiating benefits, including synergies and
management strategies, including:
favourable freight rates, and economies of scale, improved
To further streamline fuel costs, reducing lead distances. Additionally, operational logistics cost efficiency,
Cost of Materials Consumed
ACC is maximising the use of captive a shift towards multimodal logistics and strengthened sustainability
During the reporting period, raw and alternative fuels, reinforcing — leveraging sea and railway through the prudent use of fuel and
material costs rose by 3.9% per its commitment to sustainable and transport—alongside increased other resources while conserving
tonne of cement year-on-year. cost-effective operations. volumes under the Master Supply natural resources. Looking ahead,
To drive cost efficiencies, ACC Agreement (MSA), contributed the Company remains committed to
has undertaken several strategic Freight and Forwarding significantly to cost savings. further exploring and expanding the
initiatives, including long-term Expenses Looking ahead, ACC remains MSA to drive revenue growth and
tie-ups for critical raw materials, committed to further integrating enhance profitability.
During the year, ACC successfully
which will contribute to cost its supply chain by adopting
implemented a series of strategic
reductions. Additionally, the advanced technologies and network Capacity Expansion
cost-reduction initiatives, achieving
Company continues to optimise optimisation tools, ensuring
a 12.2% annual decline in freight and ACC, alongside its parent company
its clinker factor as part of its greater efficiency and long-term
forwarding expenses. These efforts Ambuja Cements Limited (ACL), ACC Certified Technology technical guidance, connecting
broader cost management strategy. sustainability.
encompassed multiple optimisation is undertaking various capacity (ACT) customers with trained contractors,
Increased utilisation of wet fly ash
measures, including enhancing expansion projects to reach a target and ensuring proper construction
across its manufacturing units A customer-focused solution by
of 140 MTPA cement manufacturing practices, but also aims to make
has further enhanced cost savings ACC represents an integrated
capacity by FY 2027-28. consumers' dream homes stronger
while reinforcing its commitment to approach that connects dealers,
Key expansions include Sindri, Salai and more durable. The proactive
sustainability. influencers, and individual home
Banwa, and Kalamboli. ACC stands engagement strategy, based on
builders (IHBs) with specialised
to benefit from ACL’s 6 MTPA the IEAR approach (Identify, Enrol,
Power and Fuel products and services, creating value
cement grinding unit in Bihar, which Acquire, Retain), has enabled the
The decline in coal prices and for all stakeholders. Aimed at IHBs
will be executed in three phases. Company to form closer connections
increased share of green power and small project builders (SPBs),
The first phase, involving 2.4 MTPA with customers and expand its
usage, has contributed to reducing ACT offers a comprehensive
and an investment of D 1,100 crore, reach. ACT was implemented at over
ACC’s power and fuel costs package of men, materials, and
is expected to be commissioned 88,065 customer sites.
throughout the year. The Company methods, enhancing consumer
by FY 2025-26. The strategically
recall and brand recommendations.

88,065
continues to optimise its energy located project in Nawada, Bihar,
mix and sourcing strategies to drive This initiative not only aids in
will boost local infrastructure,
further efficiencies. The green acquiring new customers and
contribute D 250 crore annually to
power mix increased by 4.9 pp at retaining existing ones by providing
the state, and generate Sites Where ACT is Implemented
18%. Additionally, the Company 1,250 direct and indirect jobs.

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Integrated Annual Report 2024-25

Management Discussion and Analysis

Instant Concrete Mix Influencer Engagement celebrates National Engineers’ Day

annually. To mark Engineers’ Day
Proportion and Relationship 2024, the Company launched a
The Company’s instant concrete mix
Knowledge Sharing Initiative 30-day campaign in September for
proportioning solution optimises the
construction professionals and B2B
use of natural resources by reducing The Company’s knowledge-sharing
customers. Partnering with over
the need for aggregates, sand, and platform for architects and
40 national and local professional
water in the concrete mix, based on engineers has a nation-wide
bodies, the campaign featured 200+
their properties. During the reporting presence, promoting sustainable
technical events, engaging 16,500+
period, the instant mix proportioning construction practices and
professionals. ACC showcased its
solution was enhanced at 43,095 advanced materials. Through this
Cement, RMX, and allied products at
customer sites, contributing to platform, over 18,000 professionals
exhibitions and personally engaged
the production of strong and have engaged in various
with 11,000+ professionals through
durable concrete. knowledge-sharing initiatives, both
technical quizzes and expert
in-person and virtually, enhancing
video messages.

43,095
industry awareness and expertise.

RewardConnect App

24,000+
for Influencer Loyalty
Customer Sites Improved Programme
through Instant Mix
ACC Atoot Bandhan, a contractor
Proportioning Solution Professionals Participated in loyalty programme designed to
Diverse Knowledge Sharing recognise, strengthen, and enrich
Modular Curing Solution Activities partnerships, has now transitioned
Also known as the Zero Water Curing to the upgraded RewardConnect
solution, this in-house innovation Executive Excellence platform. By promoting ACC’s
enables effective and efficient Programmes for Construction certified technology, it empowers
curing of concrete slabs without Professionals and incentivises contractors to build
using water. During the year, the The engineering and architectural long-lasting homes. More than just Social Welfare – Over 1,64,811contractors covered Channel Partner and
Company successfully implemented community plays a vital role in a cement initiative, this programme Family Mediclaim Benefit in accidental coverage, while more Contractor Meets
its modular curing solution at 588 shaping the nation’s infrastructure. introduces innovative concepts ACC’s contractor loyalty programme than 11,974 contractors were In today’s rapidly evolving business
customer sites, saving approximately To honour their contributions, the to support contractors' growth. is designed to recognise, strengthen, covered under Mediclaim. landscape, customer-centricity
12,000 litres of water per 1,000 sq. Company, in collaboration with Currently, over 3.7 lakhs contractors and enhance relationships with its remains a core principle.
ft. of slab area per site. ACL and IIT Kanpur, introduced the are enrolled, benefitting from valued partners. Contractors and Knowledge and Skill Building The Company actively engages
Executive Excellence Programme exclusive rewards and professional their spouses enrolled in 'Reward The Company trains over with contractors to strengthen
Slab Supervision (EEP). This four-day residential development opportunities. Connect' programme (formerly 22,000 masons and contractors its relationships with key
ACC’s team of technical experts certification course, designed by known as Atoot Bandhan) annually through its in-house influencers, using standardised

22,000+
offered guidance and supervision IIT professors, enhances technical provides three types of insurance applicator programmes, promoting creative templates to recognise
for slab casting at over 70,000 expertise with a focus on advanced coverage to its Gold and Platinum sustainable construction practices. and appreciate their invaluable
customer sites. industry topics. categories contractors which These programmes cover a contributions. Additionally, it
Contractors Trained under includes: Accidental Insurance, range of modules, including organises impactful below-the-

70,000+
Celebration of Various Workshops Accidental Mediclaim, and project management, repair and line initiatives during nation-wide
Engineers’ Day Mediclaim. Eligible contractors waterproofing, steel estimation, channel partner meets, fostering
Honouring Bharat Ratna were issued digital Mediclaim earthquake-resistant structures, cost stronger connections with its
Customer Sites provided with Dr. Mokshagundam Visvesvaraya, health insurance cards via an online estimation, rainwater harvesting, and network of partners across India.
Slab Supervision India’s construction community e-card bank in case of Mediclaim. advanced wall solutions.

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Integrated Annual Report 2024-25

Management Discussion and Analysis

Digitalisation and Innovation Cyber including TSOs, ASMs, and Dealers. Digitalisation in Projects
The initiative has seen exceptional
As part of its ongoing efforts This year, ACC introduced a
In recent years, the Company and technological functions. on refining business processes adoption, with features like AI-driven
to ensure the Confidentiality, comprehensive Power BI dashboard
has consistently incorporated This strategic initiative aims to and optimising resource use to visit planning and real-time account
Integrity, and Availability of its for projects, centralising monitoring
digital technologies into its core improve operational efficiency and drive sustainable growth, all while updates. This transformation reflects
digital landscape, ACC has further and reporting. The dashboard
business operations, covering sales, secure a competitive edge. Through ensuring full compliance with Adani Cement's commitment to
strengthened its security measures features a landing page displaying
logistics, material management, a well-defined digital transformation regulatory requirements. technological innovation and
by implementing IT-OT network financial status, project progress,
manufacturing, control systems strategy, the Company focuses operational excellence within the
segregation across its manufacturing and detailed information. It includes
cement industry.
sites. This ensures secure data drill-down views for finance, daily
transfer and communication and monthly construction reports,
Additionally, ACC has launched the
between Information Technology safety metrics, and site photos.
Business Process Platform Hygiene – Rewards Hub platform to elevate
Inculcating Digital – Data and Accuracy – (IT) and Operational Technology
Harmonisation Supported customer engagement and drive
Change Management Single Source of Truth (OT) systems. Additionally, the The benefits include real-time
and Optimisation and Future-proof sales, offering a wide array of
Company has deployed an advanced access for team members, informed
features that make it an outstanding
OT observability solution, enabling decision-making for leadership, and
choice for businesses seeking to
real-time visibility and threat proactive management to address
enhance their loyalty programmes.
detection. These enhancements issues promptly.
The platform has shown significant
have significantly improved ACC's
ROI through repeat purchases,
cyber security stance and the Migration of Legacy SAP to
Secure influencer retention, and premium
igh
ts Pro Go reliability of its industrial operations. SAP HANA
Ins ces product penetration, with
se In a remarkable display of innovation
s
ve
approximately 30% of trade sales
IT Infrastructure
rn
recorded in the loyalty app. and resilience, Adani Group's Cement
Modernisation
an
h

Business successfully executed

ion
wt

pt ce
n

Da

St
tio

m ACC has modernised all outdated

ta
Gro

u
ova

&
Tru

systems and implemented SD-WAN

an
s

Con
on
Inn

da

st

across all sites, ensuring seamless

e C

rdi

business operations with zero

trol
satio
Self Ser v

downtime. Furthermore, the

s Model

Assets Utilisati
n

Company has completed the

implementation of state-of-
usines

the-art in-plant automation, which

includes Plant Vehicle Tracking
wB

& Weighbridge Automation,

on
e

mobile-based vehicle indenting, and

N

Intelligent DO allocation through

Opt reverse auctions, business rules, OET,
imisation
.0

/M
AI

4 and the Packing Plant Optimiser.

y
L tr
dus
In
Digitalisation in Sales
Optimisers
ACC, alongside its parent company,
has transformed its sales operations
EBITDA by re-platforming all legacy
applications and introducing unified
solutions such as OneConnect
and Adani Cement Connect.
Value Driven Agile Remove of Waste Continuous Improvement These applications enhance
efficiency and improve user
experience for various stakeholders,

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Integrated Annual Report 2024-25

Management Discussion and Analysis

Asia's largest SAP to SAP Suite on document splitting, and real-time process with the launch of the
HANA upgrade in just six weeks. financial reporting, ensuring our Note for Approval (NFA) portal.
This transformation involved financial infrastructure is efficient, This innovative platform centralises
establishing a robust data recovery compliant, and future-ready. all NFAs, streamlining approvals and
system, migrating to the Azure significantly improving efficiency.
data centre, and implementing a Strengthening the Network: The portal's features—such as
comprehensive Business Continuity The Foundation of Cement tracking, traceability, and easy
Plan. The seamless integration of Business Growth document retrieval—have led
mergers and acquisitions further ACC, and its parent company to rapid adoption and increased
reinforced ACC’s market leadership, ACL, have modernised network productivity across the organisation.
highlighting its commitment infrastructure by introducing Future expansions will further
to operational excellence SD-WAN technology, reducing enhance procurement operations,
and innovation. network deployment times by 50%. reinforcing ACC's commitment to
Over 130 sites are now live with digital transformation.
Transforming Financial SD-WAN, improving operational
Management: The Journey to efficiency and security. Additionally, Enhancing Invoicing with
New General Ledger our Wi-Fi Modernisation Project ePOD
In a strategic move to modernise has expanded coverage across 41 The Electronic Proof of Delivery
its financial systems, ACC, along sites, with 242 new Wi-Fi Access (ePOD) system has transformed
with its parent company Ambuja Points installed. This robust ACC's invoicing process, ensuring
Cements Limited (ACL), successfully digital infrastructure supports greater accuracy and efficiency.
implemented the New General seamless communication and With secure login authentication,
Ledger (GL). This upgrade has enhances efficiency, ensuring the an intuitive interface, and real-time
streamlined month-end closing Company is well-prepared for future status updates, transporters can
processes, improved reporting growth and expansion. now generate and submit invoices
accuracy, and positioned us for seamlessly. The ePOD system
Branding
future technological advancements Enhancing Procurement reduces human errors, accelerates
such as SAP S/4HANA. The project Efficiency with the New invoice processing by 30%, and ACC employs a dynamic marketing The Company marked its 88th Cup, have significantly boosted brand
completed in August 2024, involved eNFA Portal reduces costs associated with strategy that strengthens its brand Foundation Day with a tribute visibility. ACC’s television campaigns
meticulous planning, data migration, ACC, in collaboration with physical document management by through innovative communication, film honouring its legacy in dominated the cement category,
and rigorous testing. The New GL its parent company, ACL, has 40%, significantly enhancing overall leveraging both regional on-ground shaping India’s infrastructure. maintaining a strong media presence
now supports parallel accounting, revolutionised its procurement customer satisfaction. branding and digital platforms for Festival-based campaigns, such as with a 45% share of voice.
maximum outreach. Its brand film, branding at Lalbaugcha Raja and
The Bridge of Unity, celebrates India's Ganesh Pandals, have enhanced Localised brand activations, premium
diversity while reinforcing ACC’s role consumer engagement across key product promotions, and enhanced
The Indian Concrete Journal in nation-building. The Monsoon Ad regions. AI-powered storytelling signage strategies continue to
Launched by ACC, the Indian Concrete Journal (ICJ) stands as one of India’s most prestigious and Campaign for ACC Gold Water Shield was introduced through strengthen ACC’s market position,
longest-running publications in construction and civil engineering. Serving as a vital knowledge hub, it fosters successfully raised awareness about thematic films for Durga Puja ensuring sustained growth and
innovation, research, and technical excellence in cement and concrete applications. ICJ bridges the gap protecting homes from seepage, and Diwali, reinforcing emotional consumer trust.
between academia and industry, featuring insightful articles, case studies, and advancements shaping the built reaching over 16.1 million people. connections with audiences.
environment. Through this initiative, ACC continues its commitment to knowledge-sharing and sustainable A strong digital presence has driven Strategic sponsorships, including
progress in construction. engagement, with ACC’s content the Adani Ahmedabad Marathon
reaching over 24.1 million accounts and partnerships with major sports
in a single month. events like the IPL and T20 World

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Integrated Annual Report 2024-25

Management Discussion and Analysis

India’s Most Trusted Enhanced ACC Help ACC Teams Up ACC Powers Adani Logistics
Cement Brand 2024 Website Launched with Gujarat Giants Ahmedabad Marathon
ACC is actively reducing logistics integration of GPS technology. improved invoicing accuracy and
costs, a key component of its overall With warehouse footprint and customer satisfaction.
expenses, through various initiatives. network optimisation, ACC is
ACC was recognised In the ever-evolving ACC proudly partnered ACC proudly partnered
The Company optimises its effectively reducing its secondary ACC is working aggressively on
as India’s Most Trusted world of home building, as the title sponsor for as the ‘Powered By’
transportation mix, using 11 GPWIS lead along with strong focus on Go digitisation of its supply chain, with
Cement Brand by TRA access to reliable Gujarat Giants in the Pro sponsor for the renowned
rakes for clinker movement and 26 Direct. Additionally, the Company is initiatives on dynamic demand &
Research in its Brand resources is essential. Kabaddi League Season Adani Ahmedabad
BCFC rakes for fly ash transportation. pioneering marine logistics, and the supply forecasting/allocation, along
Trust Report 2024. The newly upgraded 11, one of India’s most Marathon. At both the
These efforts are supported by implementation of the Electronic with AI based decision making tool.
This accolade reflects ‘ACC Help’ website popular sports leagues. Bib Expo and Marathon
route planning, renegotiation Proof of Delivery (ePOD) system has
the brand’s dedication to offers a seamless Alongside on-ground Day, the Company
of commercial terms, and the
quality, innovation, and and interactive activations, offering created an immersive
customer satisfaction, platform tailored exclusive live match brand experience with
Initiatives undertaken during FY 2024-25
reinforcing its leadership for individual home experiences for our interactive games and
in the industry. builders. Key features channel partners, engaging selfie points. Initiative Purpose
The award underscores include a cost the Company These activities were Go Direct Optimise supply chain
ACC’s significant role in calculator for accurate strengthened its digital strategically designed to
nation building and its project estimates, a presence through enhance brand visibility, Agile and Automate Logistics Infrastructure Boost dispatch capacity
widespread trust among comprehensive home player interviews and build stronger consumer Commercial Excellence Improve cost-effectiveness and profitability
millions. This recognition building guide, and interactive contests. connections, and boost
Push Towards Low-Cost Green Energy Enhance sustainability and economic efficiency
marks a key milestone, a dealer locator tool. Strategic TV placements brand recall, ensuring
cementing ACC’s Additionally, users can further elevated its ACC stayed top of mind Real-time Demand and Supply Optimisation Improve order processing
position as the most submit queries, raise visibility, significantly among participants Digital Transformation Improve overall operational excellence
trusted name in the concerns, and explore expanding brand and attendees
Coastal Logistic Infrastructure Boost marine logistics and optimise costs
cement industry. blogs with expert coverage and fostering throughout the event.
advice, supporting them deeper connections
throughout the home with fans and viewers
construction journey. across the country.
This platform is the
ultimate companion for
building dream homes.

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Integrated Annual Report 2024-25

Management Discussion and Analysis

Internal Control Risk Management Committee Information Technology & Legal, Regulatory, and Tax
Systems and their The Company’s risk management Data Security Committee Committee
Adequacy framework provides a process of Information technology & data The Committee exercises oversight
identifying, assessing, monitoring, security governance is an with respect to the structure,
The Company has strong internal reporting, and mitigating various integral part of an overarching operation, and efficacy of the
control systems and best-in-class risks at all levels at periodic intervals. organisation-wide governance Company’s compliance programme
processes commensurate with Under the framework, the Company structure. The Company has a and to review compliance with
its size and scale of operations. has constituted a Risk Management matured IT governance process applicable laws and regulations.
There are well formulated Committee to continuously wherein the Governance Committee
policies and procedures for all monitor, report and mitigate various periodically reviews, recommends
major activities. risks faced. The outcome of this and monitors the Company’s
process is reported to the Audit IT priorities, projects, major IT
These procedures facilitate effective Committee and to the Board on a investments besides effectiveness of
business operations with governance. quarterly basis. control established for data security.
Well-defined delegation of power
with authority limits are in place for
approving revenue as well as capex
expenditure at level of organisational

77,782
hierarchy. This enables ease of Corporate Social Community Health
decision- making in day-to-day
Responsibility (CSR) During FY 2024-25, 285 health
affairs as well as long-term and camps were organised to provide
short-term business plans Community engagement is essential health services to Beneficiaries Impacted through
central to ACC’s corporate social vulnerable populations who would Community Health Initiatives
Financial control is effectively There is a well-established • Internal audit is conducted responsibility (CSR) efforts. otherwise be unable to afford
managed through the Annual multidisciplinary Management Audit in accordance with auditing Through its CSR initiatives, the treatment. These camps offered Education
Budgeting process and its monitoring & Assurance Services (MA&AS) that standards to review design Company has positively impacted both general and specialised The Adani Foundation’s education
is conducted through monthly consists of professionally qualified effectiveness of internal control millions across numerous villages services, including disability care, initiatives have made a significant
reviews for all operating and accountants, engineers and SAP system and procedures to manage and districts, guided by the UN eye care, gynaecology, tuberculosis, impact on communities, particularly
service functions. experienced executives who carry risks, operation of monitoring Sustainable Development Goals and other critical health needs. among children and youth.
out extensive audit throughout the control, compliance with relevant (SDGs). With active stakeholder The Foundation also supplied a The ‘Utthan’ project, aimed at
The Company has a state-of-the- year across all functional areas and policies and procedure, and engagement, CSR Committees, portable X-ray machine to the enhancing education in rural
art ERP system to record data for submits reports to Management recommend improvement in and community advisory panels, district centre responsible for schools, promoted digital learning
accounting, consolidation and and the Audit Committee about the processes and procedure. ACC fosters sustainable growth, the TB eradication programme and provided teacher training,
management information purposes compliance with internal controls instils confidence, and strengthens in Gagal, Tikaria and Keymor. leading to increased enrolment
and connects to various locations for • The Audit Committee of the Board
and efficiency and effectiveness of local partnerships. In addition, infrastructural support and improved learning outcomes
efficient exchange of information. regularly reviews the execution
operations and key process risks. was extended to health centres in 19 schools.
It continues its efforts to align all its of audit plan, the adequacy As part of the Adani Foundation,
in Kudithini, Wadi, Madukarrai and
processes and controls with global and effectiveness of internal ACC CSR drives initiatives in Through the Adani Competitive
Internal Audit in collaboration with Lakheri with one centre in Kudithini
best practices. audit systems, and monitors the education, healthcare, livelihoods, Coaching Centre (ACCC), the
the Digital Team has rolled out receiving recognition from both the
implementation of internal audit skills, and infrastructure, aligning Foundation supports 360
several dashboards of critical audit state and national governments.
The Company has a well- established recommendations, including with national priorities and global academically gifted rural students in
exceptions which are of a recurring Furthermore, the Foundation
online Compliance Management those relating to strengthening of SDGs. Since 1996, the Adani overcoming socio-economic barriers
nature. This helps in identifying continues to support 378 TB
System in which technology is the Company’s risk management Foundation has empowered to education. Additionally, the
audit exceptions in real time basis. patients in Sindri and Keymor with
seamlessly integrated with laws. policies and systems. children, women, and marginalised Pre-Police Training Programme has
nutritional kits and was honoured
The system provides comprehensive communities, impacting 96 lakhs empowered 722 young aspirants, out
MA&AS follows Risk Based Annual • In terms of governance, there are with an award from the Hon'ble
covering across all laws applicable lives across 7,060 villages in 21 of which 43 candidates got selected,
Internal audit plan. The audit independent Committees in place Chief Minister of Himachal Pradesh
on the business and its compliance states. At ACC sites, it supports 315 and are preparing them for careers
plan and its scope are reviewed for monitoring and governance for its contribution to TB eradication.
update at each of operating units villages across 15 states, benefitting in the Armed Forces, and Police.
and approved by the Audit over efficiency and effective
through the management dashboard. 8.79 lakhs lives.
Committee of the Board. internal controls.

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Management Discussion and Analysis

The Foundation has also enhanced development. Key initiatives include Climate Action Other Programmes
school infrastructure by building the construction of cement concrete
ACC and the Adani Foundation are ACC and the Adani Foundation has
new classrooms in 9 schools, (CC) roads to enhance connectivity
actively contributing to climate made a significant contribution
renovating 23 schools, constructing and durability, as well as the creation
resilience and environmental to environmental sustainability
toilets in 15 schools, and developed of community halls for social
sustainability through a range of through its community forest tree
31 Anganwadi centres as model gatherings, cultural events, and
impactful initiatives. These include plantation initiatives, planting
facilities. Apart from these efforts, 17 public meetings. The Foundation
the construction of farm ponds, 51,063 trees across 49.95 acres
schools are being supported at ACC also focuses on energy efficiency
deepening both new and existing of land. The Company engages
Sites with 11,289 children enrolled. and safety by installing LED
ponds, building and repairing check with youth, positively channelling
streetlights and high-mast lights,
dams, and creating sunken ponds their energy by promoting various

43
ensuring well-lit and secure
to enhance water conservation sports such as football, cricket,
environments in villages and towns.
and recharge groundwater levels. volleyball, and kabaddi in rural areas.
To combat water scarcity, the
Furthermore, large-scale tree These initiatives have benefitted
Selected in Armed Forces Foundation repairs and maintains
plantation drives are conducted 8,191 young people across ACC
and Police handpumps and borewells to ensure
to combat deforestation, improve CSR sites. Through its rural KPO
access to clean drinking water.
biodiversity, and mitigate the effects programme in Kymore and Varanasi,
of climate change. the foundation facilitated direct

32,134
Additional infrastructure support
employment for 150 women.
includes the construction of

14,841
Additionally, the ’Meri Sangini
community toilets for sanitation,
improve milk production with 513 Skill Development Meri Margdarshika’ programme,
Beneficiaries Impacted through bus stop shelters for commuter
improved calves for enhanced milk through which ‘Sanginis’ (women
Education Initiatives Aligned with the Government of convenience, and libraries to foster
production and treated 30,906 Beneficiaries Impacted through volunteers) link eligible families with
India’s Skill India Mission, the Adani education and learning.
animals through 90 cattle camps. Climate Action Initiatives government schemes, has helped
Sustainable Foundation runs a skill development
The dairy development programme over 34,000 individuals, unlocking a
Livelihood Development programme for youth through the Recreational facilities such as
in Tikaria supports 90 cattle value of D 695 crore, of which D 3.88

2,22,627
'Adani Skill Development Centre'. open gyms and playgrounds
The Adani Foundation and ACC owners by linking them to markets crore has already been realised in
Operating across 12 ACC sites, the are also developed to promote
are working diligently to enhance through a milk collection center beneficiaries' bank accounts.
programme has enrolled 6,610 youth physical activity and strengthen
and diversify the income of with an earning of over I 70 lakhs in certification courses in community ties. cubic metres Additional Water
grassroots communities by creating in a year. Throughout the year, FY 2024-25. Of these, 6,286 have Storage Capacity Created
a self-sustaining ecosystem the Foundation is supporting 952

5,43,783
successfully completed their training
that harnesses human potential self-help groups (SHGs) with 9,799 and received certificates, while
and community resources for members. Additionally, 415 SHG 1,733 have secured placements in
socio-economic progress. members across 65 groups are being relevant industries.
supported in income generation Beneficiaries Impacted through
This consistent effort spans on-farm, activities. Through Adani Saksham, Community Development
Additionally, 617 candidates have
off-farm and non-farm sectors, the company’s skilling programme, Initiatives
launched their own enterprises.
aiming to boost, diversify, and ACC provide youth with training
sustain income. Micro-irrigation to enhance employability and

6,286 192
projects, such as sprinkler and entrepreneurship.
drip irrigation, are benefitting

23,095
553 farmers, irrigating 840 acres
of land. 57 solar lift irrigation Beneficiaries Impacted through Infrastructure
projects at Lakheri, Damodar, Skill Development Initiatives Development Initiatives
Sindri and Chaibasa are assisting
Beneficiaries Impacted Community Development
313 farmers, covering 307 acres of
through Sustainable Livelihood
land. The Livestock Development The Adani Foundation is committed
Development Initiatives
Programme (LDP), which promotes to improving the quality of life in
artificial insemination and cattle communities through strategic
health camps, has helped farmers investments in infrastructure

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Management Discussion and Analysis

Human Resources Performance and managers and employees, which and provides them with appropriate foster innovation, and create a (DEI), recognising their role in
Productivity ensures that goals are realistic, recognition and rewards, motivating dynamic environment for employees. driving innovation, productivity, and
The Company cultivates a workplace achievable, and aligned with the employees and reinforcing a The GCC supports global operations sustainable growth. The Company
To enhance employee performance
culture that nurtures individual employee's role and capabilities. culture of excellence. To support by integrating decision-enabling ensures equality and respect for
and productivity, the Company has
potential while aligning with employees in achieving their goals, analytics through digital tools. all, promoting inclusive workplaces
implemented various strategies and
organisational goals. It has adopted It also fosters a sense of the Company offers various training This initiative is expected to through pay parity, skill balancing,
tools. These include performance
six guiding pillars to foster a resilient, ownership and commitment. and development programmes aimed deliver significant benefits to the and diverse representation.
management systems and
adaptive, and inclusive environment Performance management at Adani at enhancing skills and capabilities, organisation, including improved Aligned with its DEI policy, ACC
productivity-enhancing tools.
where every team member extends beyond annual reviews, promoting continuous learning efficiency and effectiveness. integrates these principles into
For instance, the Company has
feels valued and empowered. incorporating continuous feedback and development. human resource management
developed the Cement Network
Through these principles, ACC and development throughout the Harmonious and Productive and stakeholder partnerships,
Operating Centre (CNOC) dashboard,
seamlessly integrates growth and year. Managers provide regular Digital Dexterity Employee Relations maintaining a zero-tolerance
which leverages advanced analytics
achievement, ensuring that each feedback, helping employees Continuous learning and Efforts to maintain positive and approach to discrimination and
to optimise strategies for maximum
employee thrives while contributing recognise their strengths and areas development are prioritised through productive relationships between harassment. Regular training and
output. Additionally, digital initiatives
to the Company’s collective success. for improvement. various training programmes, employees and management awareness programmes, alongside
such as the OneConnect app offer
workshops, and other initiatives. include various initiatives and the Prevention of Sexual Harassment
real-time visibility into workforce
Employee Care and Wellness Performance Management The Skill Development Centre programmes. For example, the (POSH) policy, reinforce this
activities, enabling proactive
The Company has introduced various System (PMS) has played a key role in providing Company has introduced the commitment. The Company follows
decision-making and efficient
initiatives to prioritise employee ACC has implemented a robust high-quality training to rural youth. ’Career Conversations’ initiative, a gender-neutral remuneration policy
resource allocation.
well-being, including health and Performance Management System The Company also offers Digital wherein employees can engage with based on skills and experience.
wellness programmes, mental health Aligning with Strategic (PMS) to facilitate goal setting Dexterity Certification Programmes leadership to discuss rewards, role
support, and other benefits that and performance evaluations. through the Adani Institute of Digital clarity, and career development. Learning and Development
Objectives
foster a healthy work-life balance. The PMS includes tools and features Technology Management (AIDTM), Additionally, workshops and training ACC is committed to enhancing
Goals are set to align with the
For example, it has played an active for tracking goals, performance covering topics such as IoT, AI and sessions are held to improve workforce skills and capabilities to
Company’s overall strategic
role in empowering employees reviews, and feedback, ensuring cloud computing. communication and collaboration drive performance and professional
objectives, ensuring that every
through a range of health-focused transparency and consistency among employees. growth. Its comprehensive talent
employee’s efforts contribute to
initiatives. Furthermore, the in evaluations. Adani Group is Saksham development programme leverages
Adani's broader mission and vision.
Company has launched the Adani committed to recognising and The Saksham initiative empowers Industrial Relations a digital ecosystem, offering
The goal-setting process includes
Security Helpline to ensure the rewarding employees for their both employees and managers by ACC cultivates strong seamless learning through dedicated
identifying key performance
safety and security of its employees. achievements and contributions. harnessing technology. Oracle Fusion employee-management relationships modules, virtual masterclasses,
indicators (KPIs) essential to the
The performance management is utilised to streamline processes, through open communication, and customised web sessions on
organisation’s success. This process
M&A Seamless Integration process identifies high performers enhance efficiency, and mutual respect, and collaboration. functional and leadership aspects.
is collaborative, involving both
This year witnessed significant facilitate better decision-making. Regular feedback sessions,
mergers and acquisitions, with This initiative has been recognised team-building activities, and The Company follows the [Link]
considerable efforts made to ensure for its innovative approach to digital transparent decision-making foster learning philosophy—70%
their seamless integration into the transformation. Additionally, the trust and alignment. These initiatives through on-the-job training,
Adani Group’s Cement Business. Company has introduced various create an engaged and supportive 20% via mentorship, and 10%
This process involved leadership training programmes to support and workplace, promoting a positive through structured programmes.
transitions, the allocation of new strengthen this initiative. environment that drives collective Embracing digitalisation, ACC
roles, identification of skill gaps, success and organisational growth. integrates AI, data analytics,
and the provision of necessary Global Capability Centre and SAP upgrades to optimise
training. The Company also Diversity, Equity and operations. AI-driven processes,
The establishment of the Global
focused on cultural integration Inclusion including drones and MS Co-pilot,
Capability Centre (GCC) is a
to ensure a smooth transition. enhance decision-making and
strategic initiative designed to ACC is committed to fostering
Leadership Connect sessions were workforce efficiency.
enhance operational capabilities, diversity, equity, and inclusion
organised to facilitate these changes
and keep all stakeholders informed.

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Management Discussion and Analysis

Health and Safety Capability Building and These leading indicators now form governance, we ensured that every
Learning Transformation the basis for monthly reviews, early team member—from leadership to
Safety Performance warnings, and resource allocation. the shopfloor—understands their
A strong safety culture begins with
At ACC, safety is not merely a Our goal is to create a culture role in keeping our workplaces safe.
a capable, informed workforce.
compliance requirement—it is a where risks are identified and
In 2024, we made a substantial
deeply held value, embedded in our mitigated before incidents occur— We reinforced this commitment
investment in safety training
culture, operations, and leadership anchored in learning, agility, and through site-level engagements,
and learning infrastructure,
ethos. We continue to drive our Zero early intervention. performance-linked incentives, and
tailored to different roles and
Harm vision by placing people at knowledge-sharing sessions that
risk profiles. We enhanced our
the center of safety, empowering Tech-driven Safety promoted learning from near-misses
delivery by adopting audio-visual
the frontline, embracing innovation, Transformation and incidents across sites.
learning tools, interactive
and fostering a participative Technology is playing a Our safety culture is evolving from
e-learning, and simulation-based
culture that views safety as a transformative role in how we one driven by rules to one driven by
modules, making training more
collective responsibility. In 2024, manage, monitor, and improve safety values—where people choose to act
accessible and effective.
our commitment to safety matured performance. In 2024, we expanded safely, not because they have to, but
into a more resilient, data-driven, our use of digital tools and platforms, because they want to.
We recorded the equivalent
and inclusive system with of 2.1 Mondays per Full-Time enabling real-time safety visibility
leadership accountability, workforce and faster decision-making. Looking Ahead
Employee (FTE) in safety training—
engagement, and advanced underscoring our commitment to We are proud of the significant
technology at its core. building knowledge depth across Key Technological progress made in 2024, but we
all roles. From high-risk activities Advancements included recognise that the journey to Zero
Leadership Accountability Harm is ongoing. Our focus in the
like working at heights and energy • Digital safety observation
and Governance coming year will be on:
We Care: Driving a Frontline in Focus: isolation to behavioural safety and platforms
At the highest levels of the incident analysis, our programmes for field teams
Participative Safety Culture Empowering Our People • Deepening frontline engagement
organisation, safety is treated as a helped sharpen both technical skills
The We Care programme continues Our safety journey is grounded in the • Mobile apps for incident reporting, through We Care 2.0
strategic priority. Key Performance and leadership behaviours.
to be the heart of our safety culture belief that the frontline is the most audits, and contractor onboarding • Enhancing predictive analytics
Indicators (KPIs) for safety are
formally integrated into the transformation. Built on the pillars critical line of defence. In 2024, we • IoT-enabled monitoring systems and digital safety tools
Specialised training tracks were
performance scorecards of of empathy, engagement, and prioritised deeper engagement with for high-risk zones • Strengthening contractor safety
created for supervisors, plant
senior leaders, linking business empowerment, the programme frontline teams, including production • AI-powered dashboards to identify onboarding and governance
heads, and contractors, alongside
success with safety excellence. drives ownership of safety from the staff, maintenance crews, logistics risk patterns and predict potential
programmes focused on mental • Increasing behavioural safety
These KPIs are reviewed regularly ground up. It has been instrumental operators, and contractors. incidents
well-being, stress management and interventions and leadership
through structured governance in fostering psychological
communication under pressure— These innovations have coaching
forums, including monthly safety, encouraging employees We launched targeted interventions
ensuring holistic safety competence. enhanced accountability, reduced • Continuing investment in training,
executive reviews and quarterly and contractors alike to raise to strengthen hazard awareness,
concerns, suggest improvements, risk mitigation, and emergency administrative overhead, and created with customised learning journeys
Board-level assessments, ensuring Leading Indicators:
and take proactive measures to response capabilities among our a more connected, data-rich safety for high-risk roles
full visibility, accountability, and From Reactive to Predictive
prevent incidents. workforce. These efforts culminated ecosystem across our operations.
continuous improvement. At ACC, safety is not a standalone
in the recognition of over 300+ To proactively manage risk, we have
initiative—it is woven into the
In 2024, We Care was scaled across Safety Heroes—individuals who shifted our focus from lagging to From Compliance to
Our safety governance framework fabric of who we are. With strong
all sites, creating forums for daily demonstrated extraordinary leading indicators. We strengthened Commitment
encompasses internal audits, leadership, empowered teams,
toolbox talks, peer learning sessions, commitment to safe behaviours, peer our capability to collect, monitor, Compliance provides the
third-party evaluations, and and a commitment to care, we are
and open feedback channels. support, and incident prevention. and analyse predictive safety data— foundation—but commitment is
rigorous incident investigations. building a safer, stronger, and more
Through We Care, safety became Their contributions have inspired including near-miss reporting, unsafe what sustains performance. In 2024,
With real-time dashboards, sustainable future for everyone who
more than a process—it became a a wider cultural shift and affirmed condition observations, behavioural we focused on building a culture
standardised protocols, and control works with and around us.
shared value, reinforced by visible our belief that safety leadership safety metrics, and training where safety is owned, not imposed.
mechanisms across all plants and
leadership and mutual respect. can come from any level in completion rates. Through behaviour-based safety
project sites, we have strengthened "At ACC, safety is not a task. It is a
our assurance processes and the organisation. programmes, open communication way of thinking, living and leading.
embedded discipline and channels, and integrated Every day, for every person."
transparency across operations.

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Management Discussion and Analysis

Strengthening Safety Excellence with STRAP 4. Culture: • Real-Time Safety Alerts: Our programmes, safety audits, and
From Compliance to Ownership teams are equipped with mobile compliance checks.
A Strategic Action Plan engaged and demonstrate skills to use aerial technology
STRAP aims to cultivate a safety apps and digital signage to • Drone Operators: Certified
Anchored safety leadership on the ground. for inspections and monitoring.
culture where compliance evolves receive immediate updates and pilots operate drones for routine
in the 5C Principles • Top-Down Ownership: Every On average, each full-time
into personal ownership. Our vision reminders about inspections, ensuring that
In 2024, ACC made significant level of leadership, from plant employee (FTE) participated in safety protocols.
is to foster an environment where high-risk areas are monitored
strides in institutionalising safety managers to board members, 2.1 Mondays of safety training,
every individual is empowered to • Daily Briefings: Every team with precision and safety.
excellence across our operations is responsible for driving safety underscoring our dedication to
contribute to the safety of their begins their shift with a toolbox From the manual tasks in our
with the launch of STRAP — culture and performance. continuous improvement and
worksite, making safety a natural talk that aligns on key safety plants to the digital innovations
Strategic Action Plan for Safety. skill development.
part of their daily routine. priorities for above, STRAP ensures that every
Anchored in the 5C Framework, By fostering a leadership culture
the day. component of our operations
STRAP is a comprehensive that prioritises safety in every 3. Conformance: • Peer-to-Peer Recognition:
initiative that incorporates decision and action, we reinforce Systems and Standards that Programmes like Safety Heroes • Multilingual Content: Safety is aligned with the highest
Commitment, Capability Building, our commitment to Zero Harm. Deliver reward employees who exhibit communications are made safety standards.
Conformance, Culture, and exceptional safety leadership accessible to a diverse
Conformance to safety protocols is
Communication. This strategic 2. Capability Building: and encourage safe behaviours workforce through multilingual Looking Ahead
a critical pillar of STRAP. We have
plan is designed to create a Investing in People among peers. resources and digital platforms. As we move into 2025, we
implemented a robust framework
seamless, end-to-end safety STRAP places a strong emphasis that integrates safety standards, • We Care Initiative: This By fostering an open, transparent are committed to scaling and
ecosystem, extending from driver on building capability at every level audits, and real-time monitoring programme encourages open flow of information, we ensure strengthening STRAP across all
to drone, where every facet of our of the organisation. To ensure that tools into our daily operations, discussions around safety, that safety remains top of mind for areas of our business. Key areas
operations is governed by shared our teams are not only compliant ensuring that safety is adhered supporting mental well-being every team member. of focus include:
responsibility, proactive action and but also competent and confident to at all levels. and enabling employees to
continuous improvement. in their ability to manage risks, we speak up without fear of STRAP in Action: • Expanding Safety Leadership:
• Digital Safety Platforms: From Driver to Drone Encouraging deeper
have developed targeted training retribution.
1. C
 ommitment: Leading by Real-time permit-to-work engagement and ownership
and development programmes. • Behavioural Safety: We have The STRAP framework is designed
Example systems, electronic audits, and of safety from all employees,
introduced behaviour-based to ensure that safety is upheld at
• Tailored Training: In 2024, IoT-enabled vehicle tracking especially at the frontline.
At the heart of STRAP lies safety programs where every touchpoint in the cement
we rolled out specialised help ensure compliance
leadership commitment. individuals are actively engaged and concrete value chain. • Enhancing Predictive Analytics:
programmes in critical areas and accountability.
Safety is not simply a corporate in identifying risks and taking Our focus extends from the driver Leveraging data and technology
like confined space entry, • Standardised Protocols:
requirement but a core value preventive actions. on the road to the drone overhead, to anticipate and mitigate
energy isolation, and working at Across all locations, we use
that is demonstrated from the encompassing a range of safety safety risks before they occur.
heights. standardised safety processes Through a focus on cultural
highest levels of the organisation. measures to protect people, • Strengthening Contractor
• Modern Learning Tools: From and systems, from hazard transformation, we are shifting
Senior executives integrate processes, and technology. Safety: Extending our safety
audio-visual modules to virtual assessments to incident from compliance-driven safety to
safety into their Key Performance protocols to include our entire
reality (VR) simulations, we reporting, to ensure uniformity a culture where everyone takes
Indicators (KPIs), ensuring that • Drivers: Through fatigue supply chain and contractor
employed cutting-edge training in safety practices. ownership of their own and their
leadership is fully accountable management tools, telematics network.
methods that cater to various colleague’s well-being.
for the safety outcomes in their By reinforcing the importance of and route risk assessments, we
learning styles and roles. • Embracing Technology:
respective areas. safety systems and aligning our ensure that drivers are equipped
5. Communication: Continuing to innovate with
• Drone Pilot Certification: practices with global standards, we to navigate safely at all times.
• Visible Leadership: Regular Clarity, Consistency, Connection digital tools, IoT devices, and
We have introduced drone maintain a focus on risk mitigation. • Plant Operators: Ongoing
safety walkdowns, site visits, Effective communication is drone technology to enhance
safety and operation training, training, safety audits, and
and safety briefings ensure essential for the success of STRAP. real-time safety monitoring.
equipping our teams with the behavioural assessments keep
senior leaders are actively We ensure that safety messaging Through the 5C framework and the
operators engaged and prepared
is clear, consistent, and reaches ongoing success of STRAP, ACC
to handle operational hazards.
all corners of the organisation. is committed to building a culture
From leadership messages to • Contractors: We ensure that of care, where safety is not just a
safety alerts, communication plays contractors meet our strict priority—it is an ingrained value.
a pivotal role in maintaining a safety standards through
shared safety vision. comprehensive onboarding

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Management Discussion and Analysis

ACC’s Safety Pyramid

Empowering Workplace Safety Through ‘We Care’
OH&S KEY DRIVERS Designed under the We Care principle, this programme As part of its We Care initiatives, ACC has transformed
is dedicated to ensuring Zero Harm for all workers and Raksha Bandhan into Suraksha Bandhan across

3 2 1 contract staff on-site. Each operational site (IU-3 &

GU-2) celebrates the programme monthly, recognising
all sites, with over 90,000 participants engaging
in the programme. The senior leadership team has
Executive Leadership outstanding contributions to safety with a reward of empowered all employees to Walk the Talk and

H
AC
D 5,000 for each Safety Hero. In FY 2024-25, ACC embrace the Roko Toko approach on the shopfloor—

RO
has honoured 300+ Safety Heroes across all sites, proactively identifying and addressing potential

P
AP
reinforcing its commitment to a safer and more secure hazards to prevent injuries caused by negligence or

CH

N
Senior Managers work environment. lack of awareness.

OW
OA
PR

-D
P
AP

TO
P
-U
OM

First Level Managers

TT

Business Risks and Opportunities

BO

1 2 3 Risks and Areas of

Workforce
INTEGRATED ORGANISATION
Concern
(LINE & SUPPORT) Enterprise Risk Management
(ERM) at ACC is an annual A functional approach is
OH&S Systems Equipment Compliance
& Processes & Facilities & Behaviour process designed not only to adopted for risk and opportunity
identify risks and opportunities identification, whereby each
OH&S Line OH&S
but also to strengthen the function carefully evaluates
Coordinators Champions Practitioners/
Evangelists Company's ability to build its current and future
a sustainable business and scope of work to determine
ACC’s Safety a robust risk-intelligent potential business risks and
Pyramid ecosystem across functions. opportunities. These findings
The ERM process involves are then consolidated and
systematically identifying calibrated to provide a holistic
and prioritising risks through view of organisational risks.
a comprehensive analysis of For critical risks, a structured
Top-down Bottom-up
Approach Approach the business environment. mitigation plan is developed
Potential risks and opportunities and regularly monitored
are assessed using a 3x3 matrix, by senior management to
ACC is advancing its systems and processes categorising them as High, ensure operational efficiency,
ACC has implemented various programmes
through innovative thinking. Initiatives like Medium, or Low, based on regulatory compliance, and
guided by We Care principles to cultivate
implementing a safety governance framework severity and probability. long-term business resilience.
a safer and more responsible workforce.
have significantly reduced safety incidents.

Highlights of FY 2024-25

94,959 9
Safety Concerns and Hazards Sites achieved
2,822
Permit-to- work Audits
4,453
Near-misses Reported
58,731
Workers were Trained under the Saksham
Reported and Corrected Zero Harm Were Conducted and Corrected Programme resulting in 2,34,924 Man-hours

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Integrated Annual Report 2024-25

Management Discussion and Analysis

Key Risks and Mitigation Measures

Key Risks Description Mitigation Measures
Key Risks Description Mitigation Measures
Competitive India’s cement industry is highly Amidst an evolving competitive landscape and shifting
Market Volatility The Indian cement industry Several future opportunities can help mitigate economic Environment competitive, with a diverse market dynamics, ACC remains steadfast in its bold
operates within a dynamic and market volatility risks. India's economic outlook is mix of large and small players business transformation initiatives—not merely for short-
landscape shaped by market promising, particularly for infrastructure, construction, and striving to capture market term gains but to ensure the long-term sustainability of its
volatility, economic fluctuations, manufacturing sectors, which bodes well for the cement share. This intense competition operations.
demand-supply imbalances, industry. The ’Make in India‘ initiative is set to strengthen often results in price wars,
and evolving geopolitical the manufacturing sector, positioning India as a global impacting profitability and Adani Group's cement business growth strategy
factors. Shifts in government hub by enhancing ease of doing business, improving
posing survival challenges has always been a combination of acquisitions and
policies, economic cycles, and industrial infrastructure, and fostering innovation. These
for smaller companies. expansions, bringing its total cement capacity to over 100
global trends significantly efforts are expected to attract substantial foreign direct
impact the cement sector, investment (FDI), driving demand growth. Consequently, the industry million tonnes. Moving forward, growth will be primarily
contributing to short-term risks is witnessing rapid capacity driven through the organic route, with a target of reaching
and an unpredictable business A stable government, streamlined reforms, and expansion and consolidation. 140 million tonnes by end of FY 2027-28.
environment that requires infrastructure-focused initiatives are poised to unlock In this fast-evolving and highly
adaptability and strategic significant demand for both the cement industry and competitive landscape, the This approach will not only expand overall capacity but
foresight. ACC. The Company remains committed to infrastructure Company’s greatest challenge also strengthen market share while advancing its cost
and housing projects, anticipating that future economic lies in safeguarding its market leadership journey. Additionally, the Company aims to
expansion will fuel cement demand and create new position while adapting to become the world’s lowest-cost producer of building
growth opportunities. industry dynamics. materials.

ACC’s customer-centric approach, innovative product

portfolio, and sustainable practices are key to reducing
its carbon footprint and preserving natural resources. The Stricter environmental To address business challenges, transformation,
Environmental
Company offers a diverse range of GRIHA-listed products,
Regulations regulations and the imperative innovation, upgradation, and modification serve as
including ACC F2R, ACC Suraksha, ACC Concrete Plus,
to comply with both domestic key tools to ensure compliance with environmental
ACC Gold, and ACC HPC, all contributing to sustainable
construction. Additionally, ACC’s ECOMaxX, a GreenPro- and international standards regulations.
certified concrete, empowers customers to achieve their present substantial reputational
sustainability goals with low-carbon concrete solutions. and financial risks. ACC’s parent Ambuja Cements is the world’s first
To adhere to these evolving company to become signatory to the Alliance of Industry
regulations, companies must Decarbonisation (AFID), a global coalition of businesses
invest in cleaner technologies committed to accelerating the 'Net Zero' transition in
and sustainable practices, alignment with the Paris Agreement. With an ambitious
which, while essential for long- goal of achieving Net Zero by 2050, ACC has pledged
term viability and compliance, D 100 billion towards renewable energy projects and
can involve significant financial Waste Heat Recovery Systems (WHRS).
outlays.

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Management Discussion and Analysis

Key Risks Description Mitigation Measures Key Risks Description Mitigation Measures

Climate Risk The cement industry is a major At the core of ACC’s operations lies its guiding philosophy Health and Safety Health and safety are of utmost The Company’s commitment to ’Zero Harm’ requires
contributor to greenhouse gas of ‘Growth with Goodness.’ This principle shapes every importance to our business. continuous evaluation and improvement of safety
emissions, making it highly initiative, ensuring that growth remains sustainable and By investing in the skills and measures. The Company has implemented rigorous
susceptible to the effects of beneficial for all stakeholders. ACC’s sustainability efforts knowledge of our employees, measures and protocols to safeguard the well-being
climate change. To mitigate are driving decarbonisation, reducing environmental ACC is dedicated to fostering of its employees. Regular safety training sessions are
these risks and align with global impact and making significant progress in renewable a safer and more efficient held to educate staff on best practices and protocols
climate objectives, companies energy adoption. workplace. aimed at reducing workplace hazards. Additionally, ACC
must implement sustainable continually invests in state-of-the-art safety equipment
practices, enhance energy Operating in the hard-to-abate cement industry, ACC and technology to ensure a secure working environment.
efficiency, and actively reduce is committed to achieving Net Zero by 2050, with the Health check-ups and wellness programmes are also
their carbon footprint through Company’s 2050 Net-Zero targets already validated by organised regularly to monitor and promote both the
innovative technologies the Science Based Targets initiative (SBTi). As part of physical and mental health of employees, adopting a
and eco-friendly initiatives. its green energy vision, the Company has announced an holistic approach to health and safety.
investment of D 100 billion in renewable energy projects,
including a 1 GW capacity expansion and 376 MW from A Scaffolding Inspector Training Programme, conducted
Waste Heat Recovery Systems (WHRS), aiming to power by the Scaffold Training Institute (STI), was designed to
60% of its expanded capacity through green energy by enhance the safety, competency, and inspection skills of
FY 2027-28. our workforce.

This ambitious initiative will not only lower the carbon In a proactive effort to strengthen workforce safety
footprint but also deliver significant economic benefits. during annual shutdowns, ACC has minimised related risks
through engineering controls.

Cyber Security The digital transformation spans Cyber security is of paramount importance within the
across the entire landscape, organisation. ACC is continually identifying and blocking
covering networks, data, data leakage points that pose a threat to its network. At
and business applications the same time, plans are underway to establish a secure
throughout its plants, alongside and monitored environment for
cybersecurity. Acknowledging the use of AI tools.
the critical importance of
cybersecurity, the Company To ensure ACC operates in a secure environment, backup
has strengthened its business procedures and firewalls are implemented. Systems are
information systems with regularly upgraded and monitored to comply with the
state-of-the-art, modern latest security standards. Cyber security policies and
security solutions. Adani’s ISO procedures are updated periodically, and users are trained
27k-certified central cyber to adhere to these policies to mitigate risks.
defence and security operations
centre guarantees enterprise-
level security, safeguarding
the integrity of the Company’s
operations.

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Directors’ Report Performance Highlights

The key aspects of your Company’s operational performance
Shareholder's Payout

59.84
during the FY25 are as follows: 2,425

2,124
Dear Shareholders, ƒ Consolidated income, comprising Revenue from Operations
and other income, for the FY 2024-25 was I 22,834.74 crore 1,820
Your Directors are pleased to present the 89th Annual Report along with the Audited Financial Statements of your as against I 20,451.77 crore in FY 2023-24.
Company for the financial year ended March 31, 2025 (“FY 2024-25/FY25”). 1,415
ƒ Consolidated Profit before Tax for the FY 2024-25 was
1089.17
Financial Performance I 3,126.78 crore vis-à-vis I 2,757.36 crore in FY 2023-24.
870 19.97
The Audited Financial Statements of your Company as on March 31, 2025, are prepared in accordance with the relevant ƒ Consolidated Profit after Tax for the FY 2024-25 was 18.58
applicable Indian Accounting Standards (“Ind AS”) and Regulation 33 of the Securities and Exchange Board of India I 2,402.27 crore compared to I 2,335.08 crore in FY 2023-24.
262.9 6.63 5.81
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) and the provisions of 173.7 140.84
the Companies Act, 2013 (“Act”).
ƒ Cement production is 29.52 Million tonnes in 140.84
FY 2024-25 as against 29.27 Million tonnes in 2023-24.
The summarised financial highlight is depicted below: 2020 2021 2022-23 2023-24 2024-25
ƒ Cement Sales volume is 38.99 Million tonnes in
(H in crore) FY 2024-25 as against 35.26 Million tonnes in 2023-2024. PAT (I in crore) Dividend (I in crore)
PAT %
Consolidated Standalone
Particulars ƒ The Consolidated Net Sales in Cement including RMX is
2024-25 2023-24 2024-25 2023-24 I 20,672.15 crore in FY 2024-25 as against I 19,573.58 Dividend Distribution Policy
Revenue from operations 21,762.31 19,958.92 21,668.11 19,952.23 crore in FY 2023-24. The Dividend Distribution and Shareholder Return Policy, in
Other Income 1,072.43 492.85 1,058.62 491.51 terms of Regulation 43A of the SEBI Listing Regulations is
The detailed operational performance of your Company
Total Income 22,834.74 20,451.77 22,726.73 20,443.74 available on your Company’s website and link for the same
has been comprehensively discussed in the Management
is given in Annexure-A of this report.
Expenditure other than Depreciation and Finance cost 18,700.95 16,897.26 18,651.90 16,894.60 Discussion and Analysis Report, which forms part of this
Depreciation and Amortisation Expenses 1,001.31 885.05 956.21 876.27 Integrated Annual Report. Unclaimed Dividends
Foreign Exchange (Gain)/Loss (net) - - - - Details of outstanding and unclaimed dividends previously
Credit Rating
Finance Cost - - - - declared and paid by the Company are given under the
Your Company’s financial discipline and prudence is Corporate Governance Report which forms part of this
- Interest and Bank Charges 108.22 154.58 107.96 153.79
reflected in the strong credit ratings ascribed by rating Integrated Annual Report.
- Derivative (Gain)/Loss (net) - - - - agencies. The details of credit rating are disclosed in the
Total Expenditure 19,810.48 17,936.89 19,716.07 17,924.66 Corporate Governance Report, which forms part of this Transfer to Reserves
Profit before share of Profit/(Loss) from joint 3,024.26 2,514.88 3,010.66 2,519.08 Integrated Annual Report. As permitted under the Act, the Board does not propose
ventures, exceptional items and tax to transfer any amount to General Reserves. The closing
Share of profit/loss from joint ventures and associates 2.79 12.92 - - Dividend and Reserves balance of the retained earnings of your Company for
Profit before exceptional items and tax 3,027.05 2,527.80 3,010.66 2,519.08 Dividend FY25, after all appropriations and adjustments, was
(Add)/Less:- Exceptional Items (99.73) (229.56) (134.73) - I 14,714.31 crore.
Your Company has a robust track record of rewarding its
Total Tax Expense 724.51 422.28 720.83 394.84 shareholders with a generous dividend payout. The Board
Share Capital
Profit/loss for the year 2,402.27 2,335.08 2,424.56 2,124.24 of Directors of your Company (“Board”) has recommended a
dividend of I 7.50 [75%] per Equity Share of I 10 each for the During the year under review, there was no change in the
Other Comprehensive income (net of tax) (34.66) 28.05 (34.74) 28.42 authorised and paid-up share capital of your Company.
period ended FY25. This represents a pay-out ratio of 5.81 %.
Total Comprehensive Income for the year (net of tax) 2,367.61 2,363.13 2,389.82 2,152.66 The authorised equity share capital of your Company is
Attributable to: The dividend is subject to approval of shareholders at I 225 crore and the authorised preference share capital
the ensuing Annual General Meeting (AGM) and shall be of your Company is I 100 crore. The paid-up equity share
Equity holders of the parent 2,367.46 2,362.97 - -
subject to deduction of tax at source. The dividend, if capital of your Company is I 188 crore. During the year,
Non-controlling interests 0.15 0.16 - - approved by the shareholders, would involve a cash outflow your Company has not issued any shares or convertible
1. There are no material changes and commitments affecting the financial position of your Company which have occurred between the end of the of I 140.84 crore. securities. Your Company does not have any scheme
financial year and the date of this report.
2. Previous year figures have been regrouped/re-arranged wherever necessary.
for the issue of shares, including sweat equity to the
3. There has been no change in nature of business of your Company. Employees or Directors of the Company.

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Public Deposits registered office and that of the respective subsidiary and The Board recommends the re-appointment of (c) Mr. Rakesh Tiwary was appointed as a Chief
joint venture companies concerned. In accordance with Mr. Arun Kumar Anand as a Director for your approval. Financial Officer (Key Managerial Personnel) of
There were no outstanding deposits within the meaning
Section 136 of the Act, the audited financial statements, the Company with effect from April 1, 2025.
of Section 73 and 74 of the Act read with rules made 2. Based on the recommendations of the Nomination
including consolidated financial statements and related
thereunder at the end of FY 25 or the previous financial and Remuneration Committee (the “NRC”), the Board Declaration from Independent Directors:
information of your Company and audited accounts of each
years. Your Company did not accept any deposit during the of Directors at their meeting held on March 28, 2025
of its subsidiaries and joint venture companies, are available Your Company has received declarations from all the
year under review. approved the following:
on website of the Company ([Link]). Independent Directors of your Company confirming that
(a) Appointment of Mr. Vinod Bahety (DIN: 09192400) they meet the criteria of independence as prescribed
Particulars of loans, guarantees or investments Material Subsidiaries (who had been serving as Chief Financial Officer under Section 149(6) of the Act and Regulation 16(1)(b) of
The details of loans, guarantees and investments covered Based on Financial Statement as on March 31, 2025, of your Company since September 16, 2022) the SEBI Listing Regulations and there has been no change
under the provisions of Section 186 of the Act read with your Company does not have any material subsidiary as Wholetime Director & CEO (Key Managerial in the circumstances which may affect their status as an
the Companies (Meetings of Board and its Powers) Rules, company. Your Company has formulated a policy for Personnel) for a term of three (3) years effective Independent Director. The Independent Directors have
2014 are given in the Notes to the Financial Statements. determining material subsidiaries. The policy is available from April 1, 2025, subject to the approval of also given declaration of compliance with Rules 6(1) and
(Refer Note No. 50). on your Company’s website and link for the same is given Members. Consequently, he relinquished his 6(2) of the Companies (Appointment and Qualification
in Annexure – A of this report. position as Chief Financial Officer of your Company of Directors) Rules, 2014, with respect to their name
Subsidiaries, Joint Ventures and Associate with effect from close of business hours on appearing in the data bank of Independent Directors
Companies Pursuant to Section 134 of the Act read with rules made
March 31, 2025. Your Company has also received maintained by the Indian Institute of Corporate Affairs.
thereunder, the details of developments at the level of
A list of subsidiaries/associates/joint ventures of your a Notice under Section 160 of the Act from a
subsidiaries and joint ventures of your Company are Key Managerial Personnel:
Company is provided as part of the notes to the consolidated Member in writing proposing his candidature for
covered in the Management Discussion and Analysis
financial statements. appointment as a Wholetime Director & CEO. Following changes took place in the Key Managerial Personnel:
Report, which forms part of this Integrated Annual Report.
During the year under review ACC Mineral Resources Limited (b) 
Reappointment of Mr. Sandeep Singhi ƒ Mr. Manish Mistry resigned as a Company Secretary
(AMRL), wholly owned subsidiary of your Company acquired Directors and Key Managerial Personnels (DIN: 01211070), Mr. Nitin Shukla (DIN: 00041433) and & Compliance Officer of the Company w.e.f. close of
100% stake in several Special Purpose Vehicles (SPVs) and Mr. Rajeev Agarwal (DIN: 07984221) as Independent business hours on January 31, 2025.
As of 31st March, 2025, your Company’s Board has 8
accordingly the said SPVs became the step-down subsidiaries (eight) members comprising of three Non-Executive Directors for a second term of three (3) years with ƒ Mr. Bhavik Parikh has been appointed as a Company
of your Company, which includes West Peak Realtors Private Non Independent Directors (including one Nominee effect from September 16, 2025. They were appointed Secretary & Compliance Officer of the Company w.e.f.
Limited, Foresite Realtors Private Limited, Krutant Infra as Independent Directors of your Company pursuant February 1, 2025.
Director), one Executive Director and four Non-Executive
Private Limited, Anantroop Infra Private Limited, Eqacre Independent Directors including one Woman Director. to Section 149 of the Act, read with the Companies ƒ Mr. Ajay Kapur resigned as a Wholetime Director & CEO
Realtors Private Limited, Kshobh Realtors Private Limited, The details of Board and Committee composition, (Appointment and Qualification of Directors) Rules, w.e.f. close of business hours on March 31, 2025.
Prajag Infra Private Limited, Satyamedha Realtors Private tenure of directors, and other details are available in the 2014 (“the Appointment Rules”) by the Board for initial ƒ Mr. Vinod Bahety resigned as a Chief Financial Officer
Limited, Trigrow Infra Private Limited, Vanang Realtors Private Corporate Governance Report, which forms part of this term of three years, effective September 16, 2022, to w.e.f. close of business hours on March 31, 2025.
Limited, Victorlane Proj Private Limited, Vihay Realtors Private Integrated Annual Report. hold office up to September 15, 2025. The NRC, after
Following changes in Key Managerial Personnel took place
Limited, Vrushak Realtors Private Limited, Akkay Infra Private taking into account their performance evaluation
In terms of the requirement of the SEBI Listing Regulations, after completion of Financial Year:
Limited and Pearlytic Projects Private Limited. during their first term of 3 (three) years and
the Board has identified core skills, expertise, and considering their knowledge, acumen, expertise, ƒ Mr. Vinod Bahety appointed as Wholetime Director &
During the year under review, none of the entities ceased competencies of the Directors in the context of your CEO w.e.f. April 1, 2025.
experience, substantial contribution and time
to be subsidiary/joint venture/associate of your Company. Company’s business for effective functioning. The key commitment, has recommended to the Board ƒ Mr. Rakesh Tiwary appointed as Chief Financial Officer
Pursuant to the provisions of Section 129, 134 and 136 of skills, expertise and core competencies of your Board of about their reappointment for a second term of w.e.f. April 1, 2025.
the Act read with rules made thereunder and Regulation Directors are detailed in the Corporate Governance Report, 3 (three) years. The NRC and the Board are of the
which forms part of this Integrated Annual Report. As on the date of this report, following are the Key
33 of the SEBI Listing Regulations, your Company has view that they possess the requisite skills and
Managerial Personnel (“KMPs”) of your Company as per
prepared consolidated financial statements of the capabilities, which would be of immense benefits to
Appointment/Cessation/Change in Designation of Sections 2(51) and 203 of the Act:
Company and a separate statement containing the salient the Company, and hence, it is desirable to reappoint
Directors
features of financial statement of subsidiaries, joint them as independent directors. Further, they fulfil ƒ Mr. Vinod Bahety, Wholetime Director & CEO
ventures and associates in Form AOC-1, which forms part During the year under review there were no changes in the the conditions as specified in the Act, and Rules ƒ Mr. Rakesh Tiwary, Chief Financial Officer
of this Integrated Annual Report. Board of your Company. made thereunder and SEBI Listing Regulations
ƒ Mr. Bhavik Parikh, Company Secretary & Compliance Officer
for their reappointment as Independent Directors
The annual financial statements and related detailed Appointment / Re-appointment of Directors and Key
of your Company and they are independent of the
information of the subsidiary and joint venture companies Managerial Personnel (KMPs) Committees of Board
Management of your Company.
shall be made available to the shareholders of the 1. In accordance with the provisions of Section 152 of As required under the Act and the SEBI Listing Regulations,
subsidiary companies and joint venture companies seeking the Act, read with rules made thereunder and Articles The Board recommends the reappointment your Company has constituted various Statutory
such information on all working days during business of Association of your Company, Mr. Arun Kumar of Mr. Sandeep Singhi, Mr. Nitin Shukla and Committees. Additionally, your Board has formed other
hours. The financial statements of the subsidiary and joint Anand ((DIN:08964078 ) is liable to retire by rotation Mr. Rajeev Agarwal as Independent Directors governance committees and subcommittees to review
venture companies shall also be kept for inspection by any at the ensuing AGM and being eligible, offers himself of the Company, for a second term of 3 (three) specific business operations and governance matters
shareholders during working hours at your Company’s for re-appointment. years effective from September 16, 2025 to including any specific items that the Board may decide to
September 15, 2028 (both days inclusive).

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Integrated Annual Report 2024-25

delegate. As on March 31, 2025, your Board has constituted Board Evaluation Your Company’s Remuneration Policy is directed towards Internal financial control system and their
the following committees/sub-committees. rewarding performance based on review of achievements. adequacy
Your Company engaged an independent external agency
The Remuneration Policy is in consonance with existing
Statutory Committees: “Talentonic HR Solutions Private Limited” (“Talentonic”) to The details with respect to internal financial controls
industry practice.
facilitate the evaluation and effectiveness process of the and their adequacy are included in the Management
ƒ Audit Committee Board, its committees and individual Directors for FY25. We affirm that the remuneration paid to your Directors is Discussion and Analysis Report, which forms part of this
ƒ Nomination and Remuneration Committee A detailed Board effectiveness assessment questionnaire was
as per the terms laid out in the Remuneration Policy. Integrated Annual Report.

ƒ Stakeholders' Relationship Committee developed by Telentonic based on the criteria and framework Board Diversity Risk Management
adopted by the Board. Virtual meetings were organised with
ƒ Risk Management Committee the Directors and discussions were held on five key themes
Your Company recognises and embraces the importance Your Company has a structured Risk Management
of a diverse board in its success. Your Board has adopted Framework, designed to identify, assess and mitigate risks
ƒ Corporate Social Responsibility Committee i.e. Fiduciary Role of the Board, Board involvement in strategy,
the Board Diversity Policy which sets out the approach to
quality of Board discussions, Board leadership and organisation appropriately. Your Board has formed a Risk Management
Governance Committees: the diversity of the Board. The said Policy is available on Committee (RMC) to frame, implement and monitor the
health and talent and Board Structure & Capability.
your Company’s website and link for the same is given in risk management plan for your Company. The RMC is
ƒ Corporate Responsibility Committee The results of the evaluation showed high level of Annexure-A of this report. responsible for reviewing the risk management plan and
ƒ Information Technology & Data Security Committee commitment and engagement of Board, its various ensuring its effectiveness. The Audit Committee has
committees and senior leadership. The recommendations Succession Plan
ƒ Legal, Regulatory & Tax Committee additional oversight in the area of financial risks and
arising from the evaluation process were discussed at the Your Company has an effective mechanism for succession controls. The major risks identified by the businesses are
ƒ Reputation Risk Committee Independent Directors’ meeting held on March 28, 2025 planning which focuses on orderly succession of Directors, systematically addressed through mitigation actions on a
and also at the NRC meeting and Board meeting held on Key Management Personnel and Senior Management. continual basis. Further, details on the Risk Management
ƒ Mergers and Acquisition Committee March 28, 2025. The suggestions were considered by the The NRC implements this mechanism in concurrence activities, including the implementation of risk management
ƒ Commodity Price Risk Committee Board to optimise the effectiveness and functioning of the with your Board. policy, key risks identified and their mitigations are covered
Board and its committees. in Management Discussion and Analysis Report, which
ƒ Public Consumer Committee Directors’ Responsibility Statement forms part of this Integrated Annual Report.
Details of all the committees such as terms of reference, Board Familiarisation and Training Programme Pursuant to Section 134(5) of the Act, the Board, to the
composition, and meetings held during the year under Your Board is regularly updated on changes in statutory best of their knowledge and based on the information Compliance Management Mechanism
review are disclosed in the Corporate Governance Report, provisions, as applicable to your Company. Your Board is and explanations received from the management of your Your Company has deployed a Statutory Compliance
which forms part of this Integrated Annual Report. also updated on the operations, key trends and risk universe Company, confirm that: Mechanism providing guidance on broad categories of
applicable to your Company’s business. These updates help applicable laws and process for monitoring compliance.
Number of meetings of the Board a. in the preparation of the Annual Financial Statements,
the Directors to keep abreast of key changes and their In furtherance to this, your Company has instituted
Your Board met 6 (Six) times during the year under the applicable accounting standards have been
impact on your Company. An annual strategy retreat is an online compliance management system within the
review. The intervening gap between the meetings did followed and there are no material departures;
conducted by your Company where the Board provides its organisation to monitor compliances and provide update
not exceed 120 days, as prescribed under the Act and inputs on the business strategy and long- term sustainable b. they have selected such accounting policies and to the senior management on a periodic basis. The Audit
SEBI Listing Regulations. The details of board meetings growth for your Company. Additionally, the Directors applied them consistently and judgements and Committee and the Board periodically monitor the status
and the attendance of the Directors are provided in the also participate in various programmes/meetings where estimates that are reasonable and prudent so as to of compliances with applicable laws.
Corporate Governance Report, which forms part of this subject matter experts apprise the Directors on key global give a true and fair view of the state of affairs of your
Integrated Annual Report. trends. The details of such programmes are provided in Company at the end of the financial year and of the Board policies
the Corporate Governance Report, which forms part of this profit of the Company for that period;
Independent Directors’ Meeting The details of various policies approved and adopted by
Integrated Annual Report.
c. proper and sufficient care has been taken for the the Board as required under the Act and SEBI Listing
The Independent Directors met on March 28, 2025
maintenance of adequate accounting records Regulations are provided in Annexure – A to this report.
without the attendance of Non-Independent Directors Policy on Directors’ appointment and
in accordance with the provisions of the Act for
and members of the management. The Independent remuneration
safeguarding the assets of your Company and for Corporate Social Responsibility (CSR)
Directors reviewed the performance of Non-Independent Pursuant to Section 178(3) of the Act, your Company preventing and detecting fraud and other irregularities; The details of the CSR Committee are provided in the
Directors, the Committees and the Board as a whole along has framed a policy on Directors’ appointment and
with the performance of the Chairman of your Company, d. the annual financial statements have been prepared Corporate Governance Report, which forms part of this
remuneration and other matters (“Remuneration Policy”)
taking into account the views of Executive Directors on a going concern basis; Integrated Annual Report. The CSR policy is available on
which is available on the website of the Company and link
and Non-Executive Directors and assessed the quality, the website of your Company and the link for the same is
for the same is given in Annexure-A of this report. e. 
they have laid down internal financial controls
quantity and timeliness of flow of information between given in Annexure-A of the report.
The Remuneration Policy for selection of Directors to be followed by your Company and that such
the management and the Board that is necessary for the The Annual report on CSR Activities is annexed and forms
and determining Directors’ independence sets out internal financial controls are adequate and
Board to effectively and reasonably perform their duties. part of this report as Annexure - B.
the guiding principles for the NRC for identifying the operating effectively;
persons who are qualified to become the Directors. f. proper systems have been devised to ensure compliance The Chief Financial Officer of your Company has certified
with the provisions of all applicable laws and that such that CSR spends of your Company for FY25 have been
systems are adequate and operating effectively. utilised for the purpose and in the manner approved by
the Board of the Company.

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Integrated Annual Report 2024-25

Management Discussion and Analysis The Audit Committee comprise solely of the Independent to undertake the Secretarial Audit of your Company for Particulars of Employees
Directors of your Company. The members of the Audit FY 25. The Secretarial Audit Report for the year under
The Management Discussion and Analysis Report for the Your Company had 3,171 employees as on March 31, 2025.
Committee abstained from discussing and voting in the review is provided as Annexure - C of this report.
year under review, as stipulated under the SEBI Listing
transaction(s) in which they were interested. The information required under Section 197 of the Act,
Regulations, is presented in a section forming part of this Further, pursuant to amended Regulation 24A of SEBI Listing
read with rule 5(1) of the Companies (Appointment and
Integrated Annual Report. During the year, your Company has not entered into any Regulations, and subject to your approval being sought at
Remuneration of Managerial Personnel) Rules, 2014,
contracts, arrangements or transactions that fall under the ensuing AGM, M/s Mehta & Mehta, Practicing Company
relating to percentage increase in remuneration, ratio
Corporate Governance Report the scope of Section 188 (1) of the Act. Accordingly, the Secretary (C. P. No. 2486; Peer reviewed certificate no.
of remuneration of each Director and Key Managerial
Your Company is committed to maintain highest standards prescribed Form AOC-2 is not applicable to your Company 3686/2023) has been appointed as a Secretarial Auditors
Personnel (KMP) to the median of employees’ remuneration
of corporate governance practices. The Corporate for FY25 and hence, does not form part of this report. to undertake the Secretarial Audit of your Company for the
are provided in Annexure-D of this report.
Governance Report, as stipulated by SEBI Listing first term of five (5) consecutive years from FY 2025-26 till
During the year, the material Related Party Transactions
Regulations, forms part of this Integrated Annual Report 2029-30. Secretarial Auditors have confirmed that they are not The statement containing particulars of employees, as required
pursuant to the provisions of SEBI Listing Regulations had
along with the required certificate from a Practicing disqualified to be appointed as a Secretarial Auditor and are under Section 197 of the Act, read with rule 5(2) of the
been duly approved by the shareholders of the Company
Company Secretary, regarding compliance of the conditions eligible to hold office as Secretarial Auditor of your Company. Companies (Appointment and Remuneration of Managerial
through Postal Ballot on May 18, 2024 and March 30, 2025.
of corporate governance, as stipulated. Personnel) Rules, 2014, is provided in a separate annexure
Your Company did not enter any related party transactions Explanation to Secretarial Auditors' Comments: forming part of this report. However, in terms of Section 136
In compliance with corporate governance requirements during the year under review, which could be prejudicial to of the Act, the Integrated Annual Report is being sent to the
In their report, the Secretarial Auditors have commented
as per the SEBI Listing Regulations, your Company has the interest of minority shareholders. shareholders and others entitled thereto, excluding the said
about certain delays in the statutory compliances.
formulated and implemented a Code of Conduct for all annexure, which is available for inspection by the shareholders
The Policy on Related Party Transactions is available on The Company submits that the said delays were inadvertent
Board members and senior management personnel of at the Registered Office of your Company during business
your Company’s website and can be accessed using the and not material in nature. The processes have been
your Company (“Code of Conduct”), who have affirmed the hours on working days of your Company. If any shareholder is
link given in Annexure – A of the report. strengthen to ensure timely compliances in future.
compliance thereto. The Code of Conduct is available on interested in obtaining a copy thereof, such shareholder may
the website of the Company and the link for the same is Pursuant to the provisions of Regulation 23 of the write to the Company Secretary in this regard.
Secretarial Standards
given in Annexure-A of this report. Regulation 23 of SEBI Listing Regulations, your Company
During the year under review, your Company has complied
has filed half yearly reports to the stock exchanges, for the Prevention of Sexual Harassment at Workplace
Business Responsibility & Sustainability with all the applicable provisions of Secretarial Standard-1
related party transactions. As per the requirement of The Sexual Harassment of Women
Report (BRSR) and Secretarial Standard-2 issued by the Institute of
Company Secretaries of India. at Workplace (Prevention, Prohibition & Redressal) Act,
In accordance with the SEBI Listing Regulations, the BRSR for Statutory Auditors & Auditors’ Report 2013 and rules made thereunder, your Company has laid
the FY 25, describing the initiatives taken by your Company Pursuant to Section 139 of the Act read with rules made down a Prevention of Sexual Harassment (POSH) Policy and
Reporting of frauds by Auditors
from an environment, social and governance (ESG) perspective, thereunder, as amended, M/s. S R B C & Co. LLP, Chartered has constituted Internal Complaints Committees (ICs), at all
forms part of this Integrated Annual Report. In addition to During the year under review, the Statutory Auditors and
Accountants (Firm Registration No.: 324982E/E300003) relevant locations across India to consider and resolve the
BRSR, the Integrated Annual Report of the Company provides Secretarial Auditor of your Company have not reported
were appointed as the Statutory Auditors of your Company complaints related to sexual harassment. The ICs includes
an insight on various ESG initiatives adopted by the Company. any instances of fraud committed in your Company by
for the first term of five years till the conclusion of external members with relevant experience. The ICs,
Company’s officers or employees, to the Audit Committee,
91st Annual General Meeting (AGM) of your Company to be presided by senior women, conduct the investigations and
Annual Return as required under Section 143(12) of the Act.
held in the year 2027. The Statutory Auditors have confirmed make decisions at the respective locations. Your Company
Pursuant to Section 134(3)(a) of the Act, the draft annual that they are not disqualified to continue as Statutory has zero tolerance on sexual harassment at the workplace.
Cost Records and Cost Auditors
return as on March 31, 2025 prepared in accordance Auditors and are eligible to hold office as Statutory Auditors The ICs also work extensively on creating awareness on
with Section 92(3) of the Act is made available on the of your Company. A representative of the Statutory Auditors During the year under review, in accordance with Section relevance of sexual harassment issues, including while
website of your Company and link for the same is given of your Company attended the previous AGM of the Company 148(1) of the Act, your Company has maintained the working remotely. The employees are required to undergo
in Annexure-A of this report. held on 26th June 2024. accounts and cost records, as specified by the Central mandatory training/certification on POSH to sensitise
Government. Such cost accounts and records are subject themselves and strengthen their awareness.
Statutory Auditors have provided their unmodified opinion to audit by M/s. D. C. Dave & Co., Cost Accountants, Mumbai
Transactions with Related Parties
on the Standalone and Consolidated Financial Statements (Firm Registration No 000611), to conduct the cost audit of During the year under review your Company received two
All transactions with related parties are placed before the and their reports do not contain any qualifications, (2) complaints under POSH, out of which One (1) complaint
your Company for the financial year ended March 31, 2025.
Audit Committee for its approval. An omnibus approval reservations, adverse remarks, or disclaimers. The Notes to was resolved during the year under review.
from Audit Committee is obtained for the related party the financial statements referred in the Auditor's Report are Your Board at its meeting held on April 24, 2025 has
transactions which are repetitive in nature. appointed M/s. P. M. Nanabhoy & Co., Cost Accountants, All new employees go through a detailed personal
self-explanatory. The Auditor's Report is enclosed with the
Cost Auditors (FRN:000012) as Cost Auditors of orientation on POSH policy adopted by your Company.
All transactions with related parties entered into during financial statements forming part of this Annual Report.
the Company in place of M/s. D. C. Dave & Co., Cost
the year under review were at arm’s length basis and in Vigil Mechanism
Secretarial Auditors and Secretarial Auditors Accountants, for conducting Cost Audit for the FY 2025-26.
the ordinary course of business and in accordance with
Report A resolution seeking approval of the Shareholders for Your Company has adopted a whistle blower policy and has
the provisions of the Act and the rules made thereunder,
ratifying the remuneration payable to the Cost Auditors for established the necessary vigil mechanism for directors
the SEBI Listing Regulations and your Company’s Policy Pursuant to the provisions of Section 204 of the Act, read
FY 2025-26 is provided in the Notice of the ensuing Annual and employees in confirmation with Section 177 of the Act
on Related Party Transactions. with the rules made thereunder, the Board re-appointed
General Meeting. and Regulation 22 of SEBI Listing Regulations, to facilitate
M/s. Mehta & Mehta, Practicing Company Secretary,

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

reporting of the genuine concerns about unethical or of UPSI. Further, it also includes code for practices and Annexure – A
improper activity, without fear of retaliation. procedures for fair disclosure of unpublished price
to the Directors’ Report
sensitive information which has been made available on
The vigil mechanism of your Company provides for
your Company’s website and link for the same is given in
adequate safeguards against victimisation of whistle
Annexure – A of this report.
blowers who avail of the mechanism and also provides for Sr.
Policy Name Web-link
direct access to the Chairman of the Audit Committee in The employees undergo mandatory training/certification No.
exceptional cases. on this Code to sensitise themselves and strengthen 1 Vigil Mechanism/Whistle Blower Policy Click here
their awareness. [Regulation 22 of SEBI Listing Regulations and as defined under Section 177 of the Act]
No person has been denied access to the Chairman of
the Audit Committee. The said policy is uploaded on the 2 Policy for procedure of inquiry in case of leak or suspected leak of unpublished price Click here
General Disclosures sensitive information [Regulation 9A of SEBI (Prohibition of Insider Trading) Regulations]
website of your Company and the link for the same is given
in Annexure -A of this report. Neither the Chairman nor the Wholetime Director & CEO of 3 Code of Practices and Procedures for Fair disclosure of unpublished price sensitive Click here
your Company received any remuneration or commission information [Regulation 8 of SEBI (Prohibition of Insider Trading) Regulations]
During the year under review, your Company has received from any of the subsidiary of your Company.
76 complaints under the vigil mechanism, out of which 4 Terms of Appointment of Independent Directors [Regulation 46 of SEBI Listing Click here
67 complaints were duly resolved. Further details are Your Directors state that during the year under review: Regulations and Section 149 read with Schedule IV to the Act]
mentioned in Corporate Governance Report / BRSR, which 1. Your Company did not issue any equity shares with 5 Familiarisation Program [Regulations 25(7) and 46 of SEBI Listing Regulations] Click here
is part of this Integrated Annual Report. differential rights as to dividend, voting or otherwise. 6 Policy on Related Party Transactions [Regulation 23 of SEBI Listing Regulations and as Click here
defined under the Act]
Conservation of Energy, Technology Absorption, 2. Your Company did not issue shares (including sweat
7 Policy on Material Subsidiary [Regulation 24 of the SEBI Listing Regulations] Click here
Foreign Exchange Earnings and Outgo equity shares) to employees of your Company
under any scheme. 8 Material Events Policy [Regulation 30 of SEBI Listing Regulations] Click here
The information on conservation of energy, technology
9 Website Content Archival Policy [SEBI Listing Regulations] Click here
absorption and foreign exchange earnings and outgo 3. No significant or material orders were passed by the
stipulated under Section 134(3)(m) of the Act read with rule Regulators or Courts or Tribunals which impact the going 10 Policy on Preservation of Documents [Regulation 9 of SEBI Listing Regulations] Click here
8 of the Companies (Accounts) Rules, 2014, as amended is concern status and your Company’s operation in future. 11 Nomination and Remuneration Policy of Directors, KMP and other Employees [Regulation Click here
provided as Annexure-E of this report. 19 of the SEBI Listing Regulations and as defined under Section 178 of the Act]
4. No application was made and no proceeding was pending
12 CSR Policy [Section 135 of the Act] Click here
under the Insolvency and Bankruptcy Code, 2016.
Cyber Security 13 Dividend Distribution and Shareholder Return Policy [Regulation 43A of the SEBI Listing Click here
In view of increased cyberattack scenarios, the cyber 5. No one time settlement of loan was obtained from the Regulations]
security maturity is reviewed periodically and the processes, Banks or Financial Institutions.
14 Code of Conduct [Regulation 17 of the SEBI Listing Regulations] Click here
technology controls are being enhanced in-line with the 6. 
There were no revisions made in the financial 15 Policy on Board Diversity [Regulation 19 of the SEBI Listing Regulations] Click here
threat scenarios. Your Company’s technology environment statements and Directors’ Report of your Company. 16 Code of Internal Procedures and Conduct for Regulating, Monitoring and Reporting of Click here
is enabled with real time security monitoring with requisite
Trading by Insiders [Regulation 8 of the SEBI (Prohibition of Insider Trading) Regulations]
controls at various layers starting from end user machines Acknowledgement
to network, application and the data. 17 MGT-7 Annual Return as on March 31, 2025 Click here
Your Directors are highly grateful for all the guidance,
During the year under review, your Company did not face any support and assistance received from the Government of
incidents or breaches or loss of data breach in Cyber Security. India, Governments of various states in India, concerned
Government Departments, Financial Institutions and
Code for prevention of insider trading Banks. Your Directors thank all the esteemed shareholders,
Your Company has adopted a Code of Conduct (“PIT customers, suppliers and business associates for their faith,
Code”) to regulate, monitor and report trading in your trust and confidence reposed in your Company.
Company’s shares by Company’s designated persons Your Directors wish to place on record their sincere
and their immediate relatives as per the requirements appreciation for the dedicated efforts and consistent
under the Securities and Exchange Board of India contribution made by the employees at all levels, to ensure
(Prohibition of Insider Trading) Regulations, 2015. that your Company continues to grow and excel.
The Code, inter alia, lays down the procedures to be
followed by designated persons while trading/dealing For and on behalf of the Board of Directors
in Company's shares and sharing Unpublished Price
Sensitive Information (“UPSI”). The PIT Code covers Karan Adani
Company’s obligation to maintain a digital database, Place: Ahmedabad Chairman
mechanism for prevention of insider trading and handling Date: April 24, 2025 (DIN: 03088095)
of UPSI, and the process to familiarise with the sensitivity

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Annexure – B Sample Size ƒ Salaibanwa - Project Stage, Sonbhadra, District

Uttar Pradesh.
ANNUAL REPORT ON CSR ACTIVITIES OF THE COMPANY Farmers-2408, Local Community Leaders- 60, Team- 10

Key Findings Sample Size

ƒ 85% reported an increase in water availability. 
Trainees trained-512, Current trainers- 20,
1. 
A brief outline on Corporate Social 3. The web-link where Composition of CSR
Current trainees- 20, Center Head-10, Local Plant
Responsibility (CSR) Policy of the Company: committee, CSR Policy and CSR projects ƒ Daily water fetching time reduced by 22 minutes Team-10, Employers-10.
Our vision is to be one of the most respected companies approved by the board are disclosed on per day
in India, delivering superior and sustainable value to the website of the Company: Key Findings
all our customers, business partners, shareholders,  ttps://[Link]/investor-relations/
h
ƒ Average irrigated land increased, from 0.62 acres
to 1.03 acres ƒ 
75% of respondents had a monthly household
employees and host communities. corporate-governance income below H 25,000, with an average family
Our CSR initiatives focus on the holistic development
ƒ Increased adoption of sprinkler irrigation size of 4.
4. Provide the details of Impact assessment from 3% to 17%
of our host communities while creating social, ƒ 
65% of respondents were unemployed before
of CSR projects carried out in pursuance
environmental and economic value to the society.
of sub-rule (3) of rule 8 of the Companies ƒ 9% shifted from single cropping to double/mixed training; employed individuals earned an average
cropping. monthly income of H 8,471.
To pursue these objectives, we will continue to: (Corporate Social Responsibility Policy)
Rules, 2014, if applicable The Impact ƒ 12% and 24% increase in yield and profits ƒ 
The project highlighted the need for targeted
ƒ Uphold and promote the principles of inclusive assessment report is uploaded on the respectively.
growth and equitable development; training initiatives to bridge the gap between
website of the Company at: academic learning and practical job market skills.
ƒ Increase in vegetable cultivation from 4% to 16%.
ƒ Devise and implement Community Development  t t p s : / / w w w. a c c l i m i t e d . c o m / / s u s t a i n a b l e /
h
Plans based on the needs and priorities of our host corporate-social-responsibility Social Return on Investment (SROI) Impact on respondents’ lives
communities and measure the effectiveness of Placement opportunities were provided to 100% of
The total program cost of the Water Conservation
such development programs; Executive Summary of Impact Assessment respondents, with 66% being placed or self-employed,
Program by Adani Foundation was: H 6.89 crore.
Reports and 73% continuing in the same job post-training.
ƒ Work actively in following thrust areas: The SROI Ratio of the Water Conservation program of
Impact Assessment on Water Conservation and
1. Education Adani Foundation implies that for every rupee invested The average salary for placed respondents was
Skill Development.
in the program, it generated H 9.05 worth of returns. approximately H 13,416 per month, with some
2. Community Health
Conducted by: C
 RISIL : Water Conservation companies providing additional lodging and
3. 
Community Development (including Infra, boarding support.
B. Impact Assessment on Skill Development:
sports, cultural, heritage, arts & culture) Study Locations - ACC Plants

83% of respondents reported improved
4. Sustainable Livelihood Development including ƒ Gagal Plant at Bilaspur District, Himachal Conducted by: PWC
employability, with 64% gaining valuable skills and
Skill development
ƒ Jamul Plant at Durg District, Chhattisgarh Study Locations knowledge post training.
5. Climate Action including water conservation
& afforestation ƒ Tikaria Plant, Amethi District, Uttar Pradesh ƒ Chaibasa Plant at West Singhbhum District Social Return on Investment (SROI)
Jharkhand
ƒ Collaborate with the like-minded bodies such as ƒ Kymore Plant at Katni District, Madhya Pradesh The total program cost of the Adani Skill Development
Governments, Civil Society Organisations and
ƒ Chanda Plant at Chandrapur and mines in Yavatmal Program by Adani Foundation was: H 2.49 crore.
ƒ Lakheri Plant at Bundi District, Rajasthan District, Maharashtra
Academic Institutions in pursuit of our Goals; The SROI Ratio of the Skill Development program of
ƒ Chanda Plant at Chandrapur and mines in Yavatmal ƒ Gagal Plant at Bilaspur District, Himachal Adani Foundation implies that for every rupee invested
ƒ Institutions in pursuit of our Goals; District, Maharashtra
ƒ Jamul Plant at Durg District, Chhattisgarh in the program, it generated H 5.85 worth of returns.
ƒ Interact regularly with Stakeholders', review and ƒ Bargarh Plant at Bargarh District Odisha
publicly report our CSR initiatives. ƒ Kymore Plant at Katni District, Madhya Pradesh Key/Critical Findings:
ƒ Chaibasa Plant at West Singhbhum District ACC, in keeping with its legacy of engagement
2. Composition of the CSR committee as on Jharkhand ƒ Lakheri Plant at Bundi District, Rajasthan
in community development, has over the years,
March 31, 2025: ƒ Sindri Plant in Dhanbad District of Jharkhand ƒ Madukkarai Plant at Coimbatore District, Tamil Nadu built strong CSR programmes and has come to be
1. Mr. Nitin Chairman Non-Executive ƒ Sindri Plant in Dhanbad District of Jharkhand recognised as a leader in this space.
ƒ Damodhar Plant at Purulia District, West Bengal
Shukla Independent Director  ustained commitment and strong governance – ACC
S
ƒ Kudithini Plant at Bellary District, Karnataka ƒ Tikaria Plant, Amethi District, Uttar Pradesh
2. Mr. Vinay Member Non-Executive Non- has over the years, consistently spent more than the
Prakash Independent Director ƒ Thondebhavi Plant in Chikkaballapur District, ƒ Wadi Plant in Kalburgi District, Karnataka mandated 2% of profits towards CSR
3. Mr. Rajeev Member Non-Executive Karnataka ƒ Chilhati - Project Stage, Sonbhadra, District  ompany-wide ownership – At ACC, Adani Foundation
C
Agarwal Independent Director Chattisgarh
ƒ Wadi Plant in Kalburgi District, Karnataka is the implementing agency of CSR.

ƒ Madukkarai Plant at Coimbatore District, Tamil Nadu ƒ Ametha - IU, Plant, Katni, District Madhya Pradesh

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

 trong community connect – across all locations, ACC's

S  artnerships: ACC has built strong partnerships on
P 7. (a) Details of Unspent CSR amount for the preceding three financial years:
strong connect with neighbourhood communities. the ground, with both government agencies and if
Harmonious community relations in most locations. required, with non-government organisations. Balance Amount
Amount Amount transferred to any
 ustained good practices – Situation analysis and
S 5. (a) Average net profit of the Company as per Section transferred in fund specified
Amount
needs assessment which is regularly carried out at 135(5): G 2,091.55 crore Amount remaining
to Unspent Unspent under Schedule
different project locations, thus enabling ACC to be spent to be
(b) Two percent of average net profit of the Company CSR CSR VII as per section
constantly responsive to the needs and priorities of Sl. Preceding in the spent in Deficiency,
as per section 135(5): G 41.83 crore Account Account 135(6), if any.
the local communities. No. Financial Year. Financial succeeding if any
under under sub
(c) Surplus arising out of the CSR projects or programs Year Financial
Innovative initiatives – Innovations at the sites
 section section
or activities of the previous financial years: Nil (In G) Amount Date of years.
suggest a progressive mind-set of the leadership 135(6) (6) of
(in G) transfer. (In G)
of the CSR team. (d) Amount required to be set-off for the financial (in G) section
year, if any: Nil 135 (In G)
 very strong CSR team – ACC has very competent
A
1. FY-2021 NIL NIL NIL NIL NIL NIL NIL
CSR teams, both in terms of educational backgrounds (e) Total CSR obligation for the financial year [(b)
and relevant experience. ACC has a clearly defined +(c)-(d)]: G 41.83 crore 2. FY-2022-23 NIL NIL NIL NIL NIL NIL NIL
focus in terms of the thematic priorities in its CSR 3. FY-23-24 NIL NIL NIL NIL NIL NIL NIL
6. (a) 
A mount spent on CSR Projects (both
Overall observations: Ongoing Project and other than Ongoing 1. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount
Project): G 40.90 crore spent in the Financial Year: Nil
Untapped possibilities: Most of ACC’s programmes

are in line with community priorities, specially (b) 
Amount spent in Administ rative 2. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per
interventions on livelihoods. However, most Overheads: G 1.10 crore sub-section (5) of section 135: NA
interventions under livelihoods seem to be focused
(c) 
Amount spent on Impact Assessment, if For and on behalf of ACC Limited
on skilling, and there could be underleveraged
applicable: Nil
livelihoods potential in improving agriculture yields in
some locations. (d) 
Total amount spent for the Financial Year Vinod Bahety Nitin Shukla
(a +b +c ): G 42 crore Wholetime Director & CEO Chairman– CSR Committee
 he software side: Significant investments are being
T
made in developing the ‘hardware’ of development, (e) CSR amount spent or unspent for the Financial DIN: 09192400 DIN: 00041433
(school improvement, agriculture and environment Year: G 42 crore
interventions), the investment in the ‘software’
aspects through training and capacity building is
somewhat limited.

Amount Unspent (in G)

Total Amount transferred to Amount transferred to any fund specified
Total Amount Spent for
Unspent CSR Account as per under Schedule VII as per second proviso to
the Financial Year
sub section (6) of section 135 sub-section (5) of section 135.
2024-25 (In G Crore)
Date of Name of Date of
Amount Amount
Transfer the Fund transfer
42.00 Nil Nil Nil Nil Nil

(f) Excess amount for set-off, if any:

Sl. Amount
Particular
No (in G crore)
(i) Two percent of average net profit of the company as per section 135(5) 41.83
(ii) Total amount spent for the Financial Year 42.00
(iii) Excess amount spent for the financial year [(ii)-(i)] 0.17
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous Nil
financial years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] -

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Annexure – C We have examined compliance with the applicable  e further report that there are adequate systems
W
clauses of the following: and processes in the company commensurate with
FORM MR-3 the size and operations of the company to monitor
(i) Secretarial Standards issued by the Institute of
SECRETARIAL AUDIT REPORT Company Secretaries of India;
and ensure compliance with applicable laws, rules,
For the Financial Year ended 31st March, 2025 regulations and guidelines.
(ii) Securities and Exchange Board of India (Listing
{Pursuant to Section 204(1) of the Companies Act, 2013 and rule 9 of the Companies  e further report that during the audit period the
W
Obligations and Disclosure Requirements)
(Appointment and Remuneration of Managerial Personnel) Rules, 2014} Company had the following specific events / actions
Regulations, 2015;
having a major bearing on the Company’s affairs
To, (v) The following Regulations and Guidelines prescribed During the period under review the Company has in pursuance of the above referred laws, rules,
The Members, under the Securities and Exchange Board of India Act, complied with the provisions of the Act, Rules, regulations, guidelines, standards, etc.
ACC LIMITED 1992 ('SEBI Act'):- Regulations, Guidelines, Standards, etc except;
a) The Company at its Annual General Meeting
Adani Corporate House, 1. In certain instances, the intimations regarding held on June 26, 2024 declared final dividend of
(a) 
The Securities and Exchange Board of India
Shantigram, Loss/Issue of Duplicate Share Certificate(s) in H 7.50 /- (Rupees Seven and Fifty Paise Only) per
(Substantial Acquisition of Shares and Takeovers)
Near Vaishnodevi Circle, accordance with regulation 39(3) of SEBI (Listing Equity Share of H 10/- each (fully paid-up) for the
Regulations, 2011;
S. G. Highway, Ahmedabad, Obligations and Disclosure Requirements) financial year ended March 31, 2024.
Gujarat, 382421 (b) 
The Securities and Exchange Board of India Regulation 2015 were not made either/or on BSE/
(Prohibition of Insider Trading) Regulations, 2015; b) 
The Board approved the appointment of
We have conducted the secretarial audit of the compliance NSE due to technical issue.
Mr. Bhavik Parikh as Company Secretary &
of applicable statutory provisions and the adherence to (c) 
The Securities and Exchange Board of India 2. There was delay in transfer of unpaid / unclaimed Compliance Officer of the Company w.e.f.
good corporate practices by ACC Limited (hereinafter (Issue of Capital and Disclosure Requirements) dividend to Investor Education and Protection February 01, 2025.
called "the Company"). Secretarial audit was conducted Regulations, 2018 (during the period under Fund (IEPF) on account of technical issue faced
in a manner that provided us a reasonable basis for review not applicable to the company); c) 
The Board approved the appointment of
by the Company. Subsequently the Company
evaluating the corporate conduct / statutory compliance Mr. Vinod Bahety as Whole time Director & Chief
(d) 
The Securities and Exchange Board of India deposited the funds to IEPF and filed requisite
and expressing our opinion thereon. Executive Officer and Mr. Rakesh Tiwary as Chief
(Share Based Employee Benefits and Sweat E form with MCA.
Financial Officer (Key Managerial Personnel) of
Based on our verification of the Company's books, papers, Equity) Regulations, 2021 (during the period the Company with effect from April 1, 2025.
minutes books, forms and returns filed and other records under review not applicable to the company); We further report that:
maintained by the Company and also the information The Board of Directors of the Company is duly constituted
(e) 
The Securities and Exchange Board of India For Mehta & Mehta,
provided by the Company, its officers, agents and authorised with proper balance of the Executive Directors,
(Issue and Listing of Non- Convertible Securities) Company Secretaries
representatives during the conduct of secretarial audit, Non-Executive Directors and Independent Directors.
Regulations, 2021 (during the period under (ICSI Unique Code P1996MH007500)
we hereby report that in our opinion, the Company has, The changes in the composition of the Board of Directors
review not applicable to the company);
during the audit period covering the financial year ended that took place during the period under review were
on March 31, 2025, complied with the statutory provisions (f) 
The Securities and Exchange Board of India carried out in compliance with the provisions of the Act. Atul Mehta
listed here under and also that the Company has proper (Registrars to an Issue and Share Transfer Agents) Partner
Adequate notices are given to all Directors to schedule
Board processes and compliance mechanism in place to Regulations, 1993 regarding the Companies Act FCS No: 5782
the Board / Committee Meetings, agenda and detailed
the extent, in the manner and subject to the reporting and dealing with client (during the period under CP No: 2486
notes on agenda were sent at least seven days in
made hereinafter: review not applicable to the Company); Place: Mumbai UDIN: F005782G000194938
advance to all the Directors and a system exists
We have examined the books, papers, minute books, forms (g) 
The Securities and Exchange Board of India for seeking and obtaining further information and Date: April 24, 2025 PR No.: 3686/2023
and returns filed and other records maintained by the (Delisting of Equity Shares) Regulations, 2021 clarifications on the agenda items before the meeting
Company for the financial year ended on March 31, 2025, (during the period under review not applicable and for meaningful participation at the meeting. Note: This report is to be read with our letter of even date
according to the provisions of: to the Company); which is annexed as 'ANNEXURE A' and forms an integral
Majority decision is carried through while the
(i) The Companies Act, 2013 ('the Act') and the rules (h) 
The Securities and Exchange Board of India dissenting members’ views, if any, are captured and part of this report.
made thereunder; (Buyback of Securities) Regulations, 2018 recorded as part of the minutes.
(during the period under review not applicable
(ii) 
The Securities Contracts (Regulation) Act, 1956
to the Company);
('SCRA') and the rules made there under;
(vi) Mines and Mineral (Regulation and Development)
(iii) The Depositories Act, 1996 and the Regulations and
Act, 1957 read with Mineral Conservation and
Bye-laws Framed there under;
Development Rules, 1988
(iv) 
Foreign Exchange Management Act, 1999 and
(vii) Mines Act, 1952 read with Mines Rules, 1955
the rules and regulations made there under to the
extent of Foreign Direct Investment, Overseas Direct (viii) Cement Cess Rule, 1993
Investment and External Commercial Borrowings;
(ix) Cement (Quality Control) Order, 2003.

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Annexure A Annexure – D
to the Directors’ Report

To, Details pertaining to remuneration as required under Section 197(12) read with Rule 5(1) of
The Members, the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
ACC LIMITED
Information pursuant to Section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and
Adani Corporate House, Shantigram,
Remuneration of Managerial Personnel) Rules, 2014
Near Vaishnodevi Circle,
S. G. Highway, Ahmedabad, Gujarat, 382421 i) The ratio of the remuneration of each Director to the median remuneration of the employees of the
Our report of even date is to be read along with this letter. Company for the financial year 2024-25 and the percentage increase in remuneration of each Director,
Chief Financial Officer, Chief Executive Officer, Company Secretary in the financial year 2024-25:
1) Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to
express an opinion on these secretarial records based on our audit. Ratio of
% increase in
remuneration
2) We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about remuneration
Name of Directors/KMP to median
the correctness of the contents of the secretarial records. The verification was done on test basis to ensure that in the
remuneration of
correct facts are reflected in secretarial records. We believe that the processes and practices we followed provide financial year
employees
a reasonable basis for our opinion. Executive Directors:
3) We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company. Mr. Ajay Kapur - -
Non-Executive Directors:
4) Wherever required, we have obtained the Management representation about the compliance of laws, rules and
Mr. Karan Adani - -
regulations and happening of events etc.
Mr. Vinay Prakash - -
5) The compliance of the provisions of corporate laws, rules, regulations, standards is the responsibility of management. Mr. Sandeep Singhi 6.68 -
Our examination was limited to the verification of procedures on test basis. Mr. Nitin Shukla 7.34 -
6) As regard the books, papers, forms, reports and returns filed by the Company under the provisions referred in Mr. Rajeev Agarwal 7.06 -
Secretarial Audit Report in Form MR-3, the adherence and compliance to the requirements of the said regulations
#
Mr. Arun Kumar Anand 4.76 -
is the responsibility of management. Our examination was limited to checking the execution and timeliness of the Ms. Ameera Shah 4.52 -
filing of various forms, reports, returns and documents that need to be filed by the Company with various authorities Other Key Managerial Personnel:
under the said regulations. We have not verified the correctness and coverage of the contents of such forms, reports, Mr. Vinod Bahety, CFO - -
returns and documents. *Mr. Bhavik Parikh, CS 0.30 -
*appointed w.e.f. February 1, 2025.
7) The secretarial audit report is neither an assurance as to the future viability of the Company nor of the efficacy or
#includes commission paid to LIC
effectiveness with which the management has conducted the affairs of the Company.
ii) The percentage increase in the median remuneration of employees in the financial year: 8.47%

For Mehta & Mehta, iii) The number of permanent employees on the rolls of Company as on March 31, 2025: 3,171.
Company Secretaries iv) Average percentile increase already made in the salaries of employees other than the managerial personnel in the
(ICSI Unique Code P1996MH007500) last financial year and its comparison with the percentile increase in the managerial remuneration and justification
thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:
Atul Mehta ƒ Average increase in remuneration of employees excluding KMPs: 10.77%
Partner FCS No: 5782
CP No: 2486 ƒ Average increase in remuneration of KMPs: Nil
Place: Mumbai UDIN: F005782G000194938 ƒ KMP salary increases are decided based on the Company's performance, individual performance, inflation,
Date: April 24, 2025 PR No.: 3686/2023 prevailing industry trends and benchmarks.

v) Key parameters for any variable component of remuneration received by the Directors

Executive Directors: Nomination and Remuneration Committee determines the variable compensation annually
based on their individual and organisation performance.

Non-Executive Directors – Not applicable.

vi) Affirmation that the remuneration is as per the Remuneration Policy of the Company:

The Company affirms remuneration is as per the Remuneration Policy of the Company.

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Annexure – E 5. 1 no. Installation of Gas by-pass system for increasing AF utilisation.

to the Directors’ Report 6. 2 nos. New Alternative Fuel and Raw Materials (AFR) feeding system, with increased capacity.
7. 2 nos. Advanced process control implemented.

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo 2. Technology Absorption
Information as required under Section 134(3)(m) of the Companies Act, 2013 read with rule 8(3) of the Companies I) Efforts made towards technology absorption.
(Accounts) Rules, 2014 are set out as under:
1. Installation of mill master to improve productivity of cement mill.

1. Conservation of Energy 2. Installation of high-level control to improve productivity of kiln.

I) Steps taken or impact on conservation of energy. 3. Central Control Room (CCR) operation through Tab to enable operator visit physical site location and take
1. Installation of medium voltage variable frequency drives (‘MVVFD/SPRS’) & low voltage variable frequency corrective actions.
drives (‘LVVFD’) for process fans across ACC plant (Thondebhavi). 4. Installation of IoT based sensors on critical equipment's by AI driven algorithms to predict failures and
2. Burner upgradation at Gagal,Chanda. avoid breakdowns.

3. Modification/Replacement of Clinker Cooler with high efficiency coolers for reducing Thermal Energy 5. WhatsApp based chatbot to fetch real time plant operation data.
Consumption at Gagal, Kymore, Chanda and Lakheri.
II) Benefits derived like product improvement, cost reduction, product development or import
4. Reduction in Station Heat Rate (SHR) and auxiliary power consumption by replacing vacuum pump. substitution:
5. Installation of Light-emitting diode (LED) Lights at Plant and Colony at various location across all plants. 1. AFR use brings down the requirement of conventional fuels.

6. R
 AW mill nozzle ring replacement with modified design to reduce energy consumption. 2. Solar power saves fuels used and impacts heavily on electricity cost.

7.  eduction in Specific Thermal Energy Consumption (STEC) by installation of high level controller in
R 3. WHRS saves fuels used and impacts heavily on electricity cost.
Gagal, Jamul, Chanda. 4. Energy saving through initiative like Variable Frequency Drive (VFD) installation, LED lights and optimisation.
8.  eduction in (Specific Electric Energy consumption) SEEC Grinding by installation of Mill master
R
III) In case of imported technology (imported during the last three years reckoned from the beginning
(Thondebhavi, Chanda, Sindri, Kudithini, Bargarh, Jamul).
of the financial year):
9. Installation of VFD for Bag Filters and Air Compressors. Power Factor and Power Quality improvement
AFR Shredder, Wadi, Jamul, Chanda Partially absorbed
sensors and equipments at Lakheri, Bargarh, Sindri.
RotoDynamic Heater (RDH) Technology, Sindri Partially absorbed
10. Replacement of Cement Mill Liners to improve grinding efficiencies. Mill Master, Thondebhavi, Kudithini, Chanda, Jamul Fully absorbed
11. Replacement of separators in mills [Raw mill/Cement mills] to improve productivity. Kiln High Level Control System (HLC) System at Jamul, Gagal, Chanda Fully absorbed
12. Focus on Productivity Rate Index (PRI) improvement through Computational Fluid Dynamics (‘CFD’) WHRS at Wadi, Chanda Fully absorbed
studies and through other in house modification at Gagal, Wadi. Also, additional internal actions have XRF Tube and XRD Spares Partially absorbed
been taken like timely heat balance and reliability improvement has increased productivity, thus improving Procurement of New X-Ray Tube for ARL 9900 Workstation XRF at ACC Kymore Partially Absorbed
energy consumption. Kiln Debricking Machine, Wadi Partially Absorbed
13. Installation and Commissioning of Waste Heat Recovery System (WHRS) to recover the energy due to heat New Clinker Cooler Kymore, Gagal Fully absorbed
losses and reduce the dependency on Fossil fuels for Electrical energy generation at Wadi and Chanda.
IV) Expenditure incurred on Research and Development: D 1.13 Crore
14. Energy Management System integration
The particulars relating to foreign exchange earnings and outgo during the year under review are as under:
II) Steps taken by the Company for utilising alternate sources of energy (I in crore)
1. Usage of Alternative Fuels (AF) by installing AF platform at Jamul, Marwar and Chlorine by-pass system Particulars 2024-25 2023-24
at Ambujanagar. Besides, installed additional shredder and shed extension at Darlaghat.
Foreign exchange earned - -
III) Capital investment on energy conservation equipment. Foreign exchange outgo 346.62 366.39
1. Power saving in by installing Variable Frequency Drive (VFD), Low Voltage VFD (LVFD) & Medium
Voltage VFD (MVVFD).
2. 1 no. High efficiency Condensor Cooling Water (CCW) Pumps for thermal power plants (TPP).
3. 1 no. Vacuum Pump in place of Steam-jet air ejectors (SJAE).
4. 1 no. burner upgradation.

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Corporate Governance Report extends beyond minimum requirements with the objective
of emerging as a responsible corporate.
ƒ Oversight of Board on Company's business strategy,
major developments and key activities.
Accountability and transparency: The Board engage in The Company is in compliance with the conditions of
comprehensive financial and non-financial reporting, corporate governance as required under the SEBI (Listing
Corporate Governance is about meeting our strategic goals responsibly and transparently, while being accountable aligned to best practices relating to disclosures; Obligations and Disclosures Requirements) Regulations,
to our stakeholders. Your Company is equipped with a robust framework of corporate governance that considers the it follows internal and/or external assurance and 2015 (“SEBI Listing Regulations”), as applicable.
long-term interest of every stakeholder as we operate with a commitment to integrity, fairness, equity, transparency, governance procedures.
accountability and commitment to values. Our robust corporate governance structure is based on well-structured policies
and procedures that are the backbone of our governance philosophy. Our policies are formulated to ensure business Key pillars of Corporate Governance Philosophy
continuity and to maintain a high quality throughout our operations. of the Company
Board of Directors
This report is divided into following sections: ƒ Accurate, uniform and timely dissemination of The Board is the highest authority for the governance
disclosures of corporate, financials and operational
and the custodian who push our businesses in the right
information to all stakeholders.
direction and is responsible for the establishment of
ƒ Complete and timely disclosure of relevant financial cultural, ethical, sustainable and accountable growth of
and operational information to enable the Board to play the Company. The Board is constituted with a high level of
Corporate
an effective role in guiding strategies. integrated, knowledgeable and committed professionals.
Board of Board General Body The Board provides strategic guidance and independent
Governance
Philosophy
Directors Committees Meetings ƒ Board Governance through specialised sub-committees views to the Company’s senior management while
in the areas of Audit, Risk Management, HR &
discharging its fiduciary responsibilities. The Board also
Nomination, ESG, Corporate Social Responsibility and
provides direction and exercises appropriate control to
Stakeholders’ Relationship etc.
ensure that the Company is managed in a manner that
ƒ Compliance with all relevant laws in both fulfils stakeholders’ aspirations and societal expectations.
form and substance.
Size and Composition
ƒ Effective and clear Governance structure with diverse
Codes, Policies Board, Board Committees and Senior Management. The Board of your Company comprises highly experienced
Means of General Shareholder Other
and persons of repute, eminence and has a good and diverse
Communications Information Disclosures
Frameworks ƒ Robust risk management framework, strong foundation mix of Executive and Non-Executive Directors with 50%
of Code of Conduct and business policies & procedures. of the Board members comprising Independent Directors
ƒ Well-defined corporate structure that establishes including an Independent Woman Director. The Board
checks, balances and delegation of authority at composition is in conformity with the applicable provisions
independence, accountability, responsibility, transparency, appropriate levels in the organisation. of Companies Act, 2013 (“Act”), SEBI Listing Regulations,
fair and timely disclosures, credibility, sustainability, etc. as amended from time to time and other applicable
serve as the means for implementing the philosophy of
ƒ Transparent procedures, practices and decisions based statutory provisions.
on adequate information.
corporate governance in letter and in spirit.
Corporate Governance Philosophy As on March 31, 2025, the Board consists of Eight (8) Directors as follows:
Governance principles
Courage, Trust and Commitment are the main tenants of S. % of Total
At the heart of the Company, governance commitment Category Name of Director
our Corporate Governance Philosophy - No. Board size
is a one tier Board system with Board of Directors of the
ƒ Courage: we shall embrace new ideas and businesses. Company (“Board”) (possessing a disciplined orientation 1 Non-Executive Director i. Mr. Karan Adani, Chairman 12.5%
and distinctive priorities. 2 Non-Executive Director i. Mr. Vinay Prakash 12.5%
ƒ Trust: we shall believe in our employees and
other stakeholders. Ethics and integrity: The Board is committed to the 3 Non-Executive Nominee Director i. Mr. Arun Kumar Anand 12.5%
highest integrity standards. Directors commit to abide 4 Executive Director i. *Mr. Ajay Kapur, WTD & CEO 12.5%
ƒ Commitment: we shall standby our promises and adhere by the ‘Code of Conduct’, regulations and policies under
to high standards of business. 5 Non-Executive Independent Directors i. Mr. Sandeep Singhi 50%
oath, endeavouring to demonstrate intent and actions
ii. Mr. Nitin Shukla
Your Company believes that sustainable and long-term consistent with stated values.
growth of every stakeholder depends upon the judicious iii. Mr. Rajeev Agarwal
Responsible conduct: The Board emphasis the Company’s
and effective use of available resources and consistent iv. Ms. Ameera Shah
role in contributing to neighbourhoods, terrains,
endeavour to achieve excellence in business along with
communities and societies. In line with this, the Company MD: Managing Director | ED: Executive Director | NED: Non-Executive Director
active participation in the growth of society, building of
is accountable for its environment and societal impact, * Mr. Vinod Bahety is appointed as Wholetime Director & CEO with effect from April 1, 2025.
environmental balances and significant contribution
corresponded by compliance with laws and regulations.
in economic growth. The cardinal principles such as
As a mark of responsibility, the Company’s business

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Board Composition Board Gender Mr. Karan Adani does not occupy the position of Chairman Mr. Vinay Prakash is on the board of the following Mr. Singhi does not hold any Equity Share of the Company
Diversity in the Audit Committee and Stakeholders' relationship public companies: as on March 31, 2025 in his individual capacity.
committee in any of the above companies.
Listed Public Companies Other Public Companies Mr. Singhi is on the board of the following public companies:
12.5% 10% Mr. Karan Adani is member of the following audit committee (Category of Directorship) (Category of Directorship)
and/or stakeholders’ relationship Committee: Listed Public Company Other Public Companies
ACC Limited (Non-Executive - Kutch Copper Limited
(Category of Directorship) (Category of Directorship)
Non Independent Director) (Non-Executive Director)
50%
Name of the Companies Name of the Committee ACC Limited (Non-Executive
Adani Enterprises Limited Adani Cement -
ACC Limited Stakeholders' - Independent Director)
(Executive Director) Industries Limited
37.5% Relationship Committee
(Non-Executive Director) Gujarat Ambuja Exports
90% Adani Ports and Special Stakeholders' Limited (Non-Executive - -
East Coast Aluminium
Economic Zone Ltd Relationship Committee Independent Director)
Limited
Executive Directors Men Ambuja Cements Limited Stakeholders' (Non-Executive Director) Ganesh Housing Corporation
 Non-Executive Directors Women Relationship Committee Limited (Non-Executive - -
 Independent Directors Kalinga Alumina Limited
(Non-Executive Director) Independent Director)
The present strength of the Board reflects judicious mix Mr. Vinay Prakash (DIN: 03634648) (Non-
of professionalism, competence and sound knowledge Executive – Non-Independent Director) Mr. Vinay Prakash does not occupy any position of the audit Mr. Sandeep Singhi is Chairman of the following audit
which enables the Board to provide effective leadership committee and / or stakeholders’ relationship committee in committee and/or stakeholders’ relationship Committee:
Mr. Vinay Prakash, aged 51 years, is a Non-Executive –
to the Company. Non-Independent Director of the Company, effective from any of the above companies.
Name of the Co. Name of Committee
No Director is related to each other. September 16, 2022. ACC Limited Audit Committee
Mr. Arun Kumar Anand (DIN: 08964078)
Dr. Vinay Prakash, Ph.D. in Mining, is one of the most (Non-Executive – Nominee Director) Gujarat Ambuja Exports Limited Audit Committee
Profile of Board of Directors
recognised leaders in the areas of Energy, Infrastructure, Mr. Arun Kumar Anand, aged 63 years, is a Non-Executive Ganesh Housing Audit Committee
The profile of the Directors of the Company as on March 31, Metal & Minerals. He has nurtured the Natural Resources Director of the Company appointed on September 16, 2022. Corporation Limited
2025 are as under: vertical of the Adani Group since inception and steered
its diversification in India as well as overseas. The Natural Mr. Anand is M.A in Economics. He is an investment Mr. Singhi is a Member of the following audit committee
Mr. Karan Adani (DIN: 03088095) (Chairman and officer and have managed Investment portfolio of LIC
Resources vertical comprises Integrated Coal Management, and/or stakeholders’ relationship Committee:
Non-Executive Director) of India. He is having a very rich and varied experience
Iron Ore, Copper, Aluminium, Minerals, Bunkering, LPG, ATF,
Mr. Karan Adani, aged 38 years, is a Non-Executive and Mining businesses. He is an energy enthusiast and in different senior positions including Marketing, HR, Name of the Co. Name of Committee
Director (Chairman) of the Company effective from sustainability champion. Finance etc. He is a Nominee Director of LIC. ACC Limited Stakeholders'
September 16, 2022. Mr. Karan Adani holds a degree in Relationship Committee
His vision and leadership have led Adani Natural Resources Mr. Anand does not hold any Equity Share of the Company
economics from Purdue University, USA. He started his
(ANR) to the forefront of growth and excellence, earning as on March 31, 2025 in his individual capacity.
career by learning the intricacies of the port operations at Mr. Nitin Shukla (DIN: 00041433) (Non-Executive
Mundra. Having accumulated experience throughout all several awards for commitment towards the environment, Mr. Anand is on the board of the following public companies: – Independent Director)
levels of our operations since 2009, he is responsible for the community engagement, sustainability, and safety, making
Mr. Nitin Shukla, aged 73 years, is a Non-Executive
strategic development of the Adani Group and overlooks its ANR a Great Place to Work in India. Listed Public Companies Other Public Companies
Independent Director of the Company, effective from
day to day operations. He aims to build the Adani Group’s (Category of Directorship) (Category of Directorship)
He held key positions in various industry bodies, leading September 16, 2022.
identity around an integrated business model, backed by ACC Limited (Non-Executive -
committees of FIMI, ASSOCHAM, FICCI, and CII, where he -
his sound understanding of new processes, systems and Non-Independent Director) Mr. Shukla has done B.E. (Mechanical). His career spans
championed ideas of responsible and sustainable mining.
macro-economic issues, coupled with his growing experience. over four decades and nearly half as CEO-MD with JVs
He has been honoured at many prestigious platforms, such Mr. Anand does not occupy any position of the audit of MNCs in India.
Mr. Karan Adani does not hold any Equity Share of the as the Global Business Excellence Award at the World committee and / or stakeholders’ relationship committee
Company as on March 31, 2025 in his individual capacity. PetroCoal Congress 2017. in above company. He successfully implemented as a key member two large
green-field projects in energy & infrastructure sectors in
Mr. Karan Adani is on the board of the following public Dr. Vinay Prakash holds a Doctorate from the Indian
Mr. Sandeep Singhi (DIN: 01211070) Gujarat, India; and then successfully operated them.
companies: Institute of Technology (ISM) Dhanbad. He is also a
(Non-Executive – Independent Director)
Mechanical Engineer with a PG Diploma in Operations/ He retired from Shell Group in September, 2016 as
Listed Public Companies Other Public Companies Material Management and an MBA (Finance). Mr. Sandeep Singhi, aged 59 years, is a Non-Executive Managing Director & CEO of Hazira LNG Pvt. Ltd and
(Category of Directorship) (Category of Directorship) Independent Director of the Company appointed on Hazira Port Pvt. Ltd. He led this business since FID (Final
Prior to joining the Adani Group in 2001, he worked with September 16, 2022.
ACC Limited (Non-Executive, Non Investment decision) taken by Shell in December, 2001.
- the Aditya Birla Group for eight years.
Independent Director, Chairman) Mr. Singhi is Science Graduate and Law Graduate by He successfully developed LNG business based on a novel
Ambuja Cements Limited Adani GCC Private Limited Mr. Vinay Prakash does not hold any Equity Share of the qualification and is Senior Partner of Singhi & Co., spot cargo model and later based on combination of service
(Non-Executive Director) (Non - Executive Director) Company as on March 31, 2025 in his individual capacity. Advocates & Notary, Ahmedabad. He has over 28 years provider coupled with spot cargoes/short term contracts.
of experience in legal field. He is enrolled as an Advocate He played key role in development of non-LNG cargo port
Adani Ports and Special Economic
- with the Bar Council of Gujarat since 1989 and also as a development of Hazira port through sub- concession route
Zone Ltd (Managing Director)
member of the International Bar Association. through international competitive bidding process.

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Prior to his leadership role with Shell Group, Mr. Shukla does not occupy the position of Chairman in He is Chairman and Independent Director on the board of Mr. Ajay Kapur (DIN: 03096416) (Wholetime
Mr. Shukla was the Managing Director of Gujarat any of the audit committee and stakeholders’ relationship AMC of Trust Mutual Fund and Independent Director on Director & CEO)
PowerGen Energy Corporation Limited (PowerGen, UK committee in any of the above mentioned Companies. the boards of Star Health Insurance and UGRO Capital Ltd. Mr. Ajay Kapur, aged 59 years, is the Whole Time Director
Group Company) from July 1999 to February 2002. He is also a Civil/Commercial Mediator on the panel of ADR and CEO of the Company.
Mr. Shukla is a member of the following audit committee
He served as an Executive Director, Gujarat Torrent Energy ODR International U.K.
and/or stakeholders’ relationship Committees: He has over 30 years of expertise in the cement,
Corporation Ltd. (GTEC), for nearly last two years during
Mr. Agarwal does not hold any Equity Share of the Company construction, power and heavy metals sector. Mr. Kapur
his tenure from November, 1992 till July, 1999. He played a Name of the Company Name of the Committee as on March 31, 2025 in his individual capacity. joined Ambuja Cements in 1993 and has spent more than
key role in developing world class 655 MW gas based dual ACC Limited Audit Committee
fuel power plant within budget and on schedule during Mr. Agarwal is on the board of the following 25 years in various strategic roles. Mr. Kapur previously
Gujarat Alkalies and Audit Committee held the positions of CEO of Aluminium & Power and MD of
his tenure with GTEC. Prior to GTEC, he was responsible public companies:
Chemicals Limited Commercial at Vedanta Ltd. before joining the Adani Group
for early project activities of large Soda Ash and Linear
Alkaline Benzene projects of Nirma Ltd. He has also worked Gujarat Alkalies and Stakeholders' Listed Public Companies Other Public Companies in June 2022. He most recently worked for Adani Ports and
on large and complex projects of Engineers India Ltd. Chemicals Limited Relationship Committee (Category of Directorship) (Category of Directorship) Special Economic Zone Ltd. as CEO of Special Projects.
Gujarat Industries Power Stakeholders' ACC Limited (Non-Executive - Paytm Money Limited He has been extensively involved in several business
He had been associated as office bearer or Executive Independent Director) (Non-Executive forums, such as CII, FICCI, and ASSOCHAM. He holds an
Company Ltd. Relationship Committee
Committee member with various business and social Independent Director) MBA from the K.J. Somaiya Institute of Management and a
organisations including CII, FICCI, AMA, GCCI. Mr. Rajeev Agarwal (DIN: 07984221) (Non-Executive degree in economics. He is also an alumnus of The Wharton
MkVentures Capital Limited -
He was Chairman of CII-Gujarat, and member of National – Independent Director) (Non-Executive - Independent School of the University of Pennsylvania.
Hydrocarbon Council of CII and FICCI, Member of Mr. Rajeev Agarwal, aged 66 years, is a Non-Executive- Director) Mr. Kapur does not hold any Equity Share of the Company
Advisory Council of CSIR-NEERI (Council of Scientific and Independent Director of the Company, effective from UGRO Capital Limited - as on March 31, 2025 in his individual capacity.
Industrial Research, National Environment Engineering September 16, 2022. (Non-Executive - Independent
Research Institute). Mr. Kapur is on the board of the following public
Mr. Agarwal, an Engineering graduate from I.I.T, Roorkee, Director)
companies:
He was an Independent Director on the Board of Gujarat belongs to 1983 batch of Indian Revenue Service and has Star Health and Allied Insurance -
Mineral Development Corporation Ltd. since October 14, got wide experience of Securities Markets, Commodity Company Limited (Non-Executive Listed Public Companies Other Public Companies
2014 till October 13, 2024. He is also on the Board of Markets and Taxation - Whole Time Member, SEBI, for 5 - Independent Director) (Category of Directorship) (Category of Directorship)
Gujarat Industries Power Company Ltd. and Gujarat Alkalis yrs ; Member, Forward Markets Commission, erstwhile ONE 97 Communications - ACC Limited Adani Cement
and Chemicals Ltd. He is founding Director of Anuvad regulator of Commodity futures markets, for 5 and a half Limited (Non-Executive (Wholetime Director & CEO) Industries Limited
Academy and Research Foundation. He has also served as years ; Indian Revenue Service - 28 yrs. During his tenure Independent Director)
(Non Executive
Director on the Board of and Dahej SEZ Ltd. on the board of SEBI he supervised and handled the Policy
Mr. Agarwal is a Chairman of the following audit and Director)
of important departments dealing with markets in equity,
He is currently associated with various not-for-profit stakeholders’ relationship committees: Sanghi Industries Limited Adani Cementation
bonds, currency and commodities, Mutual Funds, Foreign
organisations such as Gujarat Vishwakosh Trust, Sabarmati (Non-Executive - Non Limited
Investors, International Affairs, Corporate Governance, PEs,
Ashram Preservation & Maintenance Trust (Gandhi Ashram) Name of the Companies Name of the Committee
VCFs, Start Ups etc. Independent Director-
as Trustee and also with Darshak Itihas Nidhi (Darshak ACC Limited Stakeholders' (Non Executive
Chairperson)
Foundation for History) as senior office bearer. He was also responsible for revival package of the Mutual Relationship Committee Director)
Fund Industry in 2012 when the industry was going through UGRO Capital Limited Stakeholders' Ambuja Cements Limited
Mr. Shukla does not hold any Equity Share of the Company
a major crisis after ‘Entry Load’ ban in 2010. Since then the Relationship Committee (Whole-time Director & CEO)
as on March 31, 2025 in his individual capacity.
MF Industry has grown more than 5 times. He supervised
Star Health and Allied Stakeholders' Mr. Kapur does not occupy the position of chairman of the
Mr. Shukla is on the board of the following public smooth merger of commodity Market regulator, Forward
Insurance Company Limited Relationship Committee audit committee and stakeholders’ relationship committee
companies: Markets Commission, with SEBI in 2015 which was a very
rare event globally. One 97 Communications Stakeholders' in any of the above companies.
Listed Public Companies Other Public Companies Limited Relationship Committee
He has wide exposure of Global Markets and their regulation Mr. Kapur is a member of the following audit committee
(Category of Directorship) (Category of Directorship)
having interacted with Global peers and International Mr. Agarwal is a member of the following audit committee and/or stakeholders’ relationship committee:
ACC Limited (Non-Executive - -
bodies such as IOSCO and Pacific Pension Investment and stakeholders’ relationship committees:
Independent Director) Name of the Companies Name of the Committee
Institute, San Francisco, a body of Global Pension Funds
Gujarat Alkalies and Chemicals - Name of the Companies Name of the Committee ACC Limited Stakeholders'
whose member pension funds command a pool of more
Limited (Non-Executive - ACC Limited Audit Committee Relationship Committee
than 25 Trillion USD. He is attending their roundtables
Independent Director) UGRO Capital Limited Audit Committee Ambuja Cements Limited Stakeholders'
and has worked with their members on ESG strategy for
Gujarat Industries Power - member pension funds. Presently, he is running an Advisory Star Health and Allied Audit Committee Relationship Committee
Company Ltd (Non-Executive - in capital market advising Indian corporates/start-ups on Insurance Company Limited
Independent Director) regulatory issues and corporate governance. He is also on One 97 Communications Limited Audit Committee
the panel of experts of five Global Consultancies and is
Paytm Money Limited Audit Committee
advising their foreign clients on Indian Capital Markets.

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Ms. Ameera Shah (DIN: 00208095) Medicine. She is also on the global advisory board of AXA, Skills/expertise competencies of the Board of Directors:
(Non-Executive – Independent Director) a Paris headquartered company with 700 Billion $ under
The following is the list of core skills/competencies identified by the Board of Directors as required in the context of the
Ms. Ameera Shah, aged 45 years, is a Non-Executive- asset management.
Company’s business and that the said skills are available within the Board Members:
Independent Director of the Company, effective from Ms. Ameera is on the board of the following public
December 12, 2022. companies:

Ms. Ameera is the Promoter & Managing Director Listed Public Companies Other Public Companies
of Metropolis Healthcare Ltd. For the last 20 years, (Category of Directorship) (Category of Directorship)
Ms. Shah has focused on delivering sustained growth, ACC Limited (Non-Executive
built and led corporate functions, including finance, -Independent Director) Business Leadership Financial Expertise
strategy, business process optimisation, innovation, Metropolis Healthcare Limited Leadership experience including in areas of business Knowledge and skills in accounting, finance, treasury
investor relations etc. (Managing Director) development, strategic planning, succession planning, management, tax and financial management of large
Named amongst ‘Asia’s Most Powerful Women in Business’ Torrent Pharmaceuticals Ltd driving change and long term growth and guiding corporations with understanding of capital allocation,
by Forbes Asia and ‘Fifty Most Powerful Women in (Non-Executive - Independent the Company and its senior management towards its funding and financial reporting processes.
Business’ by Fortune India, Ms. Shah is recognised as a Director) vision and values.
global thought leader in the healthcare industry. She has
also played an instrumental role in changing the pathology Ms. Ameera is a chairperson of the following audit
industry landscape in the country; from being a doctor led committee and/or stakeholders’ relationship committee:
practice to a professional corporate group in an extremely
Name of the Companies Name of the Committee
unregulated, competitive and fragmented market.
Torrent Pharmaceuticals Ltd Stakeholders'
Ms. Ameera received a degree in Finance from The Relationship Committee
Risk Management Global Experience
University of Texas at Austin and has also completed the
prestigious Owner-President Management Program at Ms. Ameera is a member of the following audit committee Ability to understand and assess the key risks to Global mindset and staying updated on global market
Harvard Business School. and/or stakeholders’ relationship committee: the organisation, legal compliances and ensure that opportunities, competition experience in driving business
appropriate policies and procedures are in place to success around the world with an understanding of
In addition to being a propagator of organisational empathy Name of the Companies Name of the Committee effectively manage risk. diverse business environments, economic conditions and
and gender sensitivity, Ms. Shah is also an active financial Torrent Pharmaceuticals Ltd Audit Committee regulatory frameworks.
investor and a business mentor. Passionate about the Metropolis Healthcare Limited Stakeholders'
women leadership and empowerment, she has committed Relationship Committee
to supporting budding women entrepreneurs. This led
her to set up Empoweress, a not-for-profit platform for Board Age profile and Board Experience is as under:
women-led businesses to find advice, mentorship and Board Age Profile Board Experience
microfunding. Launched in 2017, the platform incubates
more than 50 women led businesses already.
10% Merger & Acquisition Corporate Governance & ESG
An eminent industry spokesperson, she has been featured Ability to assess 'build or buy' & timing of decisions, analyse Experience in implementing good corporate governance
as a speaker in various National and International forums, the fit of a target with the company's strategy and evaluate practices, reviewing compliance and governance practices
industry events and conclaves organised by IIM, Harvard 37.5% operational integration plans. for a sustainable growth of the company and protecting
Business School, TedX, CII, FICCI, Twitter amongst others. stakeholders' interest.
She has also been elected the Secretary of the IAPL (Indian 62.5%
Association of Pathology Laboratories) and has served as
90%
the Chairperson of the ‘FICCI Health services Western
Subgroup’ that drives policy decisions at the Center.
 35-55  56-75  20  10-20
Ms. Ameera has served as an Independent Director on Years Years Years Years
the board of reputed Indian companies (Kaya, Shoppers
Stop). She is an Independent Director on the board of Technology & Innovations Industry and Sector Experience
Torrent Pharma and is also an advisor to Baylor College of Experience or knowledge of emerging areas of technology Knowledge and experience in the business sector to
such as digital, artificial intelligence, cyber security, data provide strategic guidance to the management in fast
centre, data security etc. changing environment.

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Integrated Annual Report 2024-25

Please refer Board of Directors Section of this Integrated respect of legal action against its Directors under the members and communicated to them in advance. discussions at the meeting. Where it is not practicable to
Annual Report for the key skills, expertise and core Directors’ and Officers’ Liability Insurance. The Board Calendar for the financial year 2025-26 has attach any document to the Agenda, the same is tabled
competencies of the members of Board. been disclosed later in this report and has also been before the meeting with specific reference to this effect
Independent Directors uploaded on the Company’s website. Additional meetings in the Agenda. In special and exceptional circumstances,
Directors’ selection, appointment and tenure: The Independent Directors are the Board members who are called, when necessary, to consider urgent business additional or supplementary item(s) on the Agenda are
The Directors of your Company are appointed/re- appointed are required to meet baseline definition and criteria on matters. Additional meetings are called, when necessary, permitted. In order to transact some urgent business,
by the Board on the recommendation of the Nomination and ‘independence’ as set out in Regulation 16 of Listing to consider urgent business matters. which may come up after circulation of agenda papers, the
Remuneration Committee and approval of the Shareholders Regulations, Section 149(6) of the Companies Act, same is placed before the Board by way of Table Agenda or
All committee recommendations placed before the
at the General Meeting(s) or through means of Postal 2013 read with rules and Schedule IV thereto and other Chairman’s Agenda. Frequent and detailed deliberation on
Board during the year under review were unanimously
Ballot. In accordance with the Articles of Association of applicable regulations. In terms of Regulation 25(8) the agenda provides the strategic roadmap for the future
accepted by the Board.
the Company and provisions of the Act, all the Directors, of Listing Regulations. Independent Directors of the growth of the Company.
except the Managing Director, and Independent Directors, Company have confirmed that they are not aware of any The Board devotes its significant time in evaluation
Minimum 4 (four) pre-scheduled Board meetings are
of your Company, are liable to retire by rotation at the circumstance or situation, which exist or may be reasonably of current and potential strategic issues and reviews
held every year. Apart from the above, additional Board
Annual General Meeting (“AGM”) each year and, if eligible, anticipated, that could impair or impact their ability to Company’s business plans, corporate strategy and risk
meetings are convened by giving appropriate notice to
offer their candidature for re-appointment. The Executive discharge their duties. management issues based on the markets it operates in
address the specific needs of the Company. In case of
Directors on the Board have been appointed as per the and in light of global industry trends and developments to
Accordingly, based on the declarations received from all business exigencies or urgency of matters, resolutions are
provisions of the Act and serve in accordance with the help achieve its strategic goals.
Independent Directors, the Board has confirmed that also passed by way of circulation.
terms of employment with the Company. The Chief Financial Officer and other Senior Management
Independent Directors of the Company fulfill the conditions Detailed presentations are made at the Board/
As regards the appointment and tenure of Independent specified in the Act and SEBI Listing Regulations and are members are invited to the Board and Committee
Committee meetings covering Finance and operations
Directors, following is the policy adopted by the Board: independent of the management. Further, the Independent meetings to present updates on the items being discussed
of the Company, terms of reference of the Committees,
Directors confirmed that they have enrolled themselves in at the meeting. In addition, the functional heads of
ƒ Your Company has adopted the provisions with business environment, all business areas of the Company
the Independent Directors’ Databank maintained by the various business segments/functions are also invited at
respect to appointment and tenure of Independent including business opportunities, business strategy
Indian Institute of Corporate Affairs. As mentioned earlier regular intervals to present updates on the respective
Directors which are consistent with the Act and and the risk management practices before taking on
in this report, the Board includes 4 (four) Independent business functions.
Listing Regulations. record the quarterly/half yearly/annual financial results
Directors as on March 31, 2025. of the Company.
Availability of information to the Board
ƒ In keeping with progressive governance practices, it Your Company issues formal letter of appointment to the
has resolved to appoint all new Independent Directors The Board has complete and unfettered access to all The required information as enumerated in Part A of
Independent Directors at the time of their appointment/ relevant information within the Company, to the Senior Schedule II to SEBI Listing Regulations is made available
for two terms up to 3 (three) years each. Further, terms
re-appointment. The terms and conditions of the Management and all the auditors of the Company. to the Board of Directors for discussions and consideration
of appointment of other Non-Executive Directors shall
appointment of Independent Directors are available on Board Meetings are governed by structured agenda. at every Board Meeting. The Board periodically reviews
also be subject to approval of shareholders at their
the Company’s website at [Link] All major agenda items are backed by comprehensive compliance reports of all laws applicable to the
meeting held every 5 (five) years.
newsite/pdf/Draft-letter-of-Appointment-of-Independent- background information to enable the Board to take Company as required under Regulation 17(3) of the SEBI
None of the Independent Director(s) of the Company [Link] informed decisions. The Company Secretary in consultation Listing Regulations.
resigned during the year before the expiry of their tenure. with the Senior Management prepares the detailed agenda
Changes in the Board subsequent to the The important decisions taken at the Board/Committee
In compliance with Regulation 26 of the SEBI Listing for the meetings.
FY 2024-25 meetings are communicated to departments concerned
Regulations, none of the Directors is a Director of more than Agenda papers and Notes on Agenda are circulated promptly. Action taken report on the decisions taken at
10 (ten) Committees or acts as an independent director 1. Mr. Ajay Kapur ceased to be Wholetime Director & CEO
to the Directors, in advance, in the defined Agenda the meeting(s) is placed at the immediately succeeding
in more than 7 (seven) listed companies. Further, none w.e.f. closure of business hours of March 31, 2025.
format. All material information is circulated along with meeting of the Board/Committee for noting by the
of the Directors on the Board is a member of more than 2. Mr. Vinod Bahety was serving as Chief Financial Officer Agenda papers for facilitating meaningful and focused Board/Committee.
10 (ten) committees and chairperson of more than 5 of the Company and ACC Limited (Cement business)
(five) committees (committees being, audit committee During the year under review, Board met 6 (Six) times as under:
w.e.f. September 16, 2022. He has been elevated to
and stakeholders' relationship committee) across all the the role of Wholetime Director and Chief Executive
companies in which he/she is a Director. All the Directors Officer (WTD & CEO) of the Company (Key Managerial April 25, 2024 1 May 1, 2024 2 July 29, 2024 3 October 24, 2024 4
have made necessary disclosures regarding committee Personnel) for a term of three (3) years w.e.f.
positions held by them in other companies. April 1, 2025. Consequently, Mr. Bahety relinquished
his position as Chief Financial Officer of the Company January 27, 2025 5 March 28, 2025 6
Any person who becomes Director or Officer, including
an employee who is acting in a managerial or supervisory w.e.f. close of business hours on March 31, 2025.
capacity, shall be covered under Directors’ and Officers’
Liability Insurance Policy. The Policy shall also covers Board Meetings and Procedure
those who serve as a Director, Officer or equivalent of Meetings Schedule and Agenda
a subsidiaries/joint ventures/associates at Company’s
The schedule of the Board meetings and Board Committee
request. The Company has provided insurance cover in
meetings are finalised in consultation with the Board

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Integrated Annual Report 2024-25

The Board meets at least once in every quarter to review the Company’s operations and financial performance. The maximum As part of familiarisation program, the Company conducts of 5 years commencing from 1st April 2024. Pursuant to
gap between two meetings is not more than 120 days. The necessary quorum was present in all the meetings. Directors’ Engagement Series where the Board is apprised this, the remuneration by way of commission to the
about critical topics such as global trends in the domain Non-Executive Directors is decided by the Board of
The attendance of the Board members at the Board meetings and the AGM of the Company held during FY 2024-25,
of ESG, Capital Market, Risk Management, Credit Profile, Directors. The Board had at their meeting held on
is as follows:
Financial Controls beside general awareness about July 29, 2024 had fixed I 30 Lakhs as the Annual
Board Meetings Total Board other Adani portfolio companies and key developments. Commission payable to the Independent Directors
AGM held Board During the year 6 (Six) such events were conducted with and LIC Nominee.
meetings % of
Name of Director on June meetings sessions on Cyber Security, IT Initiatives, ESG Trends in
1 2 3 4 5 6 held during attendance In addition to the commission, the Non-Executive
26, 2024 attended India, Customer Centricity, HR Initiatives, Internal Audit
tenure Independent Directors and LIC Nominee are paid
6 6 100 Framework, Communication Strategy and Artificial
Mr. Karan Adani sitting fees of I 75,000 for attending each Board
Intelligence. Each event has a minimum of two sessions
and Audit Committee meeting and I 35,000 each
Mr. Ajay Kapur 6 6 100 followed by Q&A session. Site visits are also organised
for attending other committee meetings along with
during one or two such events.
Mr. Rajeev Agarwal 6 6 100 actual reimbursement of expenses, incurred for
Apart from the above, the Company also organises an attending such meeting of the Board and Committees.
Mr. Nitin Shukla 6 6 100 annual strategy meet with the Board to deliberate on
Your Company has adopted a Directors’ & Officers’
6 6 100 various topics related to strategic planning, progress of
Mr. Sandeep Singhi Liability Insurance Policy.
ongoing strategic initiatives, risks to strategy execution
Mr. Arun Kumar Anand 6 6 100 and the need for new strategic programs to achieve the ii) Performance Evaluation Criteria for Independent
Company’s long-term objectives. This serves the dual Directors:
Ms. Ameera Shah 6 3 50
purpose of providing the Board members a platform to
 The performance evaluation criteria for Independent
Mr. Vinay Prakash 6 6 100 bring their expertise to various strategic initiatives, while
Directors are determined by the Nomination and
also providing an opportunity for them to understand
Attendance (%) 85.71 85.71 100 100 100 85.71 93.75 Remuneration Committee. An indicative list of
detailed aspects of execution and challenges relating to
factors that may be evaluated include participation
Attended through video conference Leave of absence Attended in Person Chairman the specific theme.
and contribution by a Director, commitment, effective
During the year, the Board accepted all recommendations Directors’ Induction and Familiarisation In summary, through above events/meetings, members of deployment of knowledge and expertise, effective
of the Committees of the Board, which were statutory in the Board get a comprehensive and balanced perspective management of relationship with stakeholders,
The Board Familiarisation Programme comprises
nature and required to be recommended by the Committee on the strategic issues facing the Company, the competitive integrity and maintenance of confidentiality and
of the following:
and approved by the Board. Hence, the Company is in differentiation being pursued by the Company, and an independence of behaviour and judgement.
compliance of condition of clause 10 (j) of schedule V of ƒ Induction Programme for Directors including overview of the execution plan. In addition, this event
Non-Executive Directors allows the members of the Board to interact closely with iii) Remuneration to Executive Directors:
the SEBI Listing Regulations.
the senior leadership of the Company. The remuneration of the Executive Directors is
ƒ Immersion sessions on business and functions; and recommended by the Nomination and Remuneration
Meeting of Independent Directors
ƒ Strategy sessions Remuneration Policy: Committee to the Board based on criteria such as
The Independent Directors meet at least once in a
The Remuneration Policy of the Company is directed towards industry benchmarks, the Company’s performance
year, without the presence of Executive Directors or All new directors are taken through a detailed induction
rewarding performance, based on review of achievements vis-à-vis the industry, responsibilities shouldered,
Management representatives. They also have separate and familiarisation program when they join the Board of
on a periodic basis. The Company endeavours to attract, performance/track record, macro-economic review
meeting(s) with the Chairman of the Board, to discuss the Company. The induction program is an exhaustive one
retain, develop and motivate high-calibre executives on remuneration packages of heads of other
issues and concerns, if any. The Independent Directors met that covers the history and culture of Adani portfolio of
and to incentivise them to develop and implement the organisations. The pay structure of Executive Directors
once during the Financial Year 2024-25, on March 28, 2025. companies, background of the Company and its growth,
Group’s Strategy, thereby enhancing the business value has appropriate success and sustainability metrices
The Independent Directors inter alia discuss the issues various milestones in the Company’s existence since its
and maintain a high-performance workforce. The Policy built in. On the recommendation of the Nomination
arising out of the Committee Meetings and Board including incorporation, the present structure and an overview of
ensures that the level and composition of remuneration and Remuneration Committee, the remuneration paid/
the quality, quantity and timely flow of information the businesses and functions.
of the Directors is optimum. payable by way of salary, perquisites and allowances
between the Company Management and the Board that
Deep dives and immersion sessions are conducted by senior (fixed component), incentive and/or commission
is necessary for the Board to effectively and reasonably
executives on their respective functions. Key aspects that i) Remuneration to Non-Executive Directors: (variable components), to its Executive Directors
perform its duties. In addition to these formal meetings,
are covered in these sessions include: The Members at the Annual General Meeting held on within the limits prescribed under the Act is approved
interactions outside the Board Meetings also take place
26th June, 2024 approved the payment of remuneration by the Board of Directors and by the Members in the
between the Chairman and Independent Directors. ƒ Industry/market trends General Meeting.
by way of commission to the Non-Executive Directors
Statutory Auditors also have independent access to the ƒ Company’s operations including those of of the Company, of a sum not exceeding 1% per annum The Executive Directors are not being paid sitting
members of the Audit Committee to discuss internal audit major subsidiaries of the net profits of the Company, calculated in fees for attending meetings of the Board of Directors
effectiveness, control environment and their general accordance with the provisions of the Act for a period
feedback. The Independent Directors also have access to
ƒ Growth Strategy and its Committee.

Secretarial Auditor, Cost Auditor and the management for ƒ ESG Strategy and performance
discussions and questions, if any.

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Details of Remuneration:

i) Non-Executive Directors:
The details of sitting fees, participation fees and commission paid to Non-Executive Directors during the
FY 2024-25 are as under: Board Committees
(I in Lakhs) The Board Committees play a vital role in ensuring sound Corporate Governance practices. The Committees are constituted
Participation to handle specific activities and ensure speedy resolution of the diverse matters. The Board Committees are set up
Parameter Commission Sitting Fees Total
Fees under the formal approval of the Board to carry out clearly defined roles under which are considered to be performed by
Mr. Karan Adani Nil Nil - Nil members of the Board, as a part of good governance practice. The Board supervises the execution of its responsibilities
by the Committees and is responsible for their action. The minutes of the meetings of all the Committees are placed
Mr. Vinay Prakash Nil Nil - Nil
before the Board for review.
Mr. Rajeev Agarwal 30.00 16.90 3.50 50.40
Mr. Nitin Shukla 30.00 16.90 5.50 52.40 As on March 31, 2025, the Board has constituted the following committees:
Mr. Sandeep Singhi 30.00 17.70 - 47.70
Mr. Arun Kumar Anand 30.00* 4.00 - 34.00
Board of Directors
Ms. Ameera Shah 30.00 2.25 - 32.25
Statutory Committees Governance Committees
* Commission paid to LIC

Other than sitting fees and commission paid to Non-Executive Directors, there were no pecuniary relationships
or transactions by the Company with any of the Non-Executive Directors of the Company. The Company has
not granted stock options to Non-Executive Directors. Risk Info. Tech & Corporate Public
Audit CSR
Management Data Security Responsibility Consumer
Mr. Karan Adani and Mr. Vinay Prakash have waived their right to receive any sitting fees and/or commission Committee Committee
Committee Committee Committee Committee
from your Company from the date of their appointment i.e. September 16, 2022.

ii) Executive Directors:

Details of remuneration paid/payable to Wholetime Director & CEO of the Company during the financial year
2024-25 are as under: Stakeholders' Nomination &
Reputation Legal, Regulatory M&A Commodity Price
(in I) Relationship Remuneration
Risk Committee & Tax Committee Committee Risk Committee
Perquisites, Committee Committee
Name Salary Allowances & Commission Total
other Benefits Statutory Committees
Mr. Ajay Kapur* - - - -
Audit Committee (AC)
* Mr. Ajay Kapur was appointed as WTD & CEO w.e.f. 03.12.2022. He is not paid any remuneration from the Company, as he receives his
remuneration from Ambuja Cements Limited, our holding company. The Audit Committee acts as a link among the Management, the Statutory Auditors, Internal Auditors and the Board
of Directors to oversee the financial reporting process of the Company. The Audit Committee’s purpose is to oversee
iii) Details of shares of the Company held by Directors as on March 31, 2025 are as under: the quality and integrity of accounting, auditing and financial reporting process including review of the internal audit
None of Directors of the Company holds equity shares of the Company in their individual capacity. The Company reports and action taken report. A detailed charter of the Audit Committee is available on the website of the Company at
does not have any Employees’ Stock Option Scheme and there is no separate provision for payment of [Link]
Severance Fees.
The Audit Committee comprise solely of Independent Directors to enable independent and transparent review of
financial reporting process and internal control mechanism with an objective to further strengthen the confidence of
all stakeholders.

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Terms of Reference: Terms of Reference Frequency

The powers, role and terms of reference of the Audit Committee covers the areas as contemplated under SEBI Listing 14. To discuss with internal auditors of any significant findings and follow up there on
Regulations and Section 177 of the Act. The brief terms of reference of Audit Committee are as under:

Terms of Reference Frequency 15. To review the findings of any internal investigations by the internal auditors into matters where
there is suspected fraud or irregularity or a failure of internal control systems of a material nature
1. To oversee the Company’s financial reporting process and the disclosure of its financial
and reporting the matter to the board
information to ensure that the financial statement is correct, sufficient and credible
16. To discuss with statutory auditors before the audit commences, about the nature and scope of
2. To recommend for appointment, remuneration and terms of appointment of statutory and
audit as well as post-audit discussion to ascertain any area of concern
internal auditors of the company
17. To look into the reasons for substantial defaults, if any, in the payment to the depositors,
3. To approve availing of the permitted non-audit services rendered by the Statutory Auditors and
debenture holders, shareholders (in case of non-payment of declared dividends) and creditors
payment of fees thereof
18. To review the functioning of the Vigil Mechanism/Whistle Blower Policy of the Company
4. To review, with the management, the annual financial statements and auditor’s report thereon
before submission to the Board for approval, with particular reference to:
19. To approve appointment of Chief Financial Officer after assessing the qualifications, experience
A. Matters required to be included in the Director’s Responsibility Statement to be included in the
and background, etc. of the candidate
Board’s report in terms of Section 134(3)(c) of the Companies Act, 2013
20. To review financial statements, in particular the investments made by the Company’s unlisted
B. Changes, if any, in accounting policies and practices and reasons for the same
subsidiaries
21. To review compliance with the provisions of Securities and Exchange Board of India (Prohibition
C. Major accounting entries involving estimates based on the exercise of judgment by the
of Insider Trading) Regulations, 2015 EBI Insider Trading Regulations atleast once in a financial
management
year and verify that the systems for internal control are adequate and operating on effectively
D. Significant adjustments made in the financial statements arising out of audit findings
22. To review the utilisation of loans and/or advances from/investment by the holding company in
the subsidiary exceeding rupees 100 crore or 10% of the asset size of the subsidiary, whichever is
E. Compliance with listing and other legal requirements relating to financial statements lower including existing loans/advances/investments
23. To oversee the company’s disclosures and compliance risks, including those related to climate
F. Disclosure of any related party transactions
24. To consider and comment on rationale, cost benefits and impact of schemes involving merger,
G. Modified opinion(s) in the draft audit report demerger, amalgamation etc., on the listed entity and its shareholders
25. To review key significant issues, tax and regulatory/legal report which is likely to have significant
5. To review, with the management, the quarterly financial statements before submission to the impact on financial statements and management’s report on actions taken thereon
board for approval 26. To discuss with the management regarding pending technical and regulatory matters that could
6. To review, with the management, the statement of uses/application of funds raised through an affect the financial statements and updates on management’s plans to implement new technical
issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilised for purposes or regulatory guidelines
other than those stated in the offer document/prospectus/notice and the report submitted by the 27. To review and recommend to the Board for approval – Business plan, Budget for the year and
monitoring agency, monitoring the utilisation of proceeds of a public or rights issue, and making revised estimates
appropriate recommendations to the Board to take up steps in this matter
28. To review Company’s financial policies, strategies and capital structure, working capital and cash
7. To review and monitor the Auditor’s independence and performance, and effectiveness of audit flow management
process
29. To ensure the Internal Auditor has direct access to the Committee chair, providing independence -
8. To approve all related party transactions and subsequent material modifications, thereof from the executive and accountability to the committee
30. To review the treasury policy & performance of the Company, including investment of surplus
9. To scrutinise inter-corporate loans and investments funds and foreign currency operations
31. To review management discussion and analysis of financial condition and results of operations
10. To undertake valuation of undertakings or assets of the company, wherever it is necessary
32. To review, examine and deliberate on all the concerns raised by an out-going auditors and to
11. To evaluate internal financial controls and risk management systems provide views to the Management and Auditors
33. To carry out any other function mandated by the Board from time to time and/or enforced by any
12. To review, with the management, the performance of statutory and internal auditors, adequacy of statutory notification, amendment or modification, as may be applicable
the internal control systems
13. To review the adequacy of internal audit function, if any, including the structure of the internal Frequency
audit department, staffing and seniority of the official heading the department, reporting
structure coverage and frequency of internal audit Annually Quarterly Half yearly Periodically

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Meetings, Attendance & Composition of the Audit Committee: Terms of reference:

The Audit Committee met 7 (Seven) times during the Financial Year 2024-25 on: The powers, role and terms of reference of NRC covers the areas as contemplated under the Listing Regulations and
Section 178 of the Act. The brief terms of reference of NRC are as under:
April 25, 2024 1 July 29, 2024 2 August 16, 2024 3 September 26, 2024 4
Terms of Reference Frequency
1. To formulate the criteria for determining qualifications, positive attributes and independence of a
director and recommend to the Board a policy, relating to the remuneration of the directors, key
October 24, 2024 5 January 27, 2025 6 March 28, 2025 7 managerial personnel and other employees
2. To evaluate the balance of skills, knowledge and experience on the Board while appointing
an Independent Director and based on such evaluation, prepare a description of the roles and
The intervening gap between two meetings did not exceed 120 days. capabilities required of an Independent Director.
For the purpose of identifying suitable candidates, the Committee may:-
100% 7 3 100% a) Use the services of an external agencies, if required.
Independence Meetings Members Average Attendance b) Consider candidates from a wide range of backgrounds, having due regard to diversity; and
c) Consider the time commitments of the candidates.
The composition of Audit Committee and details of attendance of the members during FY 2024-25 are given below: 3. To formulate criteria for & mechanism of evaluation of Independent Directors and the Board
of directors
Audit Committee Meetings Held 4. To specify the manner for effective evaluation of performance of Board, its committees and
during Total % of individual directors to be carried out either by the Board, by the Nomination and Remuneration
Name of Director
1 2 3 4 5 6 7 the Attended attendance Committee or by an independent external agency and review its implementation and compliance
tenure 5. To devise a policy on diversity of Board of Directors
Mr. Sandeep Singhi 7 7 100
6. To Identify persons who are qualified to become directors and who may be appointed in senior
Mr. Rajeev Agarwal 7 7 100
management in accordance with the criteria laid down, and recommend to the Board their
Mr. Nitin Shukla 7 7 100 appointment and removal
7. To extend or continue the term of appointment of the independent director, on the basis of the
Attendance (%) 100 100 100 100 100 100 100 100 report of performance evaluation of independent directors
Attended through video conference Leave of absence Attended in Person Chairman 8. To review and recommend remuneration of the Managing Director(s)/Whole-time Director(s)
based on their performance
All members of the Audit Committee have accounting and financial management knowledge and expertise/exposure. 9. To recommend to the Board, all remuneration, in whatever form, payable to senior management
The meetings of Audit Committee are also attended by the Chief Financial Officer, Statutory Auditors, Finance Controller
and Internal Auditor as special invitees. The Company Secretary acts as the Secretary to the Committee. The minutes
10. To review, amend and approve all Human Resources related policies
of each Audit Committee meeting are placed in the next meeting of the Board. The Audit Committee also meets the
Internal and Statutory Auditors separately, without the presence of Management representatives.
11. To ensure that the management has in place appropriate programs to achieve maximum
Chairman of the Audit Committee attended the last AGM held on June 26, 2024 to answer the shareholders’ queries. leverage from leadership, employee engagement, change management, training & development,
performance management and supporting system
Nomination and Remuneration Committee 12. To oversee workplace safety goals, risks related to workforce and compensation practices
All the members of the Nomination and Remuneration Committee (“NRC”) are Independent and Nominee Director.
A detailed charter of the NRC is available on the website of the Company at: [Link] 13. To oversee employee diversity programs
corporate-governance.
14. To oversee HR philosophy, people strategy and efficacy of HR practices including those for
leadership development, rewards and recognition, talent management and succession planning
(specifically for the Board, KMP and Senior Management)
15. To oversee familiarisation programme for Directors

16. To recommend the appointment of one of the Independent Directors of the Company on the
Board of its Material Subsidiary
17. To carry out any other function as is mandated by the Board from time to time and/or enforced by
any statutory notification, amendment or modification, as may be applicable

Frequency

Annually Quarterly Half yearly Periodically

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Meeting, Attendance & Composition of NRC: Terms of Reference Frequency

NRC met 5 (Five) times during the Financial Year 2024-25:- 7. To oversee statutory compliance relating to all the securities issued, including but not limited to
dividend payments, transfer of unclaimed dividend amounts/unclaimed shares to the IEPF
April 24, 2024 1 July 24, 2024 2 October 21, 2024 3 January 25, 2025 4 8. To suggest and drive implementation of various investor-friendly initiatives

9. To approve and register transfer and/or transmission of securities, issuance of duplicate security
March 28, 2025 5 certificates, issuance of certificate on rematerialisation and to carry out other related activities
10. To carry out any other function as is referred by the Board from time to time or enforced by any
The intervening gap between two meetings did not exceed 120 days. statutory notification/amendment or modification as may be applicable

100% 5 3 100% Frequency

Independence Meetings Members Average Attendance
Annually Quarterly Half yearly Periodically
The composition of NRC and details of attendance of the members during FY 2024-25 are given below:
Meeting, Attendance & Composition of the SRC:
NRC Meetings Held during Total % of
Name of Director SRC met 4 (Four) times during the Financial Year 2024-25 on:
1 2 3 4 5 the tenure Attended attendance

Mr. Nitin Shukla 5 5 100

April 24, 2024 1 July 24, 2024 2 October 21, 2024 3 January 25, 2025 4
Mr. Rajeev Agarwal 5 5 100

Mr. Sandeep Singhi 5 5 100

Attendance (%) 100 100 100 100 100 100

50% 4 4 100%
Independence Meetings Members Average Attendance
Attended through video conference Leave of absence Attended in Person Chairman
The composition of SRC and details of attendance of the members during FY 2024-25 are given below:-
The Company Secretary acts as the Secretary to the NRC. The minutes of each NRC meeting are placed in the next
meeting of the Board. SRC Meetings Held during Total % of
Name of Director
1 2 3 4 the tenure Attended attendance
Stakeholders' Relationship Committee
Mr. Rajeev Agarwal 4 4 100
The Stakeholders’ Relationship Committee of Directors (“SRC”) comprises of 4 (four) members, with fifty percent of
Independent Directors. A detailed charter of the SRC is available on the website of the Company at: [Link] Mr. Karan Adani 4 4 100
com/investor-relations/corporate-governance.
Mr. Sandeep Singhi 4 4 100
Terms of Reference: 4 4 100
Mr. Ajay Kapur
The powers, role and terms of reference of SRC covers the areas as contemplated under the SEBI Listing Regulations
and Section 178 of the Act. The brief terms of reference of SRC are as under: Attendance (%) 100 100 100 100 100

Terms of Reference Frequency Attended through video conference Leave of absence Attended in Person Chairman
1. To look into various aspects of interest of shareholders, debenture holders and other security The Company Secretary acts as the Secretary to the Committee. The minutes of each SRC meeting are placed in the
holders including complaints related to transfer/transmission of shares, non-receipt of annual next meeting of the Board.
report, non-receipt of declared dividends, issue of new/duplicate certificates, general meetings etc.
2. To review the measures taken for effective exercise of voting rights by shareholders Compliance Officer endeavours to implement suggestions as and when
In terms of the requirement of Listing Regulations, received from the investors.
3. To review adherence to the service standards adopted in respect of various services being Mr. Bhavik Parikh, Company Secretary, a whole-time
55 57
rendered by the Registrar & Share Transfer Agent employee, is the Compliance Officer of the Company.
Investor Investor
4. To review various measures and initiatives taken for reducing the quantum of unclaimed Complaints Complaints
Details of Investor Complaints 40% received redressed
dividends and ensuring timely receipt of dividend warrants/annual reports/statutory notices by
the shareholders of the Company The Company and its Registrar and Share Transfer Agent
 Non-receipt of dividend/
address all complaints, suggestions and grievances dividend warrants/fractional
5. To review engagement programs with investors, proxy advisors, etc. and to oversee investors
expeditiously and replies are sent usually within 7-10 entitlements
movement (share register) 60%
 Miscellaneous/Others
days except in case of dispute over facts or other legal
6. To review engagement with rating agencies (Financial, ESG etc.) impediments and procedural issues. The Company

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Integrated Annual Report 2024-25

During the Financial Year 2024-25, 55 complaints were received. 66.67% 2 3 83.33%
Independence Meetings Members Average Attendance
No. of complaints received No. of
Number of complaints disposed off Number of complaints unresolved
complaints received
The composition of CSR Committee and details of attendance of the members during FY 2024-25 are given below:
55 57 0
CSR Meetings Held during Total % of
Corporate Social Responsibility Committee Name of Director
1 2 the tenure Attended attendance
The Corporate Social Responsibility (“CSR”) Committee comprise of 3 (three) members, with a majority of Independent 2 2 100
Directors. A detailed charter of the CSR Committee is available on the website of the Company at: [Link] Mr. Nitin Shukla
com/investor-relations/corporate-governance. Mr. Rajeev Agarwal 2 2 100

Terms of reference: Mr. Vinay Prakash 2 1 50

The powers, role and terms of reference of CSR Committee covers the areas as contemplated under Section 135 of the Attendance (%) 100 66.67 83.33
Act. The brief terms of reference of CSR Committee are as under:
Attended through video conference Leave of absence Attended in Person Chairman
Terms of Reference Frequency
1. To formulate and recommend to the Board, a Corporate Social Responsibility (“CSR”) Policy which The Company Secretary acts as the Secretary to the Committee. The minutes of each CSR meeting are placed in the
shall indicate the activities to be undertaken by the company as specified in Schedule VII of the next meeting of the Board.
Companies Act, 2013 and rules made there under and review thereof
Risk Management Committee
2. To formulate and recommend to the Board, an annual action plan in pursuance to CSR Policy
The Risk Management Committee (“RMC”) comprises of 4 (four) members, with 50% of Independent Directors. A detailed
charter of the Risk Management Committee is available on the website of the Company at: [Link]
3. To recommend to the Board the amount of expenditure to be incurred on the CSR activities investor-relations/corporate-governance.

The Board of Directors of the Company at its meeting held on September 16, 2022 constituted the following committees
4. To monitor the implementation of framework of CSR Policy as Sub-committees of RMC as a part of good corporate governance practice –

5. To review the performance of the Company in the areas of CSR

ƒ Mergers & Acquisitions Committee
ƒ Legal, Regulatory & Tax Committee
6. To institute a transparent monitoring mechanism for implementation of CSR projects/activities ƒ Reputation Risk Committee
undertaken by the company
ƒ Commodity Price Risk Committee
7. To recommend extension of duration of existing project and classify it as on-going project or
other than on-going project Constitution, meetings and terms of reference and other details of above Sub-committees, are separately included as a
part of this report.
8. To submit annual report of CSR activities to the Board
Terms of reference:
9. To consider and recommend appointment of agency/consultant for carrying out impact The powers, role and terms of reference of RMC covers the areas as contemplated under Regulation 21 of the SEBI Listing
assessment for CSR projects, as applicable, to the Board Regulations. The brief terms of reference of RMC are as under:
10. To review and monitor all CSR projects and impact assessment report
Terms of Reference Frequency
1. To review the Company’s risk governance structure, risk assessment and risk management policies,
11. To carry out any other function as is mandated by the Board from time to time and/or enforced
practices and guidelines and procedures, including the risk management plan
by any statutory notification, amendment or modification as may be applicable or as may be
necessary or appropriate for performance of its duties 2. To review and approve the Enterprise Risk Management ('ERM') framework

Frequency 3. To formulate a detailed risk management policy which shall include:

Annually Half yearly Periodically

ƒ A framework for identification of internal and external risks specifically faced by the listed entity,
in particular including financial, operational, sectoral, sustainability (particularly, ESG related risks),
Meeting, Attendance & Composition of the CSR Committee: information technology, cyber security risks or any other risk as may be determined by the Committee.

CSR Committee met 2 (Two) times during the Financial Year 2024-25 on: ƒ Measures for risk mitigation including systems and processes for internal control of identified risks.
ƒ Business continuity plan, oversee of risks, such as strategic, financial, credit, market, liquidity,
April 24, 2024 1 January 25, 2025 2 technology, security, property, IT, legal, regulatory, reputational, and other risks.

ƒ Oversee regulatory and policy risks related to climate change, including review of state and Central policies.

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Terms of Reference Frequency The composition of RMC and details of attendance of the members during FY 2024-25 are given below:
4. To ensure that appropriate methodology, processes and systems are in place to identify, monitor, RMC Meetings Held during Total % of
evaluate and mitigate risks associated with the business of the Company Name of Director
1 2 3 4 the tenure Attended attendance
5. To monitor and oversee implementation of the risk management policy, including evaluating the 4 4 100
adequacy of risk management systems Mr. Nitin Shukla
Mr. Sandeep Singhi 4 4 100
6. To review compliance with enterprise risk management policy, monitor breaches/trigger trips of
risk tolerance limits and direct action 4 3 75
Mr. Vinay Prakash
7. To periodically review the risk management policy, at least once in a year, including by
Mr. Ajay Kapur 4 4 100
considering the changing industry dynamics and evolving complexity
8. To consider appointment and removal of the Chief Risk Officer, if any, and review his terms of Attendance (%) 100 100 100 75 93.75
remuneration
Attended through video conference Leave of absence Attended in Person Chairman
9. To review and approve Company’s risk appetite and tolerance with respect to line of business
The Company Secretary acts as the Secretary to the Committee. The minutes of each RMC meeting are placed in the
next meeting of the Board.
10. To review and monitor the effectiveness and application of credit risk management policies,
related standards and procedures to control the environment with respect to business decisions The Company has a risk management framework to identify, monitor and minimise risks.
11. To review and recommend to the Board various business proposals for their corresponding risks
and opportunities
Non-Statutory Committees
12. To obtain reasonable assurance from management that all known and emerging risks has been Corporate Responsibility Committee
identified and mitigated and managed The Corporate Responsibility Committee (“CRC”) comprise of 3 (three) members, with all members being Independent
13. To form and delegate authority to subcommittee(s), when appropriate, such as: Directors. A detailed charter of the CRC is available on the website of the Company at: [Link]
investor-relations/corporate-governance.
– Mergers & Acquisition Committee;
– Legal, Regulatory & Tax Committee; Terms of reference:
– Reputation Risk Committee; and
Terms of Reference Frequency
– Other Committee(s) as the committee may think appropriate
1. To define the Company’s corporate and social obligations as a responsible citizen and oversee its
14. To oversee suppliers’ diversity
conduct in the context of those obligations
2. To approve a strategy for discharging the Company’s corporate and social responsibilities in such
15. To carry out any other function as is referred by the Board from time to time or enforced by any -
a way as to provide an assurance to the Board and stakeholders
statutory notification/amendment or modification as may be applicable
3. To oversee the creation of appropriate policies and supporting measures (including Public
Frequency disclosure policy, Anti-money Laundering policy, Anti Bribery, Fraud & Corruption policies etc.) and
map them to UNSDG and GRI disclosure standards
Annually Quarterly Half yearly Periodically 4. To identify and monitor those external developments which are likely to have a significant
influence on Company’s reputation and/or its ability to conduct its business appropriately as a
Meeting, Attendance & Composition of the RMC: good citizen and review how best to protect that reputation or that ability
RMC met 4 (Four) times during the Financial Year 2024-25 on: 5. To review the Company’s stakeholder engagement plan (including vendors/supply chain)

April 24, 2024 1 July 24, 2024 2 October 21, 2024 3 January 25, 2025 4 6. To ensure that appropriate communications policies are in place and working effectively to build
and protect the Company’s reputation both internally and externally
7. To review the Integrated Annual Report of the Company
50% 4 4 93.75%
Independence Meetings Members Average Attendance

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Terms of Reference Frequency Meeting, Attendance & Composition of the CRC:

8. To review and direct for alignment of actions/initiatives of the Company with United Nations CRC met 4 (Four) times during the Financial Year 2024-25 on:-
Sustainable Development Goals 2030 (UNSDG):
1. No poverty April 24, 2024 1 July 24, 2024 2 October 21, 2024 3 January 25, 2025 4
2. Zero hunger
3. Good health & well being
4. Quality education
100% 4 3 100%
Independence Meetings Members Average Attendance
5. Gender equality
6. Clean water and sanitation The composition of CRC and details of attendance of the members during FY 2024-25 are given below:
7. Affordance and clean energy
8. Decent work and economic growth CRC Meetings Held during Total % of
Name of Director
9. Industry, Innovation and Infrastructure 1 2 3 4 the tenure Attended attendance
10. Reduced inequalities Mr. Nitin Shukla 4 4 100
11. Sustainable cities and communities 4 4 100
Mr. Rajeev Agarwal
12. Responsible consumption and production
13. Climate action Mr. Sandeep Singhi 4 4 100
14. Life below water Attendance (%) 100 100 100 100 100
15. Life on land
Attended through video conference Leave of absence Attended in Person Chairman
16. Peace and justice strong intuitions
17. Partnerships for goals The Company Secretary acts as the Secretary to the Committee. The minutes of each CRC meeting are placed in the
9. To review sustainability and/or ESG and/or Climate reports or other disclosures such as ethical next meeting of the Board.
governance, environmental stewardship, safety performance, water and energy use etc. and
Chief Sustainability
similar communications to stakeholders on ESG initiatives and activities by the Company and
ensure mapping of the same to GRI disclosure standards As on March 31, 2025, Mr. Ashwin Raikhundaliya is the Chief Sustainability of the Company.
10. To oversee strategies, activities and policies regarding sustainable organisation including Sustainability Governance
environment, social, governance, health and safety, human talent management and related
The Company has integrated sustainability into its core business strategy. To ensure smooth implementation of various
material issue and indicators in the global context and evolving statutory framework
measures across the organisation, we have established a Sustainability Governance mechanism wherein at the pinnacle
11. To oversee ethical leadership, compliance with the Company's sustainability policy, sustainability is the Board of Directors followed by Corporate Sustainability Leadership Committee which looks after the Sustainability
actions and proposals and their tie-in with the Strategic Plan, interaction with different Business Unit Committee who is responsible for Sustainability Reporting at each site. The Sustainability Report of the
stakeholders and compliance with the ethics code Company is available on the website of the Company at [Link]
12. To oversee Company’s initiatives to support innovation, technology, and sustainability
Information Technology & Data Security Committee:
13. To oversee sustainability risks related to supply chain, climate disruption and public policy The Information Technology & Data Security Committee (“IT&DS Committee”) comprise of 4 (four) members, with 50%
Directors being Independent Directors. A detailed charter of the IT & DS Committee is available on the website of the
Company at: [Link]
14. To monitor Company’s ESG ratings/scores from ESG rating agencies and improvement plan

15. To approve appointment of Chief Sustainability Officer after assessing the qualification,
experience and background etc. of the candidate
16. To oversee the Company’s:
a. Vendor development and engagement programs;
b. program for ESG guidance (including Climate) to stakeholders and to seek feedback on the
same and make further improvement programs
17. To provide assurance to Board in relation to various responsibilities being discharged by the Committee

Frequency

Annually Quarterly Half yearly Periodically

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Terms of reference: The Company Secretary acts as the Secretary to the Committee. The minutes of each IT&DS Committee are placed in
the next meeting of the Board.
Terms of Reference Frequency
1. To review and oversee the function of the Information Technology (IT) within the Company in Mergers & Acquisition Committee (M&A Committee):
establishing and implementing various latest IT tools and technologies by which various key
The Mergers & Amalgamation Committee (“M&A Committee”) is a Sub-committee of RMC and comprise of 4 (four)
functions and processes across various divisions within the group can be automated to the extent
members, with a majority of independent directors. A detailed charter of the M&A Committee is available on the website
possible and thereby to add the value
of the Company at:
2. To review and oversee the necessary actions being taken by IT and Cyber team with respect to
protection of various important data across the Company and what the policy for data protection [Link]
and its sustainability
Terms of reference:
3. To oversee the current cyber risk exposure of the Company and future cyber risk strategy
Terms of Reference Frequency
1. To review acquisition strategies with the management
4. To review at least annually the Company’s cyber security breach response and crisis management plan

2. To review proposals relating to merger, acquisition, investment or divestment (“Transaction/s”)

5. To review reports on any cyber security incidents and the adequacy of proposed action
that are presented to the Committee (including how such transaction fits with the Company’s
strategic plans and acquisition strategy, Transaction timing, important Transaction milestones,
6. To assess the adequacy of resources and suggest additional measures to be undertaken by the Company financing, key risks (including cyber security) and opportunities, risk appetite, tolerance and the
integration plan) and if thought fit, to recommend relevant opportunities to the Audit Committee/
7. To regularly review the cyber risk posed by third parties including outsourced IT and other partners Board as appropriate
3. To oversee due diligence process with respect to proposed Transaction(s) and review the reports
8. To annually assess the adequacy of the Group’s cyber insurance cover prepared by internal teams or independent external advisors, if appointed
4. To evaluate execution/completion, integration of Transaction(s) consummated, including
information presented by management in correlation with the Transaction approval parameters
Frequency and the Company’s strategic objectives
5. To periodically review the performance of completed Transaction(s)
Annually Half yearly

Meeting, Attendance & Composition of the IT&DS Committee: 6. To review the highlights good practices and learnings from Transaction and utilise them for future
Transactions
IT&DS Committee met 2 (two) times during the Financial Year 2024-25 on:
7. To review the tax treatment of Transactions and ascertain their effects upon the financial
statements of the Company and seek external advice on the tax treatment of these items, where
April 24, 2024 1 October 21, 2024 2
appropriate

Frequency
50% 2 4 100%
Independence Meetings Members Average Attendance
Annually Periodically
The composition of IT&DS Committee and details of attendance of the members during FY 2024-25 are given below: Meeting, Attendance & Composition of the M&A Committee:
IT&DS Meetings Held during Total % of During the financial year 2024-25, no meeting of the M&A Committee was held.
Name of Director
1 2 the tenure Attended attendance
Legal, Regulatory & Tax Committee:
Mr. Rajeev Agarwal 2 2 100
The Legal, Regulatory & Tax Committee (“LRT Committee”) is a sub-committee of RMC and comprise of 4 (four) members,
Mr. Nitin Shukla 2 2 100 with majority of independent directors. A detailed charter of the LRT Committee is available on the website of the
Company at: [Link]
Mr. Ajay Kapur 2 2 100

Mr. Vinay Prakash 2 2 100

Attendance (%) 100 100 100

Attended through video conference Leave of absence Attended in Person Chairman

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Terms of Reference Frequency The Company Secretary acts as the Secretary to the Committee. The minutes of each LRT Committee are placed in the
next meeting of the Board.
1. To exercise oversight with respect to the structure, operation and efficacy of the Company’s
compliance program Reputation Risk Committee:
2. To review legal, tax and regulatory matters that may have a material impact on the Company’s The Reputation Risk Committee (“RR Committee”) is a sub-committee of RMC comprises of 3 (three) members, with
financial statements and disclosures, reputational risk or business continuity risk majority of independent directors. A detailed charter of the RR Committee is available on the website of the Company
3. To review compliance with applicable laws and regulations at: [Link]

Terms of reference:
4. To approve the compliance audit plan for the year and review of such audits to be performed by
the internal audit department of the Company Terms of Reference Frequency
5. To review significant inquiries received from, and reviews by, regulators or government agencies, 1. To review reports from management regarding reputation risk, including reporting on the
including, without limitation, issues pertaining to compliance with various laws or regulations Reputation Risk Management Framework and Reputation Risk Appetite
or enforcement or other actions brought or threatened to be brought against the Company by 2. To provide ongoing oversight of the reputational risk posed by global business scenario, functions,
regulators or government authorities/bodies/agencies geographies, material legal changes, climate change or high-risk relationships/programs
6. To review, oversee and approve the tax strategy and tax governance framework and consider and 3. To assess and resolve specific issues, potential conflicts of interest and other reputation risk
action tax risk management issues that are brought to the attention of the Committee issues that are reported to the Committee
4. To recommend good practices and measures that would avoid reputational loss
Frequency

5. To review specific cases of non-compliances, violations of codes of conduct which may cause loss
Annually Half yearly Periodically
to reputation the Company
Meeting, Attendance & Composition of the LRT Committee:
LRT Committee met 2 (Two) times during the Financial Year 2024-25 on: Frequency

Annually Half yearly Periodically

October 21, 2024 1 March 28, 2025 2
Meeting, Attendance & Composition of the RR Committee:
RR Committee met 2 (Two) times during the Financial Year 2024-25 on:
75% 2 4 87.5%
Independence Meetings Members Average Attendance
October 21, 2024 1 March 28, 2025 2
The composition of LRT Committee and details of attendance of the members during FY 2024-25 are given below:

Name of Director
LRT Meetings Held during Total % of 66.67% 2 3 100%
1 2 the tenure Attended attendance Independence Meetings Members Average Attendance

Mr. Sandeep Singhi 2 2 100

The composition of RR Committee and details of attendance of the members during FY 2024-25 are given below:
Mr. Nitin Shukla 2 2 100
RR Committee Meetings Held during Total % of
2 2 100 Name of Director
Mr. Rajeev Agarwal 1 2 the tenure Attended attendance

Mr. Vinay Prakash 2 1 50 Mr. Rajeev Agarwal 2 2 100

Attendance (%) 100 75 87.50 Mr. Sandeep Singhi 2 2 100

Attended through video conference Leave of absence Attended in Person Chairman Mr. Karan Adani 2 2 100

Attendance (%) 100 100 100

Attended through video conference Leave of absence Attended in Person Chairman

The Company Secretary acts as the Secretary to the Committee. The minutes of each RR Committee are placed in the
next meeting of the Board.

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Public Consumer Committee: The composition of PC Committee and details of attendance of the members during FY 2024-25 are given below:
The Board, at its meeting held on September 16, 2022 constituted the PCC comprises of 3 (three) members. As on
PC Committee Meetings Held during Total % of
March 31, 2025, all the members of the PCC are Independent Directors. A detailed charter of the PC Committee is available Name of Director
1 2 the tenure Attended attendance
on the website of the Company at: [Link]
Mr. Rajeev Agarwal 2 2 100
Terms of reference:
Mr. Sandeep Singhi 2 2 100
Terms of Reference Frequency
1. To devise a policy on consumer services Mr. Nitin Shukla 2 2 100

Attendance (%) 100 100 100

2. To oversee consumer relationships management (approach, attitude and fair treatment) including
Attended through video conference Leave of absence Attended in Person Chairman
the Company’s policies, practices and services offered.
3. To review the actions taken for building and strengthening consumer service orientation and The Company Secretary acts as the Secretary to the Committee. The minutes of each PC Committee are placed in the
providing suggestion for simplifying processes for improvement in consumer service levels next meeting of the Board.

4. To discuss service updates, ongoing projects specifically targeted towards improvement of Commodity Price Risk Committee:
consumer service and appropriate actions arising from discussions.
The Commodity Price Risk Committee (“CPR Committee”) is a sub-committee of RMC comprises of 4 (four) members,
5. To examine the possible methods of leveraging technology for better consumer services with with 50% of independent directors. A detailed charter of the RR Committee is available on the website of the Company
proper safeguards and recommend measures to enhance consumer ease at: [Link]
6. To seek/provide feedback on quality of services rendered by the Company to its consumers
Terms of reference:

7. To examine the grievance redressal mechanism, its structure, framework, efficacy and Terms of Reference Frequency
recommend changes/improvements required in the system, procedures and processes to make it 1. To monitor commodity price exposures of the Company.
more effective and responsive
8. To review the status of grievances received, redressed and pending for redressal 2. To oversee procedures for identifying, assessing, monitoring and mitigating commodity price risks.

9. To review the working of Alternate Dispute Redressal (ADR) Mechanism, if established by the 3. To devise Commodity Price Risk Management (CPRM) Policy and to monitor implementation of
Company the same
10. To approve appointment of Chief Consumer Officer after assessing the qualifications, experience 4. To review strategy for hedging in relation to volume, tenure and choice of the hedging
and background, etc. of the candidate and to oversee his performance instruments and to approve/ratify of any deviations in transactions vis-a-vis the CPRM Policy.
11. To oversee policies and processes relating to advertising and compliance with consumer 5. To review MIS, documentation, outstanding positions including market to market of transactions
protection laws and internal control mechanisms.
12. To review consumer engagement plan, consumer survey/consumer satisfaction trends and to 6. To review internal audit reports in relation to the CPRM Policy.
suggest directives for improvements
7. To review and amend the CPRM Policy, if market conditions dictate from time to time.
Frequency

Annually Half yearly Periodically Frequency

Meeting, Attendance & Composition of the PC Committee:

Annually Half yearly Periodically
PC Committee met 2 (Two) times during the Financial Year 2024-25 on:
Meeting, Attendance & Composition of the CPR Committee:
July 24, 2024 1 January 25, 2025 2 CPR Committee met 2 (two) times during the Financial Year 2024-25 on July 24, 2024 and January 25, 2025:

July 24, 2024 1 January 25, 2025 2

100% 2 3 100%
Independence Meetings Members Average Attendance

50% 2 4 87.5%
Independence Meetings Members Average Attendance

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The composition of CPR Committee and details of attendance of the members during FY 2024-25 are given below: Whether any resolutions are proposed to be conducted com/investor-relations/corporate-governance. All Board
through postal ballot: Members and Senior Management Personnel have affirmed
CPR Committee compliance of the Code. A declaration signed by Wholetime
Held during Total % of There is no immediate proposal for passing any resolution
Name of Director Meetings Director & CEO to this effect is attached to this report.
the tenure Attended attendance through postal ballot. None of the businesses proposed
1 2
to be transacted at the ensuing AGM require passing of a The Board has also adopted separate code of conduct
Mr. Sandeep Singhi 2 2 100 resolution through postal ballot. with respect to duties of Independent Directors as per the
Mr. Vinay Prakash 2 1 50 provisions of the Act.
Whether any special resolution passed last year through
2 2 100 postal ballot and details of voting pattern: Whistle Blower Policy:
Mr. Nitin Shukla
During the year under review, the Company did not pass Your Company has adopted a Whistle Blower Policy and has
Mr. Ajay Kapur 2 2 100
any special resolutions through postal ballot. established the necessary vigil mechanism for employees
Attendance (%) 100 75 87.5 and directors to report concerns about unethical or
Person who conducted the postal ballot exercise;
improper activities and financial irregularities. No person
Attended through video conference Leave of absence Attended in Person Chairman The Company sought the consent of its members through a has been denied access to the chairman of the Audit
postal ballot notice dated April 15, 2024, for the approval of Committee. The Audit Committee monitors and reviews
The Company Secretary acts as the Secretary to the Committee. The minutes of each CPR Committee are placed in the
material related party transactions with Ambuja Cements the investigations of the whistle blower complaints.
next meeting of the Board.
Limited, Holding Company, of the Company for the The said policy is uploaded on the website of the Company
FY 2024-25. The transactions was classified as special at: [Link]
GOVERNANCE OF SUBSIDIARY COMPANIES
business, and the resolution was passed as ordinary corporate-governance.
The Company does not have a material unlisted subsidiary as on the date of this Integrated Annual Report, having an resolutions with requisite majority on May 18, 2024.
income or net worth exceeding 10% of the consolidated income or net worth respectively, of the Company. The subsidiaries The Company appointed Mr. Chirag Shah, Practicing During the year under review 76 complaints were reported
of the Company function with an adequately empowered Board of Directors and sufficient resources. Company Secretary (Membership No. FCS 5545, COP under Vigil Mechanism, out of which 67 complaints were
No. 3498), as the Scrutiniser to oversee the postal ballot closed. Further the impact of pending complaints is unlikely
The minutes of the Board Meetings of the subsidiary companies along with the details of significant transactions and
(e-voting process) in a fair and transparent manner. to be material.
arrangements entered into by the subsidiary companies are shared with the Board of Directors on a quarterly basis.
The Financial Statements of the subsidiary companies are presented to the Audit Committee. The information in respect Subsequently, the Company again sought members' Anti-Corruption, Anti-Bribery & Conflict of Interest
of the loans and advances in the nature of loans to subsidiaries pursuant to Regulation 34 of the Listing Regulations is approval through a postal ballot notice dated January 27, Policy
provided in Notes to the standalone Financial Statements. 2025, for material related party transactions with Ambuja It is Company’s endeavor to conduct its business
The Company has a policy for determining ‘material subsidiaries’ which is uploaded on the website of the Company at: Cements Limited, Holding Company of the Company for the in an honest and ethical manner. Company takes a
[Link] FY 2025-26. This was also treated as special business, and zero-tolerance approach to bribery and corruption and
the resolution was passed as an ordinary resolution with is committed to acting professionally, fairly and with
requisite majority on March 30, 2025. For this process, integrity in all its business dealings and relationships,
the Company appointed Mr. Raimeen Maradiya, Partner wherever it operates. Company’s designated personnel
at Chirag Shah and Associates, Practicing Company are strongly prohibited from engaging in any form of
Secretary (Membership No. 11283, COP No. 17554), as the unethical activity. This includes a prohibition against
Annual General Meetings:
Scrutiniser to conduct the postal ballot (e-voting process) direct bribery and indirect bribery, including payments
The details of last three Annual General Meetings (“AGMs”) are as follows: in a fair and transparent manner. that can be routed through third parties. If any employee,
Location/ Transcript/Video partner vendor, supplier, stakeholder suspects or becomes
Financial Year Day, date and time (IST) Special resolution passed Procedure for postal ballot:
Mode Recording aware of any potential bribery involving the employee, it
Prescribed procedure for postal ballot as per the provisions is incumbent upon the person to report it to the Vigilance
2023-24 Wednesday, No special resolution Video Recoding
contained in this behalf in the Act read with rules made and Ethics Officer.
June 26, 2024 at 10:00 A.M. was passed at Link
there under as amended from time to time shall be
2022-23 Thursday, No special resolution Transcript available complied with, whenever necessary. A copy of the said Policy, is available on the website
July 20, 2023 at 10:00 AM were passed. at Link of the Company at: [Link]
2021 Thursday, No special resolution Transcript available investor-relations/corporate-governance.
April 21, 2022 at 03:00 PM were passed. at Link
Code on prohibition of Insider Trading
Held through video conference Key Codes, Policies and Frameworks: In compliance with the SEBI (Prohibition of Insider Trading)
All the resolutions proposed by the Directors to shareholders in last three years are approved by shareholders with Regulations, 2015 (“PIT Regulations”), the Company has
Code of Conduct:
requisite majority. formulated the Code of Conduct for Prevention of Insider
The Board has laid down a Code of Business Conduct and Trading (“Code”) to regulate and monitor trading by
Voting results of the last AGM is available on the website of the Company at: [Link] Ethics (the “Code”) for all the Board Members and Senior Designated Persons (“DPs”) and their immediate relatives.
financial-annual-results Management of the Company. The Code is available on
the website of the Company at [Link]

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The Code, inter alia, lays down the procedures to be and manage risks, as well as to address operational, Media Releases: Green Initiative
followed by DPs while trading/dealing in Company shares/ strategic and regulatory risks. In line with the Company’s All official media releases are submitted to NSE and BSE As a responsible corporate citizen, the Company
derivatives and while sharing Unpublished Price Sensitive commitment to deliver sustainable value, this framework and also being uploaded on the website of the Company. welcomes and supports the ‘Green Initiative’ undertaken
Information (UPSI). The Code includes the obligations aims to provide an integrated and organised approach to by the Ministry of Corporate Affairs, Government of India,
and responsibilities of DPs, obligation to maintain the evaluate and manage risks. Risk assessment monitoring Quarterly financial results: enabling electronic delivery of documents including the
structured digital database, mechanism for prevention of is included in the Company’s annual Internal Audit The financial results were published in prominent daily Integrated Annual Report to Shareholders at their e-mail
insider trading and handling of UPSI, process to familiarise programme and reviewed by the Audit Committee/Risk newspapers viz. Financial Express ("All Editions - English") address previously registered with the depositories or the
with the sensitivity of UPSI, transactions which are Management Committee at regular intervals. In compliance and Financial Express (Gujarati daily – vernacular) and Company’s Registrar and Share Transfer Agent.
prohibited and manner in which permitted transactions with Regulation 17 and 21 of the SEBI Listing Regulations, were also uploaded on the website of the Company.
in the securities of the Company shall be carried out etc. the Board of Directors has formulated a Risk Management In line with the SEBI Listing Regulations, the Company
Policy for framing, implementing and monitoring the risk Earning Calls & presentations to Institutional has emailed soft copies of its Integrated Annual Report
A report on insider trading, covering trading by DPs and to all those Shareholders who have registered their email
management plan for the Company. Investors/Analysts
various initiatives/actions taken by the Company under address for the said purpose. With reference to MCA
the PIT Regulations is also placed before the Audit The Board is periodically updated on the key risks, steps and Your Company organises earnings call with analysts and
General Circular Nos. 20/2020 dated May 5, 2020, 3/2022
Committee on quarterly. processes initiated for reducing and, if feasible, eliminating investors. The audio recordings and transcript of these
dated May 5, 2022, 11/2022 dated December 28, 2022,
various risks. Business risk evaluation and management is earning calls are posted on the Company’s website.
The Company periodically circulates the informatory 9/2023 dated September 25, 2023 and 9/2024 dated
an ongoing process within your Company. Presentations made to institutional investors and financial
e-mails along with the FAQs on Insider Trading Code, September 19, 2024 read with the Securities and Exchange
analysts on the financial results are submitted to the stock
Do’s and Don’ts etc. to the employees (including new Detailed update on risk management framework has Board of India Circular No. SEBI/HO/CFD/CFD-PoD-2/P/
exchanges and also uploaded on the Company’s website.
employees) to familiarise them with the provisions of the been covered under the risk section, forming a part of the CIR/2024/133 dated October 3, 2024, Companies have
Code. The Company also conducts frequent workshops/ Integrated Annual Report. Your Company has maintained consistent communication been dispensed with the printing and dispatch of Annual
training sessions to educate and sensitise the employees/ with investors at various forums. Reports to Shareholders. Hence, the Annual Report of the
designated persons. Policy on Material Subsidiary Company for the financial year ended March 31, 2025,
Integrated Annual Report and AGM would be sent through email to the Shareholders who have
The Company has adopted a Policy on Material Subsidiary
Policy on Related Party Transactions in line with the requirements of the Listing Regulations. Integrated Annual Report containing audited standalone registered their email address(es) either with the listed
The Company has adopted the Policy on Related Party The objective of this Policy is to lay down criteria for and consolidated financial statements together with entity or with any depository.
Transactions (“RPTs”) in line with the requirements of the identification and dealing with material subsidiaries and Report of Board of Directors, Management Discussion and
We would greatly appreciate and encourage more Members
Act and SEBI Listing Regulations, as amended from time to formulate a governance framework for subsidiaries of Analysis Report, Corporate Governance Report, Auditor's
to register their email address with their Depository
to time, which is available on the website of the Company the Company. The Policy on Material Subsidiary is available Report and other important information are circulated to
Participant or the RTA/Company, to receive soft copies of
at: [Link] on the website of the Company at [Link] the Members. In the AGM, the Shareholders also interact
the Annual Report and other information disseminated by
corporate-governance com/investor-relations/corporate-governance with the Board and the Management.
the Company. Shareholders who have not registered their
The Policy intends to ensure that proper reporting, Apart from above, the Company has adopted many other Registrar and Share Transfer Agent: e-mail addresses so far are requested to do the same.
approval, disclosure processes are in place for all mandatory and non-mandatory policies, which are available Those holding shares in demat form can register their
KFin Technologies Limited are acting as Registrar and
transactions between the Company and related parties. on Company’s website at [Link] e-mail address with their concerned DPs. Shareholders who
Share Transfer Agent of the Company. They have adequate
This Policy specifically deals with the review and approval investor-relations/corporate-governance hold shares in physical form are requested to register their
infrastructure and VSAT connectivity with both the
of Material RPTs, keeping in mind the potential or actual e-mail addresses with the RTA/Company, by sending KYC
depositories, which facilitate better and faster services
conflicts of interest that may arise because of entering updation forms duly signed by the shareholder(s) with
to the investors.
into these transactions. All RPTs by the Company and RPTs required details. Please note that all documents relating
by the subsidiary companies, exceeding their respective Name, Designation and Address of the Compliance to Annual General Meeting shall be available on the
standalone turnover, were placed before the Audit Officer: Company’s website.
MEANS OF COMMUNICATION
Committee for review and prior approval. Prior omnibus Mr. Bhavik Parikh,
approval is obtained for RPTs on a yearly basis, for the Website:
Company Secretary and Compliance Officer
transactions which are of repetitive nature and/or entered Your Company has dedicated “Investors” section on its “Adani Corporate House”, Shantigram,
in the ordinary course of business and are at arm’s length. website viz. [Link], wherein any person can Near Vaishno Devi Circle, S. G. Highway,
All RPTs entered during the year were in ordinary course access the corporate policies, Board committee charters, Khodiyar, Ahmedabad – 382 421
of business and on arm’s length basis. Annual Reports, financial results, investor presentation and E-mail ID: acc-investorsupport@[Link]
shareholding details etc.
The Company had also obtained the prior approval of
shareholders for the material RPTs entered into during the Announcement of material information:
Financial Year 2024-25.
All the material information, requisite announcements
Risk Management Framework and periodical filings are being submitted by the Company
electronically through web portals of NSE and BSE, where
Your Company has established an Enterprise Risk
the equity shares of the Company are listed.
Management (“ERM”) framework to optimally identify

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Company Registration Details:

Your Company is registered in the State of Gujarat, India and having registered office at Adani Corporate House,
Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad, Gujarat, 382421. The Corporate Identity
Number allotted to the Company by the Ministry of Corporate Affairs is L26940GJ1936PLC149771.
GENERAL SHAREHOLDER INFORMATION
Financial Calendar for 2025-26:
89th Annual General Meeting. The Company’s financial year starts on April 1 and ends on March 31 every year. The calendar for approval of quarterly
Date & Time: Mode: financial results are as under:
Thursday, June 26, 2025 at 10.00 AM (IST) Video Conferencing/Other Audio Visual Means
Instructions for attending AGM/Remote e-voting:
Refer notice of AGM Quarter ending June, 2025 September, December, March,
on 2025 2025 2026

E-voting details: E-voting at AGM: Proposed schedule

[Tentative and Tuesday, Monday, Thursday, Thursday,
Starts: Monday, June 23, 2025 from 9.00 AM (IST) E-voting facility shall also remain open during subject to July 24, 2025 October 27, 2025 January 22, 2026 April 23, 2026
the AGM and 15 minutes after AGM change]
Ends: Wednesday, June 25, 2025 at 5.00 PM (IST)

Listing on Stock Exchanges: Depositories:

Cut-Off Date: Thursday, June 19, 2025
Equity Shares Name of Depositories Address of Depositories
The Equity Shares of the Company are listed with the National Securities Trade World, 4th Floor,
Dividend Distribution Policy: Depository Limited (NSDL) Kamala Mils Compound,
following stock exchanges:
The Dividend Distribution Policy of the Company is available on the website of the Company at: Senapati Bapat Marg,
Name and Address of Stock Exchange Stock Code Lower Parel,
[Link]
BSE Limited (BSE) 500410 Mumbai- 400013.
Dividend Payment: Floor 25, P. J Towers, Dalal Street, Central Depository Services 25th Floor, A Wing,
Mumbai – 400 001 (India) Limited (CDSL) Marathon Futurex, Mafatlal
The Board has considered and recommended a dividend of I 7.50/- per equity share of face value of I 10/- each for the
Financial Year 2024-25, subject to approval of the members at the ensuing AGM. National Stock Exchange of India ACC Mills Compound, NM Joshi
Limited (NSE) Marg, Lower Parel (E),
Record Date: Friday June 13, 2025 Payment Date: Tuesday July 1, 2025 Exchange Plaza, C-1, Block G, Bandra Mumbai- 4000013
Kurla Complex, Bandra (E) Mumbai –
Dividend History past 10 years The annual custody/issuer fees for the Financial Year
400 051.
Dividend Dividend amount 2024-25 have been paid to both NSDL and CDSL.
Financial year Type The annual listing fee for the Financial Year 2025-26 has
(% of face value) per share (In G)
been paid to both, NSE and BSE. ISIN of your Company Registrar and Transfer Agents:
2014 Interim 150 15
is INE012A01025. M/s. KFin Technologies Limited is appointed as Registrar
2014 Final 190 19
and Transfer Agent (“RTA”) of your Company for both
2015 Interim 110 11 Listing of Debt Securities: Physical and Demat Shares. The registered office address
2015 Final 60 6 As on March 31, 2025, no Rated, Listed, Taxable, is given below:
2016 Interim 110 11 Secured, Redeemable, Non-Convertible Debentures were
Address: Selenium Building, Tower-B, Plot No 31 & 32,
2016 Final 60 6 outstanding on the Wholesale Debt Market Segment
Financial District, Nanakramguda, Serilingampally,
of BSE Limited.
2017 Interim 110 11 Hyderabad, Rangareddi, Telangana India - 500032.
2017 Final 150 15 Details of Debenture Trustees (for privately placed Tel: 040-79615565
2018 Final 140 14 Debentures):
E-mail: [Link]@[Link] | Website: https://
2019 Final 140 14 None
[Link]/
2020 Interim 140 14
Outstanding GDRs/ADRs/Warrants or any convertible They have adequate infrastructure and VSAT connectivity
2020 Final 140 14 instruments conversion date and likely impact on equity: with both the depositories, which facilitate better and
2021 Final 580 58 There were no outstanding GDRs/ADRs/Warrants or any faster services to the investors.
2022-23 Final 92.5 9.25 convertible instruments as on March 31, 2025.
The Shareholders are requested to correspond directly with
2023-24 Final 75 7.50
the R&T Agent for transfer/transmission of shares, change
of address, queries pertaining to their shares, dividend etc.

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Integrated Annual Report 2024-25

Transfer of unpaid/unclaimed amounts and shares Procedure for claiming unclaimed dividends and underlying No. of Shares No. of Shareholders
to Investor Education and Protection Fund (IEPF): equity shares from the IEPF Authority:
Demat Physical Demat Physical
In terms of the Section 125 and 124 of the Act read Register and Login: Register yourself on the MCA
1.  March 2025 18,56,88,470 20,98,793 2,02,637 7,692
with Investor Education and Protection Fund Authority website and log in. (98.88%) (1.12%) (96.34%) (3.66)
(Accounting, Auditing, Transfer and Refund) Rules, 2016
(IEPF Rules), the dividend amount that remains unclaimed Access Investor Services: After logging in, click on the
2.  March 2024 18,55,39,041 22,48,222 1,46,086 8,605
for a period of seven years or more is required to be 'Investor Services' tab under the 'MCA Services' section (96.34%) (3.66%) (94.44%) (5.56%)
transferred to the IEPF Authority administered by the to file the web-based Form IEPF-5. Attach scanned
Central Government, along with the corresponding shares copies of the required documents with the form. In terms of the amended Regulation 40(1) of Listing capital of the Company is in agreement with the total
to the demat account of IEPF Authority. Regulations, with effect from April 1, 2019, securities of number of shares in physical form and the total number of
Submit Documents: Provide self-attested copies of
3. 
listed companies can be transferred only in dematerialised dematerialised shares held with NSDL and CDSL. A copy of
During the year under review, the unclaimed dividend the documents listed in the IEPF-5 help kit, available
form (except transmission of securities or transposition the certificate are submitted to both the Stock Exchanges
amount for the year 2017 (interim) along with on the IEPF website ([Link]), to the Company
in the name(s) of holding). Accordingly, the shares held viz., NSE and BSE.
corresponding shares was transferred to the IEPF Authority or Registrar and Transfer Agent (RTA).
in physical form will not be transferred unless they are
established by the Central Government under applicable All share transfer and other communication regarding
4.  erification: After verifying the submitted documents,
V converted into dematerialised form. Transfers of equity
provisions of the Act. share certificates, change of address, dividend etc.
the Company will issue an entitlement letter. shares in electronic form are effected through the
should be addressed to R & T Agents of the Company at
Your Company had communicated to all the concerned depository system with no involvement of the Company.
5.  ile Form IEPF-5: Complete and file Form IEPF-5
F the address given above.
shareholders individually whose dividend and shares are on the IEPF website. Send self-attested copies of A Company Secretary in practice carried out, on a
liable to be transferred to IEPF Authority. Your Company There was no instance of suspension of trading in
the IEPF-5 form, along with the acknowledgement quarterly basis, a reconciliation of the share capital audit
had also given newspaper advertisements, before such Company’s shares during FY 2024-25.
(SRN), indemnity bond, and entitlement letter of the Company confirming that the total issued/paid-up
transfer in favour of IEPF Authority. Your Company has to the Company.
also uploaded the details of such shareholders and Equity shares in the suspense account:
shares transferred to IEPF Authority on the website 6.  rocessing: Upon receiving the physical documents,
P
In accordance with the requirement of Regulation 34(3) and Part F of Schedule V to the SEBI Listing Regulations, details
of your Company at [Link] the Company will submit an e-Verification report for
of equity shares in the suspense account are as follows:
investor-relations/corporate-governance further processing by the IEPF Authority.

Please note that once the dividend/shares are transferred Number of Number of
As required in terms of the Secretarial Standard on Particulars
to the IEPF Authority, the Company will not be liable for Shareholders Equity Shares
Dividend (SS-3), details of unpaid dividend account and
any claims regarding them. Aggregate number of shareholders and the outstanding shares in the suspense 379 48,105
due dates of transfer to the IEPF is given below:
account lying as on April 1, 2024
Further, in accordance with the IEPF Rules, the Board
Due date of Shareholders who approached the Company for transfer of shares from suspense 8 350
Sr Declaration has appointed Mr. Bhavik Parikh as Nodal Officer of the
Financial Year transfer to account during the year
No Date Company. The details of the Nodal Officer is available on
IEPF Shareholders to whom shares were transferred from the suspense account during 8 350
the website of the Company.
1. 31.12.2017 13.06.2018 20.07.2025 the year
2. 31.12.2018 22.03.2019 28.04.2026 Share Transfer System Dematerialisation of Shares Shareholders whose shares are transferred to the demat account of the IEPF 0 0
3. 31.12.2019 12.05.2020 17.06.2027 and Liquidity thereof: Authority as per Section 124 of the Act
4. 31.12.2020 07.04.2021 13.05.2028 The Board has delegated the authority for approving Aggregate number of shareholders and the outstanding shares in the suspense 371 47,755
transfer, transmission etc, to the Share Transfer Committee. account lying as on March 31, 2025*
5. 31.12.2021 21.04.2022 28.05.2029
6. 31.03.2023 20.07.2023 24.09.2030 The Company’s shares are compulsorily traded in * Voting rights on these shares shall remain frozen till the rightful owner of such shares claims the shares

7. 31.03.2024 26.06.2024 30.08.2031 dematerialised form and are available for trading with
Shareholders Manual
both the depositories i.e. National Securities Depository
The shareholders may note that both the unclaimed Limited and Central Depository Services (India) Limited. A Shareholder’s Manual is available on the website of the Company at [Link]
dividend and corresponding shares transferred to the IEPF The shareholders can hold the Company’s shares with any [Link] providing detailed guidance for shareholders on various aspects of their
Authority including all benefits accruing on such shares, if depository participant, registered with the depositories. interactions with the company. It begins with instructions on how shareholders can correspond with the Registrar and
any, can be claimed back by them from IEPF Authority after Share Transfer Agent (RTA) for matters such as share transfers, dematerialisation, and dividend queries. The manual
Note: Entire promoter and promoter group shareholding is outlines the escalation matrix for unresolved investor grievances, ensuring that shareholders know whom to contact
following the procedure (i.e. an application in E-form No.
in dematerialised form. at different levels within the Company. This comprehensive guide aims to educate shareholders about their rights,
IEPF-5) prescribed in the IEPF Rules. Shareholders may refer
Rule 7 of the said IEPF Rules for refund of shares/dividend etc. responsibilities, and the procedures to follow for various service requests, ensuring they are well-informed and can
effectively manage their investments.

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Distribution of Shareholding: the primary cost drivers, any fluctuation in fuel prices can Name of Sites Address of the Sites
lead to a drop in operating margin. To manage this risk,
2025 2024 Ametha Madhya Pradesh
your Company take following steps:
Number of Equity Shares Equity Shares in each Number of Kymore Madhya Pradesh
Sl. 1. Optimising the fuel mix, pursue longer term and fixed
No. of shares Shareholders in each category category shareholders Jamul Chhattisgarh
no contracts where considered necessary.
% of Total % of Total % of % of Chaibasa Jharkhand
Holders Holders
total Shares total Shares total total 2. 
Consistent efforts to reduce the cost of power Bargarh Odissa
1 1 - 500 2,02,754 96.40 82,31,010 4.38 65,68,416 3.50 1,47,373 95.27 and fuel by using both domestic and international
Wadi 1 Karnataka
2 501 - 1000 3,865 1.84 28,20,169 1.50 26,55,929 1.41 3,646 2.36 coal and petcoke.
Wadi 2 Karnataka
3 1001 - 2000 1,957 0.93 27,85,071 1.48 27,11,417 1.44 1,909 1.23 3. Use of Alternative Fuel and Raw Materials (AFR) Chanda Maharashtra
4 2001 - 3000 646 0.31 15,79,815 0.84 15,02,575 0.80 617 0.40 and enhancing the utilisation of renewable power
Asian (Nalagarh & Rajpura) Himachal
5 3001 - 4000 279 0.13 9,73,946 0.52 9,83,447 0.52 282 0.18 including its onsite and offsite solar, wind, hydro
power and Waste Heat Recovery System (WHRS). Tikaria Uttar Pradesh
6 4001 - 5000 190 0.09 8,67,420 0.46 8,44,497 0.45 186 0.12 Sindri Jharkhand
7 5001 - 10000 320 0.15 22,59,648 1.20 21,71,492 1.16 310 0.20 Site Location: Damodhar West Bengal
8 10001 - 20000 111 0.05 15,27,597 0.81 17,26,969 0.92 124 0.08 Name of Sites Address of the Sites Madukkarai Tamil Nadu
9 20001 and above 207 0.10 16,67,42,587 88.79 16,86,22,521 89.79 244 0.16 Lakheri Rajasthan Kudithini Karnataka
2,10,329 100.00 18,77,87,263 100.00 18,77,87,263 100.00 1,54,691 100.00 Gagal 1 Himachal Thondebhavi Karnataka
Gagal 2 Himachal Vizag Andhra Pradesh
Category-wise shareholding Pattern as on March 31, 2025:
Total
Category % of holding Credit Rating:
No. of Shares
Promoter and Promoter Group 10,64,56,927 56.69 Rating
Type of Instrument/facility Rating/Outlook
Foreign Institutional Investors/Portfolio Investor 90,71,683 4.83 Agency
Insurance Companies 1,96,86,999 10.48 CRISIL Long Term Rating CRISIL AAA/Stable
Mutual Funds/Banks/Financial Institutions 2,70,24,980 14.39 Short Term Rating CRISIL A1+
NRI/Foreign Nationals 13,28,892 0.71
Total Bank Loan Facilities Rated H1,620 crore
IEPF/Clearing Member 14,74,456 0.79
Bodies Corporate 10,49,968 0.56
Communication details:
Indian Public and others 2,16,06,677 11.51
Alternative Investment Fund 86,681 0.05 Particulars Contact Email Address
Total 18,77,87,263 100.00 For Corporate Governance, Mr. Bhavik Parikh, acc-investorsupport@[Link] ACC LIMITED
and other Secretarial Company Secretary &
Shareholding Commodity Price Risk/Foreign Exchange Risk and Registered Office:
related matters Compliance Officer
Hedging: Adani Corporate House,
0.05 For queries relating to Mr. Deepak Balwani, [Link]@[Link]
11.51 Shantigram, Nr. Vaishno
Foreign Currency Risk Financial Statements Head – Investor Relations Devi Circle, S G Highway,
0.79 0.56
0.71 Your Company’s payables and receivables are partly in foreign Khodiyar, Ahmedabad – 382
currencies and due to fluctuations in foreign exchange rates, 421, Gujarat, India
14.39
it is subject to Currency risks. Your Company has in place
56.69 Tel No.: (079) 26565 555,
a robust risk management framework for identification
Registrar and Share Kfin Technologies Limited [Link]@[Link] Regd. Office: Selenium
and monitoring and mitigation of foreign exchange risks.
10.48 Transfer Agent Building, Tower - B, Plot
The risks are tracked and monitored on a regular basis
No. 31 & 32, Financial
and mitigation strategies are adopted in line with the risk
4.83 District, Nanakramguda,
management framework. For further details on the above
Serilingampally, Hyderabad,
 romoter and
P NRI/Foreign Nationals risks, please refer the Enterprise Risk Management section
Rangareddi, Telangana -
Promoter Group IEPF/Clearing Member of the Management Discussion and Analysis Report.
 oreign Institutional
F
500 032, India.
Bodies Corporate
Investors/Portfolio Investor Commodity Risk Tel: 040 - 79615565
Indian Public and others
Insurance Companies Commodity price risk for your Company is mainly related
Alternative Investment Fund
 utual Funds/Banks/
M Mail: [Link]@[Link]
to fluctuations in coal and pet coke prices linked to
Financial Institutions
various external factors, which can affect the production
cost of your Company. Since the energy costs is one of

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Integrated Annual Report 2024-25

Details of Corporate Policies: Shareholders’ Right: The Board’s approved policy for related party transactions Contributions:
Details of corporate policies are provided as a part Your Company ensures that the disclosure of all the is uploaded on the website of the Company at: The Company has not made any contributions to/spending
of Directors’ Report, forming integral part of this information is disseminated on a non-discretionary basis [Link] for political campaigns, political organisations, lobbyists
Integrated Annual Report. to all the Shareholders. The quarterly results along with corporate-governance. or lobbying organisations, trade associations and other
the press release, investor presentations, recordings and tax-exempt groups.
Dispute Resolution Mechanism at Stock Exchanges transcripts of earnings call are uploaded on the website Disclosure of accounting treatment in preparation
(SMART ODR): of the Company [Link]. The same are also of Financial Statements Code of Conduct:
As per SEBI Circular No. SEBI/HO/OIAE/OIAE_IAD-1/P/ available on the sites of stock exchanges (BSE and NSE) Your Company follows the guidelines of Accounting The Code of Conduct for the Directors and Senior
CIR/2023/131 dated July 31, 2023, a common Online Dispute where the shares of the Company are listed. Standards referred to in section 133 of the Act read Management of the Company has been laid down
Resolution Portal (ODR Portal) has been established for with Rule 7 of the Companies (Accounts) Rules, 2014 by the Board and the same is posted on the website
investors to facilitate online conciliation and arbitration Audit Qualification: of the Company.
together with Ind AS issued by the Institute of Chartered
of disputes related to securities. Investors can now opt for Your Company’s Financial Statements are unqualified. Accountants of India. A declaration signed by the Wholetime Director & CEO,
arbitration with Stock Exchanges in case of any dispute
Reporting of Internal Auditor: affirming the compliance with the Code of Conduct by the
against the Company or its RTA regarding delays or defaults Fees paid to Statutory Auditors:
Board Members and Senior Management Personnel of the
in processing investor service requests. This is in addition The Internal Auditor of the Company is a permanent invitee Total fees for all services paid by the Company and its Company is appended as an annexure to this report.
to the existing SCORES system, where investors initially to the Audit Committee Meeting and regularly attends the subsidiaries, on a consolidated basis, to the Statutory
lodge their complaints or grievances against the Company. Meeting for reporting their findings of the internal audit to Auditors and all entities in the network firm/network entity Conflict of Interest:
the Audit Committee Members. of which the Statutory Auditors is a part, is given below:
If an investor is not satisfied with the resolution provided The designated Senior Management Personnel of the
by the Company, RTA, or SCORES, they may initiate the Separate posts of Chairperson and Chief Executive (I in crore) Company have disclosed to the Board that no material,
Online Dispute Resolution process through the ODR Officer: Payment to Statutory Auditors FY 2024-25 FY 2023-24 financial and commercial transactions have been made
Portal at [Link] The link to the ODR during the year under review in which they have personal
Mr. Karan Adani is the Non- executive Chairman and Audit Fees (including for 3.41 3.25
Portal is also displayed on the Company’s website interest, which may have a potential conflict with the
Mr. Ajay Kapur is the CEO & Whole Time Director of quarterly limited reviews and
at [Link] interest of the Company at large.
the Company. Both these positions have distinct and Financial statements for tax
dispute-resolution-mechanism.
well-articulated roles and responsibilities. They are not filing purpose) Details of Loans and Advances by the Company
In compliance with SEBI guidelines, the Company has related to each other. Effective April 1, 2025, Mr Vinod Reimbursement of expenses 0.10 0.20 and its Subsidiaries in the nature of loans to firms/
communicated this Dispute Resolution Mechanism to all Bahety has been appointed as Wholetime Director & CEO Other Services 0.03 0.09 companies in which Directors are interested:
Members holding shares in physical form. and he is not related to the Chairman.
Total 3.54 3.54 The aforesaid details are provided in the financial
As on March 31, 2025, no matters, relating to the Company, Your Company has submitted quarterly compliance report statements of the Company forming part of this Integrated
were pending in SMART ODR mechanism. on Corporate Governance with the Stock Exchanges, in Disclosures as per the Sexual Harassment of Women Annual Report. Please refer to Note 50 of the standalone
accordance with the requirements of Regulation 27(2)(a) at Workplace (Prevention, Prohibition and Redressal) financial statements.
of the SEBI Listing Regulations. Act, 2013
The disclosures regarding the complaints of sexual Proceeds from public issues, rights issues,
Independent of Audit Committee: harassment are given in the Board’s Report forming part preferential issues etc.
Other Disclosures All the members of the Committee are Independent of this Integrated Annual Report. Your Company discloses to the Audit Committee, the uses/
Directors. application of proceeds/funds raised from public issues,
Compliance with Non-mandatory Requirements: Compliance with Capital Market Regulations during rights issues, preferential issues etc. as part of the quarterly
The non-mandatory requirements have been adopted Other Disclosures: the last three years: review of financial results whenever applicable.
to the extent and in the manner as stated under the Disclosure of Related Party Transactions: There has been no instance of non-compliance by the
During the Financial Year 2024-25, the Company had
appropriate headings detailed below: Company and no penalty and/or stricture has been
During the year, all related party transactions entered into not raised any fund through public issues, rights issues,
imposed by Stock Exchanges or SEBI or any statutory
The Board: by your Company were in the ordinary course of business preferential issues etc.
authority on any matter related to capital markets during
and were at arm’s length basis and were approved by the
The Board of Directors periodically reviewed the the last three years. Governance Policies:
members of Audit Committee, comprising only of the
compliance of all the applicable laws and steps taken
Independent Directors. Your Company had sought the Details of the Company’s material subsidiary (as per Your Company has also adopted Material Events Policy,
by the Company to rectify instances of non-compliance,
approval of shareholders through postal ballot passed on Regulation 15 and Regulation 24 of the SEBI Listing Website Content Archival Policy and Policy on Preservation
if any. The Company is in compliance with all mandatory
May 18, 2024 and March 30, 2025 for material related Regulations) of Documents which is uploaded on the website of
requirements of SEBI Listing Regulations.
party transactions for the FY 2024-25 and the FY 2025-26 the Company at:
The Company does not have material unlisted subsidiary
Your Company has a Non-Executive Chairman and hence, respectively. The details of Related Party Transactions are
during the FY 2024-25. h t t p s : / / w w w. a c c l i m i t e d . c o m / i n ve s t o r - r e l a t i o n s
the need for implementing the non-mandatory requirement disclosed in financial section of this Integrated Annual
corporate-governance
i.e., maintaining a chairperson's office at the Company’s Report. The Board has adopted a policy on materiality
expense and allowing reimbursement of expenses incurred of Related Party Transactions and also on dealing with
in performance of his duties, does not arise. Related Party Transactions.

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Integrated Annual Report 2024-25

As a part of good governance practice, the Company has Listing Regulations, confirming that none of the Directors CERTIFICATE ON CORPORATE GOVERNANCE
also constituted several policies from ESG perspective on the Board of the Company has been debarred or
and the same are available on Company’s website disqualified from being appointed or continuing as director
at [Link] of the Company by the Securities and Exchange Board of
corporate-governance India, Ministry of Corporate Affairs or any such statutory To
authority as on March 31, 2025, is annexed to this report. The Members of
Your Company has in place an Information Security
Policy that ensure proper utilisation of IT resources. ACC Limited
Senior Management:
[Link] We have examined the compliance of conditions of Corporate Governance by ACC Limited (hereinafter referred as
The details of senior management including changes
corporate-governance “Company”) for the Financial year ended March 31, 2025 as prescribed under Regulations 17 to 27, clauses (b) to (i) of
therein since the close of the previous financial
Details of the familiarisation programmes imparted to the year is as under: sub-regulation (2) of regulation 46 and paras C, D and E of Schedule V of Securities and Exchange Board of India (Listing
Independent Directors are available on the website of Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred as “Listing Regulations”).
the Company at: As on As on
Name We state that compliance of conditions of Corporate Governance is the responsibility of the management, and our
31.03.2025 31.03.2024
h t t p s : / / w w w. a c c l i m i t e d . c o m / n e w s i t e / pd f / AC C _ examination was limited to procedures and implementation thereof adopted by the Company for ensuring compliance
Mr. Sanjay Gupta  
Familiarisation%20Programme_2024-[Link] with conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements
Mr. Sukuru Ramarao  
of the Company.
The NRC regularly reviews the leadership succession plan for Col. Bhawar Singh  
ensuring appropriate succession in appointments to the Board Mr. Pankaj Singh   In our opinion, and to the best of our information and according to our examination of the relevant records and the
and to Senior Management positions. Appropriate balance of Mr. Hemal Shah   explanations given to us, we certify that the Company has complied with the conditions of Corporate Governance as
skills and experience is maintained within the organisation Mr. Praveen Kumar Garg   prescribed under Listing Regulations.
and the Board with an objective to augment new perspectives Mr. Vineet Bose   We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency
while maintaining experience and continuity. Mr. Bhimsi Kachhot   or effectiveness with which the management has conducted the affairs of the Company.
Mr. John Varghese  -
Agreements: This certificate is issued solely for the purpose of complying with Listing Regulations and may not be suitable for
Mr. Navin Malhotra  
The agreements binding the Company under Regulation any other purpose.
Key Managerial Personnel
30A read with clause 5A of paragraph A of Part A of ^Mr. Ajay Kapur   For Mehta & Mehta,
Schedule III of the SEBI Listing Regulations are available (Wholetime Director & CEO) Company Secretaries
on the website of the Company at:   (ICSI Unique Code P1996MH007500)
Mr. Vinod Bahety (CFO)
[Link] #
Mr. Bhavik Parikh  -
disclosures-under-regulation-30-of-the-lodr (Company Secretary &
Atul Mehta
Compliance Officer)
Statutory Certificates: Partner
Note:
FCS No: 5782
CEO/CFO Certification ^ceased w.e.f. close of business hours on March 31, 2025.
UDIN: F005782G000195059
#appointed w.e.f. February 1, 2025.
The certificate required under Regulation 17(8) of the SEBI Place: Mumbai CP No.: 2486
Listing Regulations, duly signed by the CEO and CFO of At the company's meeting held on March 28, 2025, Date: April 24, 2025 PR No.: 3686/2023
the Company was placed before the Board. The same is Ms. Madhavi Isanaka was appointed as Chief Digital Officer,
provided as an annexure to this report. replacing Mr. Hemal Shah effective from April 1, 2025.

Additionally, Mr. Vaibhav Dixit was appointed as Head of

Company Secretary Certificate on Corporate Governance
Manufacturing, succeeding Mr. Sukuru Ramarao, effective
Your Company has complied with all the mandatory from April 1, 2025.
requirements specified in Regulations 17 to 27 and
clauses (b) to (i) of sub-regulation (2) of Regulation 46 of Mr. Vinod Bahety is appointed as Wholetime Director and
the SEBI Listing Regulations. It has obtained a certificate CEO effective from April 1, 2025.
affirming the compliances from Mehta & Mehta, Company
Directors’ details:
Secretaries, Mumbai, affirming compliance of Corporate
Governance requirements during FY 2024-25 and the same As required under Regulation 36(3) of the SEBI Listing
is attached to this Report. Regulations, particulars of Director seeking re-appointment
at the forthcoming AGM are given in the Annexure to the
Certificate pursuant to Schedule V of the SEBI Listing Notice of the 89th AGM to be held on June 26, 2025.
Regulations
Compliance with Secretarial Standards:
A certificate from U Hegde & Associates, Company
Secretaries, Mumbai, pursuant to Schedule V of the SEBI The Company complies with all applicable secretarial
standards.

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CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS DECLARATION

(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015)

To, I, Vinod Bahety, WTD & CEO of ACC Limited hereby declare that as of March 31, 2025, all the Board Members and Senior
The Members of Management Personnel have affirmed compliance with the Code of Conduct and Ethics for Board of Directors and Senior
ACC Limited Management Personnel laid down by the Company.

I have examined the relevant registers, records, forms, returns and disclosures received from the Directors of ACC Limited For and on behalf of the Board of Directors
having CIN L26940GJ1936PLC149771 and having registered office at “Adani Corporate House”, Shantigram, Near Vaishno
Devi Circle, S G Highway, Khodiyar, Ahmedabad – 382 421. (hereinafter referred to as ‘the Company’), produced before
us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule Place: Ahmedabad Vinod Bahety
V Para-C Sub clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Date: April 24, 2025 Whole Time Director & CEO
Regulations, 2015 (as amended from time to time).

In my opinion and to the best of my information and according to the verifications (including Directors Identification
Number (DIN) status at the portal [Link]) as considered necessary and explanations furnished to us by the
Company & its officers, I hereby certify that none of the Directors on the Board of the Company as stated below for
the Financial Year ending on March 31, 2025 have been debarred or disqualified from being appointed or continuing as
Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs or any such other
Statutory Authority.

Sr. Date of appointment

Name of Director Designation DIN
No. in Company
1. Mr. Karan Adani Non-Executive - Non-Independent Director 03088095 September 16, 2022
(Chairman)
2. Mr. Ajay Kapur Executive Director, CEO 03096416 December 3, 2022
3. Mr. Vinay Prakash Non-Executive-Non-Independent Director 03634648 September 16, 2022
4. Mr. Arun Kumar Anand Non-Executive Nominee Director 08964078 September 16, 2022
5. Mr. Sandeep Singhi Non-Executive Independent Director 01211070 September 16, 2022
6. Mr. Nitin Shukla Non-Executive Independent Director 00041433 September 16, 2022
7. Mr. Rajeev Agarwal Non-Executive Independent Director 07984221 September 16, 2022
8. Ms. Ameera Shah Non-Executive Independent Director 00208095 December 3, 2022

Ensuring the eligibility for the appointment/continuity of every Director on the Board is the responsibility of the
management of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate
is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the
management has conducted the affairs of the Company.

For U. HEGDE &ASSOCIATES,

Company Secretaries

Umashankar K. Hegde
Proprietor
C.P. No- 11161
Place: Mumbai [Link]. ACS 22133
Date: April 24, 2025 UDIN: A022133G000338451

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CERTIFICATION BY CHIEF EXECUTIVE OFFICER (CEO) Business Responsibility & Sustainability Report
AND CHIEF FINANCIAL OFFICER (CFO)
Annexure – II

We have reviewed the financial statements and the cash flow statements for the year ended March 31, 2025 and that Section A : General Disclosures
to the best of our knowledge and belief:
I. Details of the listed entity
1. These statements do not contain any materially untrue statement or omit any material fact or contain statements
that might be misleading. 1. Corporate Identity Number (CIN) of the Listed Entity L26940GJ1936PLC149771
2. Name of the Listed Entity ACC Limited
2. These statements together present a true and fair view of the Company's affairs and are in compliance with existing
3. Year of incorporation 1936
accounting standards, applicable laws and regulations.
4. Registered office address Adani Corporate House,
3. To the best of our knowledge and belief, no transactions entered into by the Company during the year ended Shantigram, Near Vaishno Devi Circle, S.G. Highway,
March 31, 2025 which are fraudulent, illegal or violation of the Company's Code of Conduct. Ahmedabad – 382421
4. We accept responsibility for establishing and maintaining internal control system and that we have evaluated the 5. Corporate address Adani Corporate House,
effectiveness of the internal control system of the Company and we have disclosed to the auditors and the Audit Shantigram, Near Vaishno Devi Circle, S.G. Highway,
Committee, efficiencies in the design or operation of internal control system, if any, of which we are aware and the Ahmedabad – 382421
steps we have taken or propose to take to rectify these deficiencies. 6. E-mail acc-investorsupport@[Link]
7. Telephone +91-79 2656 5555
5. We further certify that we have indicated to the auditors and the Audit Committee:
8. Website [Link]
a) There have been no significant changes in internal control system during the year;
9. Financial year for which reporting is being done April 2024 to March 2025
b) There have been no significant changes in accounting policies during the year and that the same have been 10. Name of the Stock Exchange(s) where shares are listed BSE
disclosed in the notes to the financial statements; and NSE
c) There have been no instances of significant fraud of which we have become aware, involving management or 11. Paid-up Capital ` 1,87,78,72,630
an employee having a significant role in the Company's internal control system over financial reporting. 12. Name and contact details (telephone, email address) of Name : Neeru Bansal
the person who may be contacted in case of any queries Address : A
 dani Corporate House,
For and on behalf of ACC Limited on the BRSR report Shantigram, Near Vaishno Devi Circle,
S.G. Highway,
Ahmedabad – 382421
Place: Ahmedabad Vinod Bahety Rakesh Tiwary
Date: April 24, 2025 (Whole Time Director & CEO) (Chief Financial Officer) Contact : +919825386934
Email ID : [Link]@[Link]
13. Reporting boundary - Are the disclosures under this Disclosures made in this report are on a
report made on a standalone basis (i.e. only for the standalone basis for all Integrated Units and
entity) or on a consolidated basis (i.e. for the entity and Grinding units, mines and bulk cement terminals.
all the entities which form a part of its consolidated Details of subsidiaries and joint ventures are
financial statements, taken together). not included here.
14. Name of assurance provider TUV India Private Limited
15. Type of the assurance obtained Reasonable assurance for BRSR Core and Limited
Assurance for other parameters as per International
Standard Assurance Engagement(ISAE) 3000
(revised) and ISAE (3410)

II. Products/services
16. Details of business activities (accounting for 90% of the turnover)

S.
Description of Main Activity Description of Business Activity % of Turnover of the entity
No.
1. Manufacturing Cement, Clinker 100%

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17. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover): b. Differently abled Employees and workers:

S. S. Total Male Female

Product/Service NIC Code % of total Turnover contributed Particulars
No. No. (A) No. (B) % (B / A) No. (C) % (C / A)
1. Cement, Clinker 23941 100% DIFFERENTLY ABLED EMPLOYEES
1. Permanent (D) 5 3 60% 2 40%
III. Operations 2. Other than Permanent (E) 0 0 0% 0 0%
18. Number of locations where plants and/or operations/offices of the entity are situated: 3. Total differently abled employees (D + E) 5 3 60% 2 40%
DIFFERENTLY ABLED WORKERS
Location Number of plants Number of offices Total
4. Permanent (F) 0 0 0% 0 0%
National 17 35 52
5. Other than Permanent (G) 0 0 0% 0 0%
International 0 0 0
6. Total differently abled workers (F + G) 0 0 0% 0 0%
19. Markets served by the entity:
21. Participation/Inclusion/Representation of women
a. Number of locations
Total No. and percentage of Females
Locations Number Particulars
(A) No. (B) % (B / A)
National (No. of States) 29 States and UTs and 565+ districts
Board of Directors 8 1 12.50%
International (No. of Countries) 0
Key Management Personnel 3 0 0%
b. What is the contribution of exports as a percentage of the total turnover of the entity?
Nil, we are not doing export of our products. 22. Turnover rate for permanent employees and workers
(Disclose trends for the past 3 years)
c. A brief on types of customers
ACC Limited is India’s foremost manufacturer of cement and ready mixed concrete with a countrywide network of FY 2024-25 FY 2023-24 FY 2022-23*
factories and marketing offices. Its customer includes its channel partners (dealers and retailers), individual home Particulars (Current Financial Year) (Previous Financial Year) (Jan' 2022 to Mar' 2023)
builder, contractors, big housing contractors, Infrastructure companies and government department.
Male Female Total Male Female Total Male Female Total
IV. Employees Permanent Employees 20.44% 33.18% 21.20% 28.75% 33.42% 29.04% 23.53% 29.09% 23.89%
Permanent Workers 12.05% 11.11% 13.46% 20.30% 14.93% 20.20% 7.23% 0.00% 7.10%
20. Details as at the end of Financial Year:
* The Company has changed its financial year end from December to March in FY23. Therefore, the figure for FY23 is for 15 months.
a. Employees and workers (including differently abled):
V. Holding, Subsidiary and Associate Companies (including joint ventures)
S. Total Male Female
Particulars
No. (A) No. (B) % (B / A) No. (C) % (C / A) 23. (a) Names of holding / subsidiary / associate companies / joint ventures
EMPLOYEES Does the entity
1. Permanent (D) 1,700 1,606 94.47% 94 5.53% indicated at
2. Other than Permanent (E) 1 1 100.00% 0 0.00% % of column A,
Indicate whether
3. Total employees (D + E) 1,701 1,607 94.47% 94 5.53% shares participate in
S. Name of the holding /subsidiary/ associate holding/ Subsidiary/
held by the Business
WORKERS No. companies / joint ventures (A) Associate/Joint
listed Responsibility
4. Permanent (F) 1,470 1,460 99.32% 10 0.68% Venture
entity initiatives of the
5. Other than Permanent (G) 0 0 0.00% 0 0.00% listed entity?
6. Total workers (F + G) 1,470 1,460 99.32% 10 0.68% (Yes/No)
1. ACC Minerals Resource Limited Subsidiary 100% No
2. Lucky Minmat Limited Subsidiary 100% No
3. Singhania Minerals Private Limited Subsidiary 100% No
4. ACC Concrete South Limited Subsidiary 100% No

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Does the entity VII. Transparency and Disclosures Compliances

indicated at 25. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on
% of column A, Responsible Business Conduct:
Indicate whether
shares participate in
S. Name of the holding /subsidiary/ associate holding/ Subsidiary/
held by the Business Grievance FY 2024-25 FY 2023-24
No. companies / joint ventures (A) Associate/Joint
listed Responsibility Redressal (Current Financial Year) (Previous Financial Year)
Venture
entity initiatives of the Mechanism in Number of Number of
listed entity? Stakeholder Place (Yes/No) complaints Number of complaints
(Yes/No) group from (If Yes, then Number of pending complaints pending
5. ACC Concrete West Limited Subsidiary 100% No whom provide web-link complaints resolution filed resolution
6. Asian Concretes and Cements Private Limited Subsidiary 100% No complaint for grievance filed during at close of during the at close of
is received redress policy) the year the year Remarks year the year Remarks
7. Asian Fine Cements Private Limited Subsidiary 100% No
Communities Yes ([Link] 26 0 0 0
8. Bulk Cements Corporation (India) Limited Subsidiary 94.65% No
adanifoundation.
9. OneIndia BSC Private Limited Joint Venture 50% No
org/Contact-Us)
10. MP AMRL (Bicharpur) Coal Company Limited Joint Venture 49% No
Investors Yes (acc- 0 0 0 0
11. MP AMRL (Semaria) Coal Company Limited Joint Venture 49% No (other than investorsupport@
12. MP AMRL (Marki Barka) Coal Company Limited Joint Venture 49% No shareholders) [Link])
13. MP AMRL(Morga) Coal Company Limited Joint Venture 49% No Shareholders Yes (acc- 55 0 44 4
14. Aakaash Manufacturing Company Private Limited Joint Venture 40% No investorsupport@
15. Alcon Cement Company Private Limited Associate 40% No [Link])

16. Anantroop Infra Private Limited Subsidiary 100% No Employees Yes (https:// 8 0 11 5
and workers [Link].
17. Eqacre Realtors Private Limited Subsidiary 100% No
com/assets/new/
18. Krutant Infra Private Limited Subsidiary 100% No pdf/Whistle%20
19. Kshobh Realtors Private Limited Subsidiary 100% No Blower%20
20. Prajag infra Private Limited Subsidiary 100% No Policy%20ACC.
21. Satyamedha Realtors Private Limited Subsidiary 100% No pdf & [Link]
[Link]/
22. Varang Realtors Private Limited Subsidiary 100% No
assets/new/pdf/
23. Victorlane Projects Private Limited Subsidiary 100% No ACC-Employee%20
24. Vihay Realtors Private Limited Subsidiary 100% No Grievance%20
25. Vrushk Realtors Private Limited Subsidiary 100% No Management%20
26. Foresite Realtors Private Limited Subsidiary 100% No [Link])

27. Trigrow Infra Private Limited Subsidiary 100% No Customers Yes (acchelp@ 36 1 19 8
[Link])
28. Peerlytics Projects Private Limited Subsidiary 100% No
Value Chain Yes (https:// 4 1 3 2
29. Akkay Infra Private Limited Subsidiary 100% No
Partners [Link].
30. West Peak Realtors Private Limited Subsidiary 100% No com/assets/new/
- Percentage of shares held mentioned in the above table includes both Direct and Indirect holding by listed entity. pdf/ Supplier%20
Code%20 of%20
VI. CSR Details [Link])
24. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: (Yes/No): Other (please Yes ([Link] 28 5 27 13
Yes specify) [Link]/
contact-us)
(ii) Turnover (in C) : 20,594 crore
(iii) Net worth (in C) : 18,271 crore
26. Overview of the entity’s material responsible business conduct issues
Please indicate material responsible business conduct and sustainability issues pertaining to environmental and
social matters that present a risk or an opportunity to your business, rationale for identifying the same, approach
to adapt or mitigate the risk along-with its financial implications, as per the following format

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Financial Financial
Indicate implications Indicate implications
whether of the risk or whether of the risk or
Material In case of risk, Material In case of risk,
S. risk or Rationale for identifying the risk / opportunity S. risk or Rationale for identifying the risk / opportunity
issue approach to adapt or issue approach to adapt or
No. opportunity opportunity (Indicate No. opportunity opportunity (Indicate
identified mitigate identified mitigate
(R/O) positive or (R/O) positive or
negative negative
implications) implications)
1. Water Risk and Risk – Water being a shared resource, We have been Negative/ 4. Climate and Risk and Risk – Climate change poses multiple The Company has Negative/
management Opportunity it is essential for business to use it in a investing in rainwater Positive Energy Opportunity physical risks like flooding, temperature approximately 93% Positive
responsible way. These risks comprise harvesting initiatives, rise, water stress etc. Emerging and of products in its
conflicts with local communities and restoring village potential regulations may introduce or portfolio which are
stakeholders over water rights and ponds, construction escalate regulatory risks. These extreme blended products with
usage, potential water scarcity or of check dams, weather events can cause infrastructure lower carbon footprint.
quality issues due to over-extraction or water conservation damage, may hinder the supply chain
Further, we are
pollution, and regulatory constraints on at closed mines and network affecting timely delivery of raw
investing more and
water abstraction permits or discharge groundwater recharge materials and finished products. It may
more in renewal
standards. for a long time to also cause power outages and affect
energy and green
mitigate the risk of the manufacturing processes.
Opportunity – By demonstrating energy from WHRS. In
lack of water. As a
commitment to conserving water Opportunity – Energy cost is a major addition, we have set
result, the company
resources, we can build stronger cost in cement manufacturing. ambitious targets for
is now water positive.
relationships with local communities We continuously strive to reduce our Thermal Substitution
The company uses
and government. This will help us in specific thermal energy consumption Rates (TSR) by using
more than 50 % of its
securing and maintaining social license and specific electrical energy alternate fuels.
water requirements in
to operate, especially in water-stressed consumption to optimise our energy
cement manufacturing
regions. In future, the company may costs. In addition, it is directly
from harvested rain
qualify for government incentives aimed related to carbon emissions and by
water.
at promoting water conservation and optimising energy consumption, we can
sustainability initiatives. lower our carbon emissions.
2. Air quality Risk Exposure to dust, Sox, Nox and other We focus on Negative 5. Biodiversity Risk and Risk – Land disturbance and habitat We adhere to Indian Negative/
pollutants from cement plants can lead improving air quality Opportunity fragmentation from operational national regulations Positive
to respiratory issues among employees in the surrounding activities can lead to biodiversity and are a signatory
and nearby communities. This may lead environment. We degradation. to the India Business
to increased costs associated with monitor the plants’ and Biodiversity
Opportunity – Restored ecosystems
healthcare for affected employees, and stack emissions Initiative (IBBI) of
can provide long-term environmental
insurance premiums. The company may through the the Confederation
benefits, including enhanced ecosystem
also face opposition, protests and even Continuous Emission of Indian Industry
services such as water filtration, carbon
legal restrictions on its operations. Monitoring System. We (CII), and Deutsche
sequestration, and soil preservation.
work on upgradation Gesellschaft für
These benefits not only contribute to
of electrostatic Internationale
global environmental goals but also can
precipitators and Zusammenarbeit (GIZ).
have positive economic implications for
replacement of We assess the impacts
the company and local communities in
damaged bags to on biodiversity and
the long run.
control dust emissions. ecosystem services
We take primary and through set KPIs. This
secondary measures to helps in conservation
control NOx emissions. of ecosystem.
3. Circular Opportunity Circular economy offers great – Positive
Economy opportunity to lower the use of
natural resources and fossil fuels
in cement production and reduces
carbon emissions.

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Financial Financial
Indicate implications Indicate implications
whether of the risk or whether of the risk or
Material In case of risk, Material In case of risk,
S. risk or Rationale for identifying the risk / opportunity S. risk or Rationale for identifying the risk / opportunity
issue approach to adapt or issue approach to adapt or
No. opportunity opportunity (Indicate No. opportunity opportunity (Indicate
identified mitigate identified mitigate
(R/O) positive or (R/O) positive or
negative negative
implications) implications)
6. Sustainable Opportunity Intervention of sustainable practices _ Positive 10. Occupational Risk and Risk – Failure to protect workers from We have developed Negative/
Construction and technologies such as substitute Health and Opportunity occupational hazards can result in safety initiatives Positive
cementitious materials, CO2 capture Safety legal action, fines, and compensation including competency
in the built environment, and efficient claims against the company. These development, training,
concrete use help drive down carbon risks can lead to significant financial audits, inspections,
emissions from cement production liabilities and damage the company's surveys, We Care
and hence help to reduce the carbon reputation. Also, potential employees initiatives, Critical
footprint. may hesitate from joining the company, Control Management
7. Human Opportunity Through continuous learning and _ Positive and current employees may leave if they to prevent unwanted
Capital development and strengthened perceive their health and safety are events, and especial
Development employee relations, we can mitigate not adequately protected, leading to cross-functional teams
succession planning risks, address challenges in attracting and retaining a to drive process safety.
skills gaps and ensure continuity skilled workforce. Also, we conduct
of leadership and expertise. It will safety audits across
Opportunity – By prioritising the well-
also help in being competitive in the our manufacturing
being of all employees and workers,
marketplace and stay ahead of trends. sites to ensure that
the company can enhance its employer
Human Capital development will the actions are
brand, making it a more attractive
also contribute to an overall learning timely closed and
place to work. Employees are more
culture in the organisation. implemented
likely to join and stay with a company
8. Diversity Opportunity Employee diversity leads to increased _ Positive that prioritises their well-being, leading
and Inclusion creativity and innovation, improved to lower turnover rates and higher
communication and teamwork, employee satisfaction.
and a greater understanding and 11. Community Opportunity Uplifting livelihood opportunities _ Positive
appreciation of different cultures. Relations improves community relations which
Additionally, a diverse workforce is essential for the social license to
can help to attract and retain top operate. Also, a healthy community will
talent and can provide a competitive ensure availability of strong local labour
advantage for organisations. force, if required at any given point of
9. Human Risk and Risk – Concerns related to child/forced We are committed Negative/ time.
Rights Opportunity labour, discrimination or any other to respecting and Positive 12. Customer Opportunity CRM empowers to build a positive _ Positive
human rights-related aspects within promoting human Relationship customer experience based on
the workforce and value chain may rights across the value Management relevant, real-time information and
lead to statutory violations which may chain by inculcating customer needs that matters to the
negatively impact the brand image. a human rights policy. business. It would enable data driven
The policy is in line decision making, improved customer
Opportunity – Alignment with
with The Universal experience and hence drive growth
the human rights principles and
Declaration of in business by increasing loyalty and
procedures safeguard the employees
Human Rights, Social enhancing relations.
and value chain partners and ensure
Accountability 8000
zero incidents of non-compliance 13. Corporate Opportunity Effective governance mechanism in _ Positive
(SA8000) Standard
with regards to International and Governance the organisation gives an opportunity
and International
National Human Rights Standards and and business of building greater trust among the
Treaties & Conventions
Regulations. ethics stakeholders and creates long-term
related to Human
value for them.
Rights.

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Financial Section B: Management and Process Disclosures

Indicate implications This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards
whether of the risk or adopting the NGRBC (National Guidelines on Responsible Business Conduct) Principles and Core Elements.
Material In case of risk,
S. risk or Rationale for identifying the risk / opportunity
issue approach to adapt or
No. opportunity opportunity (Indicate Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
identified mitigate
(R/O) positive or Policy and management processes
negative 1. a. Whether your entity’s policy/ Y Y Y Y Y Y Y Y Y
implications) policies cover each principle
14. Risk Opportunity Enhanced Risk awareness and in-place _ Positive and its core elements of the
Management emergency preparedness plans help to NGRBCs. (Yes/No)
better foresee risks that may emerge b. Has the policy been approved Y Y Y Y Y Y Y Y Y
due to climate change, regulations, by the Board? (Yes/No)
sustained supply of raw material, funds,
c. Web Link of the Policies, if [Link]
etc. and geopolitical developments. This
available
helps to stay one step ahead and ensure
business continuity and regulatory 2. Whether the entity has translated Y Y Y Y Y Y Y Y Y
resilience. the policy into procedures. (Yes/No)
15. Sustainable Risk & Risk – Improper usage of resources, Supply chain and Negative/ 3. Do the enlisted policies extend to Yes, value chain partners are expected to comply the applicable policies of
Supply Chain Opportunity human rights violations, non-compliance sourcing process has Positive your value chain partners? (Yes/No) the company while executing any work for the company
with Supplier Code of Conduct, zero a direct impact on 4. Name of the national and ƒ ISO 9001:2015 ƒ Cement Sustainability
adoption of sustainable practices by the environment and international codes /certifications ƒ ISO 14001:2015 Initiative of WBCSD
suppliers can adversely impact the communities such as /labels/standards (e.g. Forest ƒ GCCA
ƒ ISO 50001:2018
environment, social wellbeing, value emissions, circular Stewardship Council, Fairtrade, ƒ SBTi
Rainforest Alliance, Trustea)
ƒ ISO 45001:2018
chain and brand image. Additionally, it economy, water usage, ƒ UNGC
might also lead to cases of regulatory biodiversity, material standards (e.g. SA 8000, OHSAS, ƒ GHG Protocol
ISO, BIS) adopted by your entity
ƒ WEF’s [Link]
non-compliances and fines. usage and human
rights. We have taken and mapped to each principle.
Opportunity – The company can
measures to ensure 5. Specific commitments, goals We have commitments, goals and targets set for 2030
leverage suppliers near operations
an optimum supply and targets set by the entity with Parameter Target Year 2030
to reduce costs, for greater control,
chain with competent defined timelines, if any.
quicker response and helps in cutting CO2 emissions Gross Scope 1: 421 kg /ton of Cementitious
suppliers.
down significant emissions related to materials
transportation.
Scope 2: 10 kg /ton of Cementitious materials
16. Information Risk & Risk – Instances of information security With increased Positive/
Circular Economy Consume 30 million tons per year of waste
technology Opportunity breaches could lead to loss of sensitive digitisation, and Negative
derived resources
and data data of customers including personal heavy dependence on
privacy information. It could also lead to technology systems, Water consumption 5x Water Positive
increased media scrutiny resulting in it has become critical CSR Beneficiaries 3.5 million beneficiaries
a loss of stakeholder trust, company for us to ensure Tree plantation 5.9 million
reputation and regulatory fines or implementation of 6. Performance of the entity against Parameter April 2024 to March 2025
penalties. SOPs and policies, the specific commitments, goals CO2 emissions Gross Scope 1: 484 kg /ton of Cementitious
conduction periodic and targets along-with reasons in
Opportunity – In the ever-evolving materials
internal and external case the same are not met.
landscape of digitalisation and
(third-party) audits Scope 2: 22 kg /ton of Cementitious materials
innovation, monitoring and analysis
and tests to check Circular Economy Consumed 12 million tonnes of waste derived
of data in real time would lead to
the resilience of the resources
quicker identification and resolution
IT infrastructure from Water consumption 1.04x Water Positive
of issues. As a result, this will
hackers, cyber-attacks,
ensure management of systems and CSR Beneficiaries 2.1 million
malware etc.
processes more effectively. Tree plantation 1.4 lakhs in FY25 & 5.1 million Cumulative

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Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9 10. Details of Review of NGRBCs by the Company:

Governance, leadership and oversight Indicate whether review was Frequency (Annually/Halfyearly/
7. Statement by director responsible CEO and Whole Time Director Statement: undertaken by Director/Committee Quarterly/Any other –
for the business responsibility report, Subject for Review
Growing responsibly is fundamental to our ESG excellence journey as we are
of the Board/Any other Committee please specify)
highlighting ESG related challenges, P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
committed to achieving Net Zero emissions by 2050. We are progressing at an
targets and achievements (listed
accelerated pace towards our 1 GW renewable power project in our efforts to Performance against above policies Corporate Responsibility Quarterly and then annually at a
entity has flexibility regarding the
decarbonise the value chain. Having already achieved 18% green power share and follow up action Committee periodically review consolidated level
placement of the disclosure
in the year under review, we aim to power 60% of our total energy consumption policies and update them if
from green power sources by FY 2027-28. We are investing in R&D to adopt required. Performance is monitored
new technologies to reduce use of fossil fuel based thermal energy and every quarter
optimise clinker factor to reduce carbon emissions. Ambuja Cement continues Compliance with statutory The Company is Compliant with relevant principles, applicable rules
to lead the way in water stewardship and plastic waste co-processing, making requirements of relevance to the and regulations. Compliance to the regulatory requirement are
significant strides in embracing the circular economy. In the year under review, principles, and, rectification of any reviewed on regular basis and as per the requirement.
we successfully utilised over 12 million tonnes of waste-derived resources, non-compliances
contributing to sustainable practices. Additionally, our dedicated efforts
11.  as the entity carried out
H P1 P2 P3 P4 P5 P6 P7 P8 P9
towards water conservation have propelled us to achieve water positivity
independent assessment/evaluation Yes. Internal Controls and Processes are put in place and its
of 1.04x, reinforcing our commitment to environmental sustainability and
of the working of its policies by an assessment and monitoring is being done by an external agency.
responsible resource management. Further, with an aim to arrest the pressing
external agency?(Yes/No). If yes,
issue of deforestation, we planted 1.4 lakh trees during the year under review,
provide name of the agency.
as part of our commitment to grow 5.9 million trees by 2030.
12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:
Beyond our core business, we have made a significant positive impact on Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
society. We have enhanced the lives of over 2.1 million people till FY 25
The entity does not consider the
through initiatives in healthcare, education, water resource management, skill
Principles material to its business
development, women empowerment etc. to contribute to the well-being of the
(Yes/No)
communities where we operate.
The entity is not at a stage where
Our bold goals are set, and we are poised to reach new heights. and will it is in a position to formulate and
continue to lead by example through our strength and resilience. implement the policies on specified
8. Details of the highest authority CEO and Whole Time Director principles (Yes/No) Not Applicable
responsible for implementation The entity does not have the financial
and oversight of the Business or/human and technical resources
Responsibility policies. available for the task (Yes/No)
9. Does the entity have a specified Yes. Corporate Responsibility Committee (CRC) of the Board, consisting of
It is planned to be done in the next
Committee of the Board/ Director Independent Directors is responsible for overseeing sustainability related
financial year (Yes/No)
responsible for decision making performance and issues. The committee meets every quarter, overseas the
on sustainability related issues? performance on KPIs defined for sustainability and guides the business to
Any other reason (please specify)
(Yes / No). If yes, provide details. improve it.

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Section C: Principle wise Performance Disclosure Total

% age of
persons in
This section is aimed at helping entities demonstrate their performance in integrating the Principles and Core Elements number of
respective
with key processes and decisions. The information sought is categorised as “Essential” and “Leadership”. While the training and
Segment Topics/ principles covered under the training and its impact category
essential indicators are expected to be disclosed by every entity that is mandated to file this report, the leadership awareness
covered by
indicators may be voluntarily disclosed by entities which aspire to progress to a higher level in their quest to be socially, programmes
the awareness
environmentally and ethically responsible. held
programmes
Key Managerial 18 Business Strategy and Key Performance Matrix 100%
PRINCIPLE 1 Businesses should conduct and govern themselves with integrity, and in a manner that is
Personnel Finance, Banking & Money Market 100%
Ethical, Transparent and Accountable.
Governance (Regulations, M&A, changing business environment) 100%
Essential Indicators Human resource management & capability building, culture 100%
1. Percentage coverage by training and awareness programmes on any of the Principles during the financial year: Industry, manufacturing, business dynamics 100%
Digital Initiatives & Digital Dividend 100%
% age of
Total Cyber security landscape 100%
persons in
number of FY24 Performance (Financials, ESG, Credit) 100%
respective
training and Adani Foundation (CSR Related Matters) 100%
Segment Topics/ principles covered under the training and its impact category
awareness
covered by ESG and Climate: A force multiplier for India's growth 100%
programmes
the awareness ESG Landscape 100%
held
programmes Insights on Indian Cement Sector by Nomura IR 100%
Board of 18 Business Strategy and Key Performance Matrix 87.5 Customer Centricity 100%
Directors Finance, Banking & Money Market 87.5 Employee Relations/Initiatives 100%
Governance (Regulations, M&A, changing business environment) 87.5 Risk Management 100%
Human resource management & capability building, culture 87.5 Inspired Companies (Learning from around the World) - Lisa 100%
Industry, manufacturing, business dynamics 87.5 MacCallum
Digital Initiatives & Digital Dividend 50 AI in Adani 100%
Cyber security landscape 50 Adani Brand Purpose, Unlocking Narrative 100%
FY24 Performance (Financials, ESG, Credit) 50 Employees 16,951 1,148 100%
Adani Foundation (CSR Related Matters) 50 other than
ESG and Climate: A force multiplier for India's growth 50 BoD and KMPs
ESG Landscape 62.5 Workers
Insights on Indian Cement Sector by Nomura IR 62.5 Workers – – –
Customer Centricity 62.5
Employee Relations/Initiatives 62.5 2. Details of fines / penalties / punishment / award / compounding fees / settlement amount paid in proceedings
Risk Management 62.5 (by the entity or by directors / KMPs) with regulators / law eforcement agencies / judicial institutions, in the
financial year, in the following format (Note: the entity shall make disclosures on the basis of materiality as
Inspired Companies (Learning from around the World) - Lisa 25
specified in Regulation 30 of SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015 and as
MacCallum
disclosed on e entity’s website):
AI in Adani 25
Adani Brand Purpose, Unlocking Narrative 25 Monetary
Name of the Has an
NGRBC regulatory/ enforcement Amount Brief of appeal been
Principle agencies/judicial (In E) the Case preferred?
institutions (Yes/No)
Penalty/ Fine 0 0 0 0 0
Settlement 0 0 0 0 0
Compounding fee 0 0 0 0 0

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Non-Monetary 7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken
by regulators / law enforcement agencies / judicial institutions, on cases of corruption and conflicts of interest.
Name of the
NGRBC regulatory/ enforcement Brief of Has an appeal been preferred? Not Applicable
Principle agencies/judicial the Case (Yes/No)
8. Number of days of accounts payables (Accounts payable*365/cost of goods/services procured) in the
institutions
following format
Imprisonment 0 0 0 0
Punishment 0 0 0 0 FY 2024-25 FY 2023-24
(Current Financial Year) (Previous Financial Year)
3. Of the instances disclosed in Question 2 above, details of the Appeal/Revision preferred in cases where Number of days accounts payable 33 41
monetary or non-monetary action has been appealed.
9. Open-ness of business Provide details of concentration of purchases and sales with trading houses, dealers,
Name of the regulatory / enforcement and related parties along with loans and advances & investments, with related parties, in the following format:
Case Details
agencies / judicial institutions
FY 2024-25 FY 2023-24
Delayed appointment of Company Secretary and Compliance NA Parameter Metrics
(Current Financial Year) (Previous Financial Year)
Officer under Regulation 6(1) of the SEBI Listing Regulations.
Concentration a. Purchases from trading houses as % Nil Nil
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, of purchases of total purchases
provide a web-link to the policy. b. Number of trading houses where Nil Nil
Yes. purchases are made
c. Purchases from top 10 trading Nil Nil
[Link] houses as % of total purchases
We rigorously uphold moral business conduct and abide by all relevant anti-corruption and anti-bribery laws and from trading houses
regulations. Our anti-corruption and anti-bribery policy regulates the conduct of our employees and forbids any kind Concentration a. Sales to dealers /distributors as 78% 81%
of corruption, bribery, or unethical behavior. We place a high priority on accountability and openness in all aspects of of Sales % of total sales
our business, and we take strong measures to address any instances of noncompliance including bribery, corruption, b. Number of dealers /distributors to 13,925 13,015
or anti-competitive behavior. whom sales are made

5.  Number of Directors / KMPs / employees / workers against whom disciplinary action was taken by any law c. Sales to top 10 dealers / distributors 3% 3%
enforcement agency for the charges of bribery / corruption: as % of total sales to dealers /
distributors
FY 2024-25 FY 2023-24 Share of RPTs a. Purchases (Purchases with related 32% 20%*
(Current Financial Year) (Previous Financial Year) in parties/total purchases)
Directors 0 0
b. Sales (Sales to related parties / 20% 13%
KMPs 0 0 Total Sales)
Employees 0 0 c. Loans & advances (Loans & Advances 28% 21%
Workers 0 0 given to related parties / Total loans &
advances)
6. Details of complaints with regard to conflict of interest: d. Investments (Investments in related 46% 43%
FY 2024-25 FY 2023-24 parties / Total Investments made)
(Current Financial Year) (Previous Financial Year) * Previous year numbers are restated and regrouped/ reclassified for comparative financial presentation.

Number Remarks Number Remarks

Number of complaints received in relation to 0 NA 0 NA
issues of Conflict of Interest of the Directors
Number of complaints received in relation to 0 NA 0 NA
issues of Conflict of Interest of the KMPs

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PRINCIPLE 2 Businesses should provide goods and services in a manner that is sustainable and safe PRINCIPLE 3 Businesses should respect and promote the well-being of all employees, including those in their
value chains
Essential Indicators
Essential Indicators
1. 
Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the
environmental and social impacts of product and processes to total R&D and capex investments made by the 1. a. Details of measures for the well-being of employees:
entity, respectively.
% of employees covered by
FY 2024-25 FY 2023-24 Details of improvements in environmental and Category Total Health insurance Accident insurance Maternity benefits Paternity Benefits Day Care facilities
Parameter
(Current Financial Year) (Previous Financial Year) social impacts (A) Number (B) % (B/A) Number (C) %(C/A) Number (D) %(D/A) Number (E) % (E/A) Number (F) % (F/A)
R&D 1.13 crore 2.3 crore Evaluation of Hazardous, heavy elements in Raw
Permanent employees
materials, Clinker, Cement, Fly ash, slag, gypsum at
ppb level, ash fusion characteristics of Fuel / AFR Male 1,606 1,606 100% 1,606 100% 0 0 1,606 100% 1,606 100%
Female 94 94 100% 94 100% 94 100% 0 0 94 100%
Capex 2.93 crore 0.13 crore Further Clinker factor reduction by 0.5% in
existing products of PPC/PSC/PCC by oprimising Total 1,700 1,700 100% 1,700 100% 94 6% 1,606 94% 1,700 100%
Product Mix Circular Economy - Utilisation of Other than Permanent employees
byproduct gypsum in cement manufacture Male 1 1 100% 1 100% 0 0 1 100% 1 100%
This amount spend is for cement business of adani cement Female 0 0 0 0 0 0 0 0 0 0 0
Total 1 1 100% 1 100% 0 0 1 100% 1 100%
2. a.  Does the entity have procedures in place for sustainable sourcing? (Yes/No)
Yes All employees and workers are covered under Health Insurance and Accident Insurance. Maternity and Paternity
benefits are extended to all eligible employees and workers. Day care facilities are provided at all plant sites and offices.
b. If yes, what percentage of inputs were sourced sustainably?
Yes b. Details of measures for the well-being of workers:

ƒ The company has a well-defined Supplier Code of Conduct, which helps the Company to integrate % of workers covered by
ESG parameter in its procurement. Category Total Health insurance Accident insurance Maternity benefits Paternity Benefits Day Care facilities
(A) Number (B) % (B/A) Number (C) %(C/A) Number (D) %(D/A) Number (E) % (E/A) Number (F) % (F/A)
ƒ We have procedures in place for sustainable sourcing in terms of new supplier registration and
Group General Terms & Conditions is part of all the major procurements Permanent employees
Male 1,460 1,460 100% 1,460 100% 0 0% 0 0 1,460 100%
ƒ As part of sustainable sourcing, more than 90% of input material is sourced locally i.e. within India.
Female 10 10 100% 10 100% 10 100% 0 0 10 100%
ƒ A large quantum of input material is recycled waste material consisting of industrial, municipal and Total 1,470 1,470 100% 1,470 100% 10 1% 0 0 1,470 100%
agriculture waste Other than Permanent employees

3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end Male 0 0 0 0 0 0 0 0 0 0 0
of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste. Female 0 0 0 0 0 0 0 0 0 0 0
Total 0 0 0 0 0 0 0 0 0 0 0
ƒ We do not reclaim our products. The Company follows circular economy principles in the manufacturing and
end use stage of the product lifecycle.
c. Spending on measures towards well-being of employees and workers (including permanent and other than
ƒ The plastic used for packaging as well as generated otherwise is co-processed in cement kiln as part of EPR
permanent) in the following format
requirement. A very small quantity of this waste is disposed through registered recyclers. The Company is
plastic negative. FY 2024-25 FY 2023-24
(Current Financial Year) (Previous Financial Year)
ƒ Cement manufacturing process does not produce any E-waste. However, E-waste is produced from office
operations. All of e-waste generated is sold to registered recyclers. Cost incurred on well-being measures as a % of 34.62 crore (0.17%) 36.85 crore (0.20%)
total revenue of the company
ƒ Major quantity of hazardous waste generated during the process is co-processed in kiln within plant as per
the permission from State Pollution Control Board. Remaining hazardous waste is sent to common facilities
authorised by State Pollution Control Board.

4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes, whether
the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution
Control Boards? If not, provide steps taken to address the same.
Yes. Extended Producer Responsibility is applicable to the Company and the Company has registered on government
EPR portal as Brand Owner. The Company collects the Waste through its waste management arm 'Geoclean' and
co-processes it in cement kilns.

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2. Details of retirement benefits, for Current FY and Previous Financial Year. 6. Is there a mechanism available to receive and redress grievances for the following categories of employees and
worker? If yes, give details of the mechanism in brief.
FY 2024-25 (Current Financial Year) FY 2023-24 (Previous Financial Year)
No. of Yes/No
No. of No. of Deducted and No. of Deducted and
workers (If Yes, then give details of the mechanism in brief)
employees workers deposited employees deposited
Benefits covered as Permanent Workers The Company has Employee Grievance Management policy.
covered as covered as with the covered as with the
a% Other than Permanent Workers There is Grievance Redressal Committee which is responsible
a % of total a % of total authority a % of total authority
of total for heading employee grievances and resolving them and when
employees workers (Y/N/N.A.) employees (Y/N/N.A.) Permanent Employees
workers the grievances is raised.
Other than Permanent Employees
PF 100% 100% Yes 100% 100% Yes
Gratuity 100% 100% NA 100% 100% NA 7. Membership of employees and worker in association(s) or Unions recognised by the listed entity:
ESI* 0.00% 0.00% NA 0.00% 0.00% NA
FY 2024-25 (Current Financial Year) FY 2023-24 (Previous Financial Year)
Others-please 0% 0% NA 0% 0% NA
specify No. of No. of
employees employees
* In ESI, only those employees who are eligible under ESI are covered Total Total
/ workers in / workers in
employees employees
Category respective respective
3. Accessibility of workplaces / workers in %(B/A) / workers in %(C/D)
category, who category, who
Are the premises / offices of the entity accessible to differently abled employees and workers, as per the respective respective
are part of are part of
requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the category (A) category (C)
association(s) association(s)
entity in this regard
or Union (B) or Union (D)
Yes Total Permanent _ _ _ _ _ _
Employees
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so,
– Male – – – – – –
provide a web-link to the policy.
– Female – – – –
Yes, The Company believes in equal Opportunity for all. The Company is committed to delivering value through
equality and to nurture and promote diversity across its operations. We foster an inclusive work environment that Total Permanent 1,470 1,470 100% 1,681 1,681 100%
Workers
encourages a supportive and professional culture, emphasising trust, empathy, and mutual respect. Our commitment
to diversity, equality, and inclusion is reflected in the development of our policies. – Male 1,460 1,460 100% 1,647 1,647 100%
– Female 10 10 100% 34 34 100%
Policy on ‘Diversity, Equity and Inclusion’ available on Company website: [Link]
pdf/Policy%20on%20Diversity%20Equity%20and%[Link] Association / Union are there at worker level and 100% of workers are members of it.

Guidelines for 'Employment of Differently-able People’ available on Company website: [Link] 8. Details of training given to employees and workers:
assets/new/pdf/[Link]
FY 2024-25 (Current Financial Year) FY 2023-24 (Previous Financial Year)
5. Return to work and Retention rates of permanent employees and workers that took parental leave On Health and On Skill On Health and On Skill
Permanent employees Permanent workers Category Total safety measures upgradation Total safety measures upgradation
Gender Return to Retention Return to Retention (A) No. % (B No. % (C (A) No. % (E/ No. % (F /
work rate rate work rate rate (B) / A) (C) /A) (E) D) (F) D)
Male 100% 73% 0% 0% Employees
Female 100% 67% 100% 100% Male 1,607 460 29% 1,607 100% 2,063 1,339 65% 1,971 96%
Total 100% 73% 100% 100% Female 94 31 33% 94 100% 139 62 45% 95 68%
Total 1,701 491 29% 1,701 100% 2,202 1,401 64% 2,066 94%
Workers
Male 1,460 1,460 100% 26 2% 1,647 67 4% 15 1%
Female 10 10 100% 0 0% 35 5 14% 0 0%
Total 1,470 1,470 100% 26 2% 1,682 72 4% 15 1%

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9. Details of performance and career development reviews of employees and worker: 12. Describe the measures taken by the entity to ensure a safe and healthy work place.
FY 2024-25 (Current Financial Year) FY 2023-24 (Previous Financial Year) A well defined Health and Safety Management System is designed consisting of planning our strategic action
Category plan for the year, reviewing the standards, procedures, processes etc. The plan is developed at the Corporate level
Total (A) No. (B) % (B / A) Total (c) No. (D) % (D / C)
and flows down to the manufacturing units and is tracked month on month basis for its effectiveness. A robust
Employees digital platform is established to enhance competency and capability building for both employees and workers.
Male 1,607 1,607 100% 2,063 2,063 100% Various campaigns, events and initiatives to build the awareness and culture on ground are held. Other measures
Female 94 94 100% 139 139 100% include Trainings, monitoring, effective process safety management controls at site, well established vehicle and
Total 1,701 1,701 100% 2,202 2,202 100% traffic safety management system which are key pillars for driving our H&S System. With all these in place Senior
Leadership engagement and involvement ensures a safe and healthy workplace.
Workers
Male 1,460 1,460 100% 1,647 1,647 100% 13. Number of Complaints on the following made by employees and workers:
Female 10 10 100% 35 35 100%
FY 2024-25 (Current Financial Year) FY 2023-24 (Previous Financial Year)
Total 1,470 1,470 100% 1,682 1,682 100%
Pending Pending
10. Health and safety management system: Filed during resolution Filed during resolution
Remarks Remarks
the year at the end the year at the end
a. Whether an occupational health and safety management system has been implemented by the entity? of year of year
(Yes / No). If yes, the coverage such system?
Working Conditions 0 0 NA 0 0 NA
Yes, we have Health and Safety Management standards defined for our processes. The standards are applicable Health & Safety 0 0 NA 0 0 NA
to all our sites
14. Assessments for the year:
b. What are the processes used to identify work-related hazards and assess risks on a routine and non-
routine basis by the entity? % of your plants and offices that were
We have well defined Hazard identification and risk assessment procedure. All the personnel at sites are trained assessed (by entity or statutory authorities
to assess the risk before start of the activity. or third parties)
Health and safety practices
c. Whether you have processes for workers to report the work related hazards and to remove themselves 67% (ISO 45001)
Working Conditions
from such risks. (Yes / No)
Yes 15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on
significant risks / concerns arising from assessments of health & safety practices and working conditions.
d. Do the employees / worker of the entity have access to non-occupational medical and healthcare Many corrective actions are being taken to implement learning from safety related incidents. Traffic flow has
services? (Yes / No) been improved, and pedestrian walkways have been designated to minimise the risk of man-machine interaction.
Yes Load securing procedures have been strengthened through driver training, regular inspections, and the enforcement
of mandatory pre-trip checks. Robust fall protection systems, including guardrails, safety nets, and the provision of
11. Details of safety related incidents, in the following format: appropriate personal protective equipment, have been installed and regularly inspected. Electrical safety has been
FY 2024-25 FY 2023-24 significantly improved through the implementation of a comprehensive program encompassing LOTOTO (lockout
Safety Incident/Number Category / tagout / tryout) procedures, arc flash hazard assessments, and regular equipment inspections, coupled with
(Current Financial Year) (Previous Financial Year)
mandatory training for all electrical workers. Furthermore, structural integrity has been enhanced by strengthening
Lost Time Injury Frequency Employees 0.09 0.38
roofs with cyclonic plates and securing loose sheets. Floor openings have been secured to prevent accidental falls.
Rate (LTIFR) (per one million- Workers 0.49 0.62 Toppling abatement systems have been implemented for tipper trucks and dumpers to minimise the risk of vehicle
person hours worked)
rollovers. These proactive measures, combined with ongoing monitoring, regular safety audits, and continuous
Total recordable work- Employees 3 5 employee training, aim to create a safer and more secure working environment for all employees.
related injuries Workers 35 25
No. of fatalities Employees 0 0
Workers 1 0
High consequence work- Employees 0 0
related injury or ill-health Workers 0 0
(excluding fatalities)

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PRINCIPLE 4 Businesses should respect the interests of and be responsive to all its stakeholders Whether Channels of communication Frequency of
Essential Indicators identified as (Email, SMS, Newspaper, engagement Purpose and scope of
Stakeholder Vulnerable & Pamphlets, Advertisement, (Annually / Half engagement including key
1. Describe the processes for identifying key stakeholder groups of the entity. Group Marginalised Community Meetings, yearly/ Quarterly topics and concerns raised
The successful involvement of our stakeholders is essential to the achievement of our strategic goals because Group Notice Board, Website), / others – please during such engagement
it provides us with the opportunity to understand their expectations, respond to their concerns, and assist us in (Yes/No) Other specify)
prioritising the areas in which we should be concentrating our efforts. Our mechanism for engaging with stakeholders Employees No ƒ Training and seminars ƒ Continuous ƒ Work-life balance
is governed by our Stakeholder Engagement Policy ([Link] ƒ Meetings and reviews interactions ƒ Transparent appraisal and
Engagement%[Link]), which is further aligned with global best practises. promotion policy
ƒ HR programmes
We identify stakeholders as groups and individuals, who can influence or/are impacted by our operations/activities, ƒ Employee satisfaction ƒ Awareness on internal
surveys policies
change in technology, regulations, market and societal trends either directly or indirectly. Stakeholders comprise
of communities, employees, supply chain partners, customers, investors, regulators, industrial organisations etc. ƒ Departmental meetings ƒ Fair remuneration structure
Against each group, the potential ways in which stakeholders will be affected as well as the magnitude of both the ƒ Townhall meetings
actual and perceived impacts have been determined. This assists the company in developing a bespoke plan for ƒ Internal newsletters and
engaging with stakeholders, which can then be kept up to date as and when is necessary. magazines

Throughout the course of the year, we maintain ongoing dialogue with the many stakeholders by utilising a variety
Suppliers Yes ƒ Supplier meets ƒ Continuous ƒ Adherence to the supplier
ƒ Periodic assessments and interactions code of conduct
of channels of contact. The insights that we gain from these projects are tremendously helpful, because they allow
us to continually enhance both our strategy and our operations. The process of engaging stakeholders also includes
interactions ƒ Strengthen business
relationships
regular feedback and grievance redressal methods, both of which are vital components of the process.
ƒ Create awareness for
sustainable supply chain
2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder
group. Community Yes ƒ Project-based stakeholder ƒ Continuous ƒ Positive engagements
meets interactions for education, water
Whether Channels of communication Frequency of ƒ CSR arm conservation, healthcare,
identified as (Email, SMS, Newspaper, engagement Purpose and scope of skill development, and other
ƒ Community Advisory Pane
initiatives of CSR
Stakeholder Vulnerable & Pamphlets, Advertisement, (Annually / Half engagement including key
Group Marginalised Community Meetings, yearly/ Quarterly topics and concerns raised Media No ƒ Media briefings ƒ Need based ƒ Increase transparency and
ƒ Press releases clarity in shared information
Group Notice Board, Website), / others – please during such engagement
(Yes/No) Other specify) ƒ Marketing communication
Shareholders No ƒ Investor relations arm ƒ Quarterly/ annually as ƒ To strengthen business Construction No ƒ Ambuja Knowledge Centre ƒ Continuous ƒ Promote advanced
and Investors ƒ Annual Report and when requested conduct and communication professionals interactions construction techniques,
ƒ One-on-one investor ƒ Growth and profitability of sustainable construction
ƒ Public disclosures practices, knowledge
interaction as and ESG oriented business.
ƒ Investor meetings/calls
when requested dissemination on good
construction and product
Channel No ƒ Channel satisfaction ƒ Annual/continuous ƒ To enhance transparent quality
Partners surveys process communication of products
and services Industry No ƒ Meetings/Conferences ƒ Need based ƒ Knowledge enhancement
ƒ Annual conferences Association for policy interventions
ƒ Policy papers
ƒ Marketing meetings and policy advocacy on
Government No ƒ Annual Report ƒ Continuous ƒ Climate change related rules/ sustainable development
& Regulatory interactions regulations practices in value chain
ƒ Plant visits
Authorities ƒ Communications on proposed
ƒ Regulatory Compliance
reports & existing legislations
Customers Yes ƒ Customer satisfaction ƒ Periodic ƒ Customer satisfaction and
surveys feedback on services /
ƒ Formal and informal products
feedback ƒ Understand grievances
ƒ Technical services team ƒ Strengthen relationship
camps with customer
ƒ Products promotion drives
ƒ Grievances redressal system

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PRINCIPLE 5 Businesses should respect and promote human rights 3. Details of remuneration / salary / wages, in the following format:

Essential Indicators a. Median remuneration / wages

1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in Male Female
the following format: Median remuneration/ Median remuneration/
Gender
FY 2024-25 (Current Financial Year) FY 2023-24 (Previous Financial Year) Number salary/wages of Number salary/ wages of
No. of No. respective category respective category
Category employees/ employees Board of Directors (BoD) 7 49.50 lac 1 32.25 lac
Total (A) % (B / A) Total (c) % (D / C)
workers workers Key Managerial Personnel 3 8.1 crore Nil NA
covered (B) covered (D) Employees other than BoD and KMP 1,604 1,669,596 94 907,824
Employees Workers 1,460 660,869 10 603,105
Permanent 1,700 1,700 100% 2,171 1,907 88%
Other than permanent 1 1 100% 31 15 48% b. Gross wages paid to females as % of total wages paid by the entity, in the following format:
Total Employees 1,701 1,701 100% 2,202 1,922 87% FY 2024-25 FY 2023-24
Safety Incident/Number
Workers (Current Financial Year) (Previous Financial Year)
Permanent 1,470 1,470 100% 1,681 0 0% Gross wages paid to females as % of total wages 3.20% 3.59%
Other than permanent 0 0 0% 1 0 0%
4. Do you have a focal point (Individual / Committee) responsible for addressing human rights impacts or issues
Total Workers 1,470 1,470 100% 1,682 0 0% caused or contributed to by the business? (Yes / No)
Yes. ACC Limited is committed to upholding of fundamental human rights in line with the legitimate role of the
2. Details of minimum wages paid to employees and workers, in the following format:
business. Our approach includes adherence to corporate business policies and compliance with applicable laws
FY 2024-25 (Current Financial Year) FY 2023-24 (Previous Financial Year) including internationally recognised human rights, as set out in the International Bill of Human Rights and the
Equal to More than Equal to More than International Labour Organisation declaration on Fundamental Principles and Right at Work. The policy is applicable
Category Total Minimum Wage Minimum Wage Total Minimum Wage Minimum Wage to all stakeholders including employees, associates, customers, vendors, contractors, etc. All Principle Officers and
(A) (D) People of Authority shall be responsible for ensuring adherence to Human Rights Policy.
No. % No. % No. % No. %
(B) (B / A) (C) (C /A) (E) (E/ D) (F) (F / D) Please refer: [Link]
Permanent Employees
5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
Male 1,606 0 0% 1,606 100% 2,036 0 0% 2,036 100%
Yes. All Principle Officers and People of Authority are responsible for ensuring adherence to Human Rights Policy.
Female 94 0 0% 94 100% 135 0 0% 135 100%
Please refer [Link]
Other than permanent
Male 1 0 0% 1 100% 27 0 0% 27 100% 6. Number of Complaints on the following made by employees and workers:
Female 0 0 0% 0 0% 4 0 0% 4 100% FY 2024-25 (Current Financial Year) FY 2023-24 (Previous Financial Year)
Workers Permanent Pending Pending
Category Filed during Filed during
Male 1,460 0 0% 1,460 100% 1,647 0 0% 1,647 100% resolution at Remarks resolution at Remarks
the year the year
Female 10 0 0% 10 100% 34 0 0% 34 100% the end of year the end of year
Other than permanent Sexual Harassment 2 1 Report 0 0 NA
finalisation
Male 0 0 0% 0 0% 29 0 0% 0 0%
in progress
Female 0 0 0% 0 0% 0 1 0% 1 100%
Discrimination at 0 0 NA 0 0 NA
workplace
Child Labour 0 0 NA 0 0 NA
Forced Labour/ 0 0 NA 0 0 NA
Involuntary
Wages 0 0 NA 0 0 NA
Other human rights 0 0 NA 0 0 NA
related issues

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7. Complaints filed under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act PRINCIPLE 6 Businesses should respect and make efforts to protect and restore the environment
2013, in the following format:
Essential Indicators
FY 2024-25 FY 2023-24 1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:
Safety Incident/Number
(Current Financial Year) (Previous Financial Year)
Total complaints reported under Sexual Harassment on 2 0 FY 2024-25 FY 2023-24
of Women at Workplace (Prevention, Prohibition and Parameter UOM (Current (Previous
Redressal) Act, 2013 (POSH) Financial Year) Financial Year)
Complaints on POSH as a % of female employees/workers 1.9% 0 From renewable sources (in Giga Joules)
Complaints on POSH upheld 2 0 Total electricity consumption (A) GJ 488,160 352,238
Total fuel consumption (B) GJ 5,498,929 4,575,702
8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases
Energy consumption through other sources (C) GJ 0 0
There is a Internal Committee which looks into all POSH related complaints. It ensures that these are no adverse
Total energy consumed from renewable sources (A+B+C) GJ 5,987,089 4,927,940
consequences to the complainant. It follows the SOP designed to be followed for all POSH complaints.
From non-renewable sources (in Giga Joules)
9. Do human rights requirements form part of your business agreements and contracts? (Yes/No) Total electricity consumption (D) GJ 3,120,480 3,025,541
Yes Total fuel consumption (E) GJ 59,889,749 58,426,300
Energy consumption through other sources (F) GJ 0 0
10. Assessments for the year:
Total energy consumption (D+E+F) GJ 63,010,229 61,451,841
% of your plants and offices that were assessed Total energy consumed (A+B+C+D+E+F) GJ 68,997,318 66,379,781
(by entity or statutory authorities or third parties)
Energy intensity per rupee of turnover (Total energy GJ/C of 0.0003 0.0003
Child labour 100% consumption/Revenue from operations) turnover
Forced/involuntary labour 100% Energy intensity per rupee of turnover adjusted for GJ/USD PPP 0.006 0.006
Sexual harassment 100% Purchasing Power Parity (PPP) (Total energy consumption/ adjusted
Discrimination at workplace 100% Revenue from operations adjusted for PPP)
Wages 100% Energy intensity in terms of physical output GJ/tonne of 2.4 2.3
Others – please specify 100% (GJ/tonne of cementitous material) cementitous
material
11. Provide details of any corrective actions taken or underway to address significant risks / concerns arising Energy Intensity (optional)- the relevant metric may be NA NA
from the assessments at Question 10 above. selected by the entity
Proactive measures are taken. At the time of entry of employee or worker, a detailed checklist is followed to ensure Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the
statutory compliance w.r.t. child labour, forced labour and wages without fail. For Sexual harassment, POSH is there external agency.
in place and for discrimination, local management committee is in place. Yes, TUV India Private Limited

2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance,
Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under
the PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action taken,
if any.
Yes, Gagal-1, Gagal-2, Lakheri, Tikaria, Kymore, Chaibasa, Jamul, Bargarh, Wadi, Madhukarai, Chanda, Sindri,
Thondebhavi & Kudithini are the Designated Consumer All the above designated consumers have achieved their
PAT Target except for Chaibasa, Thondebhai & Kudithini Chaibasa PAT target was achieved by purchasing EScerts.
For Thondebhai & Kudithini plant, PAT target will be achieved as per due date FY-2025-26 through purchasing EScerts

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3. Provide details of the following disclosures related to water, in the following format: 5. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and
implementation.
FY 2024-25 FY 2023-24
Parameter UOM (Current (Previous Zero Liquid Discharge is implemented at all plant locations. No waste water / treated waste water is discharged
Financial Year) Financial Year) outside the plant premises.
Water withdrawal by source (in kilolitres)
6. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
(i) Surface water KL 2,629,692 5,201,018
(ii) Groundwater KL 229,610 1,131,151 FY 2024-25 FY 2023-24
(iii) Third party water KL 70,819 78,187 Parameter UOM (Current (Previous
(iv) Seawater / desalinated water KL 0 0 Financial Year) Financial Year)
(v) Others (Rain Water Harvested) KL 1,869,799 7,925,778 Nox tonnes 8,003 9,721
Total volume of water withdrawal for Production KL 4,799,920 14,336,135 Sox tonnes 461 469
(i + ii + iii + iv + v)
Particulate matter (PM) tonnes 264 268
Total volume of water consumption for Production KL 4,799,920 14,336,135
Persistent organic pollutants (POP) NA NA NA
Water intensity per rupee of turnover (Total energy consumption/ Litres/C of 0.02 0.07
Revenue from operations) turnover Volatile organic compounds (VOC) NA NA NA
Water intensity per rupee of turnover adjusted for Purchasing Litre/ USD 0.48 1.4 Hazardous air pollutants (HAP) NA NA NA
Power Parity (PPP) (Total water consumption / Revenue from PPP adjusted Others – please specify NA NA NA
operations adjusted for PPP)
Note: All our plants meet with the prescribed standards given by respective regulatory body.
Water intensity in terms of physical output Liters / 172 497
tonne of Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the
external agency.
cementitious
material Yes, TUV India Private Limited

Water intensity (optional) – the relevant metric may be selected by NA NA 7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following
the entity
format:
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the
external agency. FY 2024-25 FY 2023-24
Yes, TUV India Private Limited Parameter UOM (Current (Previous
Financial Year) Financial Year)
4. Provide the following details related to water discharged:
Total Scope 1 emissions (Break-up of the GHG tonnes of CO2 13,488,976 14,800,767
FY 2024-25 FY 2023-24 into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if
Parameter (Current (Previous available)
Financial Year) Financial Year) Total Scope 2 emissions (Break-up of the GHG tonnes of CO2 625,212 589,017
Water discharge by destination and level of treatment (in kilolitres) into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if
(i) To Surface water available)
– No treatment 0 0 Total Scope 1 and Scope 2 emissions per rupee kg CO2 / C of 0.07 0.09
– With treatment-please specify level of treatment 0 0 of turnover (Total Scope 1 and Scope 2 GHG turnover
(ii) To Groundwater emissions/Revenue from operations)
– No treatment 0 0 Total Scope 1 and Scope 2 emissions per rupee kg CO2 / USD PPP 1.4 1.6
– With treatment-please specify level of treatment 0 0 of turnover adjusted for Purchasing Power adjusted
(iii) To Seawater Parity (PPP) (Total Scope 1 and Scope 2 GHG
– No treatment 0 0 emissions/Revenue from operations adjusted
– With treatment-please specify level of treatment 0 0 for PPP)
(iv) Sent to Third Parties (Municipal STP) Total Scope 1 and Scope 2 emission intensity kg CO2 / tonne of 506 534
– No treatment 0 0 in terms of physical output cementitious material
– With treatment-please specify level of treatment 0 0 Total Scope 1 and Scope 2 emission intensity NA NA
(v) Others (optional) – the relevant metric may be
– No treatment 0 0 selected by the entity
– With treatment-please specify level of treatment 0 0 Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the

external agency.
Total water discharged (in kilolitres) 0 0
Yes, TUV India Private Limited
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the
external agency.
Yes, TUV India Private Limited

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8. Does the entity have any project related to reducing Green House Gas emission? If Yes, then provide details. 10. 
Briefly describe the waste management practices adopted in your establishments. Describe the strategy
The Company is committed to reduce its carbon footprint. ACC Near Term (2030) as well as Net-Zero (2050) adopted by your company to reduce usage of hazardous and toxic chemicals in your products and processes and
targets are already validated by SBTi and can be referred at [Link] the practices adopted to manage such wastes.
The Company has taken multiple initiatives to reduce greenhouse gases. These include: 1) Improved technology 2) The Company adheres to the principles of sustainable consumption of resources while reducing waste generation
Energy efficiency 3) Use of renewable energy 4) Use of green energy like WHRS 5) Use of alternate fuels 6) Use of and complying with the tenets of circular economy. The Company minimises waste disposal through maximising
alternate raw materials 7) Reduction in clinker factor and having larger share of blended products in its portfolio. recycling and reusing efforts. The Company also ensures proper disposal of E-waste, biomedical waste, scrap, etc.
through authorised recyclers registered with the regulatory agencies.
9. Provide details related to waste management by the entity, in the following format:
Our waste management initiatives include:
FY 2024-25 FY 2023-24
Parameter UOM (Current (Previous
ƒ Plastic waste is mainly disposed of through co-processing, with a minimal amount of burst bags disposed of
through authorised scrap dealers.
Financial Year) Financial Year)
Total Waste generated (in metric tonnes) ƒ Biomedical waste is incinerated at authorised Common Biomedical Waste Treatment Facilities.
Plastic waste (A) MT 39,453 39,207 ƒ E-waste is recycled through authorised recyclers.
E-waste (B) MT 26 46
Bio-medical waste (C) MT 0.5 43 ƒ Hazardous waste (used oil, discarded drums) is either reused in plants or co-processed in cement kilns, with
non-co-processable quantities sent to a common authorised facility for recycling.
Construction and demolition waste (D) MT 56 10,344
Battery waste (E) MT 32 38 ƒ Scraps are sold to authorised vendors for recycling.
Radioactive waste (F) MT 0 0
ƒ Mining overburden is repurposed for backfilling within the mines.
Other Hazardous waste. Please specify, if any. (G) MT 191 77
Geoclean helps ACC contribute to safe waste management solutions in industries and municipalities and increase
Other Non-hazardous waste generated (H).Please specify, if MT 437,727 449,525
the utilisation of alternative fuels in cement kilns. The Company has been building up stakeholders’ awareness on
any. (Non hazardous waste contain Flyash, MS Scrap, Wooden
these issues through its advocacy in appropriate forums..
Scrap, Metal Drum, Paper, etc)
Total (A+B + C + D + E + F + G + H) in metric tonnes MT 477,486 499,280 11. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife
Waste intensity per rupee of turnover Kg/Rs of 0.0025 0.003 sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where
turnover environmental approvals/clearances are required, please specify details in the following format:
Waste intensity per rupee of turnover adjusted for Purchasing kg/ USD PPP 0.048 0.052
Whether the conditions of environmental
Power Parity (PPP) (Total waste generated/Revenue from adjusted
S. Type of approval/clearance are being complied
operations adjusted for PPP) Location of operations/offices
No. operations with? (Y/N) If no, the reasons thereof and
Waste intensity in terms of physical output Kg/tonne of 17 17
corrective action taken, if any.
cementitious
1. Kudithini Cement works, Bellary, Karnataka Cement Grinding Yes
material
Waste intensity (optional) – the relevant metric may be NA NA NA 2. Sindola Limestone Mines Mining Yes
selected by the entity 3. Sindola Limestone Mines Mining Yes
For each category of waste generated, total waste recovered through recycling, re-using or other recovery
operations (in metric tonnes)
Category of waste
(i) Recycled MT 477485 499159
(ii) Re-used MT 0 0
(iii) Other recovery operations MT 0 0
Total MT 477485 499159
For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
Category of waste
(i) Incineration MT 0.5 120.6
(ii) Landfilling MT 0 0
(iii) Other disposal operations MT 0 0
Total MT 0.5 120.6
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the

external agency.
Yes, TUV India Private Limited

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12. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in Whether
the current financial year: Results
conducted
communi-
Whether EIA by
Results S. cated in Relevant Web
conducted Name and brief details of project Notification Date independent
communi- No. public link
EIA by No. external
S. cated in Relevant Web domain
Name and brief details of project Notification Date independent agency
No. public link (Yes / No)
No. external (Yes / No)
domain
agency 5. Limestone Mine (Area: 471.03 Ha) with S.O. 1533(E) Final EIA Yes Yes https://
(Yes / No)
(Yes / No) Limestone Production Capacity 7.72 dated Report [Link].
1. Kannur (Wadi area) Limestone S.O. 1533(E) Final EIA Yes Yes https:// MTPA (Limestone) and waste /topsoil 14.09.2006 submitted in
Block (auction block) (ML Area- 550 dated Report [Link]. 5.0 Lakhs CuM per annum (Maximum)) & its on
Ha) located at Villages- Ingalgi, 14.09.2006 submitted in with existing three nos of Crushers with amendments 29.03.2025
Basaveshwaranagara, Halkatta, and & its on capacity of 850 TPH, 1000 TPH and 1200
Kundanoor, Taluka Chittapur, District amendments 07.11.2024 TPH at Villages Ingalgi & Ravoor, Taluka
Kalaburagi, State - Karnataka by M/s ACC Chittapur, District Kalaburagi, Karnataka-
Limited Revalidation of EC under EIA Notification
2. Proposed Integrated Cement Project S.O. 1533(E) Final EIA Yes Yes https:// 2006 by M/s ACC Limited
- Clinker (3.3 MTPA), Cement (1.0 dated Report [Link]. 6. Limestone Mine (Area: 471.03 Ha) with S.O. 1533(E) Final EIA Yes Yes https://
MTPA), CPP (30 MW), WHRS (17 MW) 14.09.2006 submitted in Limestone Production Capacity 7.72 dated Report [Link].
and D.G. Set (2 x 2000 KVA & 1 x 500 & its on MTPA (Limestone) and waste /topsoil 14.09.2006 submitted in
KVA) At Villages: Godadih, Boradih and amendments 18.11.2024 5.0 Lakhs CuM per annum (Maximum)) & its on
Loharsi, Tehsil: Masturi, District: Bilaspur with existing three nos of Crushers with amendments 29.03.2025
(Chhattisgarh) by M/s. ACC limited capacity of 850 TPH, 1000 TPH and
3. Proposed 5.0 Million TPA Clinkerisation S.O. 1533(E) Final EIA Yes Yes https:// 1200 TPH at Villages Ingalgi & Ravoor,
Plant, 8.0 Million TPA Cement Grinding dated Report [Link]. Taluka Chittapur, District Kalaburagi,
Unit and 100 MW Captive Power Plant at 14.09.2006 submitted in Karnataka- Revalidation of EC under EIA
Village: Gollapalle, Mandal: Mylavaram, & its on Notification 2006 by M/s ACC Limited
District: Kadapa (YSR), Andhra Pradesh amendments 23.12.2024 7. Proposed Project of Kurai Limestone S.O. 1533(E) PH Yes Yes Draft EIA
by M/s. ACC Limited Block with Limestone Production dated completed Report
4. Proposed Kadapa Limestone Mine S.O. 1533(E) Final EIA Yes Yes https:// Capacity 3.0 MTPA in Mine Lease Area 14.09.2006 on submitted to
(ML Area: 997.08 ha) with Proposed dated Report [Link]. of 480.80 HA., located at Village Kurai, & its 18.09.2024 competent
Limestone Production of 7.0 million 14.09.2006 submitted in Kurli, Sindola, Tal. Wani, Dist. Yavatmal, amendments authorities of
TPA, Sub grade 2.5 million TPA, (ROM: & its on Maharashtra by M/s. ACC Limited MPCB
9.5 million TPA), Top Soil: 0.012 million amendments 17.01.2025 [Link]
TPA & Over Burden 0.9 million TPA [Link]
(Total excavation 10.412 million TPA) at 8. Gothra Parasrampura West Block for S.O. 1533(E) PH Yes Yes Draft EIA
Villages Dhannawada, Chinna Venturla, Limestone Production Capacity 1 dated completed Report
Vaddarala, Bestavemula, Gollaapalle, MTPA (ML Area: 287.7539 Ha) located 14.09.2006 on submitted to
G. Uppalapadu of Mylavaram Mandal, at Gothra Village, Nawalgarh Taluk, & its 22.01.2025 competent
District (YSR) Kadapa, (Andhra Pradesh) Jhunjhunu District, Rajasthan State by amendments authorities of
by M/s. ACC Limited M/s. ACC Limited RSPCB
https://
environment.
[Link].
in/

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Whether PRINCIPLE 7 Businesses, when engaging in influencing public and regulatory policy, should do so in a
Results manner that is responsible and transparent
conducted
communi-
EIA by Essential Indicators
S. cated in Relevant Web
Name and brief details of project Notification Date independent
No. public link 1. a. Number of affiliations with trade and industry chambers/ associations: 7
No. external
domain
agency b. List the top 10 trade and industry chambers / associations (determined based on the total members of
(Yes / No)
(Yes / No) such body) the entity is a member of / affiliated to.
9. Proposed Expansion of Cement Grinding S.O. 1533(E) PH to be Yes Yes Draft EIA
S. Name of the trade and industry chambers/ Reach of trade and industry chambers/
Unit for production from 2.0 MTPA to 8.0 dated Conducted Report
No. associations associations (State/National)
MTPA by installation of new line capacity 14.09.2006 submitted to
of 2X3.0 MTPA within existing plant & its competent 1 Indian Business & Biodiversity Initiative (IBBI) National
area for producing OPC/PPC/PSC/PCC amendments authorities of 2 Global Cement Concrete Association (GCCA) National
located at Village - Thondebhavi, Tehsil KSPCB 3 Confederation of Indian Industry (CII) National
- Gowribidanur, District-Chikkaballapur, [Link] 4 National Safety Council (NSC) National
State - Karnataka of M/S ACC Limited karnataka.
5 World Economic Forum (WEF) International
[Link]
6 Science Based Target Initiative International
10. Environment Clearance with respect to S.O. 1533(E) PH to be Yes Yes Draft EIA
the Proposed Expansion of Madukkarai dated Conducted Report 7 United Nation Global Compact International
Cement Grinding Unit and Packing unit 14.09.2006 submitted to
with cement production capacity from & its competent 2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct
1.35 million TPA to 7.35 million TPA amendments authorities of by the entity, based on adverse orders from regulatory authorities.
(Existing 1 x 1.35 MTPA and Proposed 2 TNPCB Name of authority Corrective action taken
x 3 MTPA (6 MTPA) located at Village: [Link]
None. Company ensures compliance with all anti-trust laws
Madukkarai P.O. Madukkarai, Tehsil- [Link]
All agreements are duly vetted to ensure due compliance with anti-trust laws. Training modules are circulated to
Madukkarai, District: Coimbatore, State:
sales / marketing / procurement team from time to time to create awareness on cartelisation / restrictive trade
Tamil Nadu by M/s. ACC Limited
practices We seek proactive advise/clarifications from external law firms in case of any doubt in any transaction
13. Is the entity compliant with the applicable environmental law / regulations / guidelines in India; such as the before proceeding ahead with the same.
Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment
PRINCIPLE 8 Businesses should promote inclusive growth and equitable development
protection act and rules thereunder (Y/N). If not, provide details of all such non-compliances, in the following
format: Essential Indicators
Any fines / penalties /action 1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in
Specify the law / regulation Provide details Corrective
S. taken by regulatory agencies the current financial year.
/ guidelines which was not of the non- action taken,
No. such as pollution control
complied with compliance if any Whether conducted Results
boards or by courts
Date of by independent communicated Relevant Web
Nil Nil Nil Nil Name and brief details of project
notification external agency in public domain link
(Yes/No) (Yes /No)
Social Impact Assessment is a part of EIA for getting Environment Clearance for projects. All projects listed in
Question No 12 of Principle 6 have SIA component in-built as part of the study carried out. In addition, assessing
social impacts of the CSR projects is an ongoing process at Adani Foundation, that continues to assess social
impacts using platforms such as Social Engagement Scorecard (SES), Community Advisory Panel (CAP) etc. Any
social impacts emerging out of these platforms is seriously considered and factored into annual work plan and
activities of Adani Foundation.
This financial year we conduct below social impact assessment of the our CSR projects
1. Impact assessment study on Water Conservation Projects for FY 22-23 has been conducted out by CRISIL
in the FY 2024-25 for ACC sites
2. Impact assessment study on youth skill development training and placement project for FY 20222-23 has
been conducted by PWC in the FY 2024-25

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2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being 3. Number of consumer complaints in respect of the following:
undertaken by your entity, in the following format:
FY 2024-25 FY 2023-24
No. of Project % of PAFs Amounts paid (Current Financial Year) (Previous Financial Year)
S. Name of Project for
State District Affected Families covered to PAFs in the Pending Pending
No. which R&R is ongoing Category Received Received
(PAFs) by R&R FY (In E) resolution resolution
Nil during Remarks during Remarks
at end of at end of
the year the year
year year
3. Describe the mechanisms to receive and redress grievances of the community.
Data privacy 0 0 0 0
Adani Foundation acts like a bridge between the plant and the community. The concerns and grievances from
Advertising 0 0 0 0
the community are taken to Plant Head by Adani Foundation team. Adani Foundation facilitates the issue based
discussion with community and the plant as may be suggested by the Head. Each plant also has a CSR committee Cyber-security 0 0 0 0
where concerns of the community are shared and discussed with senior plant team. ACC plants have Community Delivery of essential No essential services (Every service is a voluntary, value-added service. )
Advisory Panel (CAPs), a formal forum consisting of stakeholders representatives including senior team at plant, services
where issues and concerns of the community are discussed and resolved. Restrictive Trade 0 0 24 11
Practices
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:
Unfair Trade 13 85 The pending matters 20 9
FY 2024-25 FY 2023-24 Practices (including of previous years)
Safety Incident/Number
(Current Financial Year) (Previous Financial Year) are consumer complaints
Directly sourced from MSMEs / small producers 23.25% 1.66% filed before various Consumer
Directly from within India 96.62% 98.97% forums and related appeals
before appropriate forums.
5. Job creation in smaller towns – Disclose wages paid to persons employed (including employees or workers The matters are being heard
employed on a permanent or non-permanent/on contract basis) in the following locations, as % of total wage cost by the respective forums &
appellate forums as per the
FY 2024-25 FY 2023-24
Location due process of law and are at
(Current Financial Year) (Previous Financial Year)
different stages of resolution.
Rural 58.98% 57.92%
Other 0 0 16 8
Semi-urban 10.26% 7.66%
Urban 24.45% 26.32% 4. Details of instances of product recalls on account of safety issues:
Metropolitan 6.31% 8.10%
Number Reasons for recall
(Place to be categorised as per RBI Classification System – rural/semi-urban/urban/metropolitan)
Voluntary recalls 0 NA
PRINCIPLE 9 Businesses should engage with and provide value to their consumers in a responsible manner Forced recalls 0 NA

Essential Indicators 5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback. available, provide a web-link

The Company has provided on its website a dedicated e-mail address wherein the Company receives and responds Yes, Cyber Security and Data Privacy Policy: [Link]
to consumer complaints and feedbacks. The e-mail address is acchelp@[Link]. In addition, every package has and%20data%20privacy%[Link]
printed customer care details with postal address, toll free phone number and email id.
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of
2. 
Turnover of products and / services as a percentage of turnover from all products / service that carry essential services; cyber security and data privacy of customers; re-occurrence of instances of product recalls;
information about: penalty / action taken by regulatory authorities on safety of products/services.
Response: All communications have necessary disclaimer as per Advertising Standard Council of India (ASCI) and

As a percentage to total turnover Bureau of Indian Standard (BIS) guidelines.
Environmental and social parameters relevant to the product The Company’s products confirm to all
Safe and responsible usage applicable statutory parameters. 7. Provide the following information relating to data breaches:
a. Number of instances of data breaches along-with impact: 0
Recycling and/or safe disposal
b. Percentage of data breaches involving personally identifiable information of customers: 0%
c. Impacts, if any, of the data breaches : NA

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Independent Auditor’s Report Key audit matters How our audit addressed the key audit matter
Litigation and Claims (as described in Notes 1.3(H), 1.4(I), 43(A) and 44 of the standalone financial statements)
The Company has significant ongoing legal proceedings Our audit procedures included the following:
for various matters relating to direct tax. indirect tax.
To the Members of ACC Limited under the provisions of the Act and the Rules thereunder,
government incentive claims and other legal matters
ƒ Obtained and read the Company's accounting policies
and we have fulfilled our other ethical responsibilities with respect to contingent liabilities and provisions
relating to Company’s operations under various laws
Report on the Audit of the Standalone in accordance with these requirements and the Code and assessed its compliance with Ind AS 37 “Provisions,
prevailing in India. The Company has also deposited
Financial Statements of Ethics. We believe that the audit evidence we have Contingent Liabilities and Contingent Assets",
substantial amounts against various matters or
obtained is sufficient and appropriate to provide a basis for
Opinion accounted as receivable from authorities against ƒ Obtained understanding of the Company's process and
our audit opinion on the standalone financial statements.
We have audited the accompanying standalone financial dispute, which has been classified as “Duty, taxes paid controls to identify and monitor all litigations, Including
statements of ACC Limited (“the Company”), which Emphasis of Matter under protest with Government authorities against Company's process of assessment of litigations as
comprise the Balance sheet as at March 31, 2025, the various disputes – Other non-current assets” in Note 9. ‘probable', 'possible' and 'remote' and reporting to the
We draw your attention to Note 43(A) of the accompanying
Statement of Profit and Loss, including the statement of The provisions made against legal matters have been Board of Directors / Audit Committee.
standalone financial statements which, describes the
Other Comprehensive Income, the Cash Flow Statement included in “Other Payables- Other current liability” in
uncertainty related to the outcome of ongoing litigation
Note 26.
ƒ Discussed with the management including the
and the Statement of Changes in Equity for the year then with the Competition Commission of India. person responsible for legal and compliance to
ended, and notes to the Standalone financial statements, Due to the magnitude and complexity involved in obtain an understanding of the matters involved and
including a summary of material accounting policies and Our opinion is not modified in respect of this matter.
these matters, management's judgement regarding development in these matters compared to previous
other explanatory information (hereafter referred to as the recognition, measurement and disclosure of provisions year. For significant direct and indirect tax matters
Key Audit Matters
“Standalone Financial Statements”). for these legal matters is inherently uncertain and and government incentive claims including special
Key audit matters are those matters that, in our professional
In our opinion and to the best of our information and might change over time as the outcome of the incentive, we assessed the management conclusion
judgment, were of most significance in our audit of the
according to the explanations given to us, the aforesaid legal cases are determined or dispute gets settled. with the support of internal specialists. For claims/
standalone financial statements for the financial year
standalone financial statements give the information Accordingly. it has been considered as a key audit matters settled during the year based on the orders/
ended March 31, 2025. These matters were addressed
required by the Companies Act, 2013, as amended (“the matter. management assessment, we verified orders/
in the context of our audit of the standalone financial
Act”) in the manner so required and give a true and fair management conclusion, as appropriate and verified
statements as a whole, and in forming our opinion thereon,
view in conformity with the accounting principles generally whether the claims/matters settled were properly
and we do not provide a separate opinion on these matters.
accepted in India, of the state of affairs of the Company as accounted for in the books.
For each matter below, our description of how our audit
at March 31, 2025, its profit including other comprehensive addressed the matter is provided in that context. ƒ Obtained and assessed management conclusion
(loss) / income, its cash flows and the changes in equity for basis the related documentation / correspondence
the year ended on that date. We have determined the matters described below to be
and opinions from external legal experts (where
the key audit matters to be communicated in our report.
applicable) for other significant legal matters, as
Basis for Opinion We have fulfilled the responsibilities described in the
provided by the management. For incentive claims,
We conducted our audit of the standalone financial Auditor’s responsibilities for the audit of the standalone
reviewed management assessment for likelihood of
statements in accordance with the Standards on Auditing financial statements section of our report, including in
recoverability.
(SAs), as specified under section 143(10) of the Act. relation to these matters. Accordingly, our audit included
Our responsibilities under those Standards are further the performance of procedures designed to respond to our ƒ Obtained direct legal confirmations for significant
described in the ‘Auditor’s Responsibilities for the Audit of assessment of the risks of material misstatement of the matters from external law firms handling such matters
the Standalone Financial Statements’ section of our report. standalone financial statements. The results of our audit to corroborate management conclusions.
We are independent of the Company in accordance with procedures, including the procedures performed to address
the matters below, provide the basis for our audit opinion
ƒ Assessed the objectivity and competence of the
the ‘Code of Ethics’ issued by the Institute of Chartered external legal experts / law firms and internal specialist
Accountants of India together with the ethical requirements on the accompanying standalone financial statements.
as referred above.
that are relevant to our audit of the financial statements
ƒ Reviewed the disclosures made by the Company in the
standalone financial statements.

ƒ Obtained necessary representations from

the management.

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Integrated Annual Report 2024-25

Key audit matters How our audit addressed the key audit matter Company in accordance with the accounting principles misstatement resulting from fraud is higher than for
generally accepted in India, including the Indian one resulting from error, as fraud may involve collusion,
Revenue recognition, including discounts and rebates to Customers (as described in Notes 1.3(I), 1.4(VI), and
Accounting Standards (Ind AS) specified under section 133 forgery, intentional omissions, misrepresentations, or
28 of the standalone financial statements)
of the Act read with the Companies (Indian Accounting the override of internal control.
The Company recognizes revenue upon the transfer Our audit procedures included the following: Standards) Rules, 2015, as amended. This responsibility also
of control of goods to the customer, provided there includes maintenance of adequate accounting records in
ƒ Obtain an understanding of internal control relevant to
are no unfulfilled obligations. Revenue is measured at
ƒ We have assessed the Company’s accounting policies the audit in order to design audit procedures that are
relating to recognition and measurement of revenue, accordance with the provisions of the Act for safeguarding
the fair value of the consideration received, adjusted appropriate in the circumstances. Under section 143(3)
discounts, incentives and rebates by comparing with of the assets of the Company and for preventing and
for discounts, incentives, price concessions, rebates, (i) of the Act, we are also responsible for expressing
applicable accounting standards. detecting frauds and other irregularities; selection and
and other similar adjustments. The timing of revenue our opinion on whether the Company has adequate
application of appropriate accounting policies; making
recognition, the determination of when control ƒ We have evaluated the design and implementation internal financial controls with reference to standalone
judgments and estimates that are reasonable and prudent;
is transferred, and the assessment of unfulfilled of the Company’s internal controls over revenue financial statements in place and the operating
and the design, implementation and maintenance of
obligations require significant judgment, particularly recognition, including policies for discounts, rebates, effectiveness of such controls.
adequate internal financial controls, that were operating
given the complexity of sales arrangements (including and incentives, ensuring alignment with Ind AS 115. effectively for ensuring the accuracy and completeness ƒ Evaluate the appropriateness of accounting policies
through Master Supply Agreements (MSA)) and the of the accounting records, relevant to the preparation used and the reasonableness of accounting estimates
varying terms and conditions across different customer ƒ We have reviewed a sample of sales contracts, the
underlying documentation for discounts, incentives and presentation of the standalone financial statements and related disclosures made by management.
agreements. This complexity is further compounded by that give a true and fair view and are free from material
and rebates recorded and disbursed during the year ƒ Conclude on the appropriateness of management’s use
the need to accurately estimate and apply discounts, misstatement, whether due to fraud or error.
to assess the timing of transfer of control has been of the going concern basis of accounting and, based
rebates, and other adjustments to arrive at the fair
satisfied and verified delivery terms and conditions to In preparing the standalone financial statements, on the audit evidence obtained, whether a material
value of consideration in the appropriate period and the
ensure revenue recognition aligns with the transfer of management is responsible for assessing the Company’s uncertainty exists related to events or conditions
completeness of the expenses.
control to customers. ability to continue as a going concern, disclosing, as that may cast significant doubt on the Company’s
The Company has established commercial policy that applicable, matters related to going concern and using ability to continue as a going concern. If we conclude
sets benchmarks or limits for margins in case of MSA ƒ We have tested the accuracy and consistency of
discounts, rebates, and incentives applied to revenue the going concern basis of accounting unless management that a material uncertainty exists, we are required to
with related parties and for discounts and rebates, either intends to liquidate the Company or to cease draw attention in our auditor’s report to the related
transactions. Assessed the reasonableness of
within which individual sales regions can design and operations, or has no realistic alternative but to do so. disclosures in the standalone financial statements
management’s estimates for measurement of variable
implement their own schemes. This decentralised or, if such disclosures are inadequate, to modify our
considerations including in case of MSA transaction Those charged with governance are also responsible for
approach allows regional sales teams flexibility opinion. Our conclusions are based on the audit
with related parties, contractual terms including overseeing the Company’s financial reporting process.
in offering rebates, which may result in variations evidence obtained up to the date of our auditor’s
historical trends of payments and reversal of discounts,
between regions in terms of the level of discounts report. However, future events or conditions may cause
incentives and rebates to provisions made to assess the Auditor’s Responsibilities for the Audit of the
provided. the Company to cease to continue as a going concern.
current year accruals. Standalone Financial Statements
Given the inherent complexity and judgment involved
ƒ Analysed regional schemes to ensure compliance Our objectives are to obtain reasonable assurance about ƒ Evaluate the overall presentation, structure and content
in determining the timing of revenue recognition, the whether the standalone financial statements as a whole of the standalone financial statements, including the
with the Company’s overall commercial policy and
assessment of control transfer, and the estimation are free from material misstatement, whether due to fraud disclosures, and whether the standalone financial
benchmarks. Also, evaluated the impact of sales region
of discounts and rebates, revenue recognition was or error, and to issue an auditor’s report that includes statements represent the underlying transactions and
KPIs linked to revenue targets on the application of
identified as a key audit matter. our opinion. Reasonable assurance is a high level of events in a manner that achieves fair presentation.
discounts and rebates, ensuring no undue influence on
revenue recognition. assurance, but is not a guarantee that an audit conducted
We communicate with those charged with governance
in accordance with SAs will always detect a material
regarding, among other matters, the planned scope and
Other Information obtained in the audit or otherwise appears to be materially misstatement when it exists. Misstatements can arise from
timing of the audit and significant audit findings, including
misstated. If, based on the work we have performed, we fraud or error and are considered material if, individually
The Company’s Board of Directors is responsible for the any significant deficiencies in internal control that we
conclude that there is a material misstatement of this or in the aggregate, they could reasonably be expected to
other information. The other information comprises the identify during our audit.
other information, we are required to report that fact. influence the economic decisions of users taken on the
information included in the Annual report, but does not
We have nothing to report in this regard. basis of these standalone financial statements. We also provide those charged with governance with a
include the accompanying standalone financial statements
statement that we have complied with relevant ethical
and our auditor’s report thereon. As part of an audit in accordance with SAs, we exercise
Responsibilities of the Management and Those requirements regarding independence, and to communicate
professional judgment and maintain professional
Our opinion on the accompanying standalone financial Charged with Governance for the Standalone with them all relationships and other matters that may
scepticism throughout the audit. We also:
statements does not cover the other information and we Financial Statements reasonably be thought to bear on our independence, and
do not express any form of assurance conclusion thereon. The Company’s Board of Directors is responsible for the ƒ Identify and assess the risks of material misstatement where applicable, related safeguards.
matters stated in section 134(5) of the Act with respect to of the standalone financial statements, whether due
In connection with our audit of the accompanying From the matters communicated with those charged
the preparation of these standalone financial statements to fraud or error, design and perform audit procedures
standalone financial statements, our responsibility is with governance, we determine those matters that were
that give a true and fair view of the financial position, responsive to those risks, and obtain audit evidence
to read the other information and, in doing so, consider of most significance in the audit of the accompanying
financial performance including other comprehensive that is sufficient and appropriate to provide a basis
whether such other information is materially inconsistent standalone financial statements for the financial year
(loss) / income, cash flows and changes in equity of the for our opinion. The risk of not detecting a material
with the standalone financial statements or our knowledge ended March 31, 2025 and are therefore the key audit

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

matters. We describe these matters in our auditor’s report (e) 

On the basis of the written representations been advanced or loaned or invested (either Annual General Meeting. The dividend declared is in
unless law or regulation precludes public disclosure about received from the directors as on March 31, 2025 from borrowed funds or share premium or any accordance with section 123 of the Act to the extent
the matter or when, in extremely rare circumstances, we taken on record by the Board of Directors, none other sources or kind of funds) by the Company it applies to declaration of dividend.
determine that a matter should not be communicated in of the directors is disqualified as on March 31, to or in any other person(s) or entity(ies),
vi. 
Based on our examination which included test
our report because the adverse consequences of doing 2025 from being appointed as a director in terms including foreign entities (“Intermediaries”),
checks, the Company has used accounting software
so would reasonably be expected to outweigh the public of Section 164 (2) of the Act; with the understanding, whether recorded in
for maintaining its books of account which has a
interest benefits of such communication. writing or otherwise, that the Intermediary
(f) The modification relating to the maintenance feature of recording audit trail (edit log) facility and
shall, whether, directly or indirectly lend or
Report on Other Legal and Regulatory of accounts and other matters connected the same has operated throughout the year for all
invest in other persons or entities identified in
Requirements therewith are as stated in the paragraph (b) relevant transactions recorded in the software, except
any manner whatsoever by or on behalf of the
above on reporting under Section 143(3)(b) the audit trail feature is enabled, for certain direct
1. As required by the Companies (Auditor’s Report) Order, Company (“Ultimate Beneficiaries”) or provide
and in sub-clause 2(i)(vi) below on reporting changes to database when using certain privileged /
2020 (“the Order”), issued by the Central Government any guarantee, security or the like on behalf of
under Rule 11(g) of the Companies (Audit and administrative access rights which got stabilised and
of India in terms of sub-section (11) of section 143 of the Ultimate Beneficiaries;
Auditor’s) Rules; enabled from March 25, 2025, as described in note 64
the Act, we give in the “Annexure 1” a statement on the
b) The management has represented that, to the to the standalone financial statements.
matters specified in paragraphs 3 and 4 of the Order. (g) With respect to the adequacy of the internal
best of its knowledge and belief, as disclosed
financial controls with reference to standalone Further, during the course of our audit we did not
2. As required by Section 143(3) of the Act, we report to in the note 62(6) to the standalone financial
financial statements and the operating come across any instance of audit trail feature being
the extent applicable, that: statements, no funds have been received by
effectiveness of such controls, refer to our tampered with in respect of the accounting software
the Company from any person(s) or entity(ies),
(a) We have sought and obtained all the information separate Report in “Annexure 2” to this report; where audit trail was enabled.
including foreign entities (“Funding Parties”),
and explanations which to the best of our
(h) 
The Company has not paid any managerial with the understanding, whether recorded in Additionally, the audit trail of relevant prior years has
knowledge and belief were necessary for the
remunerations to its directors and thus, the writing or otherwise, that the Company shall, been preserved for record retention to the extent it
purposes of our audit;
provisions of section 197 read with Schedule V whether, directly or indirectly, lend or invest in was enabled and recorded in those respective years
(b) 
In our opinion, proper books of account as to the Act are not applicable to the Company for other persons or entities identified in any manner by the Company as per the statutory requirements
required by law have been kept by the Company the year ended on March 31, 2025; whatsoever by or on behalf of the Funding for record retention, as described in note 64 to the
so far as it appears from our examination of those Party (“Ultimate Beneficiaries”) or provide any standalone financial statements.
(i) With respect to the other matters to be included
books except for the matters stated in sub-clause guarantee, security or the like on behalf of the
in the Auditor’s Report in accordance with Rule
2(i)(vi) below on reporting under Rule 11(g) of the Ultimate Beneficiaries; and For S R B C & CO LLP
11 of the Companies (Audit and Auditors) Rules,
Companies (Audit and Auditor’s) Rules, 2014; Chartered Accountants
2014, as amended in our opinion and to the c) 
Based on such audit procedures performed
(c) 
The Balance Sheet, the Statement of Profit best of our information and according to the that have been considered reasonable and ICAI Firm Registration Number: 324982E/E300003
and Loss including the Statement of Other explanations given to us: appropriate in the circumstances, nothing has
Comprehensive (loss) / income, the Cash Flow come to our notice that has caused us to believe per Santosh Agarwal
i. The Company has disclosed the impact of
Statement and Statement of Changes in Equity that the representations under sub-clause (a) Partner
pending litigations on its financial position
dealt with by this Report are in agreement with and (b) contain any material misstatement. Membership Number: 093669
in its standalone financial statements
the books of account; UDIN: 25093669BMJBGN5892
– Refer Note 43 to the standalone v. The final dividend paid by the Company during the
(d) In our opinion, the aforesaid standalone financial financial statements; year in respect of the same declared for the previous Place of Signature: Ahmedabad, Gujarat
statements comply with the Accounting year is in accordance with section 123 of the Act to Date: April 24, 2025
ii. The Company did not have any long-term
Standards specified under Section 133 of the the extent it applies to payment of dividend.
contracts including derivative contracts
Act, read with Companies (Indian Accounting
for which there were any material As stated in note 55 to the standalone financial
Standards) Rules, 2015, as amended;
foreseeable losses; statements, the Board of Directors of the Company
have proposed final dividend for the year which is
iii. Following are the instances of delay in transferring amounts, required to be transferred, to the Investor
subject to the approval of the members at the ensuing
Education and Protection Fund (IEPF) by the Company;

Amount
Date of Number of
Nature of delay Due date involved
payment days of delays
(In crore)
Delay in depositing dividend September 21, October 21, 30 1.63
declared for year ended 2024 2024
December 31, 2017 to IEPF

iv. a) The management has represented that, to the disclosed in the note 5 and note 62(5) to the
best of its knowledge and belief, other than as standalone financial statements, no funds have

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Annexure ‘1’ (d) The Company has not revalued its Property, Plant
and Equipment (including Right of use assets)
grant of loans granted and investments made
including through OCD subscribed of wholly
1’ referred to in paragraph under the heading “Report on other legal and regulatory requirements” of our report of even or intangible assets during the year ended owned subsidiaries are not prejudicial to the
date for the year ended March 31, 2025 March 31, 2025. Company's interest. According to the information
Re: ACC Limited (“the Company”) and explanation given to us, during the year, the
(e) There are no proceedings initiated or are pending
Company has not made investments in firms,
against the Company for holding any benami
In terms of the information and explanations sought by us plant and equipment were physically verified Limited Liability Partnerships or any other parties.
property under the Prohibition of Benami
and given by the company and the books of account and by the management during the year ended Property Transactions Act, 1988 and rules (c) In respect of loan of Rs 1.71 crore granted to
records examined by us in the normal course of audit and March 31, 2025. According to the information made thereunder. one wholly owned subsidiary in previous year,
to the best of our knowledge and belief, we state that: and explanations given to us, no material the schedule of repayment of principal was not
discrepancies were noticed on such verification. (ii) (a) 
The management has conducted physical
(i) (a) (A) 
The Company has maintained proper stipulated. Such loan has been received back
verification of inventory [including inventory lying
records showing full particulars, including (c) The title deeds of immovable properties included during the year. In respect of loans granted to
with third parties] at reasonable intervals during
quantitative details and situation of in property, plant and equipment (other than companies where the schedule of repayment
the year. In our opinion the coverage and the
Property, Plant and Equipment. properties where the Company is the lessee and of principal and payment of interest has been
procedure of such verification by the management
the lease agreements are duly executed in favour stipulated, the repayment or receipts are regular.
(B) The Company has maintained proper records is appropriate. No discrepancies of 10% or more
of the lessee) disclosed in note 2 and note 3 to in aggregate for each class of inventory were (d) 
There are no amounts of loans granted
showing full particulars of intangibles assets.
the standalone financial statements are held noticed on such physical verification. to companies which are overdue for more
(b) 
The Company has a regular programme of in the name of the Company except 3 number than ninety days.
verification of property, plant and equipment of immovable properties in nature of Buildings (b) The Company has not been sanctioned working
to cover all the items in a phased manner over and Freehold Non-mining land as indicated in capital limits in excess of Rs. five crore in (e) There were no loans granted to companies which
a period of three years which, in our opinion, the below mentioned cases as at March 31, 2025 aggregate from banks or financial institutions was fallen due during the year, that have been
is reasonable having regard to the size of for which title deeds were not made available during any point of time of the year on the basis renewed or extended or fresh loans granted to
the Company and the nature of its assets. by the Company and hence we are unable to of security of current assets. Accordingly, the settle the over dues of existing loans given to
Pursuant to the programme, certain property, comment on the same. requirement to report on clause 3(ii)(b) of the the same parties.
Order is not applicable to the Company.
(f) The Company has not granted any loans, either
Gross Whether
(iii) (a) During the year the Company has provided loans repayable on demand or without specifying any
carrying promoter, Period held –
Assets Held in the Pls add above table to companies as follows: terms or period of repayment to companies.
value As at director or indicate range,
category name of (Amount in K Crore) Further, Company does not have any loans
March 31, their relative where appropriate (I in crore)
outstanding as at year end which are either
2025 or employee
Particulars Loans repayable on demand or without specifying any
Building (Flats) 4.45 Supertech No March 1, 2021 to date Company is in the
Aggregate amount granted/ terms or period of repayment to Companies.
Realtors process of obtaining
provided during the year Accordingly, the requirement to report on
Private title deed. SRPL is
- Subsidiaries 14.07 clause 3(iii)(f) of the Order is not applicable
Limited under Corporate
to the Company.
(SRPL) Insolvency Resolution Balance outstanding as at
Process as at balance sheet date in respect (iv) 
There are no loans, guarantees, and security in
reporting date of above cases respect of which provisions of sections 185 of the
Freehold land 3.59 Title deed is not made available by the company. The land is located at - Subsidiaries 2.77 Companies Act, 2013 is applicable and hence not
Jampali and Kymore. commented upon. Loans and investments in respect
According to the information and explanation of which provisions of sections 186 of the Companies
Building 16.83 Title deed is not made available by the company. The Building in is located given to us, during the year, the Company has Act, 2013 are applicable have been complied with
at Damodar and Bargarh. not provided loans, advances in the nature of by the Company.
Leasehold land 3.53 Title deed is not made available by the company. The land is located at loans, stood guarantees or provided security
Mumbai and Bargarh. to firms, Limited Liability Partnerships or any (v) The Company has neither accepted any deposits
other parties. from the public nor accepted any amounts which are
deemed to be deposits within the meaning of sections
(b) During the year, the investments made including 73 to 76 of the Companies Act and the rules made
investment made through Optionally Convertible thereunder, to the extent applicable. Accordingly, the
Debentures (OCD) in the wholly owned requirement to report on clause 3(v) of the Order is
subsidiaries and the terms and conditions of the not applicable to the Company.

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Integrated Annual Report 2024-25

(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Name of the Amount Period to which the amount Forum where the
Central Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013, related Nature of the dues
statute (In Crore) relates dispute is pending
to the manufacture of cement, and are of the opinion that prima facie, the specified accounts and records have
Mines and Mineral Demand for the 298.75 1997-2024 High Court of Madras
been made and maintained. We have not, however, made a detailed examination of the same.
(Development and compensation for use
(vii) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including goods Regulation ) Act, of government land
and services tax, provident fund, employees’ state insurance, income-tax, sales-tax, service tax, duty of customs, 1957 Demand of additional 10.39 1989-2008 High Court(s) of
duty of excise, value added tax, cess and other statutory dues applicable to it. According to the information royalty on limestone . 2016-2018 various States
and explanations given to us and based on audit procedures performed by us, no undisputed amounts payable
Demand of additional 132.60 1995-2023 Revisional Authority
in respect of these statutory dues were outstanding, at the year end, for a period of more than six months from
royalty on limestone.
the date they became payable.
Demand of additional 15.86 1992-2008 Hon’ble Supreme Court
Name of the Amount Period to which the amount Forum where the royalty
Nature of the dues
statute (In Crore) relates dispute is pending Penalty for alleged 833.59 1991-2014 High Court of
Income Tax Act, Income tax and 24.56 2001-02 to 2002-03 Commissioner illegal mining activities Jharkhand
1961 interest 96.93 2014-15 to 2020-21 Penalty for alleged 145.70 2000-2020 District Collector
58.85 2021-22 CPC Intimation order illegal mining activities
37.55 2001-02 to 2011-12 Assessing Officer - Ministry of mines
Sales Tax / Value Sales Tax & Value 159.89 April 1988- March 1994 High Court(s) of Others Tax, Interest and 3.86 Various Various
Added Tax Added Tax various states Penalty
April 1995- March 1996
Refer Note 43(A)(a) and 43(A)(b) for demand under the Competition Act, 2002.
April 1998- March 2014
Note: During the year/previous years, the Company has deposited H 407 crore under protest in connection with above disputes.
April 2015– March 2016
(viii) The Company has not surrendered or disclosed (e) On an overall examination of the standalone
210.61 April'1991 - March'1992 Appellate Authorities & any transaction, previously unrecorded in the financial statements of the Company, the
April'1993 - June'2018 Tribunal books of account, in the tax assessments under Company has not taken any funds from any
20.79 April 1984- March 1985 Commissioner the Income Tax Act, 1961 as income during the entity or person on account of or to meet the
April 1989-December 2013 year. Accordingly, the requirement to report obligations of its subsidiaries, associates or
on clause 3(viii) of the Order is not applicable joint ventures.
Central Excise Excise Duty, Penalty 64.74 April 2001- December 2013 High Court(s) of
to the Company.
Act, 1944 and Interest January 2016- June 2017 various states (f) The Company has not raised loans during the year
102.82 April 1994 – March 1995 Appellate Authorities & (ix) (a) 
The Company did not have any outstanding on the pledge of securities held in its subsidiaries,
Tribunal loans or borrowings or interest thereon due joint ventures or associate companies. Hence, the
January 1999- May 1999
to any lender during the year. Accordingly, the requirement to report on clause 3(ix)(f) of the
April 2001 – June 2017 requirement to report on clause ix(a) of the Order Order is not applicable to the Company.
1.57 April 2001- December 2013 Commissioner is not applicable to the Company.
(x) (a) The Company has not raised any money during
Finance Act, 1994 Service Tax, Penalty 139.5 April 2001 – June 2017 Appellate Authorities & (b) 
The Company has not been declared wilful the year by way of initial public offer / further
and Interest Tribunal defaulter by any bank or financial institution or public offer (including debt instruments) hence,
6.56 April 2006- January 2008 Commissioner government or any government authority. the requirement to report on clause 3(x)(a) of the
January 2010 - December Order is not applicable to the Company.
(c) 
The Company did not have any term loans
2016
outstanding during the year hence, the (b) The Company has not made any preferential
Custom Act, 1962 Custom Duty, Penalty 0.47 March 2012- March 2013 Appellate Authorities & requirement to report on clause 3(ix)(c) of the allotment or private placement of shares /fully
and Interest Tribunal Order is not applicable to the Company. or partially or optionally convertible debentures
Goods and Goods and Service Tax 778.94 April 2015 - March 2024 Appellate Authorities & during the year under audit and hence, the
(d) The Company did not raise any funds during
Service Tax Act, Tribunal requirement to report on clause 3(x)(b) of the
the year hence, the requirement to report on
2017 71.6 July 2017 High Court(s) of Order is not applicable to the Company.
clause 3(ix)(d) of the Order is not applicable
various states to the Company.
Entry Tax Entry Tax 22.00 April 1990- March 1992 Appellate Authorities &
April 1995 – March 1996 Tribunal
April 1998 – March 2002
April 2003 – March 2007
140.29 April 2008-June 2017 High Court(s) of
various states

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Integrated Annual Report 2024-25

(xi) (a) No material fraud by the Company or no material Accordingly, the requirement to report on transferred to a fund specified in Schedule VII of (xxi) The requirement of clause 3(xxi) is not applicable in
fraud on the Company has been noticed or clause 3(xvi)(b) of the Order is not applicable the Companies Act (the Act), in compliance with respect of Standalone Financial Statements.
reported during the year. to the Company. second proviso to sub section 5 of section 135 of
For S R B C & CO LLP
the Act. This matter has been disclosed in note
(b) During the year, no report under sub-section (12) (c) The Company is not a Core Investment Company Chartered Accountants
38(iv) to the standalone financial statements.
of section 143 of the Companies Act, 2013 has as defined in the regulations made by Reserve ICAI Firm Registration Number: 324982E/E300003
been filed by cost auditor/ secretarial auditor or Bank of India. Accordingly, the requirement to (b) 
There are no unspent amounts in respect
by us in Form ADT – 4 as prescribed under Rule report on clause 3(xvi)(c) of the Order is not of ongoing projects, that are required to be per Santosh Agarwal
13 of Companies (Audit and Auditors) Rules, 2014 applicable to the Company. transferred to a special account in compliance Partner
with the Central Government. of provision of sub section (6) of section Membership Number: 093669
(d) There are no Core Investment Company part of
135 of Companies Act. This matter has been UDIN: 25093669BMJBGN5892
(c) We have taken into consideration the whistle the Group, hence, the requirement to report on
disclosed in note 38(iv) to the standalone
blower complaints received by the Company clause 3(xvi)(d) of the Order is not applicable Place of Signature: Ahmedabad, Gujarat
financial statements.
during the year while determining the nature, to the Company. Date: April 24, 2025
timing and extent of audit procedures.
(xvii) 
The Company has not incurred cash losses in
(xii) The Company is not a nidhi Company as per the the current financial year as well as preceding
provisions of the Companies Act, 2013. Therefore, the financial year.
requirement to report on clause 3(xii)(a), 3(xii)(b) and
(xviii) 
There has been no resignation of the statutory
3(xii)(c) of the Order are not applicable to the Company.
auditors during the year and accordingly requirement
(xiii) Transactions with the related parties are in compliance to report on Clause 3(xviii) of the Order is not
with sections 177 and 188 of Companies Act, 2013 applicable to the Company.
where applicable and the details have been disclosed
(xix) O
 n the basis of the financial ratios disclosed in note
in the notes to the standalone financial statements,
61 to the standalone financial statements, ageing
as required by the applicable accounting standards.
and expected dates of realisation of financial assets
(xiv) (a) 
The Company has an internal audit system and payment of financial liabilities, other information
commensurate with the size and nature accompanying the standalone financial statements,
of its business. our knowledge of the Board of Directors and
management plans and based on our examination of
(b) The internal audit reports of the Company issued
the evidence supporting the assumptions, nothing
till the date of the audit report, for the period
has come to our attention, which causes us to believe
under audit have been considered by us.
that any material uncertainty exists as on the date
(xv) The Company has not entered into any non-cash of the audit report that Company is not capable of
transactions with its directors or persons connected meeting its liabilities existing at the date of balance
with its directors and hence requirement to report sheet as and when they fall due within a period of one
on clause 3(xv) of the Order is not applicable year from the balance sheet date. We, however, state
to the Company. that this is not an assurance as to the future viability
of the Company. We further state that our reporting is
(xvi) (a) The provisions of section 45-IA of the Reserve
based on the facts up to the date of the audit report
Bank of India Act, 1934 (2 of 1934) are not
and we neither give any guarantee nor any assurance
applicable to the Company. Accordingly, the
that all liabilities falling due within a period of one
requirement to report on clause 3(xvi)(a) of the
year from the balance sheet date, will get discharged
Order is not applicable to the Company.
by the Company as and when they fall due.
(b) The Company is not engaged in any Non-Banking
(xx) (a) In respect of other than ongoing projects, there
Financial or Housing Finance activities.
are no unspent amounts that are required to be

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Annexure ‘2’ Inherent Limitations of Internal Financial

Controls With Reference to standalone
standalone financial statements and such internal financial
controls with reference to standalone financial statements
To the Independent Auditor’s Report of even date on the Standalone Financial Statements of ACC Limited Financial Statements were operating effectively as at March 31, 2025, based
on the internal control over financial reporting criteria
Because of the inherent limitations of internal financial
Report on the Internal Financial Controls under Clause (i) Our audit involves performing procedures to obtain audit established by the Company considering the essential
controls with reference to standalone financial statements,
of Sub-section 3 of Section 143 of the Companies Act, evidence about the adequacy of the internal financial components of internal control stated in the Guidance
including the possibility of collusion or improper
2013 (“the Act”) controls with reference to these standalone financial Note issued by the ICAI.
management override of controls, material misstatements
statements and their operating effectiveness. Our audit due to error or fraud may occur and not be detected.
We have audited the internal financial controls with For S R B C & CO LLP
of internal financial controls with reference to standalone Also, projections of any evaluation of the internal financial
reference to standalone financial statements of ACC Chartered Accountants
financial statements included obtaining an understanding controls with reference to standalone financial statements
Limited (“the Company”) as of March 31, 2025 in conjunction ICAI Firm Registration Number: 324982E/E300003
of internal financial controls with reference to these to future periods are subject to the risk that the internal
with our audit of the standalone financial statements of
standalone financial statements, assessing the risk that a financial control with reference to standalone financial
the Company for the year ended on that date.
material weakness exists, and testing and evaluating the statements may become inadequate because of changes per Santosh Agarwal
design and operating effectiveness of internal control based in conditions, or that the degree of compliance with the Partner
Management’s Responsibility for Internal
on the assessed risk. The procedures selected depend on policies or procedures may deteriorate. Membership Number: 093669
Financial Controls
the auditor’s judgement, including the assessment of the UDIN: 25093669BMJBGN5892
The Company’s Management is responsible for establishing risks of material misstatement of the financial statements, Opinion Place of Signature: Ahmedabad, Gujarat
and maintaining internal financial controls based on the whether due to fraud or error.
internal control over financial reporting criteria established In our opinion, the Company has, in all material respects, Date: April 24, 2025
by the Company considering the essential components of We believe that the audit evidence we have obtained is adequate internal financial controls with reference to
internal control stated in the Guidance Note on Audit of sufficient and appropriate to provide a basis for our audit
Internal Financial Controls Over Financial Reporting issued opinion on the Company’s internal financial controls with
by the Institute of Chartered Accountants of India (“ICAI”). reference to these standalone financial statements.
These responsibilities include the design, implementation
and maintenance of adequate internal financial controls Meaning of Internal Financial Controls With
that were operating effectively for ensuring the orderly Reference to these standalone Financial
and efficient conduct of its business, including adherence Statements
to the Company’s policies, the safeguarding of its assets, A company's internal financial controls with reference to
the prevention and detection of frauds and errors, the standalone financial statements is a process designed
accuracy and completeness of the accounting records, and to provide reasonable assurance regarding the reliability
the timely preparation of reliable financial information, as of financial reporting and the preparation of financial
required under the Companies Act, 2013. statements for external purposes in accordance with
generally accepted accounting principles. A company's
Auditor’s Responsibility internal financial controls with reference to standalone
Our responsibility is to express an opinion on the financial statements includes those policies and
Company's internal financial controls with reference procedures that (1) pertain to the maintenance of records
to these standalone financial statements based on our that, in reasonable detail, accurately and fairly reflect the
audit. We conducted our audit in accordance with the transactions and dispositions of the assets of the company;
Guidance Note on Audit of Internal Financial Controls (2) provide reasonable assurance that transactions are
Over Financial Reporting (the “Guidance Note”) and the recorded as necessary to permit preparation of financial
Standards on Auditing, as specified under section 143(10) statements in accordance with generally accepted
of the Act, to the extent applicable to an audit of internal accounting principles, and that receipts and expenditures
financial controls, both issued by ICAI. Those Standards of the company are being made only in accordance with
and the Guidance Note require that we comply with ethical authorisations of management and directors of the
requirements and plan and perform the audit to obtain company; and (3) provide reasonable assurance regarding
reasonable assurance about whether adequate internal prevention or timely detection of unauthorised acquisition,
financial controls with reference to these standalone use, or disposition of the company's assets that could have
financial statements was established and maintained and if a material effect on the financial statements.
such controls operated effectively in all material respects.

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Standalone Balance Sheet Standalone Statement of Profit and Loss

as at March 31, 2025 for the period ended March 31, 2025

I in crore I in crore
As at As at
Particulars Notes For the Year ended For the Year ended
March 31, 2025 March 31, 2024 Particulars Notes
A. ASSETS March 31, 2025 March 31, 2024
1) Non-current assets 1 INCOME
a) Property, plant and equipment 2 8,460.01 8,609.07
b) Right of use assets 3 1,092.48 445.08 a) Revenue from operations 28 20,709.78 19,674.32
c) Capital work-in-progress 2 1,615.88 972.03 b) Government Grants including duty credits/refunds 29 958.33 277.91
d) Intangible assets 4 200.87 173.15
e) Financial assets
c) Other income 30 1,058.62 491.51
(i) Investments in subsidiaries, associates and joint ventures 5 1,266.42 596.98 Total Income (a+b+c) 22,726.73 20,443.74
(ii) Investments 6 17.01 18.40 2 EXPENSES
(iii) Loans 7 4.67 5.11
(iv) Other financial assets 8 1,780.06 982.11 a) Cost of materials consumed 31 4,020.91 3,443.03
f) Non-current tax assets (net) 708.36 972.56 b) Purchase of stock-in-trade 32 4,079.73 2,615.81
g) Other non-current assets 9 796.13 616.39
Total Non-current assets 15,941.89 13,390.88
c) Changes in inventories of finished goods and work-in-progress 33 149.06 33.87
2) Current assets d) Employee benefits expense 34 706.98 733.59
a) Inventories 10 1,895.04 1,842.85 e) Finance costs 35 107.96 153.79
b) Financial assets
(i) Investments 11 1,458.46 758.69 f) Depreciation and amortisation expense (net) 36 956.21 876.27
(ii) Trade receivables 12 1,171.62 841.23 g) Power and fuel 3,459.29 3,995.31
(iii) Cash and cash equivalents 13 940.94 1,499.34
h) Freight and forwarding expense 37 4,239.39 4,191.10
(iv) Bank balances other than cash and cash equivalents 14 575.58 171.74
(v) Loans 15 5.33 3.96 i) Other expenses 38 2,003.40 1,888.57
(vi) Other financial assets 16 1,193.39 2,857.37 19,722.93 17,931.34
c) Other current assets 17 1,734.06 1,511.79
Total Current assets 8,974.42 9,486.97 Captive consumption of cement (6.86) (6.68)
3) Non-current assets classified as held for sale 18 6.66 21.85 Total Expenses 19,716.07 17,924.66
8,981.08 9,508.82
3 Profit before exceptional items and tax (1-2) 3,010.66 2,519.08
TOTAL - ASSETS 24,922.97 22,899.70
B. EQUITY AND LIABILITIES 4 Exceptional items - Income 57 (134.73) -
Equity 5 Profit before tax (3-4) 3,145.39 2,519.08
a) Equity share capital 19 187.99 187.99
b) Other equity 20 18,082.94 15,833.96 6 Tax expense 22
Total Equity 18,270.93 16,021.95 a) Current tax (net) 681.35 551.00
Liabilities b) Tax relating to earlier years (net) 8.81 (167.73)
1) Non-current liabilities
a) Financial liabilities c) Deferred tax charge 30.67 11.57
Lease liabilities 41 280.89 223.76 Total tax expenses 720.83 394.84
b) Provisions 21 138.46 149.18
c) Deferred tax liabilities (Net) 22 473.26 454.27 7 Profit after tax (5-6) 2,424.56 2,124.24
d) Other non current liabilities 23 155.15 - 8 Other comprehensive (loss)/income (OCI)
Total Non-current liabilities 1,047.76 827.21 Items that will not be reclassified to profit and loss in subsequent
2) Current liabilities
a) Financial liabilities
period:
(i) Lease liabilities 41 148.88 131.09 (i) Re-measurement (loss)/gain on defined benefit plans 40 (46.42) 37.98
(ii) Trade payables (ii) Income tax effect on above 22 11.68 (9.56)
Total outstanding dues of micro and small enterprises 24,47 269.68 394.08
Total outstanding dues of creditors other than micro and 24 1,329.86 1,447.90 Other comprehensive (loss)/income for the year, (net of tax) (34.74) 28.42
small enterprises 9 Total comprehensive income for the year (net of tax) (7+8) 2,389.82 2,152.66
(iii) Other financial liabilities 25 1,349.64 1,320.23
b) Other current liabilities 26 1,455.32 1,832.21 10 Earnings per equity share of I10 each: 39
c) Provisions 27 14.28 11.95 Basic I 129.11 113.12
d) Current tax liabilities (net) 1,036.62 913.08
Total Current liabilities 5,604.28 6,050.54 Diluted I 128.76 112.82
Total Liabilities 6,652.04 6,877.75 The accompanying notes are an integral part of these standalone financial
TOTAL - EQUITY AND LIABILITIES 24,922.97 22,899.70 statements.
The accompanying notes are an integral part of these standalone financial
statements.

As per our report of even date attached For and on behalf of the Board of Directors of ACC Limited, As per our report of even date attached For and on behalf of the Board of Directors of ACC Limited,

For S R B C & CO LLP KARAN ADANI VINOD BAHETY For S R B C & CO LLP KARAN ADANI VINOD BAHETY
Chartered Accountants Chairman Wholetime Director & Chief Executive Officer Chartered Accountants Chairman Wholetime Director & Chief Executive Officer
ICAI Firm Registration No. 324982E/E300003 DIN: 03088095 DIN:09192400 ICAI Firm Registration No. 324982E/E300003 DIN: 03088095 DIN:09192400

per Santosh Agarwal BHAVIK PARIKH RAKESH KUMAR TIWARY per Santosh Agarwal BHAVIK PARIKH RAKESH KUMAR TIWARY
Partner Company Secretary Chief Financial Officer Partner Company Secretary Chief Financial Officer
Membership No. 093669 Membership No. A40719 Membership No. 093669 Membership No. A40719

Ahmedabad Ahmedabad Ahmedabad Ahmedabad

Date: April 24, 2025 Date: April 24, 2025 Date: April 24, 2025 Date: April 24, 2025

350 351
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Standalone Statement of Cash Flow Standalone Statement of Cash Flow

for the year ended March 31, 2025 for the year ended March 31, 2025

I in crore I in crore
For the Year ended For the Year ended For the Year ended For the Year ended
Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
A. Cash flow from operating activities Interest received 358.32 508.22
Profit before tax 3,145.39 2,519.08 Net cash flows (used in) investing activities (1,288.52) (1,169.89)
Adjustments to reconcile profit before tax to net cash flows: C. Cash flow from financing activities
Depreciation and amortisation expense (net) 956.21 876.27 Finance cost paid (98.83) (142.44)
Exceptional item (Refer note- 57) (134.73) - Payment of principal portion of lease liabilities (745.37) (124.51)
(Profit) on sale / loss on write off of property, plant and equipment and (24.15) (8.52) Dividend paid (142.61) (175.34)
Intangible assets (net) Net cash flows (used in) financing activities (986.81) (442.29)
Gain on termination / completion of leases (1.34) (1.19) Net (decrease) / increase in cash and cash equivalents (569.07) 1,368.19
Gain on sale of current financial assets measured at FVTPL (49.60) (18.50) Add: Cash and cash equivalents at the beginning of the year 1,499.34 128.85
Dividend income from associates / joint ventures (2.79) (7.99) Add: Adjustment for gain on fair valuation of liquid mutual fund measured at 10.67 2.30
Interest income (Refer note -22 (1)) (952.76) (445.65) FVTPL (net)
Finance costs 107.96 153.79 Cash and cash equivalents at the end of the year 940.94 1,499.34
Expected credit losses on trade receivables (net) 7.49 15.77
* includes payment / contribution towards Corporate Social Responsibility of I 42 crore (March 31, 2024 I 37.49 crore)
Provision for slow and non moving Stores & Spares (net) 9.98 2.26
Note:
Provision no longer required written back - (37.47)
1) Interest income accrued of I 0.12 crore on Inter Corporate Deposit ("ICD") given to subsidiaries, have been included to the ICD balances as on
Net gain on fair valuation of liquid mutual fund measured at FVTPL (5.83) (9.66)
reporting date in terms of the Contract.
Fair value losses in derivative instruments 0.07 0.63
2) Disclosure of changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes under
Other non-cash items (1.30) - Para 44A as set out in Ind AS 7 “Statement of Cash flows” under Companies (Indian Accounting Standards) Rules, 2017 (as amended) is as under.
Unrealised exchange (gain) / loss (net) (1.16) 1.12
Operating profit before working capital changes 3,053.44 3,039.94 Cash flow changes Non-cash flow changes
Changes in Working Capital: Changes in
Adjustments for Decrease / (Increase) in operating assets: fair values / As at
As at Payment Payment
Inventories (62.17) (221.61) Particulars Lease Unwinding March 31,
April 01, 2024 of Interest of principal
additions charges / 2025
Trade receivable (337.88) 17.74 portion of portion of
during the year Accrual of
Other financial assets (261.85) (468.82) lease liabilities lease liabilities
interest on
Other assets (354.91) 931.36 lease liabilities
Adjustments for Increase / (Decrease) in operating liabilities: Lease Liabilities (Refer Note 41) 354.85 (43.56) (745.37) 851.86 11.99 429.77
Trade payables (244.38) 386.18
Total 354.85 (43.56) (745.37) 851.86 11.99 429.77
Provisions (59.59) 1.47
Other financial liabilities 13.91 (55.28)
Cash flow changes Non-cash flow changes
Other liabilities 44.16 (475.79)
Cash generated from operations 1,790.73 3,155.19 Changes in
fair values / As at
Income taxes paid (Net of refunds) (Refer Note 22) (84.47) (174.82) As at Payment Payment
Particulars Lease Unwinding March 31,
Net cash flows generated from operating activities * 1,706.26 2,980.37 April 01, 2023 of Interest of principal
additions charges /
B. Cash flows from investing activities portion of portion of 2024
during the year Accrual of
lease liabilities lease liabilities
Loans to subsidiary companies (0.73) (0.79) interest on
Payment made on purchase of Property, plant and equipment and (1,529.92) (1,401.86) lease liabilities
intangible assets (Including capital work-in-progress, capital advances Lease Liabilities (Refer Note 41) 153.04 (38.50) (124.51) 359.44 5.38 354.85
and capital creditors)
Total 153.04 (38.50) (124.51) 359.44 5.38 354.85
Proceeds from sale of Property, plant and equipment and intangible 15.33 45.84
assets 3) The above cash flow statement has been prepared under the "Indirect Method" set out in Indian Accounting Standard (Ind AS 7) "Statement of
Payment made towards acquisition of equity shares of Subsidiary - (422.63) Cash Flows" prescribed under section 133 of the Companies Act, 2013.
Companies (Refer note -59 (a)) The accompanying notes are an integral part of these standalone financial statements.
Proceeds due to adjustment of purchase consideration paid earlier for 1.56 - As per our report of even date attached For and on behalf of the Board of Directors of ACC Limited,
acquisition of subsidiaries (Refer note -59 (a))
Investment in Subsidiary Companies - (0.02) For S R B C & CO LLP KARAN ADANI VINOD BAHETY
Chartered Accountants Chairman Wholetime Director & Chief Executive Officer
Investment in Optionally Convertible Debentures of Subsidiary (671.00) - ICAI Firm Registration No. 324982E/E300003 DIN: 03088095 DIN:09192400
Companies (Refer note -59)
per Santosh Agarwal BHAVIK PARIKH RAKESH KUMAR TIWARY
Investments in government securities (net) (706.92) (751.33) Partner Company Secretary Chief Financial Officer
Proceeds on sale of units of Mutual Funds (net) 49.60 18.50 Membership No. 093669 Membership No. A40719
Redemption in bank and margin money deposits (having original maturity 1,192.45 826.19 Ahmedabad Ahmedabad
for more than 3 months) Date: April 24, 2025 Date: April 24, 2025
Dividend received from associate / joint venture 2.79 7.99

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Standalone Statement of Changes in Equity Notes to Standalone financial statements

for the year ended March 31, 2025 as at and for the year ended March 31, 2025

B. Equity share capital and Other equity 1. Corporate information 3) 

Defined Benefit Plan’s – Plan Assets
measured at fair value.
For the Year ended March 31, 2025 ACC Limited (‘the Company’) is a public limited
company domiciled in India and is incorporated under The standalone financial statements are presented
I in crore
the provisions of the Companies Act applicable in in INR (I) (Indian Rupees) which is the functional
Equity Share Capital
Reserves and surplus (Refer Note -20) India. Its shares are listed on National Stock Exchange currency of the Company, and all values are rounded
(Refer Note -19)
Capital (NSE) and Bombay Stock Exchange (BSE) in India. off to two decimals to the nearest crore as per the
Total other
Particulars contribution requirement of Schedule III to the Companies Act,
Capital Securities General Retained equity During the year previous year, the Company has
No. of Share Amount from 2013, except where otherwise indicated.
reserve premium reserve earnings
erstwhile changed it’s registered office to Adani Corporate
parent House, Shantigram, Near Vaishnav Devi Circle, S.G. 
The standalone financial statements provide
As at April 01, 2024 18,77,87,263 187.99 67.81 845.03 2,723.30 10.25 12,187.57 15,833.96 Highway, Khodiyar, Ahmedabad, Gujarat 382421 comparative information in respect of the previous
Profit for the year - - - - - - 2,424.56 2,424.56
from Cement House 121, Maharshi Karve Road, period. The accounting policies are applied
Other comprehensive (loss) - - - - - - (34.74) (34.74)
for the year (net of tax) Mumbai 400020, India. consistently to all the periods presented in the
Total comprehensive income - - - - - - 2,389.82 2,389.82 standalone financial statements.
The Company’s CIN: L26940GJ1936PLC149771.
for the year
Dividend paid (Refer Note - 55) - - - - - - (140.84) (140.84) The Company, together with its subsidiaries, currently 1.3. Summary of Material accounting policies
As at March 31, 2025 18,77,87,263 187.99 67.81 845.03 2,723.30 10.25 14,436.55 18,082.94 has multiple cement projects located at various A. Property, plant, and equipment
locations with a combined installed and commissioned
For the Year ended March 31, 2024 Property, plant and equipment are stated at their
cement capacity of 35.80 MTPA as at March 31, 2025.
I in crore cost of acquisition / installation / construction net
Equity Share Capital The Company's principal activity is to manufacture of accumulated depreciation, and accumulated
Reserves and surplus (Refer Note -20)
(Refer Note -19) and market cement, ready mix concrete and cement impairment losses, if any, except freehold
Capital related products. non-mining land which is carried at cost less
Total other
Particulars contribution
Capital Securities General Retained equity accumulated impairment losses.
No. of Share Amount from The standalone financial statements are approved for
reserve premium reserve earnings
erstwhile issue in accordance with the resolution of the Board Subsequent expenditures are included in the
parent
of Directors on April 24, 2025. asset's carrying amount or recognised as a
As at April 01, 2023 18,77,87,263 187.99 67.81 845.03 2,723.30 10.25 10,208.61 13,855.00
Profit for the year - - - - - - 2,124.24 2,124.24
separate asset, as appropriate, only when it
1.2 Statement of compliance and basis of is probable that future economic benefits
Other comprehensive income - - - - - - 28.42 28.42
for the year (net of tax) preparation associated with the item will flow to the Company
Total comprehensive income - - - - - - 2,152.66 2,152.66 The standalone financial statements of the Company and the cost of the item can be measured reliably.
for the year have been prepared in accordance with the Indian
Dividend paid (Refer Note - - - - - - - (173.70) (173.70) When significant parts of plant and equipment
Accounting Standards (hereinafter referred to as the
55) are required to be replaced at intervals, the
As at March 31, 2024 18,77,87,263 187.99 67.81 845.03 2,723.30 10.25 12,187.57 15,833.96 ‘Ind AS’) as notified the Companies (Indian Accounting
Company depreciates them separately based on
Standards) Rules, 2015 (as amended from time to
The accompanying notes are an integral part of these standalone financial statements. their specific useful lives. Likewise, when a major
time) and presentation requirements of Division II
inspection is performed, its cost is recognised in
As per our report of even date attached For and on behalf of the Board of Directors of ACC Limited, of Schedule III to the Companies Act, 2013, (Ind AS
the carrying amount of the property, plant and
compliant Schedule III) (as amended from time to
equipment as a replacement if the recognition
For S R B C & CO LLP KARAN ADANI VINOD BAHETY time), as applicable to the financial statements.
criteria are satisfied. All other repairs and
Chartered Accountants Chairman Wholetime Director & Chief Executive Officer
The standalone financial statements have been maintenance are charged to the statement of
ICAI Firm Registration No. 324982E/E300003 DIN: 03088095 DIN:09192400
prepared on going concern basis using historical cost, profit and loss during the reporting period in
per Santosh Agarwal BHAVIK PARIKH RAKESH KUMAR TIWARY except for the following assets and liabilities which which they are incurred.
Partner Company Secretary Chief Financial Officer have been measured at fair value:
The present value of the expected cost for the
Membership No. 093669 Membership No. A40719 1) Derivative financial instruments, decommissioning of an asset after its use is
included in the cost of the respective asset if the
Ahmedabad Ahmedabad 2) Certain financial assets and liabilities measured
recognition criteria for provisions are met.
Date: April 24, 2025 Date: April 24, 2025 at fair value (refer accounting policy regarding
financial instruments), and Spares which meet the definition of property,
plant and equipment are capitalised as on the

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

date of acquisition. The corresponding old spares b. The Company identifies and depreciates i. Estimated useful lives of the assets are as follows:
are derecognised on such date with consequent cost of each component / part of the asset
impact in the statement of profit and loss. separately, if the component / part have Assets Useful lives
a cost, which is significant to the total Land (freehold) No depreciation except on land with mineral reserves.
Property, plant and equipment which are not
cost of the asset and has a useful life that
ready for their intended use as on the balance Cost of mineral reserves embedded in the cost of freehold
is materially different from that of the
sheet date are disclosed as "Capital work-in- mining land is depreciated in proportion of actual quantity
remaining asset.
progress". Directly attributable expenditure of minerals extracted to the estimated quantity of
related to and incurred during implementation c. Depreciation on additions to property, plant extractable mineral reserves
of Capital projects to get the assets ready and equipment is provided on a pro-rata Leasehold mining land Amortised over the period of lease on a straight line basis
for intended use and for a qualifying assets basis from the date of acquisition, or Buildings, roads and water works 3 – 60 years
is included under “Capital work-in-Progress installation, or construction, when the asset
Plant and equipment 3 – 30 years
(including related inventories)”. The same is is ready for intended use.
allocated to the respective items of Property Plant Railway sidings and locomotives 8 – 15 years
d. Depreciation on an item of property, plant Furniture, office equipment and tools 3 – 10 years
and Equipment on completion of construction
and equipment sold, discarded, demolished
(development of projects). Capital work in Vehicles 6– 8 years
or scrapped, is provided up to the date on
progress is stated at cost, net of accumulated
which the said asset is sold, discarded, j. The useful life as estimated above is as per the prescribed useful life specified under Schedule II to the
impairment loss, if any. Such items are classified
demolished or scrapped. Companies Act, 2013 except for the following case:
to the appropriate category of property, plant
and equipment when completed and ready for e. 
Capitalised spares are depreciated over
Useful Life
their intended use. Advances given towards their own estimated useful life or the Useful Life as per
Particulars estimated by the
acquisition / construction of property, plant and estimated useful life of the parent asset Schedule II
management
equipment outstanding at each balance sheet whichever is lower.
Plant and Equipment related to Captive Power Plant 20 to 40 years 40 years
date are disclosed as Capital Advances under
f. The Company reviews the residual value,
"Other non-current assets".  
The Management believes that the use. The cost of intangible assets acquired in a
useful lives and depreciation method on each
Capital expenses incurred by the company on reporting date and, if expectations differ from useful lives as given above reflect fair business combination is their fair value at the
construction/development of certain assets previous estimates, the change is accounted approximation of the period over which the date of acquisition. Following initial recognition,
which are essential for production, supply of for as a change in accounting estimate on assets are likely to be used. intangible assets are carried at cost less any
goods or for the access to any existing Assets of a prospective basis. The residual values, accumulated amortisation and accumulated
Derecognition of property plant and impairment losses, if any.
the company are recognised as enabling Assets useful lives and methods of depreciation of
equipment
under Property, plant and equipment. property, plant and equipment are reviewed The useful lives of intangible assets are assessed
at each financial year end and adjusted An item of Property, Plant and Equipment
as either finite or indefinite.
Depreciation on property, plant, and prospectively, if appropriate. and any significant part initially recognised is
equipment derecognised upon disposal or when no future Intangible assets with finite lives are amortised
g. In respect of an asset for which impairment economic benefits are expected from its use or over the useful economic life and assessed for
a. 
The Company, based on technical
loss, if any, is recognised, depreciation is disposal. Any gain or loss arising on derecognition impairment whenever there is an indication
assessment made by technical expert and
provided on the revised carrying amount of of the asset (calculated as the difference that the intangible asset may be impaired.
management estimate, depreciates certain
the asset over its remaining useful life. between the net disposal proceeds and the The amortisation period and the amortisation
items of building, plant and equipment
over estimated useful lives which are h. Property, plant, and equipment, constructed carrying amount of the asset) is recognized in method for an intangible asset with a finite
different from the useful life prescribed in by the Company, but ownership of which vests the Statement of Profit and Loss when the asset useful life are reviewed during each reporting
Schedule II to the Companies Act, 2013. with the Government / Local authorities: is derecognised. period. Changes in the expected useful life
The management believes that these or the expected pattern of consumption of
i. 
Expenditure on Power lines is B. Intangible assets future economic benefits embodied in the
estimated useful lives are realistic and
depreciated over the period as Intangible assets acquired separately are asset are considered to modify the amortisation
reflect fair approximation of the period
permitted in the Electricity Supply Act, measured on initial recognition at cost. period or method, as appropriate, and are
over which the assets are likely to be used.
1948 / 2003 as applicable. Cost comprises the purchase price (net of tax treated as changes in accounting estimates.
Depreciation is calculated using “Written
down value method” for assets related to ii. 
Expenditure on Marine structures / duty credits availed wherever applicable) and The amortisation expense on intangible assets
Captive Power Plant and using “Straight line is depreciated over the period any directly attributable cost of bringing the with finite lives is recognised in the statement
method” for other assets. of the agreement. assets to its working condition for its intended

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

of profit and loss unless such expenditure forms c. the costs relating to the stripping activity The Company conducts regular reviews The principal or the most advantageous market
part of carrying value of another asset. associated with the improved access can be of stores and spares inventory ageing to must be accessible by the Company.
reliably measured. identify slow-moving and non-moving items.
Stripping Cost - Stripping costs are allocated Fair value is the price that would be received to
Inventories with limited movement and low
and included as a component of the mine asset Derecognition of intangible assets sell an asset or paid to transfer a liability in an
anticipated future utility are appropriately
when they represent significantly improved orderly transaction between market participants
An intangible asset is derecognised on disposal, or identified. The Company applies established
access to limestone, provided all the following at the measurement date. The Company uses
when no future economic benefits are expected provisioning norms to write down the
conditions are met: valuation techniques that are appropriate in the
from its use or disposal. Gains or losses arising value of such inventories, based on the
circumstances and for which sufficient data are
a. 
it is probable that the future economic from derecognition of an intangible asset, if any, ageing analysis.
available to measure fair value, maximising the
benefit associated with the stripping are measured as the difference between the net
II. Work-in-progress, finished goods and use of relevant observable inputs and minimising
activity will be realised. disposal proceeds and the carrying amount of
stock in trade: the use of unobservable inputs.
the asset and are recognised in the statement of
b. the component of the limestone body for
profit and loss when the asset is derecognised. Cost includes direct materials and labour All assets and liabilities for which fair value is
which access has been improved can be
and a proportion of manufacturing measured or disclosed in the financial statements
identified; and
overheads based on normal operating are categorised within the fair value hierarchy,
Amortisation of intangible assets capacity but excluding borrowing costs. based on the lowest level input that is significant
Cost of Stock-in-trade includes cost of to the fair value measurement as a whole.
A summary of the policies applied to the Company’s intangible assets are, as follows:
purchase and other cost incurred in bringing
External valuers are involved for valuation of
Intangible assets Useful life Amortisation method used the inventories to the present location and
significant assets, such as unquoted financial
condition. Cost is determined on a moving
Computer software Finite (upto 5 years) Amortised on a straight-line basis over the useful life assets and financial liabilities and derivatives.
weighted average basis.
Mining rights Finite (upto 90 years) Over the period of the respective mining agreement
For assets and liabilities that are recognised in
Sponsorship Rights Finite (upto 5 years) Amortised based on occurrence of event Net realisable value is the estimated selling
the financial statements on a recurring basis,
price in the ordinary course of business,
the Company determines whether transfers
C. Impairment of non-financial assets reversed when there is an indication of reversal, less estimated costs of completion and
have occurred between levels in the hierarchy
however, the carrying value after reversal is not estimated costs necessary to make the sale.
The carrying amounts of other non-financial by re-assessing categorisation (based on the
assets, other than inventories and deferred tax increased beyond the carrying value that would lowest level input that is significant to the fair
E. Investment in subsidiaries, associates, and
assets are reviewed at each balance sheet date have prevailed by charging usual depreciation / value measurement as a whole) at the end of
joint ventures
if there is any indication of impairment based amortisation if there was no impairment. each reporting period.
Investments in subsidiaries, associates and
on internal / external factors. An impairment
D. Inventories joint ventures are accounted for at cost, net of All assets and liabilities for which fair value is
loss, if any, is recognised in the statement of
Inventories are valued at lower of cost and net impairment, if any. Cost includes transaction measured as disclosed in the financial statements
profit and loss wherever the carrying amount
realisable value. Costs incurred in bringing each cost which is directly attributable to the cost of are categorised within the fair value hierarchy
of an asset exceeds its recoverable amount.
product to its present location and condition are acquisition of the investments. described in Note 51 (C).
The recoverable amount is the higher of the
asset's fair value less cost of disposal and value accounted for as follows:
F. Fair value measurement G. Financial instruments
in use. Recoverable amount is determined
I. Raw materials, stores and spare parts, The Company measures financial instruments, Financial assets and financial liabilities are initially
for an individual asset, unless the asset does
fuel and packing material: such as, government securities and mutual funds measured at fair value with the exception of trade
not generate cash inflows that are largely
Cost includes purchase price, other costs at fair value at each balance sheet date. receivables that do not contain a significant
independent of those from other assets of or
incurred in bringing the inventories to their financing component or for which the Company
group of assets. In assessing value in use, the The fair value measurement is based on the
present location and condition, and includes has applied the practical expedient, the Company
estimated future cash flows are discounted to presumption that the transaction to sell the asset
non-refundable taxes. Materials and other initially measures a financial asset at its fair value
their present value using a pre-tax discount rate or transfer the liability takes place either:
items held for use in the production of plus, in the case of a financial asset not at fair
that reflects current market assessments of the
inventories are not written down below cost a. 
In the principal market for the asset value through profit or loss, transaction costs.
time value of money and risks specific to the
if the finished products in which they will be or liability, or Transaction costs that are directly attributable
assets. In determining fair value less costs of
incorporated are expected to be sold at or to the acquisition or issue of financial assets and
disposal, recent market transactions are taken b. In the absence of a principal market, in
above cost. Cost is determined on a moving financial liabilities (other than financial assets
into account. If no such transactions can be the most advantageous market for the
weighted average basis. and financial liabilities at fair value through
identified, an appropriate valuation model is used. asset or liability.
the statement of profit and loss) are added to
A previously recognised impairment loss, if any, is
or deducted from the fair value of the financial

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

assets or financial liabilities, as appropriate, on C lassification and

 measurement of i. The rights to receive cash flows from information indicates that the Company
initial recognition. Transaction costs directly Financial assets the asset have expired, or is unlikely to receive the outstanding
attributable to the acquisition of financial contractual amounts in full before taking
For purposes of subsequent measurement, ii. 
The Company has transferred its
assets or financial liabilities at fair value through into account any credit enhancements held
financial assets are classified in the contractual rights to receive cash
the statement of profit and loss are recognised by the Company. A financial asset is written
following categories: flows from the asset or has assumed
immediately in the statement of profit and loss. off when there is no reasonable expectation
an obligation to pay the received cash
Financial assets measured at amortised cost of recovering the contractual cash flows.
I. Financial assets flows in full without material delay to
Financial assets that meet the following a third party under a ‘pass-through’ II. Financial liabilities and equity
a. Initial recognition and measurement of arrangement and either (a) the
conditions are subsequently measured at instruments
financial assets Company has transferred substantially
amortised cost using effective interest
The Company recognises a financial asset in all the risks and rewards of the asset, or a. Financial liabilities
method ("EIR") (except for debt instruments
its balance sheet when it becomes party to that are designated as at fair value through (b) the Company has neither transferred i. Initial recognition and measurement
the contractual provisions of the instrument. profit or loss on initial recognition): nor retained substantially all the risks
The Company recognises a financial
All financial assets are recognised initially and rewards of the asset, but has
ƒ The asset is held within a business model liability in its balance sheet when it
at fair value, plus in the case of financial transferred control of the asset.
whose objective is to hold assets for becomes party to the contractual
assets not recorded at fair value through
collecting contractual cash flows, and On derecognition of a financial asset in provisions of the instrument.
profit or loss, transaction costs that are
its entirety, the difference between the The Company’s financial liabilities
attributable to the acquisition of the ƒ Contractual terms of the asset give asset’s carrying amount and the sum of the majorly includes trade payables and
financial asset. All regular way purchases or rise on specified dates to cash flows consideration received and receivable and payable towards purchase of Property,
sales of financial assets are recognised and that are solely payments of principal the cumulative gain or loss that had been Plant and Equipment.
derecognised on a trade date basis, i.e., the and interest (SPPI) on the principal recognised in other comprehensive income
date that the Company commits to purchase amount outstanding. All financial liabilities are recognised
and accumulated in equity is recognised
or sell the asset. Regular way purchases or initially at fair value and, in the case of
Amortised cost is calculated by taking in the statement of profit and loss if such
sales are purchases or sales of financial payables, net of directly attributable
into account any discount or premium on gain or loss would have otherwise been
assets that require delivery of assets within transaction costs.
acquisition and fees or costs that are an recognised in the statement of profit and
the time frame established by regulation or
integral part of the EIR. loss on disposal of that financial asset. Financial liabilities are classified, at
convention in the marketplace.
initial recognition, as financial liabilities
The classification of financial assets at Financial Assets at Fair Value through
 d. Impairment of financial assets at fair value through profit or loss or at
initial recognition depends on the financial Other Comprehensive Income (FVTOCI) The Company applies the expected credit amortised cost as appropriate.
asset’s contractual cash flow characteristics loss model for recognising impairment
Financial assets that meet the criteria ii. Subsequent measurement of financial
and the Company’s business model loss on financial assets measured at
for initial recognition at FVTOCI are liabilities at amortised cost
for managing them. amortised cost, trade receivables and other
remeasured at fair value at the end
contractual rights to receive cash or other Financial liabilities that are not held-for-
Trade receivables that do not contain a of each reporting date through other
financial asset. trading and are not designated as at
significant financing component or for comprehensive income (OCI).
FVTPL are measured at amortised
which the Company has applied the practical The Company measures the loss allowance
Financial assets at fair value through profit
 cost at the end of subsequent
expedient are measured at the transaction for a Trade Receivables and Contract
or loss (FVTPL) reporting periods. The carrying
price determined under Ind AS 115. Assets by following ‘simplified approach’ at
amounts of financial liabilities that are
Refer to the accounting policies in section Financial assets that do not meet the an amount equal to the lifetime expected
subsequently measured at amortised
(I) Revenue from contracts with customers. amortised cost criteria or FVTOCI criteria credit losses. In case of other financial
cost are determined based on the
are measured at FVTPL. assets 12-month ECL is used to provide for
b. Subsequent measurement of effective interest rate method.
impairment loss and where credit risk has
financial assets c. Derecognition of financial assets increased significantly, lifetime ECL is used. iii. Subsequent measurement of financial

All recognised financial assets are A financial asset (or, where applicable, a part liabilities at fair value through profit
The Company considers a financial asset in
subsequently measured in their entirety at of a financial asset or part of a Company or loss (FVTPL)
default when contractual payments are 90
either amortised cost or fair value, depending of similar financial assets) is primarily days past due. However, in certain cases, the Financial liabilities at fair value through
on the classification of the financial assets. derecognised when: Company may also consider a financial asset profit or loss include financial liabilities
to be in default when internal or external held for trading and financial liabilities

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

designated upon initial recognition as H. Provisions and contingencies presented in the statement of profit and loss net contracts with customers are provided
at fair value through profit or loss. of any reimbursement. in Note 1.4 (vi).
I. Provisions
Financial liabilities are classified as II. Contingent liability No element of financing is deemed
Mines reclamation
held for trading if they are incurred present as the sales are made with
The Company provides for the costs of restoring A contingent liability is a possible obligation
for the purpose of repurchasing in the credit terms largely ranging between
a mine where a legal or constructive obligation that arises from the past events whose
near term. This category also includes 30 days and 60 days depending on the
exists. The estimated future costs for known existence will be confirmed by the occurrence or
derivative financial instruments specific terms agreed with customers.
restoration requirements are determined on a non-occurrence of one or more uncertain future
entered into by the Company that are
mine-by-mine basis and are calculated based events beyond the control of the Company or a II. Rendering of services
not designated as hedging instruments
on the present value of estimated future present obligation that arises from past events
in hedge relationships as defined by Income from services rendered is
cash out flows. and that is not recognised because it is not
Ind AS 109. Separated embedded recognised at a point in time based
probable that an outflow of resources embodying
derivatives are also classified as held The restoration provision before exploitation of on agreements / arrangements with
economic benefits will be required to settle the
for trading unless they are designated the raw materials has commenced is included in the customers when the services
obligation. The Company does not recognise a
as effective hedging instruments. Property, Plant and Equipment and depreciated are performed and there are no
contingent liability but discloses its existence in
over the life of the related asset. unfulfilled obligations.
Gains or losses on liabilities held for the financial statements.
trading are recognised in the statement The effect of any adjustments to the provision III. Contract assets, Trade receivables and
of profit and loss. I. Revenue recognition Contract liabilities:
due to further environmental damage as a result
of exploitation activities is recorded through Revenue is recognised on the basis of

Financial liabilities designated upon Contract asset:
the Statement of Profit and Loss over the life approved contracts regarding the transfer
initial recognition at fair value through
of the related asset, in order to reflect the best of goods or services to a customer for an A contract asset is the right to
profit or loss are designated as such at
estimate of the expenditure required to settle the amount that reflects the consideration to consideration in exchange for
the initial date of recognition, and only
obligation at the end of the reporting period. which the entity expects to be entitled in goods or services transferred to the
if the criteria in Ind AS 109 are satisfied.
exchange of those goods or services. customer. If the Company performs
iv. Derecognition of financial liabilities Changes in the measurement of a provision that by transferring goods or services to a
result from changes in the estimated timing or I. Sale of goods
customer before the customer pays
A financial liability is derecognised amount of cash outflows, or a change in the Revenue from the sale of the goods is consideration or before payment is
when the obligation under the liability discount rate, are added to or deducted from the recognised when delivery has taken due, a contract asset is recognised
is discharged or cancelled or expired. cost of the related asset to the extent that they place and control of the goods has for the earned consideration that is
When an existing financial liability is relate to the asset’s installation, construction been transferred to the customer conditional. Contract assets are subject
replaced by another from the same or acquisition. according to the specific delivery to impairment assessment.
lender on substantially different terms,
Provisions are discounted to their present value. term that have been agreed with the
or the terms of an existing liability Trade receivables
The unwinding of the discount is recognised as a customer and when there are no longer
are substantially modified, such an
finance cost in the Statement of Profit and Loss. any unfulfilled obligations. A receivable represents the Company’s
exchange or modification is treated
right to an amount of consideration that
as the derecognition of the original Revenue is measured after deduction
Other provisions: is unconditional i.e., only the passage
liability and the recognition of a new of any discounts, price concessions,
Provisions are recognised when the Company of time is required before payment of
liability. The difference in the respective volume rebates and any taxes or duties
has a present obligation (legal or constructive) consideration is due and the amount is
carrying amounts is recognised in the collected on behalf of the government
as a result of a past event, it is probable that billable. (Refer note 12).
statement of profit and loss. such as goods and services tax,
an outflow of resources embodying economic etc. The Company accrues for such Contract liabilities
III. Offsetting of financial instruments benefits will be required to settle the obligation discounts, price concessions and
and a reliable estimate can be made of the amount A contract liability is the obligation to
Financial assets and financial liabilities rebates at inception to determine the
of the obligation. When the Company expects transfer goods or services to a customer
are offset, and the net amount is reported transaction price based on historical
some or all of a provision to be reimbursed, for which the Company has received
in the balance sheet if there is a currently experience and specific contractual
for example, under an insurance contract, the consideration from the customer.
enforceable legal right to offset the terms with the customer.
reimbursement is recognised as a separate asset, Contract liabilities are recognised as
recognised amounts and there is an intention
but only when the reimbursement is virtually 
T he disclosure of significant revenue when the Company performs
to settle on a net basis, to realise the assets
certain. The expense relating to a provision is accounting judgements, estimates and obligations under the contract.
and settle the liabilities simultaneously.
assumptions relating to revenue from

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025


Rebates to customers II. Defined benefit plan (excluding net interest), are recognised recognises termination benefits at the earlier
(Refund liabilities) The Company's gratuity fund scheme, additional immediately in the balance sheet with a of the following:
Rebates to customers is recognised gratuity scheme and post-employment benefit corresponding debit or credit to retained
a. when the Company can no longer withdraw
for the credit under various schemes scheme are considered as defined benefit plans. earnings through OCI in the period in which
the offer of those benefits;
including expected future rebates The Company's liability is determined on the basis they occur. Re-measurements are not
that are expected to be claimed by of an actuarial valuation using the projected unit reclassified to the statement of profit and b. when the Company recognises costs for
the customers. The Company updates credit method as at the balance sheet date. loss in subsequent periods. a restructuring that is within the scope
its estimates of rebates at the end of of Ind AS 37 and involves the payment of
Employee benefit in respect of certain categories III. Short term employee benefits termination benefits.
each reporting period. The Company
of employees, are provided in the form of a. 
Short term employee benefits that are
does not have material sales return In the case of an offer made to encourage
contribution to provident fund managed by a expected to be settled wholly within 12
and hence, no liabilities are recognised voluntary redundancy, the termination benefits
trust set up by the Company till December 31, months after the end of the period in
towards the sales. are measured based on the number of employees
2024, is charged to statement of profit and loss which the employees render the related
IV. Interest income for the year in which the employee renders the expected to accept the offer. Benefits falling
service are recognised as an expense at
related service. The Company has an obligation due more than 12 months after the end of the
Interest income from a financial asset the undiscounted amount in the statement
to make good the shortfall, if any, between the reporting period are discounted to present value.
is recognised when it is probable that of profit and loss of the year in which the
return from the investment of the trust and related service is rendered.
the economic benefits will flow to the VI. Presentation and disclosure
interest rate notified by the Government of
Company and the amount of income can b. Accumulated Compensated absences, which For the purpose of presentation of defined
India till December 31, 2024. Such shortfall is
be measured reliably. Interest income is are expected to be settled wholly within 12 benefit plans, the allocation between the short
recognised in the statement of profit and loss
accrued on a time basis, by reference months after the end of the period in which term and long-term provisions have been made as
based on actuarial valuation. W.e.f. January 01,
to the principal outstanding and at the employees render the related service, determined by an actuary. Obligations under other
2025, such categories of employee benefit has
the effective interest rate applicable, are treated as short term employee benefits. long-term benefits are classified as short-term
also been included in employee contribution plan
which is the rate that exactly discounts The Company measures the expected cost provision, if the Company does not have an
as stated above.
estimated future cash receipts through of such absences as the additional amount unconditional right to defer the settlement
the expected life of the financial asset Past service costs are recognised in the statement that it expects to pay as a result of the of the obligation beyond 12 months from the
to that asset's net carrying amount on of profit and loss on the earlier of: unused entitlement that has accumulated reporting date. The Company presents the entire
initial recognition. at the reporting date. compensated absences as short-term provisions
a. 
The date of the plan amendment or
V. Dividends curtailment, and since employee has an unconditional right to
IV. Other long-term employee benefits avail the leave at any time during the year.
Dividend income is recognised when b. 
The date that the Company recognises Compensated absences are provided for on
right to receive is established (provided related restructuring costs the basis of an actuarial valuation, using the K. Taxation
that it is probable that the economic projected unit credit method, as at the date of Tax expense comprises current income tax
The net interest cost is calculated by applying the
benefits will flow to the Company the balance sheet. Actuarial gains / losses, if any, and deferred income tax and includes any
discount rate to the net balance of the defined
and the amount of income can be are immediately recognised in the statement of adjustments related to past periods in current
benefit obligation and the fair value of plan
measured reliably). profit and loss. and / or deferred tax adjustments that may
assets. The Company recognises the following
changes in the net defined benefit obligation as become necessary due to certain developments
J. Retirement and other employee benefits 
Long service awards and accumulated
an expense in the statement of profit and loss: or reviews during the relevant period.
compensated absences which are not expected
I. Defined contribution plan
a. Service costs comprising current service to be settled wholly within 12 months after the I. Current income tax
Employee benefits in the form of contribution to end of the period in which the employees render
costs, past-service costs, gains and Current income tax assets and liabilities are
Superannuation Fund, Provident Fund managed the related service are treated as other long term
losses on curtailments and non-routine measured at the amount expected to be recovered
by government authorities, Employees State employee benefits for measurement purposes.
settlements; and from or paid to the taxation authorities. The tax
Insurance Corporation and Labour Welfare Fund
are considered as defined contribution plans b. Net interest expense or income V. Termination benefits rates and tax laws used to compute the amount
and the same are charged to the statement of are those that are enacted or substantively
c. 
Re-measurements, comprising actuarial 
Termination benefits are payable when
profit and loss for the year in which the employee enacted, at the reporting date in the countries
gains and losses, the effect of the asset employment is terminated by the Company
renders the related service. where the Company operates and generates
ceiling (if any), and the return on plan assets before the normal retirement date, or when
taxable income.
an employee accepts voluntary redundancy
in exchange for these benefits. The Company

364 365
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Current income tax relating to items recognised from the initial recognition of an asset or expected value that is to be disallowed by the measured at cost less accumulated depreciation
outside the statement of profit and loss is or liability in a transaction that is not a taxing authorities whichever better predict the and accumulated impairment losses, if any.
recognised in correlation to the underlying business combination and, at the time of the resolution of uncertainty. Uncertain tax balances
Right-of-use assets are depreciated from the
transaction either in OCI or directly in equity. transaction, affects neither the accounting are monitored and updated as and when new
commencement date on a straight-line basis over
Management periodically evaluates positions profit nor taxable profit or loss. information becomes available, typically upon
the shorter of the lease term and useful life of the
taken in the tax returns with respect to situations examination or action by the taxing authorities
in which applicable tax regulations are subject
ƒ In respect of deductible temporary differences or through statute expiration.
underlying asset:
associated with investments in subsidiaries,
to interpretation and recognise expense Right of use assets Terms (in years)
associates and interests in joint ventures, In the situations where one or more units of
where appropriate. Buildings 2-12
deferred tax assets are recognised only to the the Company are entitled to a tax holiday under
Current tax assets and current tax liabilities are extent that it is probable that the temporary the tax law, no deferred tax (asset or liability) is Leasehold land 3-99
offset when there is a legally enforceable right differences will reverse in the foreseeable recognised in respect of temporary differences Furniture and vehicles 5
to set off the recognised amounts and there is future and taxable profit will be available which reverse during the tax holiday period, to the
Plant and Equipment 6
an intention to settle the asset and the liability against which the temporary differences extent the concerned unit’s gross total income is
on a net basis. can be utilised. subject to the deduction during the tax holiday The right of use assets is also subject to
period. Deferred tax in respect of temporary impairment. Right of use assets are evaluated
II. Deferred tax The carrying amount of deferred tax assets
differences which reverse after the tax holiday for recoverability whenever events or changes
are reviewed at each balance sheet date.
Deferred tax is recognized for the future period is recognised in the year in which the in circumstances indicate that their carrying
The Company writes-down the carrying amount
tax consequences of deductible temporary temporary differences originate. However, the amounts may not be recoverable.
of a deferred tax asset to the extent that it is
differences between the carrying values of assets Company restricts recognition of deferred tax
no longer probable that sufficient future taxable Lease liabilities
and liabilities and their respective tax bases at assets to the extent it is probable that sufficient
income will be available against which deferred
the reporting date. future taxable income will be available against Lease liability is initially measured at the present
tax asset can be realised. Any such write-down is
which such deferred tax assets can be realised. value of the future lease payments. The lease
Deferred tax liabilities are recognised for all reversed to the extent that it becomes reasonably
For recognition of deferred taxes, the temporary payments are discounted using the interest rate
taxable temporary differences, except: certain that sufficient future taxable income
differences which originate first are considered implicit in the lease or, if not readily determinable,
will be available.
ƒ When the deferred tax liability arises from to reverse first. using the incremental borrowing rates.
the initial recognition of goodwill or an Deferred tax assets and liabilities are measured The Company uses the incremental borrowing
asset or liability in a transaction that is not a based on the tax rates that are expected to L. Leases rate as the discount rate.
business combination and, at the time of the apply in the year when the asset is realised or The Company assesses whether a contract is
Lease payments included in the measurement
transaction, affects neither the accounting the liability is settled, based on tax rates (and tax or contains a lease, at inception of a contract.
of the lease liability include fixed payments,
profit nor taxable profit or loss and does not laws) that have been enacted or substantively A contract is, or contains, a lease if the contract
variable lease payments that depend on an index
give rise to equal taxable and deductible enacted at the reporting date. conveys the right to control the use of an
or a rate known at the commencement date; and
temporary differences. identified asset for a period of time in exchange
Deferred tax relating to items recognised extension option payments or purchase options
for consideration.
ƒ In respect of taxable temporary differences outside the statement of profit and loss is payments which the Company is reasonably
associated with investments in subsidiaries, recognised outside profit or loss (either in i. Company as a lessee: certain to exercise.
associates and interests in joint ventures, other comprehensive income or in equity).
Right-of-use assets Variable lease payments that do not depend
when the timing of the reversal of the Deferred tax items are recognised in correlation
on an index or rate are not included in the
temporary differences can be controlled and to the underlying transaction either in OCI or At the date of commencement of the lease,
measurement the lease liability and the ROU
it is probable that the temporary differences directly in equity. the Company recognises a right-of-use asset
asset. The related payments are recognised as
will not reverse in the foreseeable future. and a corresponding lease liability for all lease
Deferred tax assets and liabilities are offset an expense in the period in which the event or
arrangements in which it is a lessee, except for
Deferred tax assets are recognised for all when there is a legally enforceable right to condition that triggers those payments occurs
short-term leases and leases of low-value assets.
deductible temporary differences, the carry offset current tax assets and liabilities and when and are included in the line “Other expenses” in
forward of unused tax credits and any unused tax the deferred tax balances relate to the same The right-of-use assets are initially recognised at the Statement of Profit or Loss.
losses. Deferred tax assets are recognised only to taxation authority. cost, which comprises the initial amount of the
The lease term comprises the non-cancellable
the extent that it is probable that sufficient future lease liability adjusted for any lease payments
The Company applies significant judgment lease term together with the period covered
taxable income will be available against which made at or prior to the commencement date
in identifying uncertainties over income tax by extension options, if assessed as reasonably
such deferred tax assets can be realised, except: of the lease plus any initial direct costs less
treatments. Uncertain tax positions are reflected certain to be exercised, and termination
any lease incentives. They are subsequently
ƒ When the deferred tax asset relating to in the overall measurement of the Company’s tax
the deductible temporary difference arises expense and are based on the most likely amount

366 367
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

options, if assessed as reasonably certain not of the arrangement at the inception of the is regarded as a government grant. The loan or are reported using the exchange rate at the date
to be exercised. lease. The arrangement is, or contains, a lease assistance is initially recognised and measured at of the transaction.
if fulfilment of the arrangement is dependent fair value and the government grant is measured
The lease liability is subsequently remeasured by P. Cash and cash equivalents
on the use of a specific asset or assets and the as the difference between the initial carrying value
increasing the carrying amount to reflect interest
arrangement conveys a right to use the asset or of the loan and the proceeds received. The loan Cash and cash equivalent in the balance sheet
on the lease liabilities, reducing the carrying
assets, even if that right is not explicitly specified is subsequently measured as per the accounting and for the purpose of standalone statement of
amount to reflect the lease payments made.
in an arrangement. Leases are classified as policy applicable to financial liabilities. cash flows comprise cash at banks and on hand,
ROU asset and lease liabilities have been finance leases whenever the terms of the lease short-term deposits with an original maturity
Government grant receivables are discounted
separately presented in the Balance Sheet transfer substantially all the risks and rewards of three months or less and investment in
to their present value. If the effect of the time
and lease payments have been classified as of ownership to the lessee. All other leases are liquid mutual funds that are readily convertible
value of money is material, Government grant
financing cash flows. classified as operating leases. Rental income to a known amount of cash and subject to an
receivables are discounted using a current pre-tax
from operating leases is generally recognised on insignificant risk of changes in value.
Short-term leases and leases of rate that reflects current market assessments of
a straight-line basis over the term of the relevant
low-value assets the time value of money and the risks specific to Q. Dividend
lease. Where the rentals are structured solely to
the asset. When discounting is used, the increase
The Company applies the short-term lease increase in line with expected general inflation The Company recognises a liability to pay
in the receivable due to the passage of time is
recognition exemption to its short-term leases to compensate for the Company's expected dividend to equity holders of the Company
recognised as a component of “Government
(i.e., those leases that have a lease term of 12 inflationary cost increases, such increases are when the distribution is authorised, and the
grant including duty credits/refunds.
months or less from the commencement date). recognised in the year in which such benefits distribution is no longer at the discretion of the
It also applies the low-value asset recognition accrue. Initial direct costs incurred in negotiating N. Earnings per share Company. As per the corporate laws in India, a
exemption on a lease-by-lease basis, if the lease and arranging an operating lease are added to distribution is authorised when it is approved
Basic earnings per share are calculated by
qualifies as leases of low-value assets. In making the carrying amount of the leased asset and by the shareholders. A corresponding amount is
dividing the net profit or loss for the period
this assessment, the Company also factors recognised on a straight-line basis over the lease. recognised directly in equity.
attributable to equity shareholders by the
below key aspects:
M. Government grants and subsidies including weighted average number of equity shares R. Classification of current and non-current
a) The assessment is conducted on an absolute duty credits/refunds outstanding during the period. assets and liabilities
basis and is independent of the size, nature,
Government grants are recognised at their fair Diluted earnings per share are computed by The operating cycle is the time between the
or circumstances of the lessee.
value when there is a reasonable assurance dividing the profit after tax as adjusted for acquisition of assets for processing and their
b) The assessment is based on the value of the that the grant will be received, and all attached dividend, interest and other charges to expense realisation in cash and cash equivalents.
asset when new, regardless of the asset's conditions will be complied with. or income (net of any attributable taxes) The Company has identified twelve months as
age at the time of the lease. relating to the dilutive potential equity shares, its operating cycle for determining current and
Where the grants relate to an item of expense,
by the weighted average number of equity non-current classification of assets and liabilities
c) 
The lessee can benefit from the use of they are recognised as income on a systematic
shares considered for deriving basic earnings in the Balance sheet.
the underlying asset either independently basis in the statement of profit and loss over the
per share and the weighted average number of
or in combination with other readily periods necessary to match them with the related S. Exceptional Items
equity shares which could have been issued on
available resources, and the asset is costs, which they are intended to compensate.
conversion of all dilutive potential equity shares. Exceptional items refer to items of income or
not highly dependent on or interrelated
Where the grant relates to an asset, it is expense, within the statement of profit and loss
with other assets. O. Foreign currencies translations
recognised as income in equal amounts over the from ordinary activities which are non-recurring
d) If the asset is subleased or expected to be expected useful life of the related asset. The Company’s standalone financial statements and are of such size, nature or incidence that
subleased, the head lease does not qualify are presented in (I), which is also the Company’s their separate disclosure is considered necessary

When the Company receives grants of
as a lease of a low-value asset. functional currency. to explain the performance of the Company.
non-monetary assets, the asset and the grant
Lease payments on short-term leases and leases are recorded at fair value amounts and released Monetary assets and liabilities denominated in 1.4 Use of estimates and judgments
of low-value assets are recognised as expense to the statement of profit and loss over the foreign currencies are translated at the functional
The preparation of the Company’s financial statements
on a straight-line basis over the lease term. expected useful life in a pattern of consumption currency spot rates of exchange at the reporting
requires management to make judgments, estimates
The related cash flows are classified as Operating of the benefit of the underlying asset. date. Exchange differences on monetary items
and assumptions that affect the reported amounts
activities in the Statement of Cash Flows. are recognised in profit and loss in the period in
When loans or similar assistance are provided of revenues, expenses, assets and liabilities, and
which they arise.
II. Company as a lessor: by governments or related institutions, with the accompanying disclosures, and the disclosure
an interest rate below the current applicable Non-monetary items which are carried in terms of of contingent liabilities. Uncertainty about
The determination of whether an arrangement is
market rate, the effect of this favourable interest historical cost denominated in a foreign currency these assumptions and estimates could result in
(or contains) a lease is based on the substance

368 369
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

outcomes that require a material adjustment to the III. Useful life of property, plant and equipment 28) (i) Ind AS 117 Insurance Contracts is a comprehensive
carrying amount of assets or liabilities affected in (Refer Note 2) The Company provides discount and rebates new accounting standard for insurance contracts
future periods. The charge in respect of periodic depreciation on sales to certain customers. Revenue from covering recognition and measurement,
is derived after determining an estimate of an these sales is recognised based on the price presentation and disclosure. Ind AS 117 replaces
Estimates and judgments are continually evaluated
asset's expected useful life and the expected charged to the customer, net of the estimated Ind AS 104 Insurance Contracts. Ind AS 117 applies
and are based on historical experience and other
residual value. Increasing an asset's expected pricing allowances, discounts, rebates, and to all types of insurance contracts, regardless of
factors, including expectations of future events that
life or its residual value would result in a reduced other incentives. In certain cases, the amount of the type of entities that issue them as well as
are believed to be reasonable under the circumstances.
depreciation charge in the statement of profit these discount and rebates are not determined to certain guarantees and financial instruments
The estimates and underlying assumptions are and loss. The useful lives of the Company's until claims with appropriate evidence is with discretionary participation features; a few
reviewed on an ongoing basis. Revisions to accounting assets are determined by management at the presented by the customer to the Company, scope exceptions will apply. Ind AS 117 is based
estimates are recognised in the period in which the time the asset is acquired and reviewed at least which may be some time after the date of sale. on a general model, supplemented by:
estimate is revised if the revision affects only that annually for appropriateness. The lives are based Accordingly, the Company estimates the amount
period, or in the period of the revision and future
ƒ A specific adaptation for contracts
on historical experience with similar assets as of such incentives basis the terms of contract, with direct participation features (the
period, if the revision affects current and future well as anticipation of future events, which may incentive schemes, historical experience adjusted variable fee approach)
period. Revisions in estimates are reflected in the impact their life, such as changes in technology. with the forward looking, business forecast and
financial statements in the period in which changes the current economic conditions. To estimate ƒ A simplified approach (the premium allocation
are made and, if material, their effects are disclosed IV. Impairment of Property, plant and equipment the amount of incentives, the Company uses the approach) mainly for short-duration contracts
in the notes to the financial statements. (Refer Note 2) most likely method. Such estimates are subject The application of Ind AS 117 does not have
The key assumptions concerning the future and other Determining whether the property, plant and to the estimation uncertainty. material impact on the Company’s separate
key sources of estimation uncertainty at the reporting equipment are impaired requires an estimate of financial statements as the Company has not
the value of use. In considering the value in use, VII. Physical verification of Inventory (Refer Note
date, that have a significant risk of causing a material entered any contracts in the nature of insurance
the management has anticipated the capacity 10)
adjustment to the carrying amounts of assets and contracts covered under Ind AS 117.
liabilities within the next financial year, are described utilisation of plants, operating margins, mineable Bulk inventory for the Company primarily
resources and availability of infrastructure comprises of coal, petcoke and clinker which are (ii) 
Amendments to Ind AS 116 Leases – Lease
below. Existing circumstances and assumptions about
of mines, and other factors of the underlying primarily used during the production process at Liability in a Sale and Leaseback
future developments may change due to market
changes or circumstances arising that are beyond the businesses / operations. Any subsequent the manufacturing locations. Determination of The MCA notified the Companies (Indian
control of the Company. Such changes are reflected changes to the cash flows due to changes in physical quantities of bulk inventories is done Accounting Standards) Second Amendment
in the assumptions when they occur. the above-mentioned factors could impact the based on volumetric measurements and involves Rules, 2024, which amend Ind AS 116, Leases, with
carrying value of property, plant and equipment. special considerations with respect to physical respect to Lease Liability in a Sale and Leaseback.
I. Classification of legal matters and tax measurement, density calculation, moisture, etc.
litigations (Refer Note 43) V. Incentives under the State Industrial Policy which involve estimates / judgments. The amendment specifies the requirements that
(Refer Note 8 and 16) a seller-lessee uses in measuring the lease liability
The litigations and claims to which the Company
The Company’s manufacturing units in various VIII. For key estimates and judgements related to arising in a sale and leaseback transaction, to
is exposed to are assessed by management with
states are eligible for incentives under the fair values refer note 52(C). ensure the seller-lessee does not recognise any
assistance of the legal department and in certain
respective State Industrial Policy. The Company amount of the gain or loss that relates to the
cases with the support of external specialised 1.5 New and amended standards
accrues these incentives as refund claims in right of use it retains.
lawyers. Determination of the outcome of The Ministry of Corporate Affairs (MCA) notified the
these matters into “Probable, Possible and respect of VAT/GST paid, on the basis that The amendment is effective for annual reporting
Ind AS 117, Insurance Contracts, vide notification
Remote” require judgement and estimation on all attaching conditions were fulfilled by the periods beginning on or after 1 April 2024 and
dated August 12, 2024, under the Companies (Indian
case to case basis. Company and there is reasonable assurance must be applied retrospectively to sale and
Accounting Standards) Amendment Rules, 2024,
that the incentive claims will be disbursed by the leaseback transactions entered into after the
which is effective from annual reporting periods
II. Defined benefit obligations (Refer Note 40) State Governments. date of initial application of Ind AS 116.
beginning on or after 1 April 2024.
The cost of defined benefit gratuity plans, and The Company measures expected credit losses The amendments do not have a material impact
post-retirement medical benefit is determined in a way that reflects the time value of money. on the Company’s financial statements.
using actuarial valuations. The actuarial valuation Any subsequent changes to the estimated
involves making assumptions about discount recovery period could impact the carrying value
rates, future salary increases, mortality rates and of Incentives receivable.
future pension increases. Due to the long-term
nature of these plans, such estimates are subject VI. Discounts / rebate to customers (Refer Note
to significant uncertainty.

370 371
 ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at March 31, 2025 as at March 31, 2025

3) In earlier years, considering lower profitability due to higher input cost, the Company had recognised impairment loss (including

I in crore
Net carrying
value
As at
March 31,
2024
151.10

365.64
1,607.04

6,210.25
206.86
21.45
26.60
20.13
8,609.07

Gross carrying
value as at March
31, 2024
I in crore

As at
March 31,
2024

4.45

3.59

16.83
151.10

365.64
1,607.04

6,210.25
206.86
21.45
26.60
20.13
8,609.07
Capital work in progress) for certain Property, plant and equipment at cement manufacturing facility at Madukkarai. During the
Net carrying value

current year, the management has reassessed same on the account of sale of these assets and accordingly reverse the impairment
loss of I 15.23 crore in the statement of profit and loss
Additionally, the Company has assessed the recoverable amounts of its certain Cement Plants and Clinker units which are non
As at
March 31,
2025

151.10

366.14
1,677.92

6,007.75
174.52
23.98
21.52
37.08
8,460.01
operational, based on the Cash Generating Units (""CGUs"") identified, as required under Ind AS 36, Impairment of Assets on the basis

Accumulated impairment
(Refer Note - 3)
As at
March 31,
2024
-

-
33.38

127.27
1.43
0.30
10.14
0.53
173.05
of their Value in Use by estimating the future cash inflows over the estimated useful life of such Cement Plants and Clinker units.
Basis such assessment, the management has identified carrying value of certain property, plant and equipment and right of use
assets (tangible assets) of non-operational clinker manufacturing units at Wadi-1, Bargarh and Chaibasa, being impaired, based on

Gross carrying
value As at March
31, 2025
-

3.93
29.84

285.60
10.47
0.47
10.39
0.64
341.34
As at
March 31,
2025

4.45

3.59

16.83
unviable future business prospects and economic viability due to higher cost of manufacturing, shortage of raw material etc.
The Company has carried out a review of the recoverable amount of the tangible assets used in clinker manufacturing facility at

As at
April 01,
2023
-

-
33.38

127.27
1.43
0.30
10.14
0.53
173.05
abovementioned three plants. The recoverable amount from such tangible assets is assessed to be lower than it’s carrying amount

Buildings include cost of shares I 10,550 (March 31, 2024 - I 10,550) in various Co-operative Housing Societies residential flats.
and consequently an impairment loss of I 207.28 crore (including impairment loss on right of use assets of I 23.92 crore) has
Impairment
reversed
during the
year
(Refer Note
30)
-

-
3.54

11.69
-
-
-
-
15.23
Accumulated impairment

been recognised.
(Refer Note 3 below)

4) During the previous year, the Company has commenced commercial production of Clinker with capacity of 3.3 million ton per annum
and commercial production of Cement with capacity of 1 million ton per annum at its integrated Cement plant in Madhya Pradesh.
Accumulated depreciation
As at
March 31,
2024
-

13.38
630.23

3,875.78
169.08
22.96
76.82
77.25
4,865.50
5) Capital work in progress (CWIP) as at March 31, 2025 is I 1615.88 crore (March 31, 2024 - I 972.03 crore) comprises of various

Building is in possession with the Company, however details regarding title deed not available
Impairment
provided
during the
year

March 01, 2021

projects and expansions spread over various units.
-

3.93
-

170.02
9.04
0.17
0.25
0.11
183.52

Freehold non-mining Land is in possession with the Company, however details regarding title deed not available
Property held
a) Movement in Capital work in progress (CWIP)

Amount
Deductions /
Transfers
-

-
9.85

75.99
-
6.08
1.05
4.42
97.39
Particulars

since
I in crore
-

-
33.38

127.27
1.43
0.30
10.14
0.53
173.05
As at
April 01,
2024

Opening balance as on April 01, 2023 1,683.05

Company is in the process of

Add - Additions during the year* 1,616.24

transferred in the name of

-

15.98
731.39

4,479.45
195.60
26.69
81.96
82.13
5,613.20
As at
March 31,
2025

obtaining the title deeds

As at Depreciation
charge for
the year
-

4.89
92.93

570.05
23.05
3.80
9.02
9.06
712.80

with the company. The building is located at Damodar and Bargarh

Less - Capitalised during the year (including intangible assets) (2,327.26)

Reason for not being

Closing balance as on March 31, 2024 972.03

with the company. The land is located at Jampali and Kymore

Accumulated depreciation

Deductions /
Transfers

Add - Additions during the year* 1,527.63

-

-
3.54

16.32
-
0.37
2.76
4.48
27.47

April 01,
2023
-

8.49
547.15

3,381.72
146.03
25.24
68.85
72.61
4,250.09

*SRPL is under Corporate Insolvency Resolution Process as at reporting date.

Less - Capitalised during the year (including intangible assets) (883.78)

Company
Closing balance as on March 31, 2025 1,615.88
Depreciation
charge for
the year

2.60
104.70

619.99
26.52
4.10
7.90
9.36
775.17

As per the accounting process, the addition to the Property, plant and equipment is initially recorded as addition to Capital work
in progress and then capitalised in the books based on assets ready to use policy of the company
Supertech realtors Private Limited (SRPL)
Gross carrying value
As at
March 31,
2024
151.10

379.02
2,270.65

10,213.30
377.37
44.71
113.56
97.91
13,647.62

*Includes Captive consumption of cement amounting to I 6.86 crore (March 31, 2024 - I 6.68 crore)
b) Ageing of capital Work-in-progress
57.59 14,414.55 4,865.50
-

13.38
630.23

40.21 10,772.80 3,875.78

169.08
22.96
76.82
77.25
As at
April 01,
2024

I in crore

Amount in CWIP for a period of

Deductions /
Transfers
0.34

-
25.10

97.31
-
6.30
1.08
4.59
134.72

Particulars
151.10

386.05
2,439.15

380.59
51.14
113.87
119.85

Less than More than

As at
March 31,
2025

Title deeds in name of

1-2 years 2-3 years Total

Title deeds not in the name of the Company
Note 2 Property, Plant and Equipment

1 year 3 years
As at March 31, 2025
Additions

1.98

12.23
289.89

1,873.86
79.64
5.39
6.20
9.42
2,278.61
-

-
9.60

-
0.37
2.92
4.49
Deductions /
Transfers
Gross carrying value

Projects in progress 1,310.83 279.16 20.54 5.35 1,615.88

Projects temporarily suspended - - - - -
Total 1,310.83 279.16 20.54 5.35 1,615.88
-

7.03
178.10

599.71
3.22
6.80
3.23
26.43
824.52

As at
April 01,
2023
149.46

366.79
2,005.86

8,436.75
297.73
45.62
108.44
93.08
11,503.73
Additions

As at March 31, 2024

Assets category

Projects in progress 881.68 70.40 14.70 5.25 972.03

Building (flats)
151.10

379.02
2,270.65

10,213.30
377.37
44.71
113.56
97.91
13,647.62
April 01,
2024
As at

Projects temporarily suspended - - - - -

Building

Total 881.68 70.40 14.70 5.25 972.03

Buildings (Refer note 1 & 2
Freehold non-mining land

land
Freehold Non-Mining Land

c) The Company does not have any project temporarily suspended or any CWIP which is overdue or has exceeded its cost
Buildings (Refer note 1 &

Furniture and fixtures

Freehold mining land

Plant and equipment

(Refer note 2 below)
Furniture and Fixtures
Freehold Mining Land

compared to its original plan as at March 31, 2025.

Plant and Equipment
(Refer note 2 below)

Office equipment
Office equipment

6) Depreciation charge for the year includes I 0.81 crore (March 31, 2024 - I 0.17 crore) capitalised as a part of Capital work-in-progress.
Railway sidings

2)
1)
Railway Sidings

For details pertaining to capitalisation of expenditure (Refer Note - 51).

Particulars
Particulars

7) For contractual commitment with respect to Property, plant and equipment, Refer Note - 42.
Vehicles
2 below)

Vehicles

Notes:-
TOTAL
below)

TOTAL

8) On transition to Ind AS in earlier year, the Company had elected to continue with the carrying value of all Property, plant and
equipment measured as per the previous GAAP and use that carrying value as the deemed cost of Property, plant and equipment.

372 373
 Note 3. Right of use assets

374
I in crore
Accumulated impairment (Refer
Gross carrying value Accumulated depreciation Net carrying value
note 2(3))
ACC LIMITED

Particulars Impairment
As at As at As at Depreciation As at As at As at As at As at
Deductions/ Deductions/ provided
April 01, Additions March 31, April 01, charge for March 31, April 01, March 31, March 31, March 31,
Transfers Transfers during the
2024 2025 2024 the year 2025 2024 2025 2025 2024
year
as at March 31, 2025

Lease hold Land 266.21 698.31 1.14 963.38 64.69 24.97 0.72 88.94 - 23.92 23.92 850.52 201.52
(Refer note 2 below)
Buildings 29.27 76.26 - 105.53 13.35 17.08 - 30.43 - - - 75.10 15.92
Integrated Annual Report 2024-25

Plant and Equipment 74.79 36.75 5.43 106.11 43.66 14.82 0.96 57.52 - - - 48.59 31.13
Vehicles 285.94 40.54 36.85 289.63 89.43 93.44 11.51 171.36 - - - 118.27 196.51
TOTAL 656.21 851.86 43.42 1,464.65 211.13 150.31 13.19 348.25 - 23.92 23.92 1,092.48 445.08

I in crore
Net carrying
Gross carrying value Accumulated depreciation
value
Particulars As at Depreciation As at As at
As at Deductions/ As at Deductions/
Additions March 31, charge for the March 31, March 31,
April 01, 2023 Transfers April 01, 2023 Transfers
2024 year 2024 2024
Lease hold Land 262.11 5.31 1.21 266.21 42.16 23.74 1.21 64.69 201.52
Buildings 3.76 25.51 - 29.27 1.59 11.76 - 13.35 15.92
Plant and Equipment 72.23 16.39 13.83 74.79 32.73 14.97 4.04 43.66 31.13
Vehicles 0.22 312.23 26.51 285.94 0.22 93.58 4.37 89.43 196.51
TOTAL 338.32 359.44 41.55 656.21 76.70 144.05 9.62 211.13 445.08

Notes:
1) Lease deeds not in the name of the Company
I in crore
Reason for not being transferred Gross carrying value Gross carrying value
Assets category Title deeds in name of Property held since
in the name of Company as at March 31, 2025 as at March 31, 2024
Leasehold land Leasehold Land is in possession with the Company, however details regarding title deed 3.53 3.53
not available with the company. The land is located at Mumbai and Bargarh
2) During the year, the Company has taken property on a long-term lease of 20 years with an option to purchase and develop the property during the lease period. The Company
recognised the transaction on a finance lease basis based on option to purchase the property. Leasehold land includes such property value of I 683.94 crore (amount paid to
Notes to Standalone financial statements

lessor I 600 crore (Refer note 45(I)(14))). The present value of outstanding liability is I 83.94 crore (Refer note 41). The amount is payable on company informing to Aditya
Estates Private Limited on execution of its right to exercise the option to purchase the property. The yearly rent outstanding as of March 31, 2025 is Nil.

Note 4. Intangible assets

I in crore
Gross carrying value Accumulated depreciation Net carrying value

Particulars As at As at As at Amortisation As at As at As at
Deductions/ Deductions/
April 01, Additions March 31, April 01, charge for the March 31, March 31, March 31,
Transfers Transfers
2024 2025 2024 year 2025 2025 2024
Portfolio Overview

Computer Software 39.28 41.15 2.19 78.24 10.50 15.61 2.19 23.92 54.32 28.78
as at March 31, 2025

Sponsorship rights 50.28 - - 50.28 8.20 9.02 - 17.22 33.06 42.08

Mining Rights 134.06 18.11 0.03 152.14 31.77 6.91 0.03 38.65 113.49 102.29
TOTAL 223.62 59.26 2.22 280.66 50.47 31.54 2.22 79.79 200.87 173.15

I in crore
Net carrying
Gross carrying value Accumulated depreciation
value
Corporate Overview

Particulars As at As at As at Amortisation As at As at
Deductions/ Deductions/
April 01, Additions March 31, April 01, charge for the March 31, March 31,
Transfers Transfers
2023 2024 2023 year 2024 2024
Computer Software 9.01 30.33 0.06 39.28 6.71 3.86 0.07 10.50 28.78
Sponsorship Right 50.28 - - 50.28 - 8.20 - 8.20 42.08
Mining Rights 115.74 18.32 - 134.06 24.24 7.53 - 31.77 102.29
Strategic Review

TOTAL 175.03 48.65 0.06 223.62 30.95 19.59 0.07 50.47 173.15

Note: On transition to Ind AS in earlier year, the Company had elected to continue with the carrying value of all intangible assets measured as per the previous GAAP and use that
carrying value as the deemed cost of other intangible assets.
ESG Overview

Notes to Standalone financial statements

Statutory Reports
Financial Statements

375
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at March 31, 2025 as at March 31, 2025

Note 5. Investments in subsidiaries, associates and joint ventures Notes

Face As at March 31, 2025 As at March 31, 2024 a) Book Value

Particulars Value I in crore
Numbers I in crore Numbers I in crore
(in I) Book Value as at
Particulars
I) Investments in Unquoted fully paid equity March 31, 2025 March 31,2024
shares
Aggregate carrying value of unquoted investments 1266.42 596.98
A) Investments in subsidiaries (at cost)
Aggregate carrying value of impairment in value of investments in (80.91) (80.91)
Bulk Cement Corporation (India) Limited 10 3,18,42,050 37.27 3,18,42,050 37.27 unquoted equity shares
Singhania Minerals Private Limited 10 5,20,000 5.50 5,20,000 5.50
b) Disclosure pursuant to Ind AS 27 - Separate Financial Statements
ACC Concrete South Limited 10 1,00,000 0.01 1,00,000 0.01
ACC Concrete West Limited 10 1,00,000 0.01 1,00,000 0.01 % of equity interest
Principal Country of
Asian Concretes and Cements Private 10 1,80,00,000 457.88 1,80,00,000 459.44 Name of the Company As at As at
activities Incorporation
Limited (Refer Note 59 (a)) March 31, 2025 March 31, 2024
500.67 502.23 Direct and Indirect Subsidiaries
Lucky Minmat Limited 100 3,25,000 38.10 3,25,000 38.10 (at Cost)
Less: Impairment in the value of (38.10) (38.10) Bulk Cement Corporation (India) Cement and its India 94.65% 94.65%
investments (Refer Note - 48 (i)) Limited related products
- - Singhania Minerals Private Limited Cement and its India 100.00% 100.00%
ACC Mineral Resources Limited 100 1,21,95,000 106.80 1,21,95,000 106.80 related products
Less: Impairment in the value of (42.81) (42.81) ACC Concrete South Limited Cement and its India 100.00% 100.00%
investments (Refer Note - 48 (ii)) related products
63.99 63.99 ACC Concrete West Limited Cement and its India 100.00% 100.00%
related products
TOTAL (A) 564.66 566.22
Lucky Minmat Limited Supply of coal India 100.00% 100.00%
B) Investments in Associates (at cost)
ACC Mineral Resources Limited Cement and its India 100.00% 100.00%
Alcon Cement Company Private Limited 10 4,08,001 22.25 4,08,001 22.25
related products
TOTAL (B) 22.25 22.25
Asian Concretes and Cements Cement and its India 100.00% 100.00%
C) Investments in Joint Ventures (at cost) Private Limited (Refer Note 59 (a)) related products
Aakaash Manufacturing Company Private 10 4,401 6.01 4,401 6.01 Asian Fine Cements Private Cement and its India 100.00% 100.00%
Limited Limited (Refer Note 59(a)) related products
OneIndia BSC Private Limited 10 25,01,000 2.50 25,01,000 2.50 Investment in Associates (at Cost)
TOTAL (C) 8.51 8.51 Alcon Cement Company Private Cement and its India 40.00% 40.00%
TOTAL(A+B+C) 595.42 596.98 Limited related products
II) Unquoted, in fully paid debentures (at Investment in Joint Ventures (at
amortised cost) (Refer note (c) below) Cost)
ACC Concrete South Limited 10 3,50,00,000 35.00 - - Aakaash Manufacturing Company Ready mixed India 40.00% 40.00%
(0.10% Optionally Convertible Debentures) Private Limited concrete
ACC Mineral Resources Limited 10 63,60,00,000 636.00 - - products
(0.10% Optionally Convertible Debentures) OneIndia BSC Private Limited Shared Services India 50.00% 50.00%
(Refer note 59 (b))
c) Terms of Optionally Convertible Debentures (OCDs) are as under:
671.00 -
The OCDs shall be optionally convertible into equity share capital at the discretion of issuer, the issuer shall have
TOTAL 1,266.42 596.98
right to convert all or any of the OCDs into fixed number of equity shares at the price determined on the date of
issue based on valuation report, or the issuer may after the expiry of 10 years from the date of first allotment pay
the OCDs consideration and any unpaid coupon. The interest shall be accrued at the end of each financial year and
payable at the discretion of the issuer.

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at March 31, 2025 as at March 31, 2025

Note 6. Non-current - Investments Note 7. Non-current Loans

Face Value As at March 31, 2025 As at March 31, 2024 I in crore
Particulars
(in I) Numbers I in crore Numbers I in crore As at As at
Particulars
Investments carried at fair value through March 31, 2025 March 31, 2024
profit or loss (FVTPL) Unsecured, considered good unless otherwise stated
Investments in equity shares (Unquoted) Loans to employees 1.90 3.55
Solbridge Energy Private Limited (Refer 10 80,23,803 13.21 80,23,803 10.20 Loans to related parties (Refer Note - 45 and 50) 2.77 1.56
Note - II below) TOTAL 4.67 5.11
Amplus Green Power Private Limited 10 25,78,592 3.80 25,78,592 4.50
Note
(Refer Note - III below)
i) Loans to related parties are receivable on mutually agreed terms within period of 6 years from the date of agreement
Kanoria Sugar & General Mfg. Company 10 4 0.00 4 0.00
and carries 8% interest rate.
Limited*
Gujarat Composites Limited* 10 60 0.00 60 0.00 ii) No loans are due from directors or other officers of the Company, either severally or jointly with any other person.
Rohtas Industries Limited* 10 220 0.00 220 0.00 Further no loans are due from firms or private companies, respectively in which any director is a partner, a director
The Jaipur Udyog Limited* 10 120 0.00 120 0.00 or a member other than as disclosed in note 45.
Digvijay Finlease Limited* 10 90 0.00 90 0.00
The Travancore Cement Company 10 100 0.00 100 0.00 Note 8. Other non-current financial assets
Limited* I in crore
Ashoka Cement Limited* 10 50 0.00 50 0.00 As at As at
The Sone Valley Portland Cement 5 100 0.00 100 0.00 Particulars
March 31, 2025 March 31, 2024
Company Limited* Unsecured, considered good unless otherwise stated
17.01 14.70 Government Grant Receivable (Refer Note - 53(i) and note 1.3(M)) 1,102.29 761.79
Investment carried at amortised cost Security deposits 177.94 206.74
Investment in bonds (Unquoted) Margin money deposit with more than 12 months maturity* 499.83 13.58
5.13% Himachal Pradesh Infrastructure TOTAL 1,780.06 982.11
Development Board Bonds (Refer note 10,00,000 - - 37 3.70
*Margin money deposit includes bank deposit with lien in favour of National Company Law Appellate Tribunal (NCLAT) I 155.65 crore (March 31, 2024
(IV) below) - Nil) including interest - Refer Note - 43 (A)(a) and deposits amounting to I 344.18 crore (March 31, 2024 I 13.58 crore) given as security against
TOTAL TOTAL 17.01 18.40 bank guarantees.

Notes: Note 9. Other non-current assets

(I) Book Value I in crore
I in crore As at As at
Particulars
Book Value as at March 31, 2025 March 31, 2024
Particulars
March 31, 2025 March 31, 2024 Unsecured, considered good, unless otherwise stated
Aggregate carrying value of unquoted investments 17.01 18.40 Capital advances (including land advances of I 163.49 crore (March 31, 376.34 332.86
2024 I 16.80 crore)) (Refer Note - 45(I)(1))
(II) The Company has subscribed 80,23,803 equity shares in Solbridge Energy Private Limited (SEPL) representing Prepaid Expense 4.19 -
19.06% holding for a total consideration of I 10.20 crore. The SEPL has set up a solar power plant in the State of Others
Chhattisgarh of which the Company’s Jamul plant would be one of the consumers. Unsecured, considered good - 10.46
(III) The Company subscribed 25,78,592 equity shares in Amplus Green Power Private Limited (AGPPL) representing - 10.46
5.63% holding for a total consideration of I 4.50 crore. The AGPPL has set up a solar power plant in the State of Duty, taxes paid under protest with Government Authorities against
Uttar Pradesh of which the Company’s Tikaria plant is one of the consumers. various disputes
Unsecured, considered good (Refer note 6(IV)) 415.60 273.07
(IV) Investment in 5.13% Himachal Pradesh Infrastructure Development Board Bonds ("Bond") was made as Security Considered doubtful 3.33 3.33
Deposit for ongoing litigation with Excise and Taxation Department, Himachal Pradesh in the year 2014. During the Less: Allowance for impairment loss (3.33) (3.33)
year, the same has been reclassified to Other Non-Current Assets (Refer note 9) under sub head Duty, taxes paid 415.60 273.07
under protest with Government Authorities, as per the terms of the Bond, the investment amount has matured and TOTAL 796.13 616.39
accordingly the same has been reclassified.

* Each of such investments is carried at value less than I 50,000

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at March 31, 2025 as at March 31, 2025

Note 10. Inventories Note 12. Trade receivables

At lower of cost or net realisable value I in crore

I in crore As at As at
Particulars
As at As at March 31, 2025 March 31, 2024
Particulars
March 31, 2025 March 31, 2024 Secured, considered good 132.42 272.38
Raw materials (including clinker purchased) 232.12 210.00 Unsecured, considered good 1,039.20 568.85
(Including In-transit I 5.53 crore (March 31, 2024 - I 12.24 crore)) Unsecured, Receivables which have significant increase in credit risk - -
Receivables - Credit impaired 72.05 65.79
Work-in-progress 237.64 374.79 1,243.67 907.02
Finished goods 220.93 232.84 Less: Allowance for expected credit loss (Refer Note 53(i)) (72.05) (65.79)
(Including goods-in-transit I 8.30 crore (March 31, 2024 - I 1.01 crore))
TOTAL 1,171.62 841.23
Stores and spares (Refer notes below) 338.53 289.20
(Including In-transit I 2.05 crore (March 31, 2024 - I 9.29 crore)) Note:
Packing materials 38.53 31.88 a) Trade receivable ageing schedule is as given below:
Fuel (including coal) 827.29 704.14 I in crore
(Including In-transit I 31.25 crore (March 31, 2024 - I 12.48 crore))
Outstanding for following Periods from due date
TOTAL 1,895.04 1,842.85
Particulars Less than 6 months - More than Total
Note: 1-2 years 2-3 years
6 months 1 year 3 years
I) During the year ended March 31, 2025 the Company has recognised an amount of I 6.66 crore (March 31, 2024 - I 2.26 crore) as expenses for
the provision related to slow moving stores and spares inventory. Balance as at March 31, 2025
II) Provision for slow and non-moving stores and spares as at March 31, 2025 is I 125.44 crore (March 31, 2024 - I 118.78 crore). Undisputed trade receivables – 1,149.02 22.60 - - - 1,171.62
considered good
Note 11. Current - Investments
I in crore
Undisputed trade receivables - - - - - -
– having significant increase in
As at As at
Particulars credit risk
March 31, 2025 March 31, 2024
Undisputed Trade receivables - - 13.88 17.03 14.94 26.20 72.05
Quoted
credit impaired
Investments measured at Fair value through Profit or Loss
Disputed Trade receivables - - - - - - -
Investments in government securities 1,458.46 758.69 Considered good
TOTAL 1,458.46 758.69 Disputed Trade receivables - - - - - -
- which have significant
Aggregate Carrying value of Quoted investments 1,458.46 758.69 increase in risk
Aggregate Market value of Quoted investments 1,458.46 758.69 Disputed Trade receivables - - - - - - -
credit impaired
Less: Allowance for expected - (13.88) (17.03) (14.94) (26.20) (72.05)
credit loss
Total 1,149.02 22.60 - - - 1,171.62

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at March 31, 2025 as at March 31, 2025

I in crore
Note 13. Cash and Cash Equivalents
Outstanding for following Periods from due date I in crore
Particulars Less than 6 6 months - More than Total As at As at
1-2 years 2-3 years Particulars
months 1 year 3 years March 31, 2025 March 31, 2024
Balance as at March 31, 2024 Balances with banks:
Undisputed trade receivables – 834.26 6.53 0.44 - - 841.23 In current accounts 408.99 272.32
considered good
Deposits with original maturity of less than three months - 29.70
Undisputed trade receivables - - - - - -
408.99 302.02
– having significant increase in
credit risk Post office saving accounts 0.01 0.01

Undisputed Trade receivables - - 14.13 25.45 7.64 18.57 65.79 Investments in liquid mutual funds measured at FVTPL 531.94 1,197.31
credit impaired (Unquoted and fully paid)

Disputed Trade receivables - - - - - - - TOTAL 940.94 1,499.34

Considered good Aggregate Carrying value of investments 531.94 1,197.31
Disputed Trade receivables - - - - - - - Aggregate Market value of investments 531.94 1,197.31
which have significant increase
in risk Note 14. Bank balances other than Cash and Cash Equivalents
I in crore
Disputed Trade receivables - - - - - - -
credit impaired As at As at
Particulars
March 31, 2025 March 31, 2024
Less: Allowance for expected - (14.13) (25.45) (7.64) (18.57) (65.79)
credit loss Other bank balances

Total 834.26 6.53 0.44 - - 841.23 *Deposits with original maturity for more than 3 months but less than 12 555.00 149.39
months
There are no unbilled trade receivables, hence the same is not disclosed in the ageing schedules. #On unpaid dividend accounts 20.58 22.35
b) For terms and conditions with related parties, refer note 45. TOTAL 575.58 171.74
*Includes bank deposit with lien in favour of National Company Law Appellate Tribunal (NCLAT) including interest as at March 31, 2024 - I 143.68
c) The Company does not give significant credit period resulting in no significant financing component. The credit crore - (Refer Note - 43 (A)(a)).
period on an average ranges from 30 days to 90 days.
#These balances are available for use only towards settlement of corresponding unpaid dividend liabilities.
d) No trade receivables are due from directors or other officers of the Company, either severally or jointly with
any other person. Note 15. Current - Loans
I in crore
Further no trade receivables are due from firms or private companies, respectively in which any director is a partner,
a director or a member other than as disclosed in note 45. As at As at
Particulars
March 31, 2025 March 31, 2024
e) Refer Note 53(i) for information about credit risk of trade receivables.
Unsecured, Considered good
Loans to employees 5.33 3.60
Loans to related parties (Refer Note - 45 and 50) - 0.36
TOTAL 5.33 3.96

Note:
Loans granted to related parties that were repayable on demand carried an interest rate of 7% p.a.:

Outstanding as at % to the total loans as at

Type of Borrower
March 31, 2025 March 31,2024 March 31, 2025 March 31,2024
Related Parties - 0.36 - 4%

No loans are due from directors or other officers of the Company, either severally or jointly with any other person.

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at March 31, 2025 as at March 31, 2025

Further no loans are due from firms or private companies, respectively in which any director is a partner, a director or a Note 18. Non-current assets classified as held for sale
member other than as disclosed in Note 45. I in crore

As at As at
Note 16. Other current financial assets Particulars
March 31, 2025 March 31, 2024
I in crore
Plant and equipment 1.26 1.26
As at As at
Particulars Building 0.85 0.85
March 31, 2025 March 31, 2024
Unsecured, considered good, unless otherwise stated Freehold Non-Mining Land and Building (Including other assets) * 4.55 19.74
Government grant receivables {Refer Note - 53(i) and note 1.3(M)} 635.54 527.82 TOTAL 6.66 21.85
Security deposits 61.85 49.92 Notes
Other receivables The Company intends to dispose off plant and equipment, building and freehold non-mining Land in the next 12 months which it no longer intends to
utilize. A selection of potential buyers is underway.
Unsecured, considered good (Refer Note- 45)* 91.14 102.11
* During the year, the Company has sold Freehold Non-Mining Land and Building located at Thane, Maharashtra (Including other assets) having Book
Considered doubtful 5.26 5.26 Value of I 15.19 crore at a total consideration of I 385 crore. (Refer Note 57(c))
Less: Allowance for expected credit loss & (Refer Note- 53(i)) (5.26) (5.26)
91.14 102.11 Note 19. Equity share capital
Receivable from sale of land (Refer Note 57(c) and 45) 381.15 - I in crore
Bank deposits with remaining maturity of less than 12 months** - 2,082.54 As at As at
Other accrued interest 23.71 94.60 Particulars
March 31, 2025 March 31, 2024
Fair value of derivative assets - 0.38 Authorised
TOTAL 1,193.39 2,857.37 22,50,00,000 (March 31, 2024 - 22,50,00,000) equity shares of I10 each 225.00 225.00
* Includes receivables in nature of business support services and rental income. 10,00,00,000 (March 31, 2024 - 10,00,00,000) preference shares of I10 100.00 100.00
**Includes bank deposits placed as security with government authorities of Nil (March 31, 2024 - I 33.35 crore). each
Issued
Note 17. Other current assets
18,87,93,243 (March 31, 2024 - 18,87,93,243) equity shares of I10 each 188.79 188.79
I in crore
Subscribed and Paid-up
As at As at
Particulars 18,77,87,263 (March 31, 2024 - 18,77,87,263) equity shares of I10 each 187.79 187.79
March 31, 2025 March 31, 2024
fully paid-up
Unsecured, considered good
Add: 3,84,060 (March 31, 2024 - 3,84,060) equity shares of I10 each 0.20 0.20
Advance to suppliers (Refer Note - 45) 1,263.94 1,002.34 forfeited - amount originally paid-up
Prepaid expenses 32.44 51.38 TOTAL 187.99 187.99
Gratuity / Compensated absences net assets (funded) (Refer Note - 40) 19.11 64.81
i) Reconciliation of number of equity shares outstanding
Balances with statutory / Government authorities (including Goods 373.28 355.82
and Service Tax credit)* As at March 31, 2025 As at March 31, 2024
Particulars
Others (including insurance claim receivable) (Refer Note - 45) 45.29 37.44 No. of shares I in crore No. of shares I in crore
TOTAL 1,734.06 1,511.79 At the beginning of the year 18,77,87,263 187.79 18,77,87,263 187.79
* Goods and Services Tax recoverable amounting to ` 33.84 crore which are currently in appeal with government authorities in a state although based Issued during the year - - - -
on the legal opinion taken by the management, the amounts are recoverable.
At the end of the year 18,77,87,263 187.79 18,77,87,263 187.79

ii) Terms / rights attached to equity shares

The Company has only one class of equity shares having par value of I10 per share. Each holder of equity shares
is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets
of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number
of equity shares held by the shareholder.

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at March 31, 2025 as at March 31, 2025

iii) Equity shares held by immediate holding company/ ultimate holding company and/ or their Number of Number of
subsidiaries/ associates shares Change during shares % of total % of change
I in crore
Particulars
as at the year as at share during the year
As at As at March 31, 2023 March 31, 2024
March 31, 2025 March 31, 2024 Ambuja Cements 9,39,84,120 - 9,39,84,120 50.05% -
Ambuja Cements Limited, immediate holding company 93.98 93.98 Limited
9,39,84,120 (March 31, 2024 - 9,39,84,120) Equity shares I10 each
Holderind 84,11,000 - 84,11,000 4.48% -
fully paid up
Investments Ltd,
Holderind Investments limited., Mauritius, the holding company of 8.41 8.41 Mauritius
Ambuja Cements Limited*
84,11,000 (March 31, 2024 - 84,11,000) equity shares I10 each fully Endeavour Trade and 40,61,807 - 40,61,807 2.16% -
paid up Investment Limited
Endeavour Trade and Investment Limited, the holding company of 4.06 4.06 Total 10,64,56,927 - 10,64,56,927 56.69% -
Holderind Investments Ltd, Mauritius
40,61,807 (March 31, 2024 - 40,61,807) equity shares I 10 each fully vi) Outstanding right shares are kept in abeyance exercisable into 601,880 (March 31, 2024 - 601,880) equity shares
paid up of I 10 each fully paid-up.
*On September 15, 2022, Endeavour Trade and Investment Limited (an entity of Adani family) has acquired 100% shareholding in Holderind
Investments Limited from Holderfin B.V (an entity of the Holcim Group). Note 20. Other Equity
Refer statement of changes in equity for movement in balances.
iv) Details of shareholders holding more than 5% shares in the Company I in crore

As at March 31, 2025 As at March 31, 2024 As at As at

Particulars
No. of shares % holding No. of shares % holding March 31, 2025 March 31, 2024
Ambuja Cements Limited, 9,39,84,120 50.05 9,39,84,120 50.05 Capital reserve 67.81 67.81
immediate holding company Securities premium 845.03 845.03
Life Insurance Corporation 1,44,38,930 7.69 1,20,33,771 6.41 General reserve 2,723.30 2,723.30
of India Capital contribution from erstwhile parent 10.25 10.25
As per the records of the Company including its register of shareholders / members and other declarations received Retained earnings 14,436.55 12,187.57
from shareholders regarding beneficial interest, the above shareholdings represent both legal and beneficial TOTAL 18,082.94 15,833.96
ownership of shares.
The description of the nature and purpose of each reserve within equity is as follows:
v) Equity shares held by Promoters Capital Reserve: It represents the gains of capital nature which mainly includes the excess of value of net assets acquired
Number of Number of over consideration paid by the Company for business combinations in earlier years and can be utilized in accordance
shares Change during shares % of total % of change with the provisions of the Companies Act, 2013.
Particulars
as at the year As at share during the year Securities Premium: The amount received in excess of face value of the equity shares is recognised in securities premium
March 31, 2024 March 31, 2025 and can be utilized in accordance with the provisions of the Companies Act, 2013.
Ambuja Cements 9,39,84,120 - 9,39,84,120 50.05% -
General Reserve: General reserve is used to transfer profits from retained earnings for appropriation purposes. The amount
Limited
is to be utilised in accordance with the provision of the Companies Act, 2013.
Holderind 84,11,000 - 84,11,000 4.48% -
Investments Limited, Capital Contribution from erstwhile parent: Capital contribution from erstwhile parent represents the fair value of
Mauritius the employee performance share plan. These shares are granted by the erstwhile parent company “Holcim Limited,
Endeavour Trade and 40,61,807 - 40,61,807 2.16% - Switzerland” to the executives and senior management of the Company.
Investment Limited Retained earnings: Retained earnings are the profits that the Company has earned till date, less any transfers to general
Total 10,64,56,927 - 10,64,56,927 56.69% reserve, dividends or other distributions paid to shareholders. Retained earnings includes re-measurement loss / (gain)
on defined benefit plans, net of taxes that will not be reclassified to profit and loss.

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at March 31, 2025 as at March 31, 2025

Note 21. Non-current provisions B) Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate
I in crore For the year ended For the year ended
As at As at Particulars March 31, 2025 March 31, 2024
Particulars
March 31, 2025 March 31, 2024 I in crore In % I in crore In %
Provision for employee benefits Profit before tax 3,145.39 2,519.08
Provision for gratuity (Refer Note - 40) 105.84 83.88 At India's statutory income tax rate 791.63 25.17% 634.00 25.17%
Provision for provident fund (Refer Note - 40) - 29.56 Effect of exempt income for tax purpose
Provision for long service award (Refer note (a) below) - 3.09 Dividends (0.70) (0.02%) (2.01) (0.08%)
Other Provisions Effect of income charged at lower tax
Provision for site restoration (Refer Note (b) below) 32.62 32.65 rate
TOTAL 138.46 149.18 Gain on sale of land (44.54) (1.42%) - 0.00%

Note: Effect of Non-Deductible (income) /

expenses not taxable
a) Long service award and other benefit plans provisions have been utilised / reversed during the year. Corporate social responsibility 10.57 0.34% 9.44 0.37%
b) Mines reclamation expenses are incurred on an ongoing basis until the respective mines are not fully restored, in expenses
accordance with the requirements of the mining agreement. The actual expenses may vary based on the nature Interest on income tax, already (49.93) (1.59%) - 0.00%
of reclamation and the estimate of reclamation expenses. Movement of provisions for site restoration during the offered to tax
year is as under: Others 4.99 0.16% (0.17) (0.01%)
I in crore (79.61) (2.53%) 7.26 0.29%
As at As at At the effective income tax rate 712.02 22.64% 641.26 25.46%
Particulars
March 31, 2025 March 31, 2024 Tax Adjustment of earlier years 8.81 0.28% (246.42) (9.78%)
Opening Balance 32.65 33.58 Income Tax expense reported in the 720.83 22.92% 394.84 15.67%
Created/(reversal) during the year (net) 4.38 (2.83) statement of profit and loss
Utilised during the year (6.66) (0.52) Notes:
Unwinding of interest 2.25 2.42
1) During the year, the Company has re-assessed its tax positions in respect of certain tax liabilities and provisions
Closing Balance 32.62 32.65
in the nature of interest based on favourable assessment orders from tax authorities for which tax liabilities
and interest provisions were made in the earlier years. Management has assessed that in view of the favourable
Note 22. Income tax orders and consequent receipt of refunds post appellate orders, certain provisions are no longer required.
A) Tax Expense reported in the Statement of Profit and Loss Accordingly, reversed the tax provision of I 12.36 crore which was recognized as credit in Current tax expense
and aggregate of related liabilities in books for the interest received, pending recognition of income and interest
I in crore
provision thereof I 657.83 crore, and against which no appeals are pending, has been recognised as credit in
For the year ended For the year ended
Particulars Other income for the year ended March 31, 2025.
March 31, 2025 March 31, 2024
Current Income tax During the year ended March 31, 2024, based on the completed tax assessments, and as per the related
provisions of the Income Tax Act, 1961, the Company had reversed the tax provision of I 257.21 crore which
Current tax (net) 681.35 551.00
was recognized as credit in current tax expense and related interest of I 11.11 crore was recognized as credit
Adjustment in respect of tax expense relating to earlier years, 8.81 (167.73) in Other Income.
(net) (Refer note 1 below)
690.16 383.27 2) The rate used for the calculation of Deferred tax is 25.17% for the year ended March 31, 2025 and March 31, 2024

Deferred Tax
Relating to origination and reversal of temporary differences 30.67 90.26
Adjustment in respect of tax expense relating to earlier years - (78.69)
30.67 11.57
Total Tax expense 720.83 394.84

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at March 31, 2025 as at March 31, 2025

The major components of deferred tax liabilities / assets arising on account of timing differences are as follows: Note 23. Other non current liabilities
I in crore I in crore
Balance as Recognised in Balance as As at As at
Recognised Particulars
Particulars on April statement of on March March 31, 2025 March 31, 2024
in OCI
01, 2024 Profit and Loss 31, 2025 Deferred Government Grant 155.15 -
Deferred Tax Liabilities on: TOTAL 155.15 -
Depreciation and amortisation differences 749.33 (16.73) - 732.60 Note:
Includes Government grant which is recognised as income in the statement of profit and loss over the useful life of the related assets in proportion in
Right of use assets and lease liabilities 13.76 (6.97) - 6.79 which depreciation is charged. The amount of said government grant (net off accumulated depreciation) has been added to the value of Property, plant
and equipment with corresponding credit made to the deferred government grant. The amount of deferred income is amortised over the useful life
763.09 (23.70) - 739.39 of the Property, plant and equipment with credit to statement of profit and loss classified under the head “Government Grants including duty credits/
Deferred Tax Assets on: refunds" Refer note 1.3(M).

Provision for employee benefits 16.02 9.40 11.68 37.10

Note 24. Trade Payables
Expenses allowed for tax purposes in the following 171.93 (79.21) - 92.72
I in crore
years
As at As at
Allowance for doubtful receivables and other assets 22.37 (1.28) - 21.09 Particulars
March 31, 2025 March 31, 2024
Expected credit loss on incentives receivable from 43.14 8.33 - 51.47 Trade Payables (Refer Note - 63)
government Total outstanding dues of micro and small enterprises (Refer Note 47) 269.68 394.08
Other temporary differences (including liabilities for 55.36 8.39 - 63.75 Total outstanding dues of creditors other than micro and small enterprises 1,329.86 1,447.90
litigation and inventory provision) Total 1,599.54 1,841.98
308.82 (54.37) 11.68 266.13
Note:
Net deferred tax charge / (income) and deferred 454.27 30.67 (11.68) 473.26
a) Trade payables ageing schedule
tax liabilities
Balance as at March 31, 2025
I in crore I in crore

Balance as Recognised in Balance as Not Due Outstanding for following Periods from due date of
Recognised (including payment
Particulars on April statement of on March Particulars Total
in OCI Accrued Less than More than
01, 2023 Profit and Loss 31, 2024 1-2 years 2-3 Years
Expenses) 1 year 3 years
Deferred Tax Liabilities on: Undisputed - Micro and Small 269.68 - - - - 269.68
Depreciation and amortisation differences 670.04 79.29 - 749.33 Enterprises
Right of use assets and lease liability 17.65 (3.89) - 13.76 Undisputed - Other than Micro 722.40 595.09 12.37 - - 1,329.86
and Small Enterprises
687.69 75.40 - 763.09
Disputed - Micro and Small - - - - - -
Deferred Tax Assets on: Enterprises
Provision for employee benefits 35.58 (10.00) (9.56) 16.02 Disputed dues - Others - - - - - -
Total 992.08 595.09 12.37 - - 1,599.54
Expenses allowed for tax purposes in the following 143.35 28.58 - 171.93
years Balance as at March 31, 2024
Allowance for doubtful receivables and other assets 18.10 4.27 - 22.37 I in crore
Not Due Outstanding for following Periods from due
Expected credit loss on incentives receivable from 43.69 (0.55) - 43.14
(including date of payment
government Particulars Total
Accrued Less than More than
Other temporary differences (including liabilities for 13.83 41.53 - 55.36 1-2 years 2-3 Years
expense) 1 year 3 years
litigation and inventory provision) Undisputed - Micro and Small 65.04 321.00 8.04 - - 394.08
254.55 63.83 (9.56) 308.82 Enterprises
Undisputed - Other than Micro 883.29 564.61 - - - 1,447.90
Net deferred tax charge and deferred tax 433.14 11.57 9.56 454.27
liabilities and Small Enterprises
Disputed - Micro and Small - - - - - -
Enterprises
Disputed dues - Others - - - - - -
Total 948.33 885.61 8.04 - - 1,841.98

390 391
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at March 31, 2025 for the year ended March 31, 2025

b) For terms and conditions with related parties, refer note 45. Note 28. Revenue from operations
I in crore
Note 25. Other current financial liabilities For the Year ended For the Year ended
Particulars
I in crore March 31, 2025 March 31, 2024
As at As at Revenue from contracts with customers
Particulars
March 31, 2025 March 31, 2024
Sale of finished products 20,560.75 19,537.92
Financial liabilities at amortised cost
Income from services rendered 33.52 33.08
Interest accrued 0.06 0.09
20,594.27 19,571.00
Unpaid dividends* 20.58 22.35
Other Operating Revenue (Refer Note 63)
Security deposits from dealers and others 705.86 682.85
Provision no longer required written back - 37.47
Payable towards purchase of Property, Plant and Equipment and 560.00 542.70
Scrap sales 48.07 36.00
intangible assets (including hold and retention money)
Miscellaneous income (includes insurance claims and others) 67.44 29.85
Payable to employees (Refer Note - 63) 63.14 72.24
TOTAL 20,709.78 19,674.32
TOTAL 1,349.64 1,320.23
*Investor Education and Protection Fund ('IEPF') - outstanding aggregating of I 7.33 crore (March 31, 2024 I 7.20 crore) is pending to be transferred Notes:
to the 'IEPF' on account of disputes and legal cases.
a) Reconciliation of revenue as per contract price and as recognised in Statement of Profit and Loss:
Note 26. Other current liabilities I in crore
For the Year ended For the Year ended
I in crore Particulars
March 31, 2025 March 31, 2024
As at As at
Particulars Revenue as per Contract price 24,143.12 21,823.56
March 31, 2025 March 31, 2024
Contract liability* Less: Discounts and incentives (3,548.85) (2,252.56)
Advance from customers 175.23 259.96 Revenue from contract with customers 20,594.27 19,571.00
Rebates to customers (Refund liabilities) 631.52 479.78 b) The following table provides information about receivables, contract assets and contract liabilities from the
Other liability contracts with customers:
Statutory dues payable 311.36 405.24 I in crore

Other payables (including aggregate liabilities towards pending disputes 337.21 687.23 For the Year ended For the Year ended
Particulars
and interest on income tax as at March 31, 2025 of ` 298.18 crore and as March 31, 2025 March 31, 2024
at March 31, 2024 ` 647.36 crore) Trade Receivables (Refer Note 12) 1,171.62 841.23
TOTAL 1,455.32 1,832.21 Contract Liabilities (including Refund liabilities) (Refer Note 26) 806.75 739.74
*The contract liability outstanding at the beginning of the year has been recognised as revenue during the year ended March 31, 2025.
The contract liabilities primarily relate to the advance consideration received from the customers and liability for
Note 27. Current provisions rebates to customer.

I in crore c) Performance obligation:

As at As at All sales are made at a point in time and revenue recognised upon satisfaction of the performance obligations which
Particulars
March 31, 2025 March 31, 2024 is typically upon dispatch/ delivery. The Company does not have any remaining performance obligation for sale of
Provision for employee benefits goods or rendering of services which remains unsatisfied as at March 31, 2025 and March 31, 2024.
Provision for gratuity (Refer Note - 40) 14.28 7.10
d) Disaggregation of revenue:
Provision for compensated absences - 4.14
The management determines that the segment information reported in single financial report in consolidated
Provision for long service award* - 0.71
financial statement is sufficient to meet the disclosure objective with respect to disaggregation of revenue under
TOTAL 14.28 11.95 Ind AS 115 Revenue from contract with customers.
* Long service award and other benefit plans provisions have been utilised / reversed during the year.

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

for the year ended March 31, 2025 for the year ended March 31, 2025

Note 29. Government Grants including duty credits/refunds I in crore

For the Year ended For the Year ended
I in crore Particulars
March 31, 2025 March 31, 2024
For the Year ended For the Year ended
Particulars Net gain on disposal of Property, Plant and Equipment (including 24.15 8.52
March 31, 2025 March 31, 2024
impairment reversal)
Government grants including duty credits/refunds (Refer Note (a) & (b) 958.33 277.91
below, Note 63 and Note 1.3(M)) Gain on termination / completion of leases 1.34 1.19
TOTAL 958.33 277.91 Others (includes insurance claims) 22.15 -
TOTAL 1,058.62 491.51
Notes:
* These instruments are mandatorily measured at fair value through profit or loss in accordance with Ind AS 109.
a) Accrued for the GST refund claim under various incentive schemes of State and Central Government.
Note 31. Cost of materials consumed
b) The Company is eligible for various incentives from the Government authorities as per the policies / schemes of I in crore
respective State / Central Government. Income from such Government incentive / grants including tax credits /
For the Year ended For the Year ended
refunds has been disclosed separately in these standalone financial statements as “Government Grants including Particulars
March 31, 2025 March 31, 2024
duty credits/refunds” which earlier was disclosed / included as other operating revenue. This separate disclosure
Inventories at the beginning of the year 210.00 173.03
has been given effect from the current year ended March 2025, and figures for previous year ended March 2024
have been accordingly regrouped / reclassified. Add: Purchases (including clinker) (Refer note - 63) 4,043.03 3,480.00
4,253.03 3,653.03
The Company was eligible for incentive in the form of exemption of Excise duty on captive consumption of clinker
for the period from May 2005 to February 2013 as per notification no. 67/95-CE dated March 16, 1995. The excise Less: Inventories at the end of the year 232.12 210.00
authorities, Shimla had denied the above exemption to the Company and accordingly the Company paid the aforesaid TOTAL 4,020.91 3,443.03
duty and expensed the duty amount in the respective earlier financial years. During the year, the Company has
received an order from the Office of The Deputy Commissioner - Central Goods and Service Tax, Mandi Division dated Note 32. Purchases of stock-in-trade
December 26, 2024 allowing refund of amount paid against exemption of excise duty on captive consumption of I in crore
clinker by the Company pertaining to Gagal unit amounting to I 636.86 crore. This refund order is allowed pursuant For the Year ended For the Year ended
to the order of the Regional bench of Hon’ble Customs, Excise and Service Tax Appellate Tribunal, Chandigarh Particulars
March 31, 2025 March 31, 2024
(“CESTAT”) on July 1, 2024 after the Hon’ble Supreme Court vide it’s judgement dated March 03, 2016 had allowed the Cement 4,024.65 2,598.60
appeal in Company’s favour which was subsequently denied by the department on different grounds. Accordingly, a
Ready Mix Concrete 55.08 17.21
receivable amount of I 636.86 crore is recognised as income based on the refund order dated December 26, 2024
of The Deputy Commissioner - Central Goods and Service Tax, Mandi Division, Himachal Pradesh. TOTAL 4,079.73 2,615.81

Note 30. Other Income Note 33. Changes in inventories of finished goods and work-in-progress
I in crore I in crore
For the Year ended For the Year ended For the Year ended For the Year ended
Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
Interest income on Inventories at the end of the year
Bank deposits 106.96 222.93 Finished goods 220.93 232.84
Income tax refunds (Refer note 22(1)) 771.81 188.52 Work-in-progress 237.64 374.79
Government securities 51.17 27.61 458.57 607.63
Others (including interest income on trade advance and interest 22.82 6.59 Inventories at the beginning of the year
income on security deposits) (Refer note 45) Finished goods 232.84 219.62
952.76 445.65 Work -in-progress 374.79 421.88
Dividend income from associates / joint ventures (Refer note 45) 2.79 7.99 607.63 641.50
Other non-operating income TOTAL 149.06 33.87
Gain on sale of current financial assets measured at FVTPL 49.60 18.50
Gain on fair valuation of liquid mutual fund measured at FVTPL (net)* 5.83 9.66

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

for the year ended March 31, 2025 for the year ended March 31, 2025

Note 34. Employee benefits expense Note 38. Other expenses (Refer note 51 and 63)
I in crore I in crore
For the Year ended For the Year ended For the Year ended For the Year ended
Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
Salaries and wages, net of recovery (Refer Note - 45 & 51) 400.06 449.57 Consumption of stores and spare parts 238.95 297.29
Contributions to provident and other funds (Refer Note - 40) 39.96 49.82 Consumption of packing materials 497.87 501.19
Reimbursement of allocated salary cost (Refer Note - 45) 232.34 197.35 Subcontracting charges (including manpower, job-work etc) 290.81 297.58
Staff welfare expenses 34.62 36.85 Expense related to short term and low value of leases (Refer Note - 41) 74.50 52.94
TOTAL 706.98 733.59 Rates and taxes 119.77 134.23
Repairs to Plant and Machinery, Buildings and Others 188.84 178.88
Note 35. Finance costs Insurance 31.27 41.90
I in crore Advertisement and Sales Promotion expense 185.05 145.42
For the Year ended For the Year ended Expected credit losses on trade receivables (including reversals) (Refer 7.49 15.77
Particulars
March 31, 2025 March 31, 2024 Note - 53(i))
Interest Corporate social responsibility expense (Refer Note (iv) below) 42.00 37.49
- On income tax - 46.64 Legal and professional expenses (including corporate cost allocation) 33.50 23.31
- On Defined benefit obligation (Net) - (Refer Note - 40) 3.83 8.88 Audit fees (Refer note (i) below) 3.53 3.54
- On deposits from dealers carried at amortised cost 39.50 33.35 Travelling expenses (including aviation cost allocated) 69.72 39.20
- On lease liabilities carried at amortised cost (Refer Note - 41) 43.56 38.50 Commission expenses 28.36 24.93
- Others (Includes other interest on litigated liabilities) 18.82 24.00 Miscellaneous expenses (Refer Note (ii) and (iii) below) 191.74 94.90
Unwinding of discount on site restoration provision (Refer Note - 21) 2.25 2.42 TOTAL 2,003.40 1,888.57
TOTAL 107.96 153.79
Notes
Note 36. Depreciation and amortisation expense (net) i) Includes Payments to statutory auditors (excluding applicable taxes) as under:
I in crore
I in crore
For the Year ended For the Year ended
Particulars For the Year ended For the Year ended
March 31, 2025 March 31, 2024 Particulars
March 31, 2025 March 31, 2024
Depreciation on property, plant and equipments (Refer Note - 2) 774.36 712.63
As auditors
Amortisation of intangible assets (Refer Note - 4) 31.54 19.59
Audit fees (including for quarterly limited reviews and financial 3.41 3.25
Depreciation on Right of use assets (Refer Note - 3) 150.31 144.05 statements for tax filing purposes)
TOTAL 956.21 876.27 Other services 0.02 0.09
Reimbursement of expenses 0.10 0.20
Note 37. Freight and forwarding expense
TOTAL 3.53 3.54
I in crore
For the Year ended For the Year ended ii) Does not include any item of expenditure with a value of more than 1% of Revenue from operations.
Particulars
March 31, 2025 March 31, 2024 iii) Includes expenses towards information technology, site restoration, security and others.
On clinker transfer 570.64 721.73
iv) Details of Corporate Social Responsibility (CSR) expenses:
On finished products 3,668.75 3,469.37
TOTAL 4,239.39 4,191.10

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

for the year ended March 31, 2025 for the year ended March 31, 2025

The Company has spent / contributed I 42 crore (March 31, 2024 - I 37.49 crore) towards various schemes of CSR. Note 39. Earnings per share - [EPS]
The details are:
I in crore
(a) The amount required to be spent under Section 135 of the Companies Act, 2013 for the year is I 41.83 crore For the Year ended For the Year ended
(March 31, 2024 I 37.45 crore) Particulars
March 31, 2025 March 31, 2024
(b) No amount has been spent on construction / acquisition of an asset. Profit attributable to equity shareholders of the company for basic 2,424.56 2,124.24
and diluted EPS (I in crore)
(c) Details of excess amount spent under Section 135(5) of the Companies Act, 2013
Weighted average number of equity shares (in Nos.)
I in crore Number of shares for Basic EPS 18,77,87,263 18,77,87,263
For the Year ended For the Year ended Effect of dilution:
Particulars
March 31, 2025 March 31, 2024
Number of shares held in abeyance (Refer note 19(vi)) 5,06,930 4,95,330
Balance excess spent as at beginning of the year - -
Weighted average number of equity shares for diluted EPS 18,82,94,193 18,82,82,593
Amount required to be spent during the year 41.83 37.45
Earnings per share ( in I)
Amount spent / contributed during the year 42.00 37.49
Face value per share I 10.00 10.00
CSR expenses claimed in the current year 42.00 37.49
Basic I 129.11 113.12
Balance excess spent as at end of the Year - -
Diluted I 128.76 112.82
(d) Details of CSR expenses

I in crore Note 40: Employee benefits

For the Year ended For the Year ended a) Defined contribution plans – Amount recognised and included in note 34 “contributions to provident and other
Particulars
March 31, 2025 March 31, 2024 funds” of Statement of Profit and Loss ` 14.49 crore till December 31, 2024 (March 31, 2024 - ` 15.25 crore).
Water governance & management 5.07 4.40
b) Defined benefit plans
Sustainable livelihood 12.72 10.24
The Company has defined benefit gratuity plan, additional gratuity plan for certain category of employees and
Social Inclusion 23.11 21.42 trust managed provident fund plan. Trust managed provident fund plan was operative till December 31, 2024 and
Administrative Overheads 1.10 1.43 thereafter the balance was transferred to the account of the Central board of trustees, Employees Provident Fund.
42.00 37.49 (Refer Provident Fund note below)

(e) For details of Related party transactions (refer note 45) The gratuity and provident fund plan (till December 31, 2024) is in the form of a trust and it is governed by the Board
of Trustees appointed by the company. The Board of Trustees is responsible for the administration of the plan assets
I in crore including investment of the funds. The trust has developed policy guidelines for the allocation of assets to different
For the Year ended For the Year ended classes with the objective of controlling risk and maintaining the right balance between risk and long-term returns
Particulars
March 31, 2025 March 31, 2024 in order to limit the cost to the Company of the benefits provided. To achieve this, investments are well diversified,
Adani Foundation 37.15 33.19 such that the failure of any single investment would not have a material impact on the overall level of assets.
Adani Skill Development Centre 4.85 4.30 Each year, the Board of Trustees and the Company review the level of funding. Such a review includes the asset-liability
42.00 37.49 matching strategy and assessment of the investment risk. The Company decides its contribution based on the results
of this annual review.
iv) For Transactions with related parties (refer note 45)
The plans in India typically expose the Company to actuarial risks such as: investment risk, interest rate risk, longevity
risk and salary risk.

Investment risk - As the plan assets include significant investments in quoted debt and equity instruments, the
Company is exposed to the risk of impacts arising from fluctuation in interest rates and risks associated with equity
market and related impairment.

Interest risk - A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset

by an increase in the return on the plan’s debt investments.

398 399
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

 ongevity risk - The present value of the defined benefit plan liability is calculated by reference to the best estimate
L
I in crore
of the mortality of plan participants both during and after their employment. An increase in the life expectancy of
the plan participants will increase the plan’s liability. Gratuity
(Including additional gratuity)
 alary risk - The present value of the defined benefit plan liability is calculated by reference to the future salaries
S Particulars
2024-25 2023-24
of plan participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.
Funded Non Funded Funded Non Funded
Gratuity and additional gratuity 2 Current service cost 10.55 7.81 12.74 8.06
i. The Company operates a Gratuity Plan through a trust for all its employees. Employee who has completed 3 Interest cost 10.79 6.56 12.74 6.65
minimum five years of service is entitled to gratuity at 15 days salary for each completed year of service in 4 Actuarial (gains) / losses arising from 2.90 0.44 0.05 -
accordance with Payment of Gratuity Act, 1972. The scheme is funded with insurance companies in the form changes in financial assumptions
of qualifying insurance policies managed by the trust.
5 Actuarial (gains) / losses arising from (1.21) 19.48 (1.61) (7.89)
ii. Every eligible employee who has joined the Company before December 01, 2006 and gets separated on experience adjustments
retirement or on medical grounds is entitled to additional gratuity provided he has completed minimum 25 6 Benefits Payments (26.22) (5.14) (57.85) (12.49)
years of service. The scheme is non funded. 7 Net transfer in / (out) (5.76) - (1.77) -
I in crore 8 Present value of Defined Benefit 140.53 120.12 149.48 90.97
Gratuity Obligation at the end of the year
(Including additional gratuity) IV Fair value of Plan Assets
Particulars
2024-25 2023-24 1 Plan assets at the beginning of the 214.30 - 196.58 -
Funded Non Funded Funded Non Funded year
I Expense recognised in the 2 Interest income 15.46 - 14.15 -
statement of profit and loss 3 Actual benefits paid (75.00) - - -
1 Current service cost 10.55 7.81 12.74 8.06 4 Return on plan assets (excluding - - 3.56 -
2 Net Interest (income) / cost (4.68) 6.56 (1.41) 6.65 interest income)
3 Net benefit expense included in 5.87 14.37 11.33 14.71 5 Plan assets at the end of the year 154.76 - 214.30 -
profit and loss V Weighted Average duration of 6 Years 7 Years 8 Years 9 Years
4 Actuarial (gains) / losses arising from 2.90 0.44 0.05 - Defined Benefit Obligation
change in financial assumptions
VI Sensitivity Analysis:
5 Actuarial (gains) / losses arising from (1.21) 19.48 (1.61) (7.89)
change in experience adjustments Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate and
6 (Gain) / Loss on plan assets - - (3.56) - expected salary increase. The sensitivity analysis below have been determined based on reasonably possible
(excluding amount included in net changes of the respective assumptions occurring at the end of the reporting period, while holding all other
interest expenses) assumptions constant.
7 Sub-total - Included in OCI 1.69 19.92 (5.12) (7.89) Sensitivity Analysis as at March 31, 2025
8 Total expense (3 + 7) 7.56 34.29 6.21 6.82 I in crore
II Amount recognised in Balance Sheet Gratuity - Funded Gratuity - Unfunded
Particulars
1 Present value of Defined Benefit (140.53) (120.12) (149.48) (90.97) Increase to Decrease to Increase to Decrease to
Obligation Discount rate (1% movement) 132.53 149.43 112.43 128.77
2 Fair value of plan assets 154.76 - 214.29 - Future salary growth (1% movement) 149.33 132.46 128.58 112.38
3 Funded status {Surplus/(Deficit)} 14.23 (120.12) 64.81 (90.97) Attrition rate* 140.23 140.94 118.05 123.04
4 Net asset/(liability) 14.23 (120.12) 64.81 (90.97) Mortality rate# 140.53 140.53 120.10 120.15
III Present value of Defined Benefit
Obligation
1 Present value of Defined Benefit 149.48 90.97 185.18 96.64
Obligation at beginning of the year

400 401
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Sensitivity Analysis as at March 31, 2024 e)  Expected cash flows:

I in crore I in crore
Gratuity - Funded Gratuity - Unfunded Funded Gratuity Unfunded Gratuity
Particulars
Increase to Decrease to Increase to Decrease to As at As at As at As at
Particulars
Discount rate (1% movement) 138.65 161.82 83.42 99.69 March 31, March 31, March 31, March 31,
Future salary growth (1% movement) 161.72 138.54 99.57 83.39 2025 2024 2025 2024
Attrition rate* 149.67 149.21 75.55 72.47 1. Expected employer - - - -
Mortality rate #
149.49 149.47 74.26 91.02 contribution in the next
year
* For the sensitivity analysis on account of attrition rate 50% of the assumed attrition rate is considered.
# For the sensitivity analysis on account of mortality rate 10% of the assumed mortality rate is considered
2. Expected benefit payments
Year 1 19.77 16.49 14.28 7.10
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit
obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of Year 2 20.20 14.49 13.70 6.93
the assumptions may be correlated. Year 3 17.30 16.01 13.54 7.07
Year 4 17.80 13.14 13.84 7.52
Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has
been calculated using the projected unit credit method at the end of the reporting period, which is the same Year 5 14.73 15.57 13.40 8.38
as that applied in calculating the defined benefit obligation recognised in the Balance Sheet. 6 years to 10 years 65.50 70.68 58.44 44.95

There was no change in the methods and assumptions used in preparing the sensitivity analysis from previous year. Above 10 years 74.38 148.44 83.65 117.46
Total expected payments 229.68 294.82 210.85 199.41
VII The major categories of plan assets as a percentage of total plan (%)
I in crore f)  Other Long term employee benefits - Amount recognised as an expense under employee benefit expenses
in the Statement of Profit and Loss in respect of compensated absences and long service award is I 4.24
Gratuity
crore (March 31, 2024 - I3.84 crore). Following are the actuarial assumptions used for valuation of other
Particulars As at As at long term employee benefits.
March 31, 2025 March 31, 2024
I in crore
Insurer managed funds 100% 100%
As at As at
100% 100% Particulars
March 31, 2025 March 31, 2024
VIII Actuarial Assumptions: a) Financial Assumptions
I in crore 1 Discount rate 6.90% 7.20%
As at As at 2 Salary increase rate 7.00% 7.00%
March 31, 2025 March 31, 2024 b) Demographic Assumptions
a) Financial Assumptions 1 Expected average remaining working lives of 7 years 10 years
1 Discount rate 6.90% 7.20% employees
2 Salary increase rate 7.00% 7.00%
Provident Fund
b) Demographic Assumptions
Provident Fund for certain eligible employees is managed by the Company through a trust "The Provident Fund of
1 Retirement age 58 - 60 years 58 - 60 years ACC Limited", in line with the Provident Fund and Miscellaneous Provisions Act, 1952, During the year the Company
2 Mortality pre-retirement Indian Assured Lives Indian Assured Lives has submitted the application to surrender the provident fund exemption under the Employees' Provident Fund
Mortality (2012-14) Mortality (2012-14) & Miscellaneous Provisions Act, 1952 on its own volition with effect from January 01, 2025, with the relevant
(Modified) Ultimate (Modified) Ultimate authorities. The same has been approved by the Employees Provident Fund Organisation on provisional basis vide
3 Attrition / Withdrawal rate (per annum) 10.00% 5.00% its letter dated January 06, 2025 in respect of the Company.

c) The discount rate is based on the prevailing market yields of Government of India securities as at the In this regard, the Company has provisionally determined the obligation as at December 31, 2024 amounting to
Balance Sheet date for the estimated term of the obligations. ` 628.97 crore. Accordingly an amount of ` 628.97 crore lying in the different classes of plan assets in the account of
The Provident Fund of ACC Limited has been transferred to the account of the Central board of trustees, Employees
d) The estimates of future salary increases, considered in actuarial valuation, take account of inflation,
Provident Fund on provisional basis. The Company do not expect any additional liabilities payable to Employees'
seniority, promotion and other relevant factors, such as supply and demand in the employment market.
Provident Fund Organisation (EPFO).

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Subsequent to such transfer, w.e.f January 01, 2025 the Company have started contributing its provident I in crore
fund obligation of the employer as well as of the employee on a monthly basis to Employees' Provident Fund For the period
Organisation (EPFO). ended April 01, For the Year ended
Particulars
The contribution by the employer and employee together with the interest accumulated thereon are payable to 2024 to December March 31, 2024
employees at the time of separation from the Company or retirement, whichever is earlier. The benefits vests 31, 2024
immediately on rendering of the services by the employee. 8 Increase/ (Decrease) due to effect of any transfers (7.37) (29.24)
9 Present value of Defined Benefit Obligation at the end of the 628.97 751.74
I in crore
year
For the period
10 Amount transferred to Employees Provident Fund on provisional (628.97) -
ended April 01, For the Year ended
Particulars basis
2024 to December March 31, 2024
11 Net Obligation - 751.74
31, 2024
IV Fair Value of Plan Assets -
I Components of expense recognised in the Statement of Profit
and Loss 1 Plan assets at the beginning of the year 722.19 804.85
1 Current service cost 9.85 21.53 2 Interest income 23.50 51.77
2 Interest cost (net off income on plan assets) 1.06 3.64 3 Contributions by Employer 9.07 20.76
3 Net benefit expense 10.91 25.17 4 Contributions by Employee 19.96 47.43
Components recognised in other comprehensive income (OCI) 5 Actual benefits paid (127.30) (210.64)
4 Actuarial (gains) / losses arising from changes in financial 4.81 3.14 6 Net transfer in / (out) (7.39) (29.24)
assumptions on Liability 7 Return on plan assets (excluding interest income) (11.06) 37.26
5 Actuarial (gains) / losses arising from changes in experience (0.15) 9.14 8 Plan assets at the end of the year 628.97 722.19
variance on Liability 9 Amount transferred to Employees Provident Fund on provisional (628.97) -
6 (Gain) / Loss on plan assets (excluding amount included in net (11.06) (37.26) basis
interest expenses) 10 Net Obligation - 722.19
7 Sub-total - Included in OCI (6.40) (24.98) V Weighted Average duration of Defined Benefit Obligation NA 8 years
8 Total expense (3 + 7) 4.51 0.19 VI The major categories of plan assets as a percentage of total plan
II Amount recognised in Balance Sheet -
1 Present value of Defined Benefit Obligation (628.97) (751.74) As at As at
Particulars
2 Fair value of plan assets 628.97 722.19 March 31, 2025 March 31, 2024
3 Funded status {Surplus/(Deficit)} - (29.55) Debt instruments
4 Net asset/(liability) as at end of the year - (29.55) Government securities NA 60%
III Present Value of Defined Benefit Obligation - Debentures and bonds NA 16%
1 Present value of Defined Benefit Obligation at beginning of the 751.74 854.98 Equity instruments NA 20%
year Other investments NA 0%
2 Current service cost 9.85 21.53 Cash and Cash equivalent NA 4%
3 Interest cost 24.56 55.40 100%
4 Employee Contributions 19.96 47.43
5 Actuarial (gains) / losses arising from changes in financial 4.81 3.14
assumptions
6 Actuarial (gains) / losses arising from experience adjustments (0.15) 9.14
7 Benefits Payments (174.43) (210.64)

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

VII The assumptions used in determining the present value of obligation of the interest rate guarantee under Note 41. Leases
deterministic approach are:
Company as lessee
As at As at The Company has elected exemption available under Ind AS 116 for short term leases and leases of low value.
Particulars
March 31, 2025 March 31, 2024
The Company’s lease asset classes primarily consist of leases for godowns, vehicles, flats, land and building, plant and
Discounting rate NA 7.20%
equipment, office premises and other premises. Leases of these items have lease terms between 2-99 years. There are
Guaranteed interest rate NA 8.25%
no sub-lease restrictions imposed by the lease arrangements.
Yield on assets based on the Purchase price and outstanding NA 7.50%
term of maturity The weighted average incremental borrowing rate applied to lease liabilities is ranging between 7.50% to 9.50% p.a.

VIII Sensitivity analysis for factors mentioned in Actuarial Assumptions (I) The movement in lease liabilities is as follows (Refer note 3(2))

I in crore I in crore

As at March 31, 2025 As at March 31, 2024 As at As at

Particulars
Particulars March 31, 2025 March 31, 2024
Increase Decrease Increase Decrease
Opening Balance 354.85 153.04
Discount rate NA NA 750.84 752.69
(1% movement) Additions during the year 851.86 359.44

Interest rate guarantee NA NA 780.58 733.38 Finance cost accrued during the year 43.56 38.50
(1% movement) Payment of lease liabilities (including interest) (788.93) (163.01)
Termination / completion of lease contracts (31.57) (33.12)
Notes
Closing Balance 429.77 354.85
(i) The sensitivity analysis as at year ended March 31, 2024, presented above may not be representative of Current lease liabilities 148.88 131.09
the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would
Non-current lease liabilities 280.89 223.76
occur in isolation of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation (II) The maturity analysis of lease liabilities are disclosed in Note 53 (ii) - Liquidity risk
has been calculated using the projected unit credit method at the end of the reporting period, which is (III) Lease expenses recognised in Statement of Profit and Loss is as follows
the same as that applied in calculating the defined benefit obligation recognised in the balance sheet.
I in crore
(ii) The Company had invested provident fund of ` 49 crore through a trust "ACC Limited (Trust)" in perpetual For the Year ended For the Year ended
bonds of IL&FS Financial Services Limited. In view of uncertainties regarding recoverability of this Particulars
March 31, 2025 March 31, 2024
investment, during the year ended December 31, 2019 the Company had provided ` 49 crore being the Depreciation of Right-of-use assets 150.31 144.05
change in re-measurement of the defined benefit plans, in Other Comprehensive Income towards probable
impairment loss on Right-of-use assets 23.92 -
incremental employee benefit liability that may arise on the Company on account of any likely shortfall of
the Trust in meeting its obligations. Interest on lease liabilities 43.56 38.50
Expense relating to short-term, low value leases and variable lease 74.50 52.94
Subsequent to the provisional surrender of provident fund exemption, the Company has transferred all the
payments
assets and liabilities except for the above securities which are carried at Nil fair value since earlier years.
292.29 235.49

The variable lease portion represents lease payments over and above the fixed lease commitments on usage of the
underlying assets.

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Note 42: Capital and other commitments Note:

Estimated amount of contracts remaining to be executed on capital account and not provided for: a) In 2012, the Competition Commission of India (‘CCI’) issued an Order imposing penalty on certain cement
manufacturers, including the Company, concerning alleged contravention of the provisions of the Competition
I in crore
Act, 2002 and imposed a penalty of I 1,147.59 crore (March 31, 2024 I 1,147.59 crore) on the Company.
As at As at On Company’s appeal, Competition Appellate Tribunal (‘COMPAT’) (who initially stayed the penalty), by its final
Particulars
March 31, 2025 March 31, 2024 order dated December 11, 2015, set aside the order of the CCI and remanded the matter back to the CCI for
Estimated value of contracts on capital account remaining to be executed 223.54 1,659.21 fresh adjudication and for passing a fresh order.
(Net of advance)
After hearing the matter, the CCI, by its order dated August 31, 2016, held that the cement companies and the
Cement Manufacturers Association are guilty and in violation of the Section 3(1) read with section 3(3)(a) and
Note 43: Contingent liabilities
Sec 3 (3)(b) of the Competition Act and imposed a penalty of I 1,147.59 crore (March 31, 2024 - I 1,147.59 crore)
(A) Claims against the Company not acknowledged as debt: on the Company.
I in crore The Company had appealed against the penalty to the COMPAT which granted a stay on November 07, 2016
As at As at with a condition to deposit 10% of the penalty amount, in the form of fixed deposit (the said condition has
Nature of Statute Brief description of contingent liabilities
March 31, 2025 March 31, 2024 been complied with) and levy of interest of 12% p.a. in case the appeal is decided against the appellant (the
Competition Act, 2002 CCI matters - Refer Notes (a) and (b) below 2,307.91 2,173.13 “Interim order”). Interest amount on penalty as on March 31, 2025 is I 1,125 crore (March 31, 2024 - I 990.22
Income tax Act, 1961 Income tax matter related to excise duty 12.22 626.16 crore). Meanwhile, pursuant to the notification issued by Central Government on May 26, 2017, any appeal,
incentives - Refer Note (e) below application or proceeding before COMPAT is transferred to National Company Law Appellate Tribunal (NCLAT).
Service tax - Finance Dispute regarding place of removal - Refer - 81.59
NCLAT vide its order dated July 25, 2018, dismissed the Company’s appeal and upheld the CCI’s order. Against the
Act, 1994 Note (c) below
above order of NCLAT, the Company appealed before the Hon’ble Supreme Court on September 12, 2018, which
Central excise Act Demand of differential excise duty on - 22.40
by its order dated October 05, 2018 had admitted the appeal and directed that the interim order passed by the
clearance of ready mix concrete
COMPAT will continue in the meantime. Presently, the matter is pending for hearing with Hon'ble Supreme Court.
Other excise matters 20.68 20.68
Based on the advice of external legal counsel, the Company believes it has a strong case on merits for
Mines and Minerals Compensation for use of government land - 212.22 212.22
successful appeal in this matter. Accordingly, the Company is of the view that no provision is necessary in the
(Development and Refer Note (d) below
financial statements.
Regulation) Act
Sales tax act Sales tax incentive - Refer Note (f) below 64.45 64.45 b) In a separate matter, the Director, Supplies and Disposal, Haryana filed information that seven cement companies
Other sales tax incentive 8.40 8.40 including the Company had allegedly engaged in collusive bidding in contravention of the Competition Act,
Good and service tax Denial of transitional credit of clean energy 62.60 62.60 2002. The CCI by its order dated January 19, 2017, imposed a penalty of I 35.32 crore (March 31, 2024 - I 35.32
Act cess - Refer Note (g) below crore) on the Company.
Other GST matters 528.16 37.67
The Company has filed an appeal against the order of the CCI before the COMPAT which had stayed the order
Sales tax act / Packing material - differential rate of tax. 12.60 12.60 of the CCI. The matter is now listed before the NCLAT and is pending for hearing.
Commercial tax Act of matters pending with various authorities.
various states Other sales tax matters 22.53 22.53 Based on the advice of external legal counsel, the Company believes it has a strong case on merits for a
Customs duty - The Demand of duty on import of steam coal 21.32 21.32 successful appeal in this matter. Accordingly, the Company is of the view that no provision is necessary in the
Customs Act, 1962 during 2001 to 2013 classifying it as financial statements.
bituminous coal. c) A matter wherein service tax department issued show cause notices for denial of cenvat credit with regard to
Other statutes/ other Claims by suppliers regarding supply of raw 25.25 25.25 service tax paid on outward transportation for sale to customers on Freight On Road (F.O.R.) basis, was classified
claims material. as "possible" and accordingly I 81.59 crore was disclosed as contingent liability as on March 31, 2024. In the
Various other cases pertaining to claims 28.78 37.35 current year, the company has received favourable order from CESTAT Delhi for an identical case, basis which the
related to railways, labour laws, etc. company has reassessed it's position and determined that it has "remote" exposure with respect to these cases.
Mines and minerals Demand for illegal mining - Refer Note (h) 145.75 - Accordingly, pending cases amounting to I 79.58 crore has been classified from contingent liability to remote.
(development and below
regulation) Act Demand of additional royalty on limestone 9.26 9.26 d) The Company has received demand notice from the Government of Tamil Nadu and an order by the Collector,
based on ratio of cement produced vis a vis Coimbatore seeking annual compensation for the period from April 01, 1997 to March 31, 2014 and April 01, 2014
consumption of limestone. to March 31, 2019, amounting to I 73.46 crore (March 31, 2024 - I 73.46 crore) and I 138.76 crore (March 31,
TOTAL 3,482.13 3,437.61 2024 - I 138.76 crore) respectively for use of the Government land for mining, which the Company occupies on
the basis of the mining leases. The Company has challenged the demands by way of revision under the Mineral
In respect of above matters, future cash outflows are determinable only on receipt of judgments pending at various Concession Rules and has filed writ petitions before the Hon’ble High Court of Tamil Nadu at Chennai.
forums / authorities.

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Pending the same the High Court of Tamil Nadu, in the group writ petitions of other cement manufacturers viz (B) Guarantees excluding financial guarantees
Dalmia Cements, Madras Cements and others, has passed a judgement allowing annual compensation to be I in crore
collected by the state. The Company has filed a writ appeal against the judgement.
As at As at
Particulars
One of the above petition challenging the demand for the period April 01, 2014 to March 31, 2019, is disposed March 31, 2025 March 31, 2024
of against the Company by the High Court vide order dated December 14, 2021 in line with the above judgment. Guarantees given to government bodies on behalf of subsidiary 1.52 1.02
The Company has filed a writ appeal before the divisional bench of High Court against this judgement. companies
The Hon’ble High Court vide its order dated January 08, 2025, inter alia granted a stay against the demands
towards annual compensation for the period from April 01, 1997 to March 31, 2019. Note 44: Material demands and disputes considered as remote
The Company has assessed the matter as “possible”. Based on case by case assessment, the Group has disclosed certain matters below, where the outflow of resources
embodying economic benefits has been assessed as remote.
e) The Company was entitled to excise duty incentives for the assessment years 2006-07 to 2015-16 for its Gagal
plant located in the state of Himachal Pradesh. ACC has been contending that the said incentives are in the a) The Company was eligible for certain incentives in respect of its investment towards modernisation and expansion
nature of capital receipts and hence not liable to income tax. of the Chaibasa cement unit under the State Industrial Policy of Jharkhand. Accordingly, the Company has made
claims for refund of VAT paid during 2005 to 2014. However, no disbursals were made (except an amount of I 7.00
Basis the favourable orders, at the Income Tax Appellate Tribunal (ITAT) level, matters amounting to I 510.13
crore representing part of the one time lumpsum capital subsidy claim of I 15.00 crore) as the authorities have
crore along with interest payable of I 103.81 crore has been re-assessed as remote, which was disclosed as
raised new conditions and restrictions. The Company had filed two writ appeals before the Jharkhand Hon'ble High
contingent liability in March 2024.
Court against these conditions, restrictions and disputes.
f) The Company had availed sales tax incentives in respect of its new 1 MTPA Plant (Gagal II) under the Himachal
Jharkhand Hon'ble High Court, while dealing with appeals by both the Company and the State Government allowed
Pradesh (HP) State Industrial Policy, 1991. The Company had accrued sales tax incentives aggregating I 56.30
the Company's appeal while dismissing the Government's, appeal vide order dated February 24, 2015.
crore (March 31, 2024 - I 56.30 crore) during financial year 1995-96 to 2001-02. The Sales tax authorities
introduced certain restrictive conditions in 1996 after commissioning of the unit stipulating that incentive is The Government of Jharkhand had filed an Special leave petition (SLP) in the Hon'ble Supreme Court which vide
available only for incremental amount over the base revenue and production of Gagal I prior to the commissioning its interim order on August 14, 2015 stayed disbursement of 40% of the amount due. Consequently, as of date, the
of Gagal II. The Company contends that such restrictions are not applicable to the unit as Gagal II is a new unit, Company received I 64.00 crore (March 31, 2024 - I 64.00 crore) out of total I 235.00 crore (March 31, 2024 - I
as decided by the Hon'ble Supreme Court while determining the eligibility for transport subsidy vide order dated 235.00 crore) in part disbursement from the Government of Jharkhand. The company has recognised I 179 crore
August 02, 2010. The Department recovered I 64.45 crore (March 31, 2024 - I 64.45 crore) (tax of I 56.30 with respect to the matter in the books
crore and interest of I 8.15 crore) which is considered as recoverable in the books.
The Company is of the view and has been advised legally, that the merits are strongly in its favour and it expects
The HP Hon'ble High Court, had, in September 09, 2013, dismissed the Company's appeal. The Company has that the SLP will be rejected upholding the order of Jharkhand Hon'ble High Court.
been advised by legal experts that there is no change in the merits of the Company's case. Based on such
The Company has assessed the matter as "remote".
advice, the Company filed a Special Leave Petition (SLP) before the Hon'ble Supreme Court on November 13,
2013, which is pending for hearing. The Company has assessed the matter as "possible". b) The Company is eligible for incentives for one of its cement plants situated in Maharashtra under a Package scheme
of incentives of the Government of Maharashtra. The scheme inter alia, includes refund of royalty paid by the
g) A matter wherein GST department issued show cause notices dated January 25, 2018 and February 01, 2018
Company on extraction or procurement of various raw materials (minerals). The Department of Industries has
for denial of unutilized CENVAT Credit of ‘Clean Energy Cess’ carried forward in the GST as Tran-1 in accordance
disputed the Company’s claim for refund of royalty basis interpretation of the sanction letter dated February 06,
with the provisions of Section 140(1) of the CGST Act, 2017. Considering judicial precedents and based on legal
2013 issued to the Company. The Company has accrued an amount of I 133.00 crore (March 31, 2024 - I 133.00
opinion, the Company has assessed the matter as "possible". Accordingly, I62.60 crore (March 31, 2024 I62.60
crore) for such incentive. The Company has filed an appeal before the Hon'ble Bombay High Court challenging the
crore) has been disclosed as contingent liability.
stand of the Government, which is admitted and pending before the High Court for hearing since December 11, 2014.
h) The Company has received demand notices in October 03, 2024 to deposit a sum of I 137.65 crore and I 8.06 The Company has assessed the matter as "remote".
crore for allegedly mining of limestone at Madukkarai without Environmental Clearance for the period from
c) The Company had set up a captive power plant (‘Wadi TG 2’) in the year 1995-96. This plant was sold to Tata Power
2000-01 to 2019-20 pursuant to the judgment of Supreme Court in Common Cause v Union of India & Ors
Co Ltd, in the year 1998-99 and was subsequently repurchased from it in the year 2004-05. The Company had
in case of other companies. The Company has challenged the demands by way of revision application under
purchased another captive power plant (’Wadi TG 3’, set up by Tata Power Co Ltd in the year 2002-03) in 2004-05.
Section 30 of the Mines and Minerals (Development & Regulation) Act, 1957 before the Hon’ble Revisionary
Both these power plants were eligible for tax holiday under the provisions of Section 80-IA of the Income-tax Act,
Authority, Ministry of Mines.
1961. The Income tax department has disputed the Company’s claim of deduction under Section 80-IA of the Act,
The Company contends that the mining operations were carried at Madukkarai on under a valid approvals from on the ground that the conditions prescribed under the section are not fulfilled. In case of Wadi TG 2, in respect of
the statutory authorities as per EIA 1994 for the period prior to 2005 and the Company had applied and was the demand of I 56.66 crore (net of provision) (March 31, 2024 – I 56.66 crore), the Company is in appeal before
granted Environmental Clearance in 2005. The Company has assessed the matter as "possible". the Income Tax Appellate Tribunal(ITAT). In case of Wadi TG 3, demand of I 115.62 crore (March 31, 2024 – I 115.62
crore) was set aside by the Income Tax Appellate Tribunal(ITAT) and department is in appeal against the said decision
with High Court Bombay. The Company has assessed the matter as "remote".

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

d) One of the Company’s cement manufacturing plants located in Himachal Pradesh was eligible under the State annual compensation under Rule 72 of Mineral Concession Rules and further, no annual compensation could be
Industrial Policy for deferral of its sales tax liability based on Himachal Pradesh General sales tax (Deferred payment levied upon the Company in any case once the mining operations were discontinued.
of tax) Scheme 2005. The State Excise and Taxation department disputed the eligibility of the Company to such
The Company has assessed the matter as "remote" as compensation under Rule 72 cannot be levied by the State
deferment on the ground that the cement falls in the negative list. The disputed amount of I 82.37 crore is based
Government on Govt. lands and particularly, since the mining operations had been discontinued since June 14, 2020.
on the computation of tax exemption benefit availed by the company (March 31, 2024 - I 82.37 crore). The Ld.
Commissioner vide Notice dated June 02, 2012 alleged that the Deferment Certificates are illegal, improper, legally h) In the year 2010-11 & 2011-12, the Rajasthan unit of the company sent cement as stock transfer to its branches outside
unsustainable and prejudicial to the Revenue. The impugned notice proposed to revise the Deferment Certificates. the state and subsequently sold the cement from such branches outside the state to customers. The Rajasthan
State Commercial Tax department has considered such stock transfer as sale and raised sales tax demand of I 76.61
The Company filed a writ petition before the Hon'ble High Court of Himachal Pradesh on May 05, 2012.
crore (March 31, 2024 - I 76.61 crore). The matter is currently pending with Rajasthan State Tax Tribunal.
The case has been admitted and the hearing is in process. The Company has assessed the matter as "remote".
Considering judicial precedents and based on legal opinion, the Company has assessed the matter as "remote".
e) The Company was contesting the renewal of mining lease in state of Jharkhand for two of its quarries on lease.
i) The Company has received in the current year, the GST department initiated proceedings under Section 73 of the
There was an unfavourable order by the Hon'ble Supreme Court in case of another Company restricting the "deemed
CGST/BGST Act, 2017 alleging discrepancies in the financial year 2019-2020 with respect to excess ITC claims and
renewal" provision of captive mining leases. The Company received demand from district mining officer for I 881.00
mismatches in taxable supplies. A Show Cause Notice was issued on May 28, 2024, followed by a final order via
crore (March 31, 2024 - I 881.00 crore) on October 05, 2015 as penalty for alleged illegal mining activities carried
DRC-07 on August 21, 2024. Subsequently, the Company filed a writ petition before the Patna High Court (CWJC
out by the Company during January 1991 to September 2014.
No. 17748 of 2024), which set aside the order citing the absence of a personal hearing and accordingly remanded
On January 02, 2015, the Central Government promulgated the Mines and Minerals (Development and Regulation) the case back to the Assessing Officer who again issued a new order dated March 03, 2025 and revised the demand
Amendment) Ordinance, 2015 [subsequently enacted as Mines and Minerals (Development and Regulation) to ` 50.16 crore. Considering judicial precedents and based on legal opinion, The Company has assessed the
(Amendment) Act, 2015 in March 2015] amending mining laws with retrospective effect, and decided that all leases matter as "remote".
granted prior to ordinance will deemed to have been automatically renewed until prescribed period therein.
Note 45: Related Party Disclosure
The Company then filed a writ petition with High Court of Jharkhand for directing the State government to renew
both the leases upto March 2030 as per the Ordinance. On October 31, 2015 the High Court passed an interim (A) Names of the Related parties where control exists
order in terms of Section 8A(5) of the Ordinance for quarry II extending the lease upto March 2030 permitting the
Sr Name Nature of Relationship
Company to commence mining operations after depositing I 48.00 crore subject to the outcome of the petition
filed by the Company. 1 Xcent Trade and Investment Limited, Holding Company of Ambuja Cements Limited (w.e.f. April 18,
Mauritius 2024)
The Company has assessed the matter as "remote". 2 Endeavour Trade and Investment Limited, Holding Company of Holderind Investments Limited
f) The Company was contesting the demand before the Revisional Authority, Ministry of Mines raised by the State of Mauritius
Karnataka towards differential royalty of I 257 crore (March 31, 2024 I 502.71 crore) for the period from 1995-96 to 3 Holderind Investments Limited, Mauritius Holding Company of Ambuja Cements Limited (upto April 17,
2022-23 calculated on the basis of a limestone to clinker conversion ration rather than the actual weighment of the 2024)
limestone for the limestone mined at Wadi Mine. The Revisional Authority had vide an interim order dated October 29, 4 Ambuja Cements Limited Holding Company
2024 directed the State Government to take steps to allow the Company to generate mining permits for the limestone
5 Bulk Cement Corporation (India) Limited Subsidiary Company
mined at its Wadi Mine. The Company contends that calculation of royalty on the basis of a fixed notional ratio
6 Lucky Minmat Limited Subsidiary Company
adopted by the State Government is arbitrary and without basis instead of the actual weighment of limestone.
7 Singhania Minerals Private Limited Subsidiary Company
The Company has filed a writ petition before the Karnataka High Court in September 10, 2024 seeking enforcement
8 ACC Mineral Resources Limited Subsidiary Company
of the interim order of the Revisionary Authority and execution of supplementary mining lease deed. While the
matter was pending, the State Government has formed a High Level Committee to examine the demands raised 9 ACC Concrete West Limited Subsidiary Company (w.e.f October 3, 2023)
upon the Company. Taking note of this development, the High Court has directed the State Government to allow the 10 ACC Concrete South Limited Subsidiary Company (w.e.f October 3, 2023)
Company to generate mining permits after the Company deposit I 125 crore which shall be subject to adjudication 11 Asian Concretes and Cements Private Subsidiary Company (w.e.f October 3, 2023)
of the High Level Committee. Limited
The Company has assessed the matter as "remote" as the adoption of a fixed notional ratio for computation of royalty 12 Asian Fine Cements Private Limited Step down Subsidiary Company (w.e.f January 8, 2024)
payable instead of actual weighment is arbitrary and without basis. 13 Anantroop Infra Private Limited Step down Subsidiary Company(w.e.f Feburary 27, 2025)

g) The Company has received a demand notice from the Collector, Coimbatore in February 2025 seeking annual 14 Eqacre Realtors Private Limited Step down Subsidiary Company(w.e.f Feburary 27, 2025)
compensation for the period from April 01, 2019 to March 31, 2024 amounting to I 91.53 crore for use of the 15 Krutant Infra Private Limited Step down Subsidiary Company(w.e.f Feburary 27, 2025)
Government land for mining, which the Company occupies on the basis of the mining leases allotted by Government 16 Kshobh Realtors Private Limited Step down Subsidiary Company(w.e.f Feburary 27, 2025)
of Tamil Nadu. The Company has challenged the demand by way of a writ petition before the High Court of Tamil 17 Prajag Infra Private Limited Step down Subsidiary Company(w.e.f Feburary 27, 2025)
Nadu at Chennai on March 03, 2025. The Company contends that the State Government is not entitled to receive
18 Satyamedha Realtors Private Limited Step down Subsidiary Company(w.e.f Feburary 27, 2025)

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Sr Name Nature of Relationship Sr Name Nature of Relationship

19 Varang Realtors Private Limited Step down Subsidiary Company(w.e.f Feburary 27, 2025) 20 Adani Green Energy Six Limited Entities no. 7 to 64 are over which key management
20 Victorlane Projects Private Limited Step down Subsidiary Company(w.e.f Feburary 27, 2025) 21 Belvedere Golf And Country Club Private personnel/their relatives having control / significant
Limited influence
21 Vihay Realtors Private Limited Step down Subsidiary Company(w.e.f Feburary 27, 2025)
22 Adani Gangavaram Port Private Limited
22 Vrushak Realtors Private Limited Step down Subsidiary Company(w.e.f Feburary 27, 2025)
23 Adani Ports and Special Economic Zone
23 Foresite Realtors Private Limited Step down Subsidiary Company(w.e.f Feburary 28, 2025)
Limited
24 Trigrow Infra Private Limited Step down Subsidiary Company(w.e.f Feburary 27, 2025) 24 Adani Power Limited
25 Peerlytics Projects Private Limited Step down Subsidiary Company(w.e.f Feburary 27, 2025) 25 Mundra Petrochem Limited
26 Akkay Infra Private Limited Step down Subsidiary Company(w.e.f Feburary 27, 2025) 26 Adani Solar Energy Jodhpur Two Limited
27 West Peak Realtors Private Limited Step down Subsidiary Company(w.e.f March 13, 2025) (Formerly known as Adani Green Energy
Nineteen Limited)
(B) Names of the Related parties where joint control exists: 27 Adani Logistics Services Private Limited
Sr Name Nature of Relationship 28 Adani Murmugao Port Terminal Private
1 OneIndia BSC Private Limited Joint venture Company Limited
2 Aakaash Manufacturing Company Private Joint venture Company 29 Adani Electricity Mumbai Limited
Limited 30 Adani Logistics Limited
31 Marine Infrastructure Developer Private
(C) Others - With whom transactions have taken place during the current and/or previous year or has Limited
outstanding balance: 32 Adani Digital Labs Private Limited
(a) Related parties 33 Adani Skill Development Centre
34 Adani Global Pte Limited
Sr Name Nature of Relationship
35 Jeevanjyoti Education And Research
1 Alcon Cement Company Private Limited Associate Company
36 Adani Airport Holdings Limited
2 Asian Concretes and Cements Private Associate Company (upto January 7, 2024)
37 Mahan Energen Limited
Limited
38 Adani Road Transport Limited
3 Penna Cement Industries Limited Fellow Subsidiary Company (w.e.f. August 16, 2024)
39 Adani Cement Industries Limited
4 Sanghi Industries Limited Fellow Subsidiary Company (w.e.f. December 7, 2023)
40 Dharavi Redevelopment Project Private
5 Ambuja Concrete North Private Limited Fellow Subsidiary Company (w.e.f. September 14, 2023)
Limited
6 Counto Microfine Products Private Limited Joint venture of Ambuja Cements Limited
41 Karaikal Port Private Limited
7 Adani Estate Management Private Limited Entities no. 7 to 64 are over which key management
42 Kutch Copper Limited
8 Adani Green Energy Limited personnel/their relatives having control / significant
influence 43 Guwahati International Airport Limited
9 Adani Infrastructure And Developers Private
44 Aditya Estates Private limited
Limited
45 Adani Total Gas Limited
10 AWL Agri Business Limited (Formerly known
as Adani Wilmar Limited) 46 Veracity Supply Chain Private Limted
11 Esteem Construction Private Limited 47 Camrose Realtors Private Limited
12 The Dhamra Port Company Limited 48 Portsmouth Buildcon Private Limited
13 Adani Petronet (Dahej) Port Limited 49 Adani Vidya Mandir
14 Adani Enterprises Limited 50 Adani Brahma Synergy Private Limited
15 Budhpur Buildcon Private Limited 51 Adani Sportline Private Limited
16 Adani Infra (India) Limited 52 Adani University
17 Adani Properties Private Limited 53 Karnavati Aviation Private Limited
18 Parsa Kente Collieries Limited
19 Adani Tracks Management Services Private
Limited

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Sr Name Nature of Relationship (A) Transactions with Subsidiary Companies (including fellow subsidiaries)
54 New Delhi Television Limited Entities no. 7 to 64 are over which key management I in crore

55 Jai Hind Oils Mills (Partnership Firm) personnel/their relatives having control / significant For the year ended For the year ended
Particulars
56 Radius Estates and Developers Private influence March 31, 2025 March 31, 2024
Limited 1 Purchase of raw material and Fuel (including coal)
57 Swayam Realtors And Traders LLP Singhania Minerals Private Limited 0.44 3.48
58 Adani Hospitals Mundra Limited (Formerly, Lucky Minmat Limited 24.06 95.77
Adani Hospitals Mundra Private Limited) Penna Cement Industries Limited 0.06 -
59 Mining Tech Consultancy Services Limited 24.56 99.25
(Formerly, Mining Tech Consultancy Services
2 Purchase of Finished Goods
Private Limited)
60 Maharashtra Eastern Grid Power Asian Fine Cement Private Limited 140.84 26.73
Transmission Company Limited 140.84 26.73
61 Sirius Digitech International Limited 3 Purchase of Finished / work-in-progress inventories
62 Moxie Power Generation Limited Sanghi Industries Limited 267.51 113.44
63 Adani Krishnapatnam Port Limited Penna Cement Industries Limited 953.76 -
64 Adani Foundation 1,221.27 113.44
65 The Provident Fund of ACC Limited Trust (Post-employment benefit plan) 4 Purchase of stores & spares
66 ACC limited Employees Group Gratuity Trust (Post-employment benefit plan) Sanghi Industries Limited 1.06 -
scheme
1.06 -
(b) Key Management Personnel (KMP) 5 Sale of Finished Goods
In accordance with Ind AS 24 - Related Party Disclosures, following personnels are considered as KMP. ACC Concrete South Limited 2.57 0.08
Ambuja Concrete North Private Limited 0.03 -
Sr Name Nature of Relationship
2.60 0.08
1 Mr. Karan Adani Chairman and Non Executive /Non Independent Director
6 Sale of work-in-progress inventories
2 Mr. Ajay Kapur Managing Director (w.e.f April 01, 2025) Whole-Time
Asian Fine Cement Private Limited 103.62 27.76
Director and Chief Executive Officer (upto March 31,
2025) Penna Cement Industries Limited 21.64 -
3 Mr. Vinod Bahety Whole Time Director and Chief Executive Officer (w.e.f 125.26 27.76
April 01, 2025) Chief Financial Officer (upto from March 7 Sale of raw material and Fuel
31, 2025) Ambuja Concrete North Private Limited 0.77 -
4 Mr. Rakesh Tiwary Chief Financial Officer (w.e.f From April 01, 2025) Penna Cement Industries Limited 12.74 -
5 Mr. Hitesh Marthak Company Secretary (w.e.f from August 17, 2023 upto 13.51 -
March 31, 2024) 8 Sale of Property, plant and equipments
6 Mr. Manish Mistry Company Secretary (w.e.f April 1, 2024) Bulk Cement Corporation (India) Limited 0.02 -
7 Mr. Vinay Prakash Non Executive /Non Independent Director 0.02 -
8 Mr. Arun Kumar Anand Non Executive /Non Independent Director 9 Sale of Stores & Spares
9 Mr. Sandeep Singhi Independent Director Ambuja Concrete North Private Limited 0.04 -
10 Mr. Nitin Shukla Independent Director Bulk Cement Corporation (India) Limited - 0.25
11 Mr. Rajeev Agarwal Independent Director Sanghi Industries Limited 0.61 -
Penna Cement Industries Limited 0.93 -
1.58 0.25

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

I in crore I in crore

For the year ended For the year ended For the year ended For the year ended
Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
10 Sale of Addmixture 17 Interest income on inter corporate deposit
ACC Concrete West Limited 0.07 - Singhania Minerals Private Limited - 0.05
0.07 - Lucky Minmat Limited 0.02 0.05
11 Sale of Readymix (RMC) ACC Concrete West Limited 0.13 -
Ambuja Concrete North Private Limited 13.06 - ACC Concrete South Limited 0.07 -
13.06 - Bulk Cement Corporation (India) Limited 0.05 -
12 Purchase of Readymix (RMC) 0.27 0.10
ACC Concrete West Limited 0.21 0.01 18 Inter corporate deposits given
ACC Concrete South Limited 8.30 - Lucky Minmat Limited 0.37 1.37
8.51 0.01 ACC Concrete West Limited 2.67 0.10
13 Reimbursement of expenses paid/payable ACC Concrete South Limited 6.00 0.10
Bulk Cement Corporation (India) Limited 1.44 - Bulk Cement Corporation (India) Limited 5.00
Asian Concretes and Cements Private Limited - 0.23 14.04 1.57
ACC Concrete South Limited 0.01 - 19 Inter corporate deposits Re-paid (Received)
ACC Concrete West Limited 0.05 - Singhania Minerals Private Limited - 0.97
Sanghi Industries Limited 0.01 - Lucky Minmat Limited 2.06 -
1.51 0.23 ACC Concrete South Limited 6.16 -
14 Reimbursement of expenses received/receivable Bulk Cement Corporation (India) Limited 5.00 -
Bulk Cement Corporation (India) Limited 2.35 1.07 13.22 0.97
Penna Cement Industries Limited 0.27 - 20 Investment in Financial Equity
2.62 1.07 ACC Concrete West Limited - 0.01
15 Rendering of services (including business support and other services ACC Concrete South Limited - 0.01
in the normal course of business) - 0.02
Bulk Cement Corporation (India) Limited 2.44 2.47 21 Optionally Convertible Debentures given
Ambuja Concrete North Private Limited 0.27 0.08 ACC Concrete South Limited 35.00 -
ACC Concrete South Limited 0.30 0.07 ACC Mineral Resources Limited 636.00 -
Sanghi Industries Limited 2.41 0.34 671.00 -
Penna Cement Industries Limited 1.93 - 22 Interest on Optionally Convertible Debentures
7.35 2.96 ACC Concrete South Limited 0.01 -
16 Receiving of services (including services in nature of freight, sub ACC Mineral Resources Limited 0.03 -
contracting and others in the normal course of business)
0.04 -
Bulk Cement Corporation (India) Limited 27.50 23.89
Asian Concretes and Cements Private Limited 30.68 7.30
58.18 31.19

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

(B) Outstanding balances with Subsidiary Companies (including fellow subsidiaries) I in crore

I in crore As at As at
Particulars
As at As at March 31, 2025 March 31, 2024
Particulars
March 31, 2025 March 31, 2024 6 Optionally Convertible Debentures
1 Guarantee outstanding ACC Concrete South Limited 35.00 -
Singhania Minerals Private Limited 0.77 0.77 ACC Mineral Resources Limited 636.00 -
Bulk Cement Corporation (India) Limited 0.75 0.25 671.00 -
1.52 1.02
2 Inter Corporate Deposits 7 Interest on Optionally Convertible Debentures
Lucky Minmat Limited - 1.72 ACC Concrete South Limited 0.01 -
ACC Concrete South Limited - 0.10 ACC Mineral Resources Limited 0.03 -
ACC Concrete West Limited 2.15 0.10 0.04 -
2.15 1.92
(C) Transactions with Joint Venture Companies
3 Outstanding balance of interest receivables on Inter Corporate
I in crore
Deposits
For the year ended For the year ended
ACC Concrete West Limited 0.11 - Particulars
March 31, 2025 March 31, 2024
0.11 -
1 Purchase of finished goods
4 Outstanding receivables
Aakaash Manufacturing Company Private Limited (Refer Note 49(ii)) 106.03 112.68
Bulk Cement Corporation (India) Limited 3.67 3.25
106.03 112.68
Lucky Minmat Limited 36.46 74.75
2 Sale of raw material
Asian Fine Cement Private Limited 7.03 27.05
Aakaash Manufacturing Company Private Limited - 0.07
ACC Concrete South Limited 0.91 0.18
- 0.07
Ambuja Concrete North Private Limited 10.03 0.08
3 Sale of Finished Goods
Singhania Minerals Private Limited 0.56 -
Aakaash Manufacturing Company Private Limited 0.58 -
ACC Concrete West Limited 0.04 -
0.58 -
Sanghi Industries Limited 0.78 10.04
4 Dividend received
Penna Cement Industries Limited 35.38 -
Aakaash Manufacturing Company Private Limited 1.55 2.35
94.86 115.35
OneIndia BSC Private Limited - 4.45
5 Outstanding payables
1.55 6.80
Bulk Cement Corporation (India) Limited 3.94 5.41
5 Reimbursement of expenses paid/payable
Asian Concretes and Cements Private Limited 3.30 4.60
Aakaash Manufacturing Company Private Limited 2.45 0.11
Asian Fine Cement Private Limited 0.16 5.22
2.45 0.11
ACC Concrete West Limited - 0.01
ACC Concrete South Limited 0.61 -
Sanghi Industries Limited 4.55 -
Penna Cement Industries Limited 44.23 -
56.79 15.24

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

(D) Outstanding balances with joint venture Companies (F) Outstanding balances with Associate Companies
I in crore I in crore

As at As at As at As at
Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
1 Outstanding receivables 1 Outstanding receivables
Aakaash Manufacturing Company Private Limited 0.75 0.00 Alcon Cement Company Private Limited 3.61 2.63
0.75 0.00 3.61 2.63
2 Outstanding payables 2 Outstanding payables
Aakaash Manufacturing Company Private Limited 4.91 2.38 Alcon Cement Company Private Limited 2.52 2.16
4.91 2.38 2.52 2.16

(E) Transactions with Associate Companies (G) Details of Transactions relating to Ultimate Holding and Holding Companies
I in crore I in crore

For the year ended For the year ended For the year ended For the year ended
Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
1 Purchase of finished goods 1 Dividend paid
Alcon Cement Company Private Limited 40.21 50.98 Ambuja Cements Limited 70.49 86.94
40.21 50.98 Holderind Investments Limited 6.31 7.78
2 Purchase of raw material and Fuel (including coal) Endeavour Trade And Investment Limited 3.05 3.76
Asian Concretes and Cements Private Limited - 0.66 79.85 98.48
- 0.66 2 Purchase of raw material and Fuel (including coal)
3 Sale of work-in-progress inventories Ambuja Cements Limited 47.98 100.57
Alcon Cement Company Private Limited (Refer Note - 49 (i)) 12.70 18.45 47.98 100.57
Asian Concretes and Cements Private Limited - 0.04 3 Purchase of Finished goods and raw material
12.70 18.49 Ambuja Cements Limited 3,076.62 2,360.63
4 Dividend received 3,076.62 2,360.63
Alcon Cement Company Private Limited 0.98 1.18 4 Purchase of stores & spares
0.98 1.18 Ambuja Cements Limited 1.03 3.89
5 Receiving of services (including services in nature of sub contracting 1.03 3.89
and others in the normal course of business) 5 Purchase of Allied Product
Asian Concretes and Cements Private Limited - 36.31 Ambuja Cements Limited - 0.08
- 36.31 - 0.08
6 Reimbursement of expenses received/receivable 6 Purchase of Property, plant and equipments
Alcon Cement Company Private Limited 9.48 10.21 Ambuja Cements Limited 0.13 -
9.48 10.21 0.13 -
7 Reimbursement of expenses paid/payable 7 Sale of finished / Work-in-progress inventories
Alcon Cement Company Private Limited 0.03 0.12 Ambuja Cements Limited 2,928.03 2,353.87
Asian Concretes and Cements Private Limited - 0.05 2,928.03 2,353.87
0.03 0.17 8 Sale of raw material and Fuel
Ambuja Cements Limited 315.68 238.74
315.68 238.74

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

I in crore (I) Details of Transactions relating to other related parties

For the year ended For the year ended I in crore
Particulars
March 31, 2025 March 31, 2024 For the year ended For the year ended
Particulars
9 Sale of Allied Product March 31, 2025 March 31, 2024
Ambuja Cements Limited 0.26 0.58 1 Purchase of raw materials and Fuel (including coal)
0.26 0.58 Adani Global Pte Limited 251.53 208.98
10 Sale of stores & spares Counto Microfine Products Private Limited 2.81 4.22
Ambuja Cements Limited 2.41 2.40 Adani Enterprises Limited* 658.86 120.44
2.41 2.40 Parsa Kente Collieries Limited 4.59 12.32
11 Sale of Property, plant and equipments Adani Power Limited 1.80 4.90
Ambuja Cements Limited 0.11 3.18 Mahan Energen Limited 0.00 -
0.11 3.18 Adani Ports and Special Economic Zone Limited 0.01 -
12 Sale of Readymix (RMC) 919.60 350.86
Ambuja Cements Limited 31.65 11.94 * Purchases are made against advances with underlying commercial benefits as per the terms of agreement. During the year the Company has
given various advances for purchase of goods (including coal) and received back unadjusted advances at year end along with interest as per the
31.65 11.94 terms of agreements.
13 Rendering of services (including busness support and other services 2 Purchase of stores & spares
in the normal course of business) AWL Agri Business Limited (Formerly known as Adani Wilmar Limited) 0.00 -
Ambuja Cements Limited 121.87 126.91 Mundra Petrochem Limited - 0.13
121.87 126.91 0.00 0.13
14 Receiving of services (including business support and other services 3 Sale of Finished / Work-in-progress inventories
in the normal course of business)
AWL Agri Business Limited (Formerly known as Adani Wilmar Limited) 0.40 0.36
Ambuja Cements Limited 300.11 250.24
Adani Infra (India) Limited 4.48 2.02
300.11 250.24
Adani Power Limited 1.59 2.61
15 Reimbursement of expenses received / receivable
Adani Cement Industries Limited 35.34 47.76
Ambuja Cements Limited 0.13 0.02
Marine Infrastructure Developer Private Limited 2.60 0.13
0.13 0.02
Mahan Energen Limited 4.19 1.78
16 Reimbursement of expenses paid / payable
Adani Road Transport Limited 6.16 3.75
Ambuja Cements Limited 0.22 11.74
Adani Krishnapatnam Port Limited 0.07 -
0.22 11.74
54.83 58.41

(H) Outstanding balances with Ultimate Holding and Holding Companies 4 Sale of Readymix concrete (RMC)
I in crore Adani Estate Management Private Limited - 0.03
As at As at Adani Infrastructure And Developers Private Limited 53.67 20.28
Particulars
March 31, 2025 March 31, 2024 Esteem Construction Private Limited 1.68 1.63
1 Outstanding receivables Budhpur Buildcon Private Limited 0.27 1.75
Ambuja Cements Limited 269.27 189.32 Adani Green Energy Six Limited 54.67 40.20
269.27 189.32 Adani Gangavaram Port Private Limited - 0.02
2 Outstanding payables Adani Cement Industries Limited 4.04 -
Ambuja Cements Limited 138.00 123.49 Portsmouth Buildcon Private Limited 2.93 -
138.00 123.49 Adani Vidya Mandir 0.06 -
Adani Green Energy Limited 5.15 -
Jai Hind Oils Mills (Partnership Firm) 7.18 -
Radius Estates and Developers Private Limited 1.68 -

424 425
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

I in crore I in crore

For the year ended For the year ended For the year ended For the year ended
Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
Swayam Realtors And Traders LLP 0.55 - Veracity Supply Chain Private Limited 14.18 -
Adani Ports and Special Economic Zone Limited 0.96 - Adani Tracks management services Private Limited 0.54 0.08
132.84 63.91 Adani Infra (India) Limited 32.29 -
5 Sale of Add Mixture Karnavati Aviation Private Limited 42.92 -
Adani Green Energy Six Limited 4.30 1.41 Adani Sportline Private Limited 10.25 -
Mundra Petrochem Limited 3.69 0.62 Adani Green Energy Limited -
7.99 2.03 Adani Total Gas Limited 0.09 -
6 Sale of Allied Product New Delhi Television Limited 0.30 -
Mundra Petrochem Limited 0.02 Camrose Realtors Private Limited 0.16 -
0.02 - Adani Hospitals Mundra limited 2.36 -
7 Purchase of Finished goods and raw material Adani Global PTE Limited - -
Adani Cement Industries Limited 15.63 1.19 Mining Tech Consultancy Services Limited 18.94 -
15.63 1.19 Sirius Digitech International Limited 0.06
8 Sale of Property, plant and equipments (including freehold non Adani Cement Industries Limited -
mining land) 257.55 75.23
Adani Cement Industries Limited - 0.06 11 Purchase of Power
Camrose Realtors Private Limited (Sale of Land) (Refer note 57(c)) 385.00 - Adani Enterprises Limited 3.69 -
385.00 0.06 3.69 -
9 Sale of stores & spares 12 Rendering of services (including services in nature of rent, business
AWL Agri Business Limited (Formerly known as Adani Wilmar Limited) 0.34 0.25 support and other services in the normal course of business)
Adani Power Limited 0.05 - Adani Cement Industries Limited 0.69 2.40
The Dhamra Port Company Limited - 0.03 Adani Green Energy Six Limited 3.37 -
0.39 0.28 Adani Infrastructure And Developers Private Limited - 0.09
10 Receiving of services (including services in nature of corporate cost Adani Power Limited 4.50 -
allocation, project consultancy services, aviation services, logistics Marine Infrastructure Developer Private Limited 0.15 -
services, mining consultancy services, and others in the normal Mahan Energen Limited 1.50 -
course of business)
Adani Airport Holdings Limited 0.01 -
Adani Enterprises Limited 52.80 48.85
Adani Green Energy Limited 0.01 -
Adani Solar Energy Jodhpur Two Limited - 0.18
Maharashtra Eastern Grid Power Transmission Company Limited 1.99 -
Adani Gangavaram Port Private Limited 7.38 5.49
12.22 2.49
Adani Ports and Special Economic Zone Limited 13.29 10.44
13 Lease rent paid for Leasehold Land
Adani Murmugao Port Terminal Private Limited 1.54 2.07
Adani Properties Private Limited 1.60 1.89
Adani Logistics Services Private Limited 1.10 1.48
Adani Estate Management Private Limited 1.70 1.70
Adani Digital Labs Private Limited 0.38 0.26
Aditya Estates Private limited (Refer note 3(2)) 5.00 -
Adani Infrastructure and Developers Private Limited 4.13 3.08
8.30 3.59
Adani Logistics Limited 53.65 0.34
14 Long term lease of property - Finance lease (Refer note 3(2))
Adani Airport Holdings Limited - 0.16
Aditya Estates Private limited 600.00 -
Adani Skill Development Centre 1.19 2.71
600.00 -
Adani University - 0.09

426 427
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

I in crore I in crore

For the year ended For the year ended For the year ended For the year ended
Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
15 Lease Rent On Land Adani Global PTE Limited 0.20 -
Adani Properties Private Limited 1.60 - Adani Logistics Limited 0.05 -
1.60 - Veracity Supply Chain Private Limited 0.00 -
16 Long term lease security deposit -refund received 1.09 13.54
Adani Properties Private Limited 3.20 - 20 Advances received back
Adani Estate Management Private Limited 1.70 - Adani Enterprises Limited 204.35 -
4.90 - 204.35 -
17 Settlement of arbitration matter Purchases are made against advances with underlying commercial benefits as per the terms of agreement.
Adani Power Limited - 0.11 During the year the Company has given various advances for purchase of goods (including coal) and received
back unadjusted advances at year end along with interest as per the terms of agreements.
- 0.11
21 Interest Income on trade advance
18 Reimbursement of expenses paid / payable
Adani Enterprises Limited 13.05 -
Adani Tracks Management Services Private Limited - 1.25
13.05 -
Belvedere Golf And Country Club Private Limited 0.10 0.00
Adani Electricity Mumbai Limited 0.63 0.00 Purchases are made against advances with underlying commercial benefits as per the terms of agreement. During the
Adani Power Limited - 0.08 year the Company has given various advances for purchase of goods (including coal) and received back unadjusted
advances at year end along with interest as per the terms of agreements.
Adani Petronet (Dahej) Port Limited 0.00 0.10
Adani Enterprises Limited 0.30 0.03 (J) Outstanding balances with other related parties
Mahan Energen Limited 0.00 0.02 I in crore

Adani Gangavaram Port Private Limited 2.62 - As at As at

Particulars
Adani Infra (India) Limited 8.41 - March 31, 2025 March 31, 2024
Adani Cement Industries Limited 0.06 - 1 Outstanding receivables
Dharavi Redevelopment Project Private Limited 0.15 - AWL Agri Business Limited (Formerly known as Adani Wilmar Limited) 0.03 0.07
Adani Logistics Services Private Limited 0.03 Adani Estate Management Private Limited 34.30 36.00
Karaikal Port Private Limited 0.02 - Adani Infrastructure And Developers Private Limited 18.29 6.80
Kutch Copper Limited 0.21 - Esteem Construction Private Limited 0.32 0.17
Adani Airport Holdings Limited 0.00 - Adani Petronet (Dahej) Port Limited 0.09 0.08
Adani Total Gas Limited 0.00 - Adani Properties Private Limited 28.80 32.00
Adani University 0.00 - Budhpur Buildcon Private Limited 0.06 0.38
Adani Global PTE Limited 1.85 - Adani Infra (India) Limited 1.17 0.06
Adani Logistics Limited 0.02 - Adani Cement Industries Limited 15.45 33.23
Adani Skill Development Centre 0.12 - Adani Green Energy Six Limited 31.05 3.60
Jeevanjyoti Education And Research 0.14 Adani Power Limited 3.55 8.00
14.66 1.48 Adani Logistics Services Private Limited - 0.35
19 Reimbursement of expenses received / receivable Mahan Energen Limited 1.92 0.09
Adani Power Limited 0.00 11.76 Adani Road Transport Limited 0.58 2.62
Adani Cement Industries Limited 0.74 1.78 Mundra Petrochem Limited - 0.31
Adani Infra (India) Limited 0.06 - Marine Infrastructure Developer Private Limited 0.64 -
Guwahati International Airport Limited 0.02 - Guwahati International Airport Limited 0.02 -
Kutch Copper Limited 0.02 - Adani Total Gas Limited 0.01 -

428 429
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

I in crore I in crore

As at As at As at As at
Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
Portsmouth Buildcon Private Limited 0.47 - Adani Logistics Services Private Limited 0.56 -
Adani Green Energy Limited 1.79 - Mining Tech Consultancy Services Limited 7.04 -
Jai Hind Oils Mills (Partnership Firm) 6.10 - Sirius Digitech International Limited 0.07
Radius Estates and Developers Private Limited 0.99 - 47.77 71.28
Swayam Realtors And Traders LLP 0.45 -
(K) Other Payment to Key Management Personnel
Adani Ports and Special Economic Zone Limited 1.13 -
I in crore
Adani Krishnapatnam Port Limited 0.09 -
For the year ended For the year ended
Maharashtra Eastern Grid Power Transmission Company Limited 2.35 - Particulars
March 31, 2025 March 31, 2024
Camrose Realtors Private Limited (Sale of Land) (Refer note 57(c)) 380.29 -
1 Commission paid
Moxie Power Generation Limited 0.01 -
Mr. Sandeep Mohanraj Singhi 0.30 0.20
Veracity Supply Chain Private Limited 0.00 -
Mr. Nitin Shukla 0.30 0.20
Adani Logistics Limited 0.00 -
Mr. Rajeev kumar Agarwal 0.30 0.20
Jeevanjyoti Education And Research 0.02 -
Ms. Ameera Sushil Shah 0.30 0.20
529.97 123.76
Mr. Arun Kumar Anand 0.30 0.20
2 Outstanding payables
1.50 1.00
Counto Microfine Products Private Limited 0.33 0.90
2 Sitting fees
Adani Tracks Management Services Private Limited - 0.06
Mr. Arun Kumar Anand 0.04 0.04
Parsa Kente Collieries Limited 0.05 0.53
Mr. Sandeep Mohanraj Singhi 0.18 0.14
Adani Enterprises Limited 12.89 5.55
Mr. Rajeev kumar Agarwal 0.20 0.13
Adani Gangavaram Port Private Limited 2.37 1.62
Mr. Nitin Shukla 0.22 0.13
Adani Ports and Special Economic Zone Limited 2.14 2.05
Ms. Ameera Sushil Shah 0.02 0.04
Adani Power Limited - 3.72
0.66 0.48
Adani Solar Energy Jodhpur Two Limited - 0.08
Note:-
Adani Murmugao Port Terminal Private Limited - 0.03
Adani Infrastructure And Developers Private Limited - 0.28 * Provision for contribution to gratuity fund, leave encashment on retirement and other defined benefits which are made
Adani Logistics Limited 16.31 0.34 based on actuarial valuation on an overall Company basis are not included in remuneration to key management personnel.
The individual contribution amounts are not material.
Adani Global PTE Limited 2.15 55.79
Adani Airport Holdings Limited - 0.16 a) The Company makes monthly contributions to provident fund managed by “The Provident Fund of ACC Limited" for
certain eligible employees. Under the scheme, the Company is required to contribute a specified percentage of the
Marine Infrastructure Developer Private Limited - 0.12
payroll costs to fund the benefits till December 31, 2024. During the year, the Company contributed I 19.92 crore
Adani Cement Industries Limited 0.09 0.05 (Previous period - I 24.34 crore) to "The Provident Fund of ACC Limited". Subsequently, provident fund was made
Karnavati Aviation Private Limited 3.55 - defined contribution plan instead of defined benefit plan.
Belvedere Golf And Country Club Private Limited 0.01 -
b) The Company maintains gratuity trust for the purpose of administering the gratuity payment to its employees (ACC
AWL Agri Business Limited (Formerly known as Adani Wilmar Limited) 0.00 - limited Employees Group Gratuity scheme). The Company has not contributed any amount towards Employees Group
Mahan Energen Limited 0.00 - Gratuity scheme in the current and previous period.
Adani Brahma Synergy Private Limited 0.00 -
c) During the year the Company has contributed I 37.15 crore (March 31, 2024 - I 33.19 crore) to Adani Foundation
Adani Skill Development Centre 0.02 - towards and I 4.85 crore (Previous Period - I4.30 crore) to Adani Skill Development Centre Corporate social
Adani Vidya Mandir 0.00 - responsibility obligations.
Adani Digital Labs Private Limited 0.09 - d) Refer Note - 5 for detail of investments in subsidiaries, associates and joint ventures.
Adani Electricity Mumbai Limited 0.10 -

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

e) Transaction with related parties disclosed are exclusive of applicable taxes. Note 48.
f) Transaction entered into with related party are made on terms equivalent to those that prevail in arm’s length (i) The Company had invested I 38.10 crore (March 31, 2024 - I 38.10 crore) in equity shares of Lucky Minmat Limited
transactions and normal credit terms. The Company has not recorded any loss allowances for trade receivables from (LML), a wholly owned subsidiary of the Company. In view of no mining activities being carried out in LML, ongoing
related parties. Outstanding balances at the end of the year are unsecured and interest free and settlement occurs litigation on transfer of lease rights and amendments brought in to the Mines and Minerals (Development and
in cash. There have been no guarantees provided or received for any related party receivables or payables. Regulations) Amendment Act, 2021, the Company has reassessed the value of investments and accordingly,
during the year ended December 31, 2021, the Company has recognised an impairment loss of I 38.10 crore in the
Terms and conditions of transactions with related parties value of investment.
The Company's material related party transactions and outstanding balances are with related parties with whom the
(ii) The Company has investment in ACC Mineral Resources Limited (AMRL), a wholly-owned subsidiary of I 106.80
Company routinely enters into transactions in the ordinary course of business. Outstanding balances at the year-end are
crore (March 31, 2024 - I 106.80 crore). AMRL, through its joint operations had secured development for four coal
unsecured and interest free and settlement occurs in cash other than disclosed in the financial statements. Transactions
blocks allocated to Madhya Pradesh State Mining Corporation Limited. These allocations stand cancelled pursuant
relating to dividends were on the same terms and conditions as applied to other shareholder.
to the judgment of Supreme Court dated August 25, 2014 read with its order dated September 24, 2014.

Note 46. Segment reporting Subsequent to the aforesaid cancellation, Bicharpur and Marki Barka being two of the four blocks were auctioned
As per para 4 of Ind AS 108 “Operating Segments”, if a single financial report contains both consolidated financial by the Government through Nominated Authority. In this connection, The Hon’ble Delhi High court in its judgment
statements and the separate financial statements of the Parent Company, segment information may be presented on dated March 09, 2017 has said that “whatever has transpired after March 31, 2014 and goes towards affecting the
the basis of the consolidated financial statements. Thus, the information related to disclosure of operating segments quantum of compensation for mine infrastructure, must also be taken into account. Thereafter Ministry of Coal,
required under Ind AS 108 “Operating Segments”, is given by the Company in Consolidated Financial Statements. Govt. of India issued notification in February 2018 to file fresh claim as per format issued by Nominated Authority.
Accordingly a fresh claim of I 54 crore was filed with Ministry of Coal for reimbursement of expenses incurred up to
Note 47. Details of dues to micro and small enterprises as defined under the Micro, Small and the date of vesting order. The decision / valuation of our claim by Ministry of Coal is awaited. Re-auction/allocation
Medium Enterprises Development Act, 2006* process of other two coal blocks has not yet been carried out by the Ministry of Coal, Government of India.
I in crore The Company had assessed the recoverability of amount incurred on development of these coal blocks and
As at As at accordingly part of the value of investment of I 42.81 crore was impaired in the earlier years. Based on the further
Particulars
March 31, 2025 March 31, 2024 assessment, above the Company has concluded that no further impairment is necessary as at the reporting date.
a. The principal amount and the interest due thereon remaining unpaid
to any supplier at the end of each accounting year: Note 49. Arrangements with Associates and Joint Ventures
Principal amount due to micro and small enterprises (Not overdue) 269.68 374.14 (i) The Company has arrangements with an associate company, Alcon Cement Company Private Limited, whereby
Principal amount due to micro and small enterprises (overdue) - 19.94 the Company sells clinker and purchases cement manufactured out of such clinker. While the transactions are
considered as individual sale / purchase transactions for determination of taxable turnover and tax under GST laws.
Interest due on overdue - 2.13
Considering the accounting treatment prescribed under various accounting guidance, revenue for sale (excluding
b. The amount of interest paid by the buyer in terms of Section 16 of - - GST) of such clinker of I 12.70 crore (March 31, 2024 - I 18.45 crore) has not been recognised as a part of the income
the Micro, Small and Medium Enterprises Development Act, 2006, but has been adjusted against cost of purchase of Cement so converted.
along with the amount of the payment made to the supplier beyond
the appointed day during each accounting year. (ii) The Company has arrangement with a Joint venture company Aakaash Manufacturing Company Private Limited,
whereby the Company purchases Ready Mix Concrete and sells that to external customers. While the transactions
c. The amount of interest due and payable for the period of delay in - -
are considered as individual sale / purchase transactions for determination of taxable turnover and tax under GST
making payment (which have been paid but beyond the appointed
laws, however, based on the terms of the arrangement and considering the accounting treatment prescribed under
day during the year) but without adding the interest specified under
various accounting guidance, revenue for sale (excluding GST) of such Ready Mix Concrete to customer of I 106.03
Micro, Small and Medium Enterprises Development Act, 2006.
crore (March 31, 2024 - I 112.68 crore) is adjusted against cost of purchase of Ready Mix Concrete and consideration
d. The amount of interest accrued and remaining unpaid at the end of - -
is recognised on net basis.
each accounting year.
e. The amount of further interest remaining due and payable even in - -
the succeeding years, until such date when the interest dues as
above are actually paid to the small enterprise for the purpose of
disallowance as a deductible expenditure under Section 23 of Micro,
Small and Medium Enterprises Development Act, 2006.
*Above information has been determined to the extent such parties have been identified on the basis intimation received from the “suppliers” regarding
their status under the Micro, Small and Medium Enterprises Development Act, 2006.

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Note 50. Disclosure pursuant to SEBI (Listing obligations and disclosure requirements) Note 52: Financial Instruments
regulations, 2015 and Section 186 (4) of the Companies Act, 2013:
(A) Categories of financial instruments
I in crore I in crore
Purpose for which Maximum Maximum Carrying value Fair Value Carrying value Fair Value
Nature of the transaction
the loan/ guarantee / As at Balance As at Balance Particulars As at As at As at As at
(loans given/investment
security is proposed March 31, outstanding March 31, outstanding March 31, 2025 March 31, 2025 March 31, 2024 March 31, 2024
made/ guarantee given/
to be utilised by the 2025 during the 2024 during the Financial assets #
security provided)
recipient Year Previous Year 1. Measured at Fair value through profit or
(a) Loans to wholly owned loss (FVTPL)
Subsidiaries – Investment in Unquoted equity shares 17.01 17.01 14.70 14.70
Singhania Minerals Working Capital - - 0.87 Investments in liquid mutual funds 531.94 531.94 1,197.31 1,197.31
Private Limited Investments in government securities 1,458.46 1,458.46 758.69 758.69
ACC Concrete West Working Capital / Capital 2.77 2.87 0.10 0.10 2. Measured at amortised cost
Limited Expenditure Cash and cash equivalents 408.99 408.99 302.02 302.02
ACC Concrete South - 6.10 0.10 0.10 Bank balances other than Cash and Cash 575.58 575.58 171.74 171.74
Limited Equivalents
Investments in Bonds - - 3.70 3.70
Lucky Minmat Limited - 2.00 1.72 1.72
Security deposits (Current and Non- 239.79 239.79 256.66 256.66
(b) Loans to Subsidiaries -
Current)
Bulk Cement Working Capital / Capital - 5.00 - -
Loans and Other financial assets (Current 2,743.67 2,743.67 3,591.90 3,591.90
Corporation India Expenditure
and Non-Current)
Limited Trade receivables 1,171.62 1,171.62 841.23 841.23
(b) Details of Investments made are given in Note 5. Total 7,147.06 7,147.06 7,137.95 7,137.95
# Other than investments in subsidiaries, associates and joint ventures
(c) Guarantee given on behalf of Singhania Minerals Private Limited, wholly owned subsidiary company, of I 0.77
(March 31, 2024 - I 0.77 crore) are for the purpose of approval of mining plan. I in crore
Carrying value Fair Value Carrying value Fair Value
(d) Guarantee given on behalf of Bulk Cement Corporation (India) Limited, subsidiary company, of I 0.75 (March 31,
Particulars As at As at As at As at
2024 - I 0.25 crore) is for the compliance of Pollution Control.
March 31, 2025 March 31, 2025 March 31, 2024 March 31, 2024
(e) For details pertaining to repayment terms and rate of interest refer note 7 and 15.
Financial liabilities
Measured at amortised cost
Note 51. Capitalisation of expenditure
Trade payables 1,599.54 1,599.54 1,841.98 1,841.98
The Company has capitalised following expenses which are directly attributable to bringing the assets to the location Security deposits 705.86 705.86 682.85 682.85
and condition necessary for its use to the cost of Property, plant and equipment / Capital work-in-progress. Consequently, Lease Liabilities 429.77 429.77 354.85 354.85
expenses disclosed under the respective notes are net of amounts capitalised Other financial liabilities 643.78 643.78 637.38 637.38
I in crore Total 3,378.95 3,378.95 3,517.06 3,517.06
As at As at
Particulars (B) Income, Expenses, Gains or Losses on Financial Instruments
March 31, 2025 March 31, 2024
Balance at the beginning of the year 4.91 43.07 Interest income and expenses, gains or losses recognised on financial assets and liabilities in the Statement of Profit
Expenditure during construction for projects: and Loss are as follows:
I in crore
Employee benefits expense* 4.53 28.58
Power and fuel** 1.43 0.14 For the Year ended For the year ended
Particulars
Depreciation 0.81 0.17 March 31, 2025 March 31, 2024
Other expenses** 4.25 4.96 Income on financial instruments
Total 15.93 76.92 Financial assets measured at amortised cost
Less: Capitalised during the year 1.70 72.01 Interest income (180.95) (257.13)
Balance at the end of the year 14.23 4.91
Financial assets measured at cost
* Employee benefits expense represents cost of employees associated with the projects which are directly attributable to the construction and
acquisition of Property, Plant and Equipment. Dividend income from associates / joint ventures (2.79) (7.99)
** Other expenses and power and fuel are directly attributable to bringing the asset to the location and condition necessary for it to be capable of
operating in the manner intended by the management. Other expenses mainly includes security expense, vehicle hiring charges and rent expense

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

I in crore Reconciliation of Level 3 fair value measurement of unquoted equity shares

For the Year ended For the year ended
Particulars Unlisted shares carried at FVTPL
March 31, 2025 March 31, 2024
Particulars For the Year ended For the year ended
Financial assets measured at fair value through profit or loss
March 31, 2025 March 31, 2024
Gain on sale of current financial assets (49.60) (18.50)
Opening balance 14.70 14.70
Net gain on fair valuation of current financial assets (5.83) (9.66)
Purchases during the year - -
Expenses on financial instruments
Gain/(Loss)
Financial liabilities measured at amortised cost
- in Other comprehensive income - -
Net exchange losses / (gain) on revaluation or settlement of items 1.30 (0.02)
- in profit and loss, net 2.31 -
denominated in foreign currency (trade payable)
- changes on purchase of equity shares - -
Interest expenses on deposits from dealers 39.50 33.35
Closing Balance 17.01 14.70
Interest expenses on lease liabilities 43.56 38.50
Impairment losses on trade receivables (including reversals of 7.49 15.77 Description of significant unobservable inputs to valuation:
impairment losses)
Significant
Derivatives - Foreign exchange forward contracts Valuation
unobservable Sensitivity of the input to fair value
Net (gain)/ loss on foreign currency forward contracts (0.86) 0.63 techniques
inputs
Net gain recognised in Statement of Profit and Loss (148.18) (205.05) Investments in Price of recent Transaction 5% (March 31, 2024: 5%) increase (decrease) in the
unquoted equity transaction price transaction price would result in increase (decrease) in
(C) Fair Value Hierarchy share's (PORT) fair value by I 0.85 crore (March 31, 2024 - I 0.74 crore)
The Company uses the following hierarchy for determining and/or disclosing the fair value of financial instruments
by valuation techniques: During the reporting period ending March 31, 2025 and March 31, 2024, there was no transfer between level 1 and
level 2 fair value measurement.
Level 1: This level includes those financial instruments which are measured by reference to quoted prices (unadjusted)
in active markets for identical assets or liabilities. The following methods and assumptions were used to estimate the fair values:

Level 2: This level includes financial assets and liabilities measured using inputs other than quoted prices Level 1: Investment in Government securities, which are classified as FVTPL are measured based on market price at
included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. the reporting date
derived from prices). Level 2: Investments in liquid and short-term mutual funds, which are classified as FVTPL are measured using net
Level 3: This level includes financial assets and liabilities measured using inputs that are not based on observable asset values as declared by the Mutual fund at the reporting date multiplied by the quantity held. The fair value of
market data (unobservable inputs). Fair values are determined in whole or in part, using a valuation model based forward foreign exchange contracts is calculated as the present value determined using forward exchange rates at
on assumptions that are neither supported by prices from observable current market transactions in the same the reporting date.
instrument nor are they based on available market data. Level 3: The fair value of unquoted instruments is estimated by discounting future cash flow or price of
I in crore recent transaction.
Particulars Level 1 Level 2 Level 3 Total
Fair value of financial assets and financial liabilities that are not measured at fair value (but fair value
As at March 31, 2025
disclosures are required)
Financial assets
The management consider the carrying values of Other Cash and cash equivalents, Bank balances other than cash
Measured at Fair value through profit or loss (FVTPL)
and cash equivalents, investment in bonds, security deposits, loans and other financial assets, trade receivables,
Investment in Unquoted equity shares - - 17.01 17.01
trade payables, security deposits and retention money and other financial liabilities (except derivative financial
Investments in government securities 1,458.46 - - 1,458.46
instruments) approximate their carrying amounts largely due to the short-term maturities of these instruments.
Investments in liquid mutual funds - 531.94 - 531.94
As at March 31, 2024
Note 53: Financial risk management objectives and policies
Financial assets
Measured at Fair value through profit or loss (FVTPL) Financial risk evaluation and management is an ongoing process within the Company. The Company has a system based
Investment in Unquoted equity shares - - 14.70 14.70 risk management framework to identify, monitor, mitigate and minimize risks arising from financial instruments.
Investments in government securities 758.69 - - 758.69 The Company is exposed to market, credit and liquidity risks. The Board of Directors (‘Board’) oversee the management
Investments in liquid mutual funds - 1,197.31 - 1,197.31 of these risks through its Risk Management Committee. The Company’s Risk Management policy has been formulated

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

by the Risk Management Committee and approved by the Board. The Policy articulates on the Company’s approach Trade receivables
to address uncertainties in its endeavour to achieve its stated and implicit objectives. It also prescribes the roles and Customer credit risk is managed as per the Company’s established policy, procedures and control relating to customer
responsibilities of the Company’s management, the structure for managing risks and the framework for risk management. credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard
The framework seeks to identify, assess and mitigate risks in order to minimize potential adverse effects on the Company’s and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables are
financial performance. regularly monitored. The requirement for impairment is analysed at each reporting date on an individual basis for
All derivative activities for risk management purposes are carried out by specialist teams that have the appropriate skills, major customers. The management is also monitoring the receivables levels by having frequent interactions with
experience and supervision. It is the Company’s policy that no trading in derivatives for speculative purposes shall be responsible persons for highlighting potential instances where receivables might become overdue.
undertaken. The Board of Directors reviews and agrees on policies for managing each of these risks, which are summarised Trade receivables consist of a large number of customers spread across India with no significant concentration of
below. This note explains the sources of risk which the entity is exposed to and how the entity manages the risk. credit risk. Ongoing credit evaluation is performed on the financial condition of accounts receivable. The Company
has adopted a policy of only dealing in creditworthy counterparties and obtaining collateral i.e. security deposit.
(i) Credit risk
No single customer accounted for 10% or more of the Company’s net sales. Therefore, the Company does not expect
Credit risk is the risk that the counterparty will not meet its obligations under a financial instrument or customer any material risk on account of non-performance by any of its counterparties.
contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily
trade receivables) and from its investing activities, including deposits placed with banks and financial institutions For Company's exposure to credit risk by age of the outstanding from various customers refer note - 12.
and other financial instruments.
Expected credit loss assessment
Financial assets other than trade receivables For trade receivables, as a practical expedient, the Company compute credit loss allowance based on a provision
Credit risk from balances with banks and financial institutions is managed by the Company’s treasury department in matrix. The provision matrix is prepared based on historically observed default rates over the expected life of trade
accordance with its policy. Surplus funds are parked only within approved investment categories with well defined receivables and is adjusted for forward-looking estimates. At each reporting date, the historically observed default
limits. Investment category is periodically reviewed by the Company’s Board of Directors. rates and changes in the forward-looking estimates are updated. Accordingly, loss allowances on trade receivables
are measured using provision matrix at an amount equal to life time expected losses i.e. expected cash shortfall.
Credit risk arising from short term liquid funds, other balances with banks and other cash equivalents is limited and
no collaterals are held against these because the counterparties are banks and recognised financial institutions The following table summarises the change in the loss allowances measured using simplified approach model
with high credit ratings assigned by the credit rating agencies. None of the financial instruments of the Company expected credit loss assessment:
result in material concentration of credit risks. I in crore

Other financial assets mainly include incentives receivable from the government, loans and security deposits given. As at April 01, 2023 59.11
There are no indications that defaults in payment obligations would occur in respect of these financial assets. Provided during the year 15.77
Amounts utilised (9.09)
Incentives receivable from the Government
Reversals of provision -
The Company has manufacturing units in various states; mainly those in Maharashtra, Uttar Pradesh and Jharkhand
As at March 31, 2024 65.79
are eligible for incentives under the respective State Industrial Policy.
Provided during the year 7.49
The Company has been accruing these incentives as refund claims in respect of VAT / GST paid.
Amounts utilised (1.23)
The Company has estimated the expected credit loss based on time period to recover these incentives and carries Reversals of provision -
a provision of I 204.53 crore as at March 31, 2025 (March 31, 2024 - I 171.42 crore). As at March 31,2025 72.05
The Company is confident about the ultimate realisation of the dues from the State Governments and there is no
No significant changes in estimation techniques or assumptions were made during the reporting period.
risk of default.
Credit impaired
Movement of Incentives under Government schemes
I in crore For expected credit loss as at each reporting date the Company assesses position for the assets for which credit
risk has not significantly increased from initial recognition, assets for which credit risk has increased significantly
As at April 01, 2023 1,015.63
but are not credit impaired and for assets for which credit risk has increased significantly and are credit impaired.
Incentive accrued 290.86 The Company assesses detrimental impacts on the estimated future cash flows of the financial asset including
Incentive received (16.88) loans, receivables and other assets. Based on the assessment of the observable data relating to significant financial
As at March 31, 2024 (Refer Note - 8 & 16) 1,289.61 difficulty and creditworthiness of the counterparties, the management believes that there are no financial assets
Incentive accrued 958.33 which are credit impaired except as disclosed in the notes to the financial statements.
Deferred Government Grant 155.15
Incentive received (665.26)
As at March 31, 2025 (Refer Note - 8 & 16) 1,737.83

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

(ii) Liquidity risk Foreign currency risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time Foreign currency risk is the risk of impact related to fair value or future cash flows of an exposure in foreign currency,
or at reasonable price. Prudent liquidity risk management implies maintaining sufficient cash and marketable which fluctuate due to change in foreign exchange rates. The Company's exposure to the risk of changes in foreign
securities and the availability of funding through an adequate amount of credit facilities to meet obligations exchange rates primarily relate to import of raw materials, fuels and capital items. Based on sensitivity analysis, the
when due. The Company’s treasury team is responsible for liquidity, funding as well as settlement management. Company has well defined forex exposure threshold limit approved by Board of Directors, beyond which all forex
In addition, processes and policies related to such risks are overseen by senior management. Management monitors exposure are fully hedged.
the Company’s liquidity position through rolling forecasts on the basis of expected cash flows. The Company has
The carrying amounts of the Company's foreign currency denominated monetary aseets / monetary liabilities at the
investments in short term liquid funds and marketable government securities which can be redeemed at a very short
end of the reporting periods expressed in `, are as follows:
notice and hence carry negligible liquidity risk.
I in crore
The table summarises the details regarding the remaining contractual maturities of financial liabilities at the
As at March 31, 2025 USD EUR CHF CNY
reporting date based on the contracted undiscounted cash payments.
Creditors 16.04 15.66 0.01 124.24
I in crore
Foreign currency forward contracts - (2.24) - -
Carrying Less than 1 More than 5
As at March 31, 2025 1 -5 Years Total Forex exposure hedged with supplier - - - 124.24
amount year years
Net exposure to foreign currency risk 16.04 13.42 0.01 -
Other financial liabilities (Refer 1,349.64 1,388.10 - - 1,388.10
(liabilities)
note (a) and (b) below)
Lease liabilities 429.77 177.75 182.46 428.28 788.49
Foreign Currency (in millions)
Trade payables 1,599.54 1,587.17 12.37 - 1,599.54 As at March 31, 2025
USD EUR CHF CNY
3,378.95 3,153.02 194.83 428.28 3,776.13
Foreign currency forward contracts - 0.24 - -
I in crore Net exposure to foreign currency risk 1.88 1.46 0.00 -
Carrying Less than 1 More than 5 (liabilities)
As at March 31, 2024 1 -5 Years Total
amount year years
I in crore
Other financial liabilities (Refer 1,320.23 1,350.65 - - 1,350.65
As at March 31, 2024 USD EUR CHF GBP
note (a) and (b) below)
Creditors 83.77 13.73 0.10 1.11
Lease liabilities 354.85 157.05 212.14 82.68 451.87
Foreign currency forward contracts (71.90) (7.46) - -
Trade payables 1,841.98 1,841.98 - - 1,841.98
Net exposure to foreign currency risk 11.87 6.27 0.10 1.11
3,517.06 3,349.68 212.14 82.68 3,644.50
(liabilities)
Notes:
foreign currency (in millions)
a) Other financial liabilities includes deposits received from customers amounting to ` 699.26 crore (March 31, As at March 31, 2024
USD EUR CHF GBP
2024 ` 676.11 crore). These deposits do not have a contractual re-payment term but are repayable on demand.
Since, the Company does not have an unconditional right to defer the payment beyond 12 months from reporting Foreign currency forward contracts 8.62 0.83 - -
date, these deposits have been classified under current financial liabilities. For including these amounts in the Net exposure to foreign currency risk 1.42 0.70 0.01 0.11
above mentioned maturity analysis, the Company has assumed that these deposits, including interest thereon, (liabilities)
will be repayable at the end of the next reporting period. The actual maturity period for the deposit amount
and the interest thereon can differ based on the date on which these deposits are settled to the customers. Foreign currency sensitivity
b) Other financial liabilities includes Security deposit from dealers, Payable towards purchase of Property, plant The following tables demonstrate the sensitivity into a reasonably possible change in exchange rates, with all other
and equipment and Intangible assets (including hold and retention money) and others. (Refer note 25) variables held constant.

A positive number below indicates an increase in profit where the I strengthens 5% against the relevant currency.
(iii) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because
of changes in market prices. Market risk comprises of three types of risk: interest rate risks, currency risk and
commodity risk.

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

For a 5% weakening of the I against the relevant currency, there would be a comparable impact on the profit and Interest risk exposure
the balances below would be negative. I in crore

As at As at
As at March 31, 2025 As at March 31, 2024 Particulars Notes
March 31, 2025 March 31, 2024
Particulars 5% 5% 5% 5%
Interest bearing
strengthening of I weakening of I strengthening of I weakening of I
Security deposit from dealers 25 699.26 676.11
USD 0.80 (0.80) 0.59 (0.59)
Total 699.26 676.11
EUR 0.67 (0.67) 0.31 (0.31)
Interest rate sensitivities for unhedged exposure (Refer
CHF 0.00 (0.00) 0.01 (0.01)
Note (i) below)
GBP - - 0.06 (0.06)
Security deposit from dealers
Effect on Profit before tax 1.47 (1.47) 0.97 (0.97)
Impact of increase in 50 bps would decrease profit before tax by 3.50 3.38
for the year
Impact of decrease in 50 bps would increase profit before tax by (3.50) (3.38)
USD 0.60 (0.60) 0.44 (0.44)
Impact of increase in 50 bps would decrease equity by 2.62 2.53
EUR 0.50 (0.50) 0.23 (0.23)
Impact of decrease in 50 bps would increase equity by (2.62) (2.53)
CHF 0.00 (0.00) 0.00 (0.00)
GBP - - 0.04 (0.04) Note:
Impact on Equity 1.10 (1.10) 0.71 (0.71) i) Interest rate sensitivity has been calculated assuming the security deposit outstanding at the reporting date
have been outstanding for the entire reporting period.
5% represent management assessment of reasonably possible change in foreign currency exchange rate.
I in crore Note 54. Capital management
As at As at a) The Company's objectives when managing capital are to maximise shareholders value through an efficient allocation
Particulars
March 31, 2025 March 31, 2024 of capital towards expansion of business, optimisation of working capital requirements, expansion of manufacturing
USD 85.48 83.41 facilities (including through investments in / acquisition of subsidiaries ) and deployment of balance surplus funds
EUR 92.09 89.88 on the back of an effective portfolio management of funds within a well defined risk management framework.
CHF 96.84 92.04 b) The management of the Company reviews the capital structure of the Company on regular basis to optimise cost of
GBP 110.7 105.03 capital. As part of this review, the Board considers the cost of capital and the risks associated with the movement
CNY 11.75 11.48 in the working capital.

c) For the purposes of the Company’s capital management, capital includes issued capital, security premium and all
Commodity price risk
other equity reserves attributable to the equity holders.
Commodity price risk for the Company is mainly related to fluctuations in coal and pet coke prices linked to various
external factors, which can affect the production cost of the Company. Since the energy costs is one of the primary As stated in the below table, the Company is a debt free company with no borrowings. The Company is not subject
costs drivers, any fluctuation in fuel prices can lead to variability in operating margin. To manage this risk, the to any externally imposed capital requirements.
Company take following steps: I in crore

1. Optimising the fuel mix, pursue longer term and fixed contracts where considered necessary. As at As at
Particulars Notes
March 31, 2025 March 31, 2024
2. Consistent efforts to reduce the cost of power and fuel by using both domestic and international coal and petcoke.
Total Debt - -
3. Use of alternative Fuel and Raw Materials (AFR) and enhancing the utilisation of renewable power including Less: Cash and cash equivalents 13 (940.94) (1,499.34)
its onsite and offsite solar, wind, hydro power and Waste Heat Recovery System (WHRS). Net debt (940.94) (1,499.34)
Additionally, processes and policies related to such risks are reviewed and controlled by senior management and Equity 19,20 18,270.93 16,021.95
fuel requirements are monitored by the central procurement team. Debt to Equity (Net) NA NA

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to
changes in market interest rates. The Company's exposure to the interest rate risk arises primarily from security
deposit from dealers. The Company has not used any interest rate derivatives.

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Note 55: Dividend distribution and proposed dividend c) The Company had entered into the Memorandum of Understanding (“MoU”) with Camrose Realtors Private Limited,
I in crore a related party to sell it’s surplus land at Thane on “As is where is basis” (Held For Sale) on April 9, 2024 for a
consideration of I 385 crore subject to fulfilment of certain condition precedents including regulatory approvals.
As at As at
Particulars During the year ended March 31, 2025, the Company has concluded the sale of land by entering into Conveyance deed
March 31, 2025 March 31, 2024
dated March 25, 2025, after necessary approvals were received from the various government authorities. The land
Dividends on equity shares declared and paid: has been sold at an agreed consideration of I 385 crore and sale consideration will be realised within six months
Final dividend for the year ended March 31, 2024 I 7.50 per share 140.84 173.70 period of Conveyance deed as per the MoU. The resultant net gain on disposal of Property, Plant and Equipment of
(For the Fifteen months ended March 31, 2023 I 9.25 per share) I 369.01 crore is disclosed as exceptional item in the Standalone Statement of Profit and Loss for the year.

Proposed dividends on equity shares: Note 58:

Final dividend proposed for the year ended March 31, 2025 I 7.50 per share ( For the year ended March 31, 2024 I The code on Social Security, 2020 ('Code') relating to employee benefits during employment and post employment benefits
7.50 per share). received Presidential assent in September 2020. The Code has been published in the Gazette of India. Certain sections of
Proposed dividends on equity shares are subject to approval at the annual general meeting and are not recognised the Code came into effect on May 03, 2023. However, the final rules/interpretation have not yet been issued. The Company
as a liability. will assess the impact of the Code when the final rules/interpretation comes into effect and will record any related impact.

Note 56: Note 59: Acquisition of Companies

The Competition Commission of India (“CCI”) initiated an investigation against cement companies in India including the a) The Company has acquired remaining 55% of the voting share capital of Asian Concretes and Cements Private
Company regarding alleged anti-competitive behaviour and conducted search and seizure operations in December 2020 Limited (“ACCPL”) along with its wholly-owned subsidiary Asian Fine Cements Private Limited (“AFCPL”) for a
against few companies. The Director General (DG) of CCI in January 2021 sought information from the Company and the cash consideration of I422.63 crore. The Company has obtained control over ACCPL and AFCPL on January 8,
information sought was provided. In the previous year, CCI had sent the investigation report of the DG to the Company 2024 (“acquisition date”) and accordingly the investment in ACCPL was classified as investment in subsidiaries.
and directed the Company to file their suggestions / objections to the report. Company had submitted its responses and Post acquisition date, the Company has received I 1.56 towards indemnification as per share purchase agreement.
the matter is pending for hearing before CCI. The Company is of the firm view that it has acted and continues to act in b) During the year ended March 31 2025, the Company’s Subsidiary, ACC Mineral Resources Limited (“AMRL”) has
compliance with competition laws. The Company believes that this does not have any impact on the financial statements. entered and executed a Share Purchase Agreements (SPAs) dated February 22, 2025 with the shareholders’ of Akkay
Infra Private Limited; Anantroop Infra Private Limited; Eqacre Realtors Private Limited; Foresite Realtors Private
Note 57: Exceptional items represent - Limited; Krutant Infra Private Limited; Kshobh Realtors Private Limited; Prajag Infra Private Limited; Satyamedha
a) During the year ended March 31, 2025, in the matter relating to arbitration claim initiated by certain parties Realtors Private Limited; Trigrow Infra Private Limited; Varang Realtors Private Limited; Victorlane Projects Private
(“Claimants”) on the Company for termination (in the earlier years) of Cement Purchase Agreement (“CPA”) dated Limited; Vihay Realtors Private Limited; Vrushak Realtors Private Limited; Peerlytics Projects Private Limited and
September 12, 2012 read with its Addendum dated October 15, 2012 and Memorandum of Understanding dated SPA dated March 11, 2025 with the shareholders’ of West Peak Realtors Private Limited for acquiring 100% voting
September, 2012, for long term contract for purchase of cement by the Company by setting up two Cement Grinding share capital of these fifteen companies for cash a consideration of I 298.61 crore and AMRL has also provided
Units, the Company and Claimants have amicably and mutually settled all their pending disputes before the Arbitral funds through inter corporate deposits of I 380.57 crore to these Companies. All these companies hold certain land
Tribunal as per Tribunal order dated February 20, 2025. parcels which are proposed to be developed for setting-up manufacturing facilities and certain land parcels have
mining rights which are going to be developed as per the Company’s future expansion plans.
Before the Tribunal Order dated February 20, 2025, the Claimants and the Company have entered into
arrangement to settle the subsisting disputes including claims and counter claims between the parties and AMRL has completed the acquisition of 13 Companies on February 27, 2025, 1 Company on February 28, 2025 and 1
Company. The Company has settled the Claimants’ claim by paying I 27 crore, towards disputes / claims. Company on March 13, 2025 respectively. For the purpose of above acquisitions, the Company has invested in 0.01%
The arbitration amount paid to settle the dispute has been disclosed as an exceptional item in the Standalone Optionally Convertible Debentures (OCDs) of I 10 each of AMRL amounting to I 636 crore during the year ended
Statement of Profit and Loss for the year. March 31, 2025.

b) As at year end, the Company has assessed the recoverable amounts of its certain Cement Plants which are non
Note 60:
operational, over their useful lives based on the Cash Generating Units (""CGUs"") identified, as required under Ind AS
36, Impairment of Assets on the basis of their Value in Use by estimating the future cash inflows over the estimated During the financial year 2022-23, a short seller report (“SSR”) was published in which certain allegations were made
useful life of such Cement Plants. on some of the Adani Group Companies. In this regard, certain writ petitions were filed with the Hon’ble Supreme
Court (“SC”) seeking independent investigation of the allegations in the SSR and the Securities and Exchange Board of
Basis such assessment, the management has identified carrying value of property, plant and equipment and right of India (“SEBI”) also commenced investigation into the allegations made in the SSR for any violations of applicable SEBI
use assets (tangible assets) of non-operational clinker manufacturing units at Wadi-1, Bargarh and Chaibasa, being Regulations. In this regard, during financial year 2023-24, SC appointed expert committee concluded its report finding
impaired, based on unviable future business prospects and economic viability due to higher cost of manufacturing, no regulatory failure, in respect of applicable laws and regulations and SC by its order dated January 03, 2024, disposed
shortage of raw material etc. The Company has carried out a review of the recoverable amount of the tangible off all matters of appeal relating to the allegations in the SSR (including other allegations) in various petitions including
assets used in clinker manufacturing facility at abovementioned three plants. The recoverable amount from such those relating to separate independent investigations. The SEBI also concluded its investigations in twenty-two of the
tangible assets is assessed to be lower than it’s carrying amount and consequently an impairment loss of I 207.28 twenty-four matters during the financial year 2023-24, and during the current year, management believes that balance
crore (including impairment loss on right of use assets of I 23.92 crore) has been recognised and disclosed as an two investigations have been concluded based on available information.
exceptional item in the Standalone Statement of Profit and Loss for the year.

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Pursuant to the SC order, various legal and regulatory proceedings by SEBI, legal opinions obtained, independent legal Note 62 - Other information
& accounting review undertaken by the Adani group and the fact that there are no pending regulatory or adjudicatory
1 The Company does not have any Benami property, where any proceeding has been initiated or pending against the
proceedings as of date, the management of the Company concluded that there were no material consequences of the
Company for holding any Benami property.
allegations mentioned in the SSR and other allegations on the Company as at year ended March 31, 2024, and accordingly,
the financial statements for the year ended March 31, 2024 did not require any adjustments in this regard. There are no 2 The Company has following outstanding balances with struck off companies under Section 248 of the Companies
changes to the above conclusions as at and for the year ended March 31, 2025. Act, 2013 or Section 560 of Companies Act, 1956.

Note 61 - Financial Ratios Transactions Transactions Balance Relationship

Nature of Balance
Name of the Struck off during the Year during the Year outstanding with the
transactions with outstanding as
Sr. Denominator - April 24- April 23- companies ended March ended March as at Struck off
Ratio Numerator - Description % Variance Reason for variance struck off Company at March 2025
No. Description March 25 March 24 31, 2025 31, 2024 March 2024 company
1 Current Ratio (in times) Current assets Current liabilities 1.60 1.57 2% Not Applicable Rajat hans logistics Private Purchase of goods - 0.01 - 0.01 Vendor
2 Return on Equity ratio Profit after tax (excluding other Average total equity 14% 14% 1% Not Applicable Limited and services
(in %)* comprehensive income) Tirupati balaji logistics Purchase of goods - 0.02 - 0.02 Vendor
3 Inventory Turnover Ratio Cost of goods sold (Refer Note Average Inventory 6.66 6.13 9% Not Applicable Private Limited and services
(in times) * -2 below)
Katashi engineering services Purchase of goods - 0.03 - 0.03 Vendor
4 Trade Receivables Sale of products and services Average trade 20.46 22.81 (10%) Not Applicable
Private Limited and services
turnover ratio (in times) * receivable
5 Trade Payables turnover Total Purchase (Refer Note -1 Average trade 10.84 9.51 14% Not Applicable Eco grow environmental Purchase of goods - * - * Vendor
ratio (in times) * below) payable services Private Limited and services
6 Net Capital turnover ratio Sale of products and services Working Capital 6.11 5.70 7% Not Applicable Praxis El training & Purchase of goods - * - * Vendor
(in times) consulting Private Limited and services
7 Net Profit ratio Profit after tax (excluding other Sale of products and 11.77% 10.85% 9% Not Applicable CMIX INDIA Private Limited Purchase of goods 4.02 0.69 - - Vendor
(in %) comprehensive income) services and services
8 Return on capital Profit before tax (excluding Tangible Net worth + 16.24% 15.45% 5% Not Applicable Pushap associates Private Purchase of goods * - - * Vendor
employed (in %)* other comprehensive income) Deferred Tax Liability Limited and services
9 Debt service coverage Profit after tax (excluding Interest expense + 4.42 19.35 (77%) Decrease is mainly Kanuj envirotech Private Purchase of goods - * - * Vendor
ratio (in times) other comprehensive income) + scheduled lease due to upfront lease Limited and services
Finance Cost + depreciation liabilities during the liability payment
& amortisation period JS techmarine solutions Purchase of goods * * - - Vendor
10 Debt -Equity Ratio (in Total Borrowings Total Equity NA NA NA Not Applicable Private Limited and services
times) Thiruvishnu sabarisha Purchase of goods - * 0.01 * Vendor
11 Return on investment Interest income + Average Investment 5.21% 7.16% (27%) Decrease is mainly construction Private Limited and services
(in %)* Dividend income + Gain on sale / + due to net increase H P Shukla Contrs and Purchase of goods 0.03 * 0.05 0.02 Vendor
fair valuation of current financial Fixed deposit in investment in Finvest Private Limited and services
assets measured at FVTPL government securities
Bennett coleman & Co. Purchase of goods - - - * Vendor
1 Total Purchase = Total expenses minus Depreciation and amortisation minus finance cost Limited and services
Deep Star Tiles Private Sale of goods and - * - * Customer
2 Cost of goods sold = Raw Material Consumed, Purchase of traded goods, power and fuels , Changes in inventories Limited services
of finished goods and work-in-progress, consumption of stores and spares and consumption of packing material Garg Building Material Sale of goods and - - * - Customer
Suppliers Private Limited services
Arnav ecumeneinfra Private Sale of goods and - - * - Customer
Limited services
Seturya infrastructures Sale of goods and - - * * Customer
Private Limited services
Deepak Infrastructure Sale of goods and * * - - Customer
Private Limited services
Creative Infra and Sale of goods and 0.77 0.77 - - Customer
Contructions (India) Private services
Limited
Glosson surface solutions Sale of goods and - - * - Customer
Private Limited Ltd services

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Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Transactions Transactions Balance Relationship Transactions Transactions Balance Relationship

Nature of Balance Nature of Balance
Name of the Struck off during the Year during the Year outstanding with the Name of the Struck off during the Year during the Year outstanding with the
transactions with outstanding as transactions with outstanding as
companies ended March ended March as at Struck off companies ended March ended March as at Struck off
struck off Company at March 2025 struck off Company at March 2025
31, 2025 31, 2024 March 2024 company 31, 2025 31, 2024 March 2024 company
[Link] infra projects Sale of goods and 2.23 2.80 6.71 0.57 Customer R S Infravision Private Sale of goods and - * - - Customer
Private Limited services Limited services
M/S D. K. homes builders & Sale of goods and - - * - Customer M/S Pushap associates Sale of goods and - * - * Customer
develope Private Limited services Private Limited services
VYP engineering & Sale of goods and - - 0.01 - Customer Rajpal Control Systems NA NA NA NA NA Shareholder
construction Private Limited services Private Limited
Cosmic buildcon Private Sale of goods and - - * Customer Prananjali Investments And NA NA NA NA NA Shareholder
Limited services Trading Co Private Limited
Samridh vihar construction Sale of goods and - - 0.02 - Customer Safna Consultancy Private NA NA NA NA NA Shareholder
Private Limited services Limited
Elite engineering consultant Sale of goods and - - 0.10 - Customer Saraogi Fiscal Services NA NA NA NA NA Shareholder
Private Limited services Private Limited
Jupiter rock drills Private Sale of goods and - - 0.01 - Customer Ila Commercial Private NA NA NA NA NA Shareholder
Limited services Limited
Airtech Privated Limited Sale of goods and - - * - Customer Home Trade Limited NA NA NA NA NA Shareholder
services Onogra Investments Private NA NA NA NA NA Shareholder
Gruh Cements Private Sale of goods and * 0.04 * 0.04 Customer Limited
Limited services Harsh Estates Private NA NA NA NA NA Shareholder
Whitefort constructions and Sale of goods and - - 0.06 - Customer Limited
engineers Private Limited services Falcon Investment Private NA NA NA NA NA Shareholder
Popular buildcon Private Sale of goods and - - - 0.01 Customer Limited
Limited services Unickon Fincap Private NA NA NA NA NA Shareholder
Gurukrupa builders & Sale of goods and - * - * Customer Limited
developers Private Limited services Planned Pharma Private NA NA NA NA NA Shareholder
C.L.S Constructions Private Sale of goods and - 0.07 - 0.07 Customer Limited
Limited services Kalvir Lease And Finstock NA NA NA NA NA Shareholder
Amandeep infratech Private Sale of goods and - 0.01 - 0.01 Customer Private Limited
Limited services Mht Investment Private NA NA NA NA NA Shareholder
Amrapali leisure valley Sale of goods and - * - * Customer Limited
Private Limited services Shree Navdurga Tradecom NA NA NA NA NA Shareholder
R B buildwell Private Limited Sale of goods and - * - * Customer Private Limited
services
* Denotes below I 50,000
SVEC constructions Limited Sale of goods and - * - * Customer
services 3 The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies
(ROC) beyond the statutory period.
Supriraj Infra Private Limited Sale of goods and - 0.13 - 0.13 Customer
services 4 The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
Kasi & karthick Sale of goods and - * - * Customer
infrastructure Private services 5 The Company has not advanced or loaned or invested funds to any other person or entity, except as disclose in note
Limited 59(b) including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
HY Gro chemicals pharmtek Sale of goods and - - - * Customer a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
Private Limited services behalf of the Company (Ultimate Beneficiaries); or
Waterfall Infra Private Sale of goods and - - - * Customer
Limited services b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
Nagpal Industries Private Sale of goods and * * - - Customer 6 The Company has not received any fund from any person or entity, including foreign entities (Funding Party) with
Limited services the understanding (whether recorded in writing or otherwise) that the Company shall:

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Standalone financial statements Notes to Standalone financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on Note 65: Figures below the amount of I 50,000 have not been disclosed
behalf of the Company (Ultimate Beneficiaries); or
Note 66:Events occuring after the Balance Sheet Date
b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

7 The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered The Company evaluates events and transactions that occur subsequent to the balance sheet date but prior to
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or approval of the financial statements to determine the necessity for recognition and / or reporting of any of these
survey or any other relevant provisions of the Income Tax Act, 1961. events and transactions in the financial statements. As on April 24, 2025, there are no material subsequent events to
be recognized or reported.
8 The Company has not been declared a wilful defaulter by any bank or financial institution or other lender (as defined
under the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on wilful defaulters issued As per our report of even date attached For and on behalf of the Board of Directors of ACC Limited,
by the Reserve Bank of India.

9 The Company is in compliance with the number of layers prescribed under clause (87) of section 2 of the Companies For S R B C & CO LLP KARAN ADANI VINOD BAHETY
Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017 (as amended). Chartered Accountants Chairman Wholetime Director & Chief Executive Officer
ICAI Firm Registration No. 324982E/E300003 DIN: 03088095 DIN:09192400
10 The Company has not given any loans or advances in the nature of loans to promoters, directors, KMPs and/ or related
parties (as defined under Companies Act, 2013), either severally or jointly with any other person, that are repayable on per Santosh Agarwal BHAVIK PARIKH RAKESH KUMAR TIWARY
demand, or without specifying any terms or period of repayment. Partner Company Secretary Chief Financial Officer
Membership No. 093669 Membership No. A40719
Note 63: Previous year's figures as disclosed below, have been regrouped and rearranged where necessary to
conform to this year's classification. Ahmedabad Ahmedabad
The Company has reclassified the cost of royalty on minerals amounting to I 270.33 crore, as Cost of material consumed Date: April 24, 2025 Date: April 24, 2025
from classification under the other expenses. The reclassification of the cost of royalty on minerals has been given effect
from April 01, 2024 and figures for the previous year presented in standalone financial statements have been accordingly
regrouped. This reclassification does not have any impact on Company’s financial statements.

Employee payables are reclassified from trade payable to other financial liabilities (current) amounting to I 72.24
crore, for better presentation and does not have any impact to net profits or on financial position presented in the
standalone financial statements. The reclassification of the employee payables has been given effect from year ended
March 2025 and accordingly figures for year ended March 31, 2024 presented in standalone financial statements have
also been regrouped.

Income from Government incentive / grants including tax credits / refunds amounting to I 277.91 crore has been
disclosed separately in these standalone financial statements as “Government Grants including duty credits/refunds”.
The reclassification has been given effect during the year ended March 2025 and accordingly figures for year ended
March 31, 2024 presented in standalone financial statements have also been regrouped. This reclassification does not
have any impact on Company’s financial statements.

Note 64: Audit Trail

The Company uses an accounting software for maintaining its books of account which has a feature of recording
audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in
the accounting software except the audit trail feature is enabled, for certain direct changes to SAP application and its
underlying HANA database when using certain privileged / administrative access rights where the process is started
during the year, stabilised and enabled with effect from March 25, 2025. Further, there is no instance of audit trail feature
being tampered with in respect of the accounting software where such feature is enabled.

Additionally, the audit trail of relevant prior years has been preserved for record retention to the extent it was enabled
and recorded in those respective years by the Company as per the statutory requirements for record retention.

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Independent Auditor’s Report Key audit matters How our audit addressed the key audit matter
Litigation and Claims (as described in Notes 1.3(H), 1.4(I), 45(A) and 46 of the consolidated financial
Statements
The Holding Company has significant ongoing legal Our audit procedures included the following:
To the Members of ACC Limited ventures and joint operations in accordance with the ‘Code
proceedings for various matters relating to direct tax,
of Ethics’ issued by the Institute of Chartered Accountants
indirect tax, government incentive claims and other
ƒ 
Obtained and read the Group's accounting policies
Report on the Audit of the Consolidated of India together with the ethical requirements that are with respect to contingent liabilities and provisions
legal matters relating to company’s operations under
Financial Statements relevant to our audit of the financial statements under the and assessed its compliance with Ind AS 37 “Provisions,
various laws prevailing in India. The Holding Company
provisions of the Act and the Rules thereunder, and we have Contingent Liabilities and Contingent Assets",
Opinion has also deposited substantial amounts against
fulfilled our other ethical responsibilities in accordance
We have audited the consolidated financial statements various matters or accounted as receivable from ƒ 
Obtained understanding of the Holding Company's
with these requirements and the Code of Ethics. We believe
of ACC Limited (hereinafter referred to as “the Holding authorities against dispute, which has been classified process and controls to identify and monitor all litigations,
that the audit evidence we have obtained is sufficient and
Company”), its subsidiaries (the Holding Company and as “Duty, taxes paid under protest with Deposits with Including Holding Company's process of assessment
appropriate to provide a basis for our audit opinion on the
its subsidiaries together referred to as “the Group”) its Government authorities against various disputes – of litigations as ‘probable', 'possible' and 'remote' and
consolidated financial statements.
associate, joint ventures and joint operations comprising Other non-current assets” in Note 9. The provisions reporting to the Board of Directors / Audit Committee.
of the consolidated Balance sheet as at March 31, 2025, Emphasis of Matter made against legal matters have been included in
classified as “Other Payables - Other current liability” in ƒ 
Discussed with the management including the
the consolidated Statement of Profit and Loss, including We draw your attention to Note 45 of the accompanying person responsible for legal and compliance to
other comprehensive income, the consolidated Cash Flow Note 26”.
consolidated financial statements which describes the obtain an understanding of the matters involved and
Statement and the consolidated Statement of Changes uncertainty related to the outcome of ongoing litigations Due to the magnitude and complexity involved in development in these matters compared to previous
in Equity for the year then ended, and notes to the with the Competition Commission of India. these matters, management's judgement regarding year. For Significant direct and indirect tax matters and
consolidated financial statements, including a summary recognition, measurement and disclosure of provisions government incentive claims including special incentive,
of significant accounting policies and other explanatory Our opinion is not modified in respect of this matter.
for these legal matters is inherently uncertain and we assessed the management conclusion with the
information (hereinafter referred to as “the consolidated might change over time as the outcome of the support of internal specialists. For claims/matters
Key Audit Matters
financial statements”). legal cases are determined or dispute gets settled. settled during the year based on the orders/management
Key audit matters are those matters that, in our professional
In our opinion and to the best of our information and Accordingly, it has been considered as a key audit assessment, we verified orders/management conclusion,
judgment, were of most significance in our audit of the
according to the explanations given to us and based on matter. as appropriate and verified whether the claims/matters
consolidated financial statements for the financial year
the consideration of reports of other auditors on separate settled were properly accounted for in the books.
ended March 31, 2025. These matters were addressed
financial statements and on the other financial information in the context of our audit of the consolidated financial ƒ Obtained and assessed management conclusion basis
of the subsidiaries, associate, joint ventures and joint statements as a whole, and in forming our opinion thereon, the related documentation / correspondence and
operations, the aforesaid consolidated financial statements and we do not provide a separate opinion on these matters. opinions from external legal experts (where applicable)
give the information required by the Companies Act, 2013, For each matter below, our description of how our audit for other significant legal matters, as provided by
as amended (“the Act”) in the manner so required and give addressed the matter is provided in that context. the management. For incentive claims, reviewed
a true and fair view in conformity with the accounting management assessment for likelihood of recoverability.
principles generally accepted in India, of the consolidated We have determined the matters described below to be
state of affairs of the Group, its associate, joint ventures and the key audit matters to be communicated in our report. ƒ 
Obtained direct legal confirmations for significant
joint operations as at March 31, 2025, their consolidated We have fulfilled the responsibilities described in the matters from external law firms handling such matters
profit including other comprehensive (loss) / income, their Auditor’s responsibilities for the audit of the consolidated to corroborate management conclusions.
consolidated cash flows and the consolidated statement of financial statements section of our report, including in
relation to these matters. Accordingly, our audit included
ƒ 
Assessed the objectivity and competence of the
changes in equity for the year ended on that date. external legal experts / law firms and internal specialist
the performance of procedures designed to respond to
as referred above.
Basis for Opinion our assessment of the risks of material misstatement
We conducted our audit of the consolidated financial of the consolidated financial statements. The results of ƒ Reviewed the disclosures made by the Holding Company
statements in accordance with the Standards on Auditing audit procedures performed by us and by other auditors in the consolidated financial statements.
(SAs), as specified under section 143(10) of the Act. of components not audited by us, as reported by them in
their audit reports furnished to us by the management,
ƒ Obtained necessary representations from
Our responsibilities under those Standards are further the management.
described in the ‘Auditor’s Responsibilities for the Audit including those procedures performed to address the
of the Consolidated Financial Statements’ section of our matters below, provide the basis for our audit opinion on
report. We are independent of the Group, associate, joint the accompanying consolidated financial statements.

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Integrated Annual Report 2024-25

Key audit matters How our audit addressed the key audit matter Key audit matters How our audit addressed the key audit matter
Revenue recognition, including discounts and rebates to Customers (as described in Notes 1.3(I), 1.4(VI), and Business Combination and Purchase of Assets (as described in Notes 1.3(E) and 63 of the consolidated
28 of the consolidated financial statements) financial statements
The Group recognizes revenue upon the transfer of Our audit procedures included the following: During the year the Group has completed acquisition Our audit procedures included:
control of goods to the customer, provided there are accounting of Asian Concretes and Cements Private
no unfulfilled obligations. Revenue is measured at
ƒ We have assessed the Group’s accounting policies Limited and its subsidiary Asian Fine Cements Private
ƒ Read share purchase agreements to obtain an
relating to recognition and measurement revenue, understanding of the transactions and the key terms
the fair value of the consideration received, adjusted Limited which were acquired for a cash consideration
discounts, incentives and rebates by comparing with and conditions.
for discounts, incentives, price concessions, rebates, of I 422.63 crore during previous financial year. Also,
applicable accounting standards.
and other similar adjustments. The timing of revenue during the year, the Group has acquired various parcel ƒ Obtained an understanding of design and implementation
recognition, the determination of when control ƒ We have evaluated the design and implementation of of land for the purpose of developing manufacturing of the Group’s controls over the acquisition accounting
is transferred, and the assessment of unfulfilled the Holding Company’s internal controls over revenue facilities and mining activities which are accounted as process, including the identification and measurement
obligations require significant judgment, particularly recognition, including policies for discounts, rebates, per asset acquisition method as per applicable Ind AS. of identifiable assets and liabilities, the allocation of
given the complexity of sales arrangements (including and incentives, ensuring alignment with Ind AS 115. consideration, and the determination of goodwill, as
We have considered audit and accounting of this
through Master Supply Agreements (MSA)) and the applicable. Understanding the process followed by the
ƒ We have reviewed a sample of sales contracts, the acquisition to be a key audit matter as it requires
varying terms and conditions across different customer Group for assessment and determination of the effective
underlying documentation for discounts, incentives significant management judgement regarding:
agreements. This complexity is further compounded by date and the accounting treatment for the business
and rebates recorded and disbursed during the year
the need to accurately estimate and apply discounts, ƒ Allocation of the purchase price to assets and liabilities combination, including the identification of assets
to assess the timing of transfer of control has been
rebates, and other adjustments to arrive at the fair acquired and adjustments to align accounting policies and liabilities and determination of their provisional
satisfied and verified delivery terms and conditions to
value of consideration in the appropriate period and the of newly acquired entities with the Group. and final fair values and also evaluation of work of
ensure revenue recognition aligns with the transfer of
completeness of the expenses. management experts.
control to customers. ƒ Fair value of the assets acquired (both tangible and
The Holding Company has established commercial intangible) and liabilities assumed as well as allocating ƒ Obtained an understanding of the valuation
policy that sets benchmarks or limits for margins in ƒ We have tested the accuracy and consistency of the consideration transferred between identifiable methodologies used by management and the external
discounts, rebates, and incentives applied to revenue
case of MSA with related parties and for discounts assets, liabilities, and excess of consideration over net valuation experts in the provisional and final fair
transactions. Assessed the reasonableness of
and rebates, within which individual sales regions assets based on fair value was recorded as goodwill. valuation of acquired assets and liabilities.
management’s estimates for measurement of variable
can design and implement their own schemes. This
decentralised approach allows regional sales teams
considerations including in case of MSA transaction ƒ Identification and valuation of intangible assets ƒ We involved valuation specialist and assessed the
with related parties, contractual terms including and unrecognised liabilities assumed through valuation methodology and assumptions such as
flexibility in offering rebates, which may result in
historical trends of payments and reversal of discounts, business combination. discount and long-term growth rates, risk free rate of
variations between regions in terms of the level of
incentives and rebates to provisions made to assess the return and weight average cost of capital.
discounts provided. ƒ Impairment assessment of goodwill as at March 31,
current year accruals.
Given the inherent complexity and judgment involved
2025 using the value-in-use model which is based on ƒ We assessed the competence, capabilities and relevant
in determining the timing of revenue recognition, the ƒ Analysed regional schemes to ensure compliance with the net present value of the forecasted earnings of experience of the experts engaged by management
the Holding Company’s overall commercial policy and the acquired entities. The computation involves using to determine final fair valuation of the assets and
assessment of control transfer, and the estimation
benchmarks. Also, evaluated the impact of sales region certain assumptions, discount rates, growth rates and liabilities acquired.
of discounts and rebates, revenue recognition was
KPIs linked to revenue targets on the application of cash flow forecasts.
identified as a key audit matter. We have assessed the accounting treatment followed by
discounts and rebates, ensuring no undue influence on
revenue recognition.
ƒ Accounting and disclosures in the financial statements the Company for said acquisitions is in accordance with
in accordance with the applicable Ind-AS. the requirements of Ind AS 103 or other applicable Ind
AS and also assessed the compliance of the disclosures
made in note 63 of the consolidated financial statements
with the applicable accounting standards and applicable
financial reporting framework.

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Other Information of the consolidated financial statements by the Board of ƒ Evaluate the appropriateness of accounting policies with them all relationships and other matters that may
The Holding Company’s Board of Directors is responsible Directors of the Holding Company, as aforesaid. used and the reasonableness of accounting estimates reasonably be thought to bear on our independence, and
for the other information. The other information comprises and related disclosures made by management. where applicable, related safeguards.
In preparing the consolidated financial statements, the
the information included in the Annual Report, but does respective Board of Directors of the companies included ƒ Conclude on the appropriateness of management’s From the matters communicated with those charged with
not include the consolidated financial statements and our in the Group and of its associate, joint ventures and joint use of the going concern basis of accounting and, governance, we determine those matters that were of
auditor’s report thereon. operations are responsible for assessing the ability of their based on the audit evidence obtained, whether most significance in the audit of the consolidated financial
Our opinion on the consolidated financial statements does respective company(ies) to continue as a going concern, a material uncertainty exists related to events or statements for the financial year ended March 31, 2025
not cover the other information and we do not express any disclosing, as applicable, matters related to going concern conditions that may cast significant doubt on the and are therefore the key audit matters. We describe these
form of assurance conclusion thereon. and using the going concern basis of accounting unless ability of the Group and its associate, joint ventures matters in our auditor’s report unless law or regulation
management either intends to liquidate the Group or to and joint operations to continue as a going concern. precludes public disclosure about the matter or when, in
In connection with our audit of the consolidated financial cease operations, or has no realistic alternative but to do so. If we conclude that a material uncertainty exists, we extremely rare circumstances, we determine that a matter
statements, our responsibility is to read the other are required to draw attention in our auditor’s report should not be communicated in our report because the
information and, in doing so, consider whether such other Those charged with governance of the respective
to the related disclosures in the consolidated financial adverse consequences of doing so would reasonably
information is materially inconsistent with the consolidated companies included in the Group and of its associate,
statements or, if such disclosures are inadequate, to be expected to outweigh the public interest benefits of
financial statements or our knowledge obtained in the joint ventures and joint operations are also responsible
modify our opinion. Our conclusions are based on the such communication.
audit or otherwise appears to be materially misstated. for overseeing the financial reporting process of their
audit evidence obtained up to the date of our auditor’s
If, based on the work we have performed, we conclude that respective company(ies). Other Matters
report. However, future events or conditions may cause
there is a material misstatement of this other information, the Group and its associate, joint ventures and joint (a) 
We did not audit the financial statements and
Auditor’s Responsibilities for the Audit of the
we are required to report that fact. We have nothing to operations to cease to continue as a going concern. other financial information, in respect of 22
Consolidated Financial Statements
report in this regard. subsidiaries (including step-down subsidiaries and
Our objectives are to obtain reasonable assurance about ƒ Evaluate the overall presentation, structure and content 4 joint operations of a subsidiary), whose financial
Responsibilities of Management and Those whether the consolidated financial statements as a whole of the consolidated financial statements, including the
statements include total assets of I 1,097.60 crore
Charged with Governance for the Consolidated are free from material misstatement, whether due to fraud disclosures, and whether the consolidated financial
as at March 31, 2025, and total revenues of I 392.58
Financial Statements or error, and to issue an auditor’s report that includes statements represent the underlying transactions and
crore and net cash inflows of I 4.13 crore for the
The Holding Company’s Board of Directors is responsible our opinion. Reasonable assurance is a high level of events in a manner that achieves fair presentation.
year ended on that date. These financial statement
for the preparation and presentation of these consolidated assurance, but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material
ƒ Obtain sufficient appropriate audit evidence regarding and other financial information have been audited
financial statements in terms of the requirements of the Act the financial information of the entities or business by other auditors, which financial statements, other
that give a true and fair view of the consolidated financial misstatement when it exists. Misstatements can arise from
activities within the Group and its associate, joint financial information and auditor’s reports have been
position, consolidated financial performance including fraud or error and are considered material if, individually
ventures and joint operations of which we are the furnished to us by the management.
other comprehensive (loss) / income, consolidated cash or in the aggregate, they could reasonably be expected to
independent auditors, to express an opinion on the
flows and consolidated statement of changes in equity influence the economic decisions of users taken on the (b) The consolidated financial statements also include
consolidated financial statements. We are responsible
of the Group including its associate, joint ventures and basis of these consolidated financial statements. the Group’s share of net profit of I 1.87 crore for
for the direction, supervision and performance of the
joint operations in accordance with the accounting the year ended March 31, 2025, as considered in
As part of an audit in accordance with SAs, we exercise audit of the financial statements of such entities
principles generally accepted in India, including the Indian the consolidated financial statements, in respect
professional judgment and maintain professional included in the consolidated financial statements
Accounting Standards (Ind AS) specified under section 133 of 1 associate and 2 joint ventures, whose financial
skepticism throughout the audit. We also: of which we are the independent auditors. For the
of the Act read with the Companies (Indian Accounting statements, other financial information have been
other entities included in the consolidated financial
Standards) Rules, 2015, as amended. The respective Board ƒ Identify and assess the risks of material misstatement statements, which have been audited by other
audited by other auditors and whose reports have
of Directors of the companies included in the Group and of the consolidated financial statements, whether due been furnished to us by the Management. Our opinion
auditors, such other auditors remain responsible for the
of its associate, joint ventures and joint operations are to fraud or error, design and perform audit procedures on the consolidated financial statements, in so far as
direction, supervision and performance of the audits
responsible for maintenance of adequate accounting responsive to those risks, and obtain audit evidence it relates to the amounts and disclosures included
carried out by them. We remain solely responsible for
records in accordance with the provisions of the Act for that is sufficient and appropriate to provide a basis in respect of these subsidiaries, associate and joint
our audit opinion.
safeguarding of the assets of their respective company(ies) for our opinion. The risk of not detecting a material ventures and our report in terms of sub-sections (3)
and for preventing and detecting frauds and other misstatement resulting from fraud is higher than for We communicate with those charged with governance of of Section 143 of the Act, in so far as it relates to the
irregularities; selection and application of appropriate one resulting from error, as fraud may involve collusion, the Holding Company and such other entities included in aforesaid subsidiaries, associate, joint ventures and
accounting policies; making judgments and estimates that forgery, intentional omissions, misrepresentations, or the consolidated financial statements of which we are the joint operations, is based solely on the reports of such
are reasonable and prudent; and the design, implementation the override of internal control. independent auditors regarding, among other matters, the other auditors.
and maintenance of adequate internal financial controls, planned scope and timing of the audit and significant audit
ƒ Obtain an understanding of internal control relevant to findings, including any significant deficiencies in internal
Our opinion above on the consolidated financial statements,
that were operating effectively for ensuring the accuracy the audit in order to design audit procedures that are and our report on Other Legal and Regulatory Requirements
and completeness of the accounting records, relevant control that we identify during our audit.
appropriate in the circumstances. Under section 143(3) below, is not modified in respect of the above matters with
to the preparation and presentation of the consolidated (i) of the Act, we are also responsible for expressing our We also provide those charged with governance with a respect to our reliance on the work done and the reports of
financial statements that give a true and fair view and are opinion on whether the Holding Company has adequate statement that we have complied with relevant ethical the other auditors and the financial statements and other
free from material misstatement, whether due to fraud or internal financial controls with reference to financial requirements regarding independence, and to communicate financial information certified by the Management.
error, which have been used for the purpose of preparation statements in place and the operating effectiveness
of such controls.

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Report on Other Legal and Regulatory (e) 

On the basis of the written representations other financial information of the subsidiaries, financial statements – Refer Note 45 to the
Requirements received from the directors of the Holding associate, joint ventures and joint operations, as consolidated financial statements;
1. As required by the Companies (Auditor’s Report) Order, Company as on March 31, 2025 taken on record noted in the ‘Other matter’ paragraph:
ii. The Group, its associate, joint ventures and
2020 (“the Order”), issued by the Central Government by the Board of Directors of the Holding Company
i. 
The consolidated financial statements joint operations did not have any material
of India in terms of sub-section (11) of section 143 of and the reports of the statutory auditors who
disclose the impact of pending litigations foreseeable losses in long-term contracts
the Act, based on our audit and on the consideration are appointed under Section 139 of the Act, of
on its consolidated financial position of including derivative contracts during the
of report of the other auditors on separate financial its subsidiary companies, associate companies,
the Group, its associate, joint ventures year ended March 31, 2025;
statements and the other financial information of the joint ventures and joint operations, none of the
and joint operations in its consolidated
subsidiary companies, associate and joint ventures directors of the Group’s companies, its associate,
companies, incorporated in India, as noted in the joint ventures and joint operations, incorporated iii. Following are the instances of delay in transferring amounts, required to be transferred, to the Investor
‘Other Matter’ paragraph, we give in “Annexure 1” a in India, is disqualified as on March 31, 2025 from Education and Protection Fund (IEPF) by the Holding Company
statement on the matters specified in paragraph being appointed as a director in terms of Section
164 (2) of the Act; Amount
3(xxi) of the Order. Date of Number of
Nature of delay Due date involved
(f) The modification relating to the maintenance of payment days of delays
2. As required by Section 143(3) of the Act, based on our (In crore)
audit and on the consideration of report of the other accounts and other matters connected therewith
Delay in depositing dividend declared September 21, October 21, 30 1.63
auditors on separate financial statements and the are as stated in paragraph (b) above on reporting
for year ended December 31, 2017 to 2024 2024
other financial information of subsidiaries, associate, under Section 143(3)(b) and in sub-clause 2(i)
IEPF
joint ventures and joint operations, as noted in the (vi) below on reporting under Rule 11(g) of the
‘other matter’ paragraph we report, to the extent Companies (Audit and Auditor’s) Rules;  There were no amounts which were required joint ventures and joint operations which are
applicable, that: to be transferred to the Investor Education and companies incorporated in India whose financial
(g) With respect to the adequacy of the internal
Protection Fund by subsidiaries, associate, joint statements have been audited under the Act
(a) We/the other auditors whose report we have financial controls with reference to consolidated
ventures and joint operations, incorporated in have represented to us and the other auditors of
relied upon have sought and obtained all the financial statements of the Holding Company
India during the year ended March 31, 2025. such subsidiaries, associate, joint ventures and
information and explanations which to the best and its subsidiary companies, associate , joint
joint operations respectively that, to the best of
of our knowledge and belief were necessary ventures and joint operations, incorporated iv. a) The respective managements of the Holding
its knowledge and belief, other than as disclosed
for the purposes of our audit of the aforesaid in India, and the operating effectiveness of Company and its subsidiaries, associate,
in the note 64(6) to the consolidated financial
consolidated financial statements; such controls, refer to our separate Report in joint ventures and joint operations which are
statements, no funds have been received by
“Annexure 2” to this report; companies incorporated in India whose financial
(b) 
In our opinion, proper books of account as the respective Holding Company or any of such
statements have been audited under the Act
required by law relating to preparation of (h) 
The Holding Company has not paid any subsidiaries, associate, joint ventures and joint
have represented to us and the other auditors
the aforesaid consolidation of the financial managerial remunerations to its directors and operations from any persons or entities, including
of such subsidiaries, associate, joint ventures
statements have been kept so far as it appears thus, the provisions of section 197 read with foreign entities (“Funding Parties”), with the
and joint operations respectively that, to the
from our examination of those books and reports Schedule V to the Act are not applicable to the understanding, whether recorded in writing or
best of its knowledge and belief, other than as
of the other auditors except for the matters Company for the year ended on March 31, 2025. otherwise, that the Holding Company or any
disclosed in the note 63(b) and 64(5) to the
stated in sub-clause 2(i)(vi) below on reporting Based on the consideration of reports of other of such subsidiaries, associate, joint ventures
consolidated financial statements, no funds have
under Rule 11(g) of the Companies (Audit and statutory auditors of the subsidiaries, associate, and joint operations shall, whether, directly
been advanced or loaned or invested (either from
Auditor’s) Rules, 2014; joint ventures and joint operations incorporated or indirectly, lend or invest in other persons or
borrowed funds or share premium or any other
in India whose financial statements have been entities identified in any manner whatsoever
(c) The Consolidated Balance Sheet, the Consolidated sources or kind of funds) by the Holding Company
audited, such subsidiary companies, associate, by or on behalf of the Funding Party (“Ultimate
Statement of Profit and Loss including the or any of such subsidiaries, associate, joint
joint ventures and joint operations have not paid Beneficiaries”) or provide any guarantee,
Statement of Other Comprehensive (loss) / ventures and joint operations to or in any other
any managerial remuneration to its directors security or the like on behalf of the Ultimate
Income, the Consolidated Cash Flow Statement persons or entities, including foreign entities
and thus, the provisions of section 197 read with Beneficiaries; and
and Consolidated Statement of Changes in (“Intermediaries”), with the understanding,
Schedule V of the Act are not applicable to these
Equity dealt with by this Report are in agreement whether recorded in writing or otherwise, c) Based on the audit procedures that have been
subsidiaries , associate, joint ventures and joint
with the books of account maintained for the that the Intermediary shall, whether, directly considered reasonable and appropriate in
operations for the year ended March 31, 2025;
purpose of preparation of the consolidated or indirectly lend or invest in other persons or the circumstances performed by us and that
financial statements; (i) With respect to the other matters to be included entities identified in any manner whatsoever by performed by the auditors of the subsidiaries,
in the Auditor’s Report in accordance with or on behalf of the respective Holding Company or associate, joint ventures and joint operations
(d) 
In our opinion, the aforesaid consolidated Rule 11 of the Companies (Audit and Auditors) any of such subsidiaries, associate, joint ventures which are companies incorporated in India whose
financial statements comply with the Accounting Rules, 2014, as amended, in our opinion and to and joint operations (“Ultimate Beneficiaries”) or financial statements have been audited under the
Standards specified under Section 133 of the the best of our information and according to provide any guarantee, security or the like on Act, nothing has come to our or other auditor’s
Act, read with Companies (Indian Accounting the explanations given to us and based on the behalf of the Ultimate Beneficiaries; notice that has caused us or the other auditors to
Standards) Rules, 2015, as amended; consideration of the report of the other auditors believe that the representations under sub-clause
b) The respective managements of the Holding
on separate financial statements as also the (a) and (b) contain any material mis-statement.
Company and its subsidiaries, associate,

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ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

v) The final dividend paid by the Holding Company, its

associate and joint venture incorporated in India
for certain direct changes to database when using
certain privileged / administrative access rights Annexure ‘1’
during the year in respect of the same declared for the which got stabilized and enabled from March 25, referred to in paragraph under the heading “Report on other legal and regulatory requirements” of our report of even date
previous year is in accordance with section 123 of the 2025, as described in note 65 to the consolidated Re: ACC Limited (“the Holding Company”)
Act to the extent it applies to payment of dividend. financial statements.
In terms of the information and explanations sought by us and given by the Holding Company and the books of account
The interim dividend declared and paid during the year Further, during the course of our audit we and and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:
by an associate and a joint venture incorporated in respective auditors of the above referred subsidiaries,
India and until the date of the respective audit reports associate, joint ventures and joint operations did not (i) In terms of the information and explanations sought by us and given by the Holding Company and the books of
of such associate and joint venture is in accordance come across any instance of audit trail feature being account and records examined by us in the normal course of audit and on the consideration of report of the other
with section 123 of the Act. tampered with in respect of the accounting software auditors on separate financial statements and the other financial information of the subsidiary companies, associate,
where audit trail was enabled. joint ventures and joint operations companies, incorporated in India and to the best of our knowledge and belief, we
As stated in note 57 to the consolidated financial state the following qualifications or adverse remarks by the respective auditors in the Companies (Auditors Report)
statements, the Holding Company and its joint Additionally, the audit trail of relevant prior years has Order (CARO) reports of the companies included in the consolidated financial statements are:
venture has proposed final dividend for the year been preserved for record retention to the extent
which is subject to the approval of the members of the it was enabled and recorded in those respective Sr
Name CIN Relationship CARO Clause
respective companies at the ensuing Annual General years by the Holding Company and the above No.
Meeting. The dividend declared is in accordance referred subsidiaries, associate, joint ventures and 1 ACC Limited L26940MH1936PLC002515 Holding Company (i) (c) & (iii) (c)
with section 123 of the Act to the extent it applies to joint operations as per the statutory requirements 2 Bulk Cement Corporation India U99999MH1992PLC066679 Subsidiary (vii) (a)
declaration of dividend. for record retention, as described in note 65 to the Limited
consolidated financial statements.
vi) Based on our examination which included test checks 3 ACC Mineral Resources Limited U10100MH1930PLC001612 Subsidiary (iii) (c) & (iii)(d)
and that performed by the respective auditors of 4 ACC Concrete South Limited U23952GJ2023PLC145070 Subsidiary (vii) (a)
the subsidiaries, associate, joint ventures and joint For S R B C & CO LLP
Chartered Accountants 5 Asian Concretes and Cements U26940CH2009PTC031641 Subsidiary (i) (c)
operations which are companies incorporated in India
ICAI Firm Registration Number: 324982E/E300003 Private Limited
whose financial statements have been audited under
the Act, except for 15 step-down subsidiaries acquired
For S R B C & CO LLP
during the year, the Holding Company, subsidiaries, per Santosh Agarwal
Chartered Accountants
associate, joint ventures and joint operations have Partner
ICAI Firm Registration Number: 324982E/E300003
used accounting software for maintaining its books Membership Number: 093669
of account which has a feature of recording audit trail UDIN: 25093669BMJBGP8677
(edit log) facility, the same has operated throughout per Santosh Agarwal
Place of Signature: Ahmedabad, Gujarat Partner
the year for all relevant transactions recorded in the
Date: April 24, 2025 Membership Number: 093669
software, except the audit trail feature is enabled,
UDIN: 25093669BMJBGP8677

Place of Signature: Ahmedabad, Gujarat

Date: April 24, 2025

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Integrated Annual Report 2024-25

Annexure 2 Inherent Limitations of Internal Financial

Controls With Reference to Consolidated
by the Holding Company considering the essential
components of internal control stated in the Guidance
to the Independent Auditor’s Report of even date on the Consolidated Financial Statements of ACC Limited Financial Statements Note issued by the ICAI.

Because of the inherent limitations of internal financial

Report on the Internal Financial Controls under Clause (i) reference to consolidated financial statements was Other Matters
controls with reference to consolidated financial
of Sub-section 3 of Section 143 of the Companies Act, established and maintained and if such controls operated statements, including the possibility of collusion or Our report under Section 143(3)(i) of the Act on the
2013 (“the Act”) effectively in all material respects. improper management override of controls, material adequacy and operating effectiveness of the internal
misstatements due to error or fraud may occur and not be financial controls with reference to consolidated financial
In conjunction with our audit of the consolidated financial Our audit involves performing procedures to obtain audit
detected. Also, projections of any evaluation of the internal statements, in so far as it relates to 22 subsidiaries, 1
statements of ACC Limited (hereinafter referred to as the evidence about the adequacy of the internal financial
financial controls with reference to consolidated financial associate and 2 joint ventures, which are companies
“Holding Company”) as of and for the year ended March 31, controls with reference to consolidated financial
statements to future periods are subject to the risk that the incorporated in India, is based on the corresponding
2025, we have audited the internal financial controls statements and their operating effectiveness. Our audit of
internal financial controls with reference to consolidated reports of the auditors of such subsidiaries, associate and
with reference to consolidated financial statements of internal financial controls with reference to consolidated
financial statements may become inadequate because of joint ventures incorporated in India.
the Holding Company and its subsidiaries (the Holding financial statements included obtaining an understanding
Company and its subsidiaries together referred to as “the of internal financial controls with reference to consolidated changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate. For S R B C & CO LLP
Group”) , its associate, joint operations and joint ventures, financial statements, assessing the risk that a material
Chartered Accountants
which are companies incorporated in India, as of that date. weakness exists, and testing and evaluating the design
Opinion ICAI Firm Registration Number: 324982E/E300003
and operating effectiveness of internal control based on
Management’s Responsibility for Internal the assessed risk. The procedures selected depend on In our opinion, the Group, its associate, joint ventures and
Financial Controls the auditor’s judgement, including the assessment of the joint operations, which are companies incorporated in per Santosh Agarwal
risks of material misstatement of the financial statements, India, have, maintained in all material respects, adequate Partner
The respective Board of Directors of the companies
whether due to fraud or error. internal financial controls with reference to consolidated Membership Number: 093669
included in the Group, its associate, joint ventures and
financial statements and such internal financial controls UDIN: 25093669BMJBGP8677
joint operations, which are companies incorporated in We believe that the audit evidence we have obtained and
India, are responsible for establishing and maintaining with reference to consolidated financial statements were Place of Signature: Ahmedabad, Gujarat
the audit evidence obtained by the other auditors in terms
internal financial controls based on the internal control operating effectively as at March 31, 2025, based on the Date: April 24, 2025
of their reports referred to in the Other Matters paragraph
over financial reporting criteria established by the Holding internal control over financial reporting criteria established
below, is sufficient and appropriate to provide a basis for
Company considering the essential components of internal our audit opinion on the internal financial controls with
control stated in the Guidance Note on Audit of Internal reference to consolidated financial statements.
Financial Controls Over Financial Reporting issued by
the Institute of Chartered Accountants of India (ICAI). Meaning of Internal Financial Controls
These responsibilities include the design, implementation With Reference to Consolidated Financial
and maintenance of adequate internal financial controls Statements
that were operating effectively for ensuring the orderly and
A company's internal financial control with reference to
efficient conduct of its business, including adherence to
consolidated financial statements is a process designed
the respective company’s policies, the safeguarding of its
to provide reasonable assurance regarding the reliability
assets, the prevention and detection of frauds and errors,
of financial reporting and the preparation of financial
the accuracy and completeness of the accounting records,
statements for external purposes in accordance with
and the timely preparation of reliable financial information,
generally accepted accounting principles. A company's
as required under the Companies Act, 2013.
internal financial control with reference to consolidated
financial statements includes those policies and
Auditor’s Responsibility
procedures that (1) pertain to the maintenance of records
Our responsibility is to express an opinion on the Holding that, in reasonable detail, accurately and fairly reflect the
Company's internal financial controls with reference to transactions and dispositions of the assets of the company;
consolidated financial statements based on our audit. (2) provide reasonable assurance that transactions are
We conducted our audit in accordance with the Guidance recorded as necessary to permit preparation of financial
Note on Audit of Internal Financial Controls Over Financial statements in accordance with generally accepted
Reporting (the “Guidance Note”) and the Standards on accounting principles, and that receipts and expenditures
Auditing, specified under section 143(10) of the Act, to the of the company are being made only in accordance with
extent applicable to an audit of internal financial controls, authorisations of management and directors of the
both, issued by ICAI. Those Standards and the Guidance company; and (3) provide reasonable assurance regarding
Note require that we comply with ethical requirements and prevention or timely detection of unauthorised acquisition,
plan and perform the audit to obtain reasonable assurance use, or disposition of the company's assets that could have
about whether adequate internal financial controls with a material effect on the financial statements.

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Integrated Annual Report 2024-25

Consolidated Balance Sheet Consolidated Statement of Profit and Loss

as at March 31, 2025 for the period ended March 31, 2025

I in crore I in crore
As at As at For the Year ended For the Year ended
Particulars Notes Particulars Notes
March 31, 2025 March 31, 2024# March 31, 2025 March 31, 2024#
A. ASSETS 1 INCOME
1) Non-current assets a) Revenue from operations 28 20,789.10 19,681.01
a) Property, plant and equipment 2 9,013.17 8,835.37 b) Government Grants including duty credits/refunds 29 973.21 277.91
b) Right of use assets 3 1,092.48 445.08 c) Other income 30 1,072.43 492.85
c) Capital work-in-progress 2 2,061.48 985.81 Total Income (a+b+c) 22,834.74 20,451.77
d) Other Intangible assets 4 329.18 330.73 2 EXPENSES
e) Goodwill 58 394.63 396.19 a) Cost of materials consumed 31 4,019.37 3,384.77
f) Financial assets b) Purchases of stock-in-trade 32 4,079.73 2,663.42
(i) Investments in associates and joint ventures 5 33.45 33.46 c) Changes in inventories of finished goods and work-in-progress 33 146.75 34.37
(ii) Investments 6 17.01 18.40
d) Employee benefits expense 34 717.75 737.20
(iii) Loans 7 4.82 6.46
e) Finance costs 35 108.22 154.58
(iv) Other financial assets 8 1,787.22 985.81
f) Depreciation and amortisation expense (net) 36 1,001.31 885.05
g) Non-current tax assets (Net) 714.51 985.58
h) Other non-current assets 9 820.35 618.74 g) Power and fuel 3,505.41 4,003.00
Total Non-current assets 16,268.30 13,641.63 h) Freight and forwarding expense 37 4,183.88 4,170.39
2) Current assets i) Other expenses 38 2,054.92 1,910.79
a) Inventories 10 1,925.42 1,868.55 19,817.34 17,943.57
b) Financial assets j) Captive consumption of cement (6.86) (6.68)
(i) Investments 11 1,458.46 758.69 TOTAL EXPENSES 19,810.48 17,936.89
(ii) Trade receivables 12 1,162.91 827.50 3 Profit before share of profit of associates and joint ventures, exceptional 3,024.26 2,514.88
(iii) Cash and cash equivalents 13 1,050.69 1,603.95 items and tax (1-2)
(iv) Bank balances other than cash and cash equivalents 14 598.58 258.92 4 Share of profit of associate and joint ventures 40 2.79 12.92
(v) Loans 15 5.33 3.60 5 Profit before exceptional items and tax (3+4) 3,027.05 2,527.80
(vi) Other financial assets 16 1,212.82 2,867.40 6 Exceptional items- Income 60 (99.73) (229.56)
c) Other current assets 17 1,723.44 1,515.65 7 Profit before tax (5-6) 3,126.78 2,757.36
Total Current assets 9,137.65 9,704.26 8 Tax expense 22
3) Non-current assets classified as held for sale 18 6.66 21.85 a) Current tax, net 694.36 553.54
9,144.31 9,726.11 b) Tax relating to earlier years (net) 7.71 (167.73)
TOTAL - ASSETS 25,412.61 23,367.74 c) Deferred tax charge 22.44 36.47
B. EQUITY AND LIABILITIES Total tax expenses 724.51 422.28
Equity 9 Profit after tax (7-8) 2,402.27 2,335.08
a) Equity share capital 19 187.99 187.99 10 Other comprehensive (loss)/income (OCI)
b) Other equity 20 18,366.85 16,140.23 (i) Items that will not be reclassified to profit and loss in subsequent period:
Equity attributable to owners of the parent 18,554.84 16,328.22 (a) Re-measurement (loss)/gain on defined benefit plans 42 (46.30) 37.79
Non-controlling interest 3.79 3.64 (ii) Income tax effect on (a) above 22 11.65 (9.58)
Total Equity 18,558.63 16,331.86
(b) Share of Re-measurement (loss) on defined benefit plans of (0.01) (0.16)
Liabilities
associates and joint ventures (net of tax)
1) Non-current liabilities
a) Financial liabilities Other comprehensive (loss)/income for the year, (net of tax) (34.66) 28.05
Lease liabilities 43 280.89 223.76 11 Total comprehensive income for the year (net of tax) (9+10) 2,367.61 2,363.13
b) Provisions 21 140.57 151.67 12 Profit attributable to:
c) Deferred tax liabilities (Net) 22 609.22 563.61 Owners of the Holding Company 2,402.12 2,334.92
d) Other non current liabilities 23 155.15 - Non-controlling interests 0.15 0.16
Total Non-current liabilities 1,185.83 939.04 Profit for the year 2,402.27 2,335.08
2) Current liabilities 13 Other comprehensive (loss)/income attributable to:
a) Financial liabilities Owners of the Holding Company (34.66) 28.05
(i) Lease liabilities 43 148.88 131.09 Non-controlling interests - -
(ii) Trade payables Other comprehensive (loss)/income (34.66) 28.05
Total outstanding dues of micro and small enterprises 24,49 273.43 395.67 14 Total comprehensive income attributable to:
Total outstanding dues of creditors other than micro and small 24 1,364.87 1,456.88 Owners of the Holding Company 2,367.46 2,362.97
enterprises Non-controlling interests 0.15 0.16
(iii) Other financial liabilities 25 1,366.27 1,333.45 Total comprehensive income 2,367.61 2,363.13
b) Other current liabilities 26 1,458.92 1,846.84 15 Earnings per equity share attributable to equity shareholders of the Holding 39
c) Provisions 27 14.61 12.13 Company of I10 each:
d) Current tax liabilities (net) 1,041.17 920.78 (a) Basic I 127.92 124.34
Total - current liabilities 5,668.15 6,096.84 (b) Diluted I 127.57 124.01
Total - Liabilities 6,853.98 7,035.88 #Restated 63 (d)
TOTAL - EQUITY AND LIABILITIES 25,412.61 23,367.74
The accompanying notes are an integral part of these consolidated financial
#Restated 63 (d)
statements
The accompanying notes are an integral part of these consolidated financial statements

As per our report of even date attached For and on behalf of the Board of Directors of ACC Limited, As per our report of even date attached For and on behalf of the Board of Directors of ACC Limited,

For S R B C & CO LLP KARAN ADANI VINOD BAHETY For S R B C & CO LLP KARAN ADANI VINOD BAHETY
Chartered Accountants Chairman Wholetime Director & Chief Executive Officer Chartered Accountants Chairman Wholetime Director & Chief Executive Officer
ICAI Firm Registration No. 324982E/E300003 DIN: 03088095 DIN:09192400 ICAI Firm Registration No. 324982E/E300003 DIN: 03088095 DIN:09192400

per Santosh Agarwal BHAVIK PARIKH RAKESH KUMAR TIWARY per Santosh Agarwal BHAVIK PARIKH RAKESH KUMAR TIWARY
Partner Company Secretary Chief Financial Officer Partner Company Secretary Chief Financial Officer
Membership No. 093669 Membership No. A40719 Membership No. 093669 Membership No. A40719

Ahmedabad Ahmedabad Ahmedabad Ahmedabad

Date: April 24, 2025 Date: April 24, 2025 Date: April 24, 2025 Date: April 24, 2025

464 465
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Consolidated Statement of Cash Flow Consolidated Statement of Cash Flow

for the year ended March 31, 2025 for the year ended March 31, 2025

I in crore I in crore
For the Year ended For the Year ended For the Year ended For the Year ended
Particulars Particulars
March 31, 2025 March 31, 2024# March 31, 2025 March 31, 2024#
A. Cash flows from operating activities C. Cash flows from financing activities
Profit before tax 3,126.78 2,757.36 Repayment of Non-current borrowing (15.33) -
Adjustments to reconcile profit before tax to net cash flows: Finance Cost paid (98.95) (143.30)
Depreciation and amortisation expense (net) 1,001.31 885.05 Payment of principal portion of lease liabilities (745.37) (124.51)
(Profit) on sale /loss on write off of Property, plant and equipment and (23.63) (8.44) Dividend paid (142.61) (175.34)
other intangible assets (net) Net cash flows (used in) financing activities (1,002.26) (443.15)
Gain on termination / completion of leases (1.34) (1.19) Net (decrease) / increase in cash and cash equivalents (568.09) 1,306.87
Gain on sale of current financial assets measured at FVTPL (58.24) (18.78) Add: Cash and cash equivalents at the beginning of the year 1,603.95 256.63
Exceptional items (Refer Note -60) (99.73) (229.56) Add: Cash and cash equivalents related to entity acquired during the year 4.16 35.46
Interest income (Refer note -22 (1)) (959.54) (452.09) (Refer note 63)
Finance costs 108.22 154.58 Add: Adjustment for gain on fair valuation of liquid mutual funds measured at 10.67 4.99
Expected credit losses on trade receivables (net) 7.49 21.18 FVTPL (net)
Cash and cash equivalents at the end of the year 1,050.69 1,603.95
Provision for slow and non moving stores & spares (net) 9.98 2.26
Provision no longer required written back - (42.93) #Restated 63 (d)
Net gain on fair valuation of liquid mutual funds measured at FVTPL (7.18) (12.35) * includes payment / contribution towards Corporate Social Responsibility of I 42.85 crore (March 31, 2024 I 37.49 crore).
Fair value losses in derivative instruments 0.07 0.63 Note:
Other non-cash items (1.30) - 1) Disclosure of changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes under
Para 44A as set out in Ind AS 7 “Statement of Cash flows” under Companies (Indian Accounting Standards) Rules, 2017 (as amended) is as under.
Share of profit in associates and joint ventures (2.79) (12.92)
I in crore
Unrealised exchange (gain) / loss (net) (1.16) 1.12
Operating profit before working capital changes 3,098.94 3,043.92 Cash flow changes Non-cash flow changes
On
Changes in working capital: Change in Acquisition
As at Payment Payment As at
Adjustments for decrease / (increase) in operating assets: Lease fair values/ of
Particulars April 01, of Interest of principal Repayment
additions Unwinding March 31,
Inventories (66.85) (222.41)
2024 portion portion of subsidiaries
2025
during the charges/ Accrual (Refer note
Trade receivable (342.90) 38.64 of lease of lease borrowings
year of interest on
liabilities liabilities 63 b)
Other financial assets (274.98) (463.08) lease liabilites
Other assets (336.90) 919.94 Non-current borrowings - - - (15.33) - - 15.33 -
Adjustments for increase / (decrease) in operating liabilities:
Lease Liabilities (Refer - (43.56) (745.37) - 851.86 11.99 - 74.92
Trade payables (214.92) 392.69 Note 43)
Provision (61.04) 6.46
Total - (43.56) (745.37) (15.33) 851.86 11.99 15.33 74.92
Other financial liabilities 6.40 (58.68)
I in crore
Other liabilities (4.46) (480.46)
Cash generated from operations 1,803.29 3,177.02 Cash flow changes Non-cash flow changes
As at As at
Income taxes paid (Net of refunds) (Refer note 22) (91.81) (181.91) Payment Payment
Lease
Change in fair values/
Particulars April 01, of Interest of principal Unwinding charges/ March 31,
Net cash flows generated from operating activities* 1,711.48 2,995.11
2023 additions
portion of portion of Accrual of interest on 2024
B. Cash flow from investing activities during the year
lease liabilities lease liabilities lease liabilites
Payment made on purchase of Property, plant and equipment and other (1,968.44) (1,394.80)
Intangible assets (Including capital work-in-progress, capital advances Non-current borrowings - - - - - -
and capital creditors) Lease Liabilities (Refer Note 43) 153.04 (38.50) (124.51) 359.44 5.38 354.85
Payment made towards acquisition of equity shares of Subsidiary (298.61) (422.63) Total 153.04 (38.50) (124.51) 359.44 5.38 354.85
Companies (Refer note 63)
2) The above cash flows statement has been prepared under the "Indirect Method" set out in Indian Accounting Standard (Ind AS 7) "Statement of
Proceeds from sale of Property, plant and equipment and other 15.31 45.85
Cash Flows" prescribed under section 133 of the Companies Act, 2013.
intangible assets
The accompanying notes are an integral part of these consolidated financial statements
Investments in government securities (net) (706.92) (751.33)
Proceeds on sale of units of Mutual Funds (net) 59.59 18.78 As per our report of even date attached For and on behalf of the Board of Directors of ACC Limited,
Redemption of bank and margin money deposits (having original 1,251.80 739.18 For S R B C & CO LLP KARAN ADANI VINOD BAHETY
maturity for more than 3 months) Chartered Accountants Chairman Wholetime Director & Chief Executive Officer
ICAI Firm Registration No. 324982E/E300003 DIN: 03088095 DIN:09192400
Dividend received from Associate / Joint venture 2.79 7.99
Interest received 367.17 511.87 per Santosh Agarwal BHAVIK PARIKH RAKESH KUMAR TIWARY
Partner Company Secretary Chief Financial Officer
Net cash flows (used in) investing activities (1,277.31) (1,245.09) Membership No. 093669 Membership No. A40719

Ahmedabad Ahmedabad
Date: April 24, 2025 Date: April 24, 2025

466 467
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Consolidated Statement of Changes in Equity Notes to Consolidated financial statements

for the year ended March 31, 2025 as at and for the year ended March 31, 2025

A. Equity share capital and Other equity 1 Corporate Information The consolidated financial statements have been
prepared on going concern basis using historical cost,
For the Year ended March 31, 2025 ACC Limited (the “Holding Company”, or “Parent
except for the following assets and liabilities which
Company” or “ACC”) is a public limited company
I in crore have been measured at fair value:
Equity Share Capital
domiciled in India and is incorporated under the
Reserves and surplus (Refer Note - 20) #
(Refer Note - 19) Total provisions of the Companies Act applicable in India. 1) Derivative financial instruments,
Attributable
Capital attributable Its shares are listed on National Stock Exchange
to non-
Particulars contribution to owners of
controlling
Total 2) Certain financial assets and liabilities measured
No. of Share Amount
Securities General
from
Retained the Holding (NSE) and Bombay Stock Exchange (BSE) in India.
premium reserve earnings interest at fair value (refer accounting policy regarding
erstwhile Company During the previous year, the Holding Company has
parent financial instruments) and
changed it’s registered office to Adani Corporate
As at April 01, 2024 18,77,87,263 187.99 845.03 2,796.78 10.73 12,487.69 16,140.23 3.64 16,143.87
Profit for the year - - - - - 2,402.12 2,402.12 0.15 2,402.27
House, Shantigram, Near Vaishnav Devi Circle, S.G. 3) 
Defined Benefit Plan’s – Plan Assets
Other Comprehensive (loss) for - - - - - (34.66) (34.66) - (34.66) Highway, Khodiyar, Ahmedabad, Gujarat 382421 measured at fair value.
the year (net of tax) from Cement House 121, Maharshi Karve Road,
Total comprehensive income - - - - - 2,367.46 2,367.46 0.15 2,367.61 Consolidated financial statements are presented in
Mumbai 400020, India.
for the year (I) (Indian Rupees) which is the functional currency
Dividend paid (Refer Note - 57) - - - - - (140.84) (140.84) - (140.84)
The Holding Company’s CIN : L26940GJ1936PLC149771. of the Holding company, and all values are rounded
As at March 31, 2025 18,77,87,263 187.99 845.03 2,796.78 10.73 14,714.31 18,366.85 3.79 18,370.64
off to two decimals to the nearest crore as per the
The Holding Company, together with its subsidiaries,
For the Year ended March 31, 2024 requirement of Schedule III to the Companies Act,
joint ventures and associate, currently has multiple
2013, except where otherwise indicated..
I in crore cement projects located at various locations with
Equity Share Capital a combined installed and commissioned cement The consolidated financial statements provide
Reserves and surplus (Refer Note - 20) #
Total
(Refer Note - 19)
Capital
attributable Attributable capacity of 38.55 MTPA as of March 31, 2025. comparative information in respect of the previous
to owners to Non-
Particulars contribution of the controlling
Total period. The accounting policies are applied
No. of Share Amount
Securities General
from
Retained The consolidated financial statements comprise the
premium reserve earnings Holding interest consistently to all the periods presented in the
erstwhile Company financial statements of the Holding Company and its
parent consolidated financial statements.
subsidiaries including its joint operations (the Holding
As at April 01, 2023 18,77,87,263 187.99 845.03 2,796.78 10.25 10,298.42 13,950.48 3.48 13,953.96
Profit for the year - - - - - 2,334.92 2,334.92 0.16 2,335.08
Company and its subsidiaries together referred to as Basis of consolidation
Other Comprehensive Income - - - - - 28.05 28.05 - 28.05 “the Group”), its associate and joint ventures.
for the year (net of tax) Subsidiaries:
Total comprehensive income - - - - - 2,362.97 2,362.97 0.16 2,363.13 The Group's principal activity is to manufacture and
I. The consolidated financial statements comprise
for the year market cement, ready mix concrete and cement
Other Adjustments - - - - 0.48 - 0.48 - 0.48 the financial statements of the Holding Company
related products.
Dividend paid (Refer Note - 57) - - - - - (173.70) (173.70) - (173.70) and its subsidiaries including its joint operations
As at March 31, 2024 18,77,87,263 187.99 845.03 2,796.78 10.73 12,487.69 16,140.23 3.64 16,143.87 Information on the Group’s structure is provided in as at March 31, 2025.
#Restated 63 (d) Note - 40. Information on related party relationship
II. Control is achieved when the Group is exposed, or
The accompanying notes are an integral part of these consolidated financial statements of the Group is provided in Note - 47.
has rights, to variable returns from its involvement
As per our report of even date attached For and on behalf of the Board of Directors of ACC Limited, The consolidated financial statements are approved with the investee and can affect those returns
for issue in accordance with the resolution of the through its power over the investee. Specifically,
For S R B C & CO LLP KARAN ADANI VINOD BAHETY
Board of Directors on April 24, 2025. the Group controls an investee if and only
Chartered Accountants Chairman Wholetime Director & Chief Executive Officer
if the Group has:
ICAI Firm Registration No. 324982E/E300003 DIN: 03088095 DIN:09192400
1.2 Statement of compliance, Basis of preparation
and consolidation a. Power over the investee (i.e., existing rights
per Santosh Agarwal BHAVIK PARIKH RAKESH KUMAR TIWARY
that give it the current ability to direct the
Partner Company Secretary Chief Financial Officer The consolidated financial statements of the Group
relevant activities of the investee),
Membership No. 093669 Membership No. A40719 have been prepared in accordance with the Indian
Accounting Standards (hereinafter referred to as b. Exposure, or rights, to variable returns from
Ahmedabad Ahmedabad the ‘Ind AS’) as notified the Companies (Indian its involvement with the investee, and
Date: April 24, 2025 Date: April 24, 2025
Accounting Standards) Rules, 2015 (as amended
c. The ability to use its power over the investee
from time to time) and presentation requirements
to affect its returns.
of Division II of Schedule III to the Companies Act,
2013, (Ind AS compliant Schedule III) (as amended The Group re-assesses whether it controls an
from time to time), as applicable to the Consolidated investee if facts and circumstances indicate that
financial statements. there are changes to one or more of the three
elements of control.

468 469
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

III. Generally, there is a presumption that a majority Group member’s financial statements in preparing b. 
The carrying amount of the parent’s method, the investment in an associate or a
of voting rights results in control. To support the consolidated financial statements to ensure investment in each subsidiary and the joint venture is initially recognised at cost.
this presumption, when the Group has less than conformity with the Group’s accounting policies. parent’s portion of equity of each subsidiary The carrying amount of the investment
a majority of the voting or similar rights of an is eliminated. Business combination is adjusted to recognise changes in the
VII. 
Profit or loss and each component of other
investee, the Group considers all relevant facts policy explains how any related Group’s share of net assets of the associate
comprehensive income (OCI) are attributed
and circumstances in assessing whether it has goodwill is accounted. and joint venture since the acquisition date.
to the equity shareholders of the parent and
power over an investee, including: Goodwill relating to the associate or joint
to the non-controlling interests, even if this c. 
Intra-group balances and transactions
venture is included in the carrying amount
a. The contractual arrangement with the other results in the non-controlling interests having a including unrealised gains / loss from
of the investment and is not tested for
vote holders of the investee, deficit balance. such transactions are eliminated in full.
impairment individually. Thus, reversals of
Deferred tax is recognized on any temporary
b. 
Rights arising fr o m other VIII. A change in the ownership interest of a subsidiary, impairments may effectively include reversal
difference that arise from the elimination
contractual arrangements, without a loss of control, is accounted for as an of goodwill impairments. Impairments and
of profits and losses resulting from
equity transaction. If the Group loses control over reversals are presented within ‘Share of
c. 
T he Group’s voting rights and intra-group transactions.
a subsidiary, it: profit of an associate and a joint venture’ in
potential voting rights,
d. The group holds interests in a joint ventures the statement of profit or loss.
a. 
Derecognises the assets (including
d. The size of the Group’s holding of voting and associates. The financial statements of
goodwill) and liabilities of the subsidiary at The statement of profit and loss reflects the
rights relative to the size and dispersion joint ventures and associates are prepared
their carrying amounts at the date when Group’s share of the results of operations of
of the holdings of the other voting for the same reporting period as the Group.
control is lost, the associate and joint venture. Any change
rights holders, The accounting policies of joint ventures
in OCI of those investees is presented as part
b. Derecognises the carrying amount of any and associates are aligned with those of
e. Any additional facts and circumstances that of the Group’s OCI. In addition, when there
non-controlling interest, the Group. Therefore, no adjustments are
indicate that the Group has, or does not have, has been a change recognised directly in
made when measuring and recognising the
the current ability to direct the relevant c. 
Derecognises the cumulative translation the equity of the associate or joint venture,
Group’s share of the profit or loss of the
activities at the time when decisions need differences recorded in equity, the Group recognises its share of any
investees after the date of acquisition.
to be made, including voting patterns at changes, when applicable, in the statement
d. 
Recognises the fair value of the
previous shareholders' meetings. An associate is an entity over which the of changes in equity. Unrealised gains and
consideration received,
Group has significant influence but not losses resulting from transactions between
IV. 
Consolidation of a subsidiary begins when
e. Recognises the fair value of any investment control. Significant influence is the power the Group and the associate or joint venture
the Group obtains control over the subsidiary
retained, or, when applicable, the cost on to participate in the financial and operating are eliminated to the extent of the interest
and ceases when the Group loses control of
initial recognition of an investment in an policy decisions of the investee but is not in the associate and joint venture.
the subsidiary. Assets, liabilities, income, and
associate or a joint venture, control or joint control over those policies.
expenses of a subsidiary acquired or disposed of Consolidated financial statements are
during the year are included in the consolidated f. Recognises any surplus or deficit in the A joint venture is a type of joint arrangement prepared using uniform accounting policies
financial statements from the date the Group consolidated statement of profit and loss, in which the Group has joint control and for like transactions and other events in
gains control until the date the Group ceases to has rights to the net assets of the joint similar circumstances. If a member of the
g. 
Reclassifies the parent’s share of
control the subsidiary. arrangement, rather than right to its assets Group uses accounting policies other than
components previously recognised in
and obligation for its liabilities. Joint control those adopted in the consolidated financial
V. The financial statements of all entities used other comprehensive income (OCI) to the
is the contractually agreed sharing of statements for like transactions and events
for the purpose of consolidation are drawn up consolidated statement of profit and loss
control of an arrangement, which exists only in similar circumstances, appropriate
to same reporting date as that of the parent or retained earnings, as appropriate, as
when decisions about the relevant activities adjustments are made to that Group
company, i.e., year ended on March 31, 2025. would be required if the Group had directly
require unanimous consent of the parties member's financial statements in preparing
disposed of the related assets or liabilities.
VI. Consolidated financial statements are prepared sharing control. the consolidated financial statements
using uniform accounting policies for like IX. Consolidation procedure to ensure conformity with the Group's
The considerations made in determining
transactions and other events in similar accounting policies.
a. The consolidated financial statements of the whether significant influence or joint
circumstances. If a member of the group uses
Holding Company and its subsidiaries have control are similar to those necessary to The financial statements of all entities used
accounting policies other than those adopted
been prepared in accordance with the Ind determine control over the subsidiaries. for the purpose of consolidation are drawn up
in the consolidated financial statements for like
AS 110 “Consolidated Financial Statements”, to same reporting date as that of the parent
transactions and events in similar circumstances, The Group’s investments in its associate
on a line-by-line basis. company, i.e., year ended on March 31, 2025.
appropriate adjustments are made to that of the and joint venture are accounted for using
When the end of the reporting period of the
the equity method. Under the equity

470 471
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

parent is different from that of a subsidiary, included in the cost of the respective asset if the to be used. Depreciation is calculated using f. The Group reviews the residual value, useful
joint venture and associate, the respective recognition criteria for provisions are met. “Written down value method” for assets lives and depreciation method on each
subsidiary, joint venture and associate related to Captive Power Plant and using reporting date and, if expectations differ from
Spares which meet the definition of property,
prepares, for consolidation purposes, “Straight line method” for other assets. previous estimates, the change is accounted
plant and equipment are capitalised as on the
additional financial information as of the for as a change in accounting estimate on
date of acquisition. The corresponding old spares b. The Group identifies and depreciates cost
same date as the financial statements of the a prospective basis. The residual values,
are derecognised on such date with consequent of each component / part of the asset
parent to enable the parent to consolidate useful lives and methods of depreciation of
impact in the consolidated statement of separately, if the component / part have
the financial information of the subsidiary, property, plant and equipment are reviewed
profit and loss. a cost, which is significant to the total
joint venture and associate unless it is at each financial year end and adjusted
cost of the asset and has a useful life that
impracticable to do so. Property, plant and equipment which are not prospectively, if appropriate.
is materially different from that of the
ready for their intended use as on the balance

The list of companies included in remaining asset. g. In respect of an asset for which impairment
sheet date are disclosed as "Capital work-in-
consolidation, relationship with ACC Limited loss, if any, is recognised, depreciation is
progress". Directly attributable expenditure c. Depreciation on additions to property, plant
and ACC Limited’s shareholding therein are provided on the revised carrying amount of
related to and incurred during implementation and equipment is provided on a pro-rata
disclosed in Note 40. The reporting date the asset over its remaining useful life.
of Capital projects to get the assets ready basis from the date of acquisition, or
for all the entities is March 31, 2025 except
for intended use and for a qualifying assets installation, or construction, when the asset h. Property, plant, and equipment, constructed
otherwise specified.
is included under “Capital work-in-Progress is ready for intended use. by the Group, but ownership of which vests
1.3 Summary of Material accounting policies (including related inventories)”. The same is with the Government / Local authorities:
d. Depreciation on an item of property, plant
allocated to the respective items of Property Plant
A. Property, plant and equipment and equipment sold, discarded, demolished i. 
Expenditure on Power lines is
and Equipment on completion of construction
or scrapped, is provided up to the date on depreciated over the period as
Property, plant and equipment are stated at their (development of projects). Capital work in
which the said asset is sold, discarded, permitted in the Electricity Supply Act,
cost of acquisition / installation / construction progress is stated at cost, net of accumulated
demolished or scrapped. 1948 / 2003 as applicable.
net of accumulated depreciation, and impairment loss, if any. Such items are classified
accumulated impairment losses, if any, except to the appropriate category of property, plant e. 
Capitalised spares are depreciated over ii. 
Expenditure on Marine structures
freehold non-mining land which is carried at cost and equipment when completed and ready for their own estimated useful life or the is depreciated over the period
less accumulated impairment losses. The cost of their intended use. Advances given towards estimated useful life of the parent asset of the agreement.
acquisition is the cash price equivalent paid at acquisition / construction of property, plant and whichever is lower.
the recognition date which is equivalent to the equipment outstanding at each balance sheet
i. Estimated useful lives of the assets are as follows:
fair value of an asset acquired. date are disclosed as Capital Advances under
"Other non-current assets". Assets Useful lives
Subsequent expenditures are included in the
asset's carrying amount or recognised as a Capital expenses incurred by the Group on Land (freehold) No depreciation except on land with mineral reserves.
separate asset, as appropriate, only when it construction/development of certain assets
Cost of mineral reserves embedded in the cost of freehold
is probable that future economic benefits which are essential for production, supply of
mining land is depreciated in proportion of actual quantity of
associated with the item will flow to the Group goods or for the access to any existing Assets
minerals extracted to the estimated quantity of extractable
and the cost of the item can be measured reliably. of the Group are recognised as enabling Assets
mineral reserves
under Property, plant and equipment.
When significant parts of plant and equipment Leasehold mining land Amortised over the period of lease on a straight-line basis
are required to be replaced at intervals, the Depreciation on property, plant, and Buildings, roads and water works 3 – 60 years
Group depreciates them separately based on equipment Plant and equipment 3 – 30 years
their specific useful lives. Likewise, when a major
a. The group, based on technical assessment Railway sidings and locomotives 8 – 15 years
inspection is performed, its cost is recognised in
made by technical expert and management Furniture, office equipment and tools 3 – 10 years
the carrying amount of the property, plant and
estimate, depreciates certain items of
equipment as a replacement if the recognition Vehicles 6 – 8 years
building, plant and equipment over estimated
criteria are satisfied. All other repairs and
useful lives which are different from the
maintenance are charged to the consolidated
useful life prescribed in Schedule II to the
statement of profit and loss during the reporting
Companies Act, 2013. The management
period in which they are incurred.
believes that these estimated useful lives
The present value of the expected cost for the are realistic and reflect fair approximation
decommissioning of an asset after its use is of the period over which the assets are likely

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Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

j. The useful life as estimated above is as per the prescribed useful life specified under Schedule II to the Amortisation of intangible assets
Companies Act, 2013 except for the following case: A summary of the policies applied to the Group’s intangible assets are, as follows:
Useful Life Intangible assets Useful life Amortisation method used
Useful Life as per
Particulars estimated by the
Schedule II Computer software Finite (upto 5 years) Amortised on a straight-line basis over the useful life
management
Mining rights Finite (upto 90 years) Over the period of the respective mining agreement
Plant and Equipment related to Captive Power Plant 20 to 40 years 40 years
Sponsorship Rights Finite (upto 5 years) Amortised based on occurrence of event
The Management believes that the method for an intangible asset with a finite Dealer Network Finite (upto 3 years) Amortised on a straight-line basis over the useful life
useful lives as given above reflect fair useful life are reviewed during each reporting
Long term procurement Finite (upto 15 years) Amortised on a straight-line basis over the useful life
approximation of the period over which the period. Changes in the expected useful life
rights
assets are likely to be used. or the expected pattern of consumption of
State incentive rights Finite (upto 4 years) Amortised on a straight-line basis over the useful life
future economic benefits embodied in the
Derecognition of property plant and asset are considered to modify the amortisation
equipment C. Impairment of non-financial assets I. Raw materials, stores and spare parts, fuel and
period or method, as appropriate, and are
The carrying amounts of other non-financial packing material:
An item of Property, Plant and Equipment treated as changes in accounting estimates.
and any significant part initially recognised is The amortisation expense on intangible assets assets, other than inventories and deferred tax Cost includes purchase price, other costs incurred
derecognised upon disposal or when no future with finite lives is recognised in the statement assets are reviewed at each balance sheet date in bringing the inventories to their present
economic benefits are expected from its use or of profit and loss unless such expenditure forms if there is any indication of impairment based location and condition, and non-refundable
disposal. Any gain or loss arising on derecognition part of carrying value of another asset. on internal / external factors. An impairment taxes. Materials and other items held for use
of the asset (calculated as the difference loss, if any, is recognized in the statement of in the production of inventories are not written
Stripping Cost - Stripping costs are allocated profit and loss wherever the carrying amount down below cost if the finished products in which
between the net disposal proceeds and the
and included as a component of the mine asset of an asset exceeds its recoverable amount. they will be incorporated are expected to be sold
carrying amount of the asset) is recognized in
when they represent significantly improved The recoverable amount is the higher of the at or above cost. Cost is determined on a moving
the Consolidated Statement of Profit and Loss
access to limestone, provided all the following asset's fair value less cost of disposal and value weighted average basis.
when the asset is derecognised.
conditions are met: in use. Recoverable amount is determined
The Group conducts regular reviews of stores and
B. Intangible assets a. 
it is probable that the future economic for an individual asset, unless the asset does
spares inventory ageing to identify slow-moving
Intangible assets acquired separately are benefit associated with the stripping not generate cash inflows that are largely
and non-moving items. Inventories with limited
measured on initial recognition at cost. activity will be realised; independent of those from other assets of or
movement and low anticipated future utility
Cost comprises the purchase price (net of tax Group of assets. In assessing value in use, the
b. the component of the limestone body for are appropriately identified. The Group applies
/ duty credits availed wherever applicable) and estimated future cash flows are discounted to
which access has been improved can be established provisioning norms to write down
any directly attributable cost of bringing the their present value using a pre-tax discount rate
identified; and the value of such inventories, based on the
assets to its working condition for its intended that reflects current market assessments of the
ageing analysis.
use. The cost of intangible assets acquired in a c. the costs relating to the stripping activity time value of money and risks specific to the
business combination is their fair value at the associated with the improved access can be assets. In determining fair value less costs of II. Work-in-progress, finished goods and stock in
date of acquisition. Following initial recognition, reliably measured. disposal, recent market transactions are taken trade :
intangible assets are carried at cost less any into account. If no such transactions can be
Cost includes direct materials and labour and a
accumulated amortisation and accumulated Derecognition of intangible assets identified, an appropriate valuation model is used.
proportion of manufacturing overheads based
impairment losses, if any. An intangible asset is derecognised on disposal, or A previously recognised impairment loss, if any is
on normal operating capacity but excluding
when no future economic benefits are expected reversed when there is an indication of reversal,
The useful lives of intangible assets are assessed borrowing costs. Cost of Stock-in-trade includes
from its use or disposal. Gains or losses arising however, the carrying value after reversal is not
as either finite or indefinite. cost of purchase and other cost incurred in
from derecognition of an intangible asset, if any, increased beyond the carrying value that would
bringing the inventories to the present location
Intangible assets with finite lives are amortised are measured as the difference between the net have prevailed by charging usual depreciation /
and condition. Cost is determined on a moving
over the useful economic life and assessed for disposal proceeds and the carrying amount of amortisation if there was no impairment.
weighted average basis.
impairment whenever there is an indication the asset and are recognised in the statement of
D. Inventories Net realisable value is the estimated selling
that the intangible asset may be impaired. profit and loss when the asset is derecognised.
The amortisation period and the amortisation Inventories are valued at lower of cost and net price in the ordinary course of business, less
realisable value, Costs incurred in bringing each estimated costs of completion and estimated
product to its present location and condition are costs necessary to make the sale.
accounted for as follows,

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Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

E. Business combination and Goodwill non-controlling interests and fair value of the Group reports provisional amounts for the F. Fair value measurement
Business combinations are accounted for using any previously held interest in acquiree, over items for which the accounting is incomplete. The Group measures financial instruments such
the acquisition method. The consideration the net identifiable assets acquired and Those provisional amounts are adjusted through as government securities and mutual funds at fair
transferred in a business combination is liabilities assumed. If the fair value of the net goodwill during the measurement period, or value at each balance sheet date- Refer Note 53.
measured at fair value, which is calculated as the assets acquired is in excess of the aggregate additional assets or liabilities are recognised, to
consideration transferred (bargain purchase), reflect new information obtained about facts and The fair value measurement is based on the
sum of acquisition date fair values of the assets
the Group re-assesses whether it has correctly circumstances that existed at the acquisition date presumption that the transaction to sell the asset
transferred, liabilities incurred to the former
identified all of the assets acquired and all of the that, if known, would have affected the amounts or transfer the liability takes place either:
owner of the acquiree and the equity interests
issued in exchange of control of the acquiree. liabilities assumed and reviews the procedures recognised at that date. These adjustments are a. 
In the principal market for the asset
used to measure the amounts to be recognised called as measurement period adjustments. or liability, or
For each business combination, the Group elects at the acquisition date. If the reassessment The measurement period does not exceed one
whether to measure the non-controlling interests still results in an excess of the fair value of net year from the acquisition date. b. In the absence of a principal market, in
in the acquiree at fair value or at the proportionate assets acquired over the aggregate consideration the most advantageous market for the
share of the acquiree’s identifiable net assets. For the purpose of impairment testing, goodwill asset or liability.
transferred, then the gain is recognised in Other
Acquisition-related costs are expensed in the acquired in a business combination is, from
Comprehensive Income (OCI) and accumulated The principal or the most advantageous market
periods in which the costs are incurred and the the acquisition date, allocated to each of the
in equity as capital reserve. However, if there is must be accessible by the Group.
services are received, with the exception of the Group’s cash generating units that are expected
no clear evidence of bargain purchase, the entity
costs of issuing debt or equity securities that to benefit from the combination, irrespective of Fair value is the price that would be received to
recognises the gain directly in equity as capital
are recognised in accordance with Ind AS 32 whether other assets or liabilities of the acquiree sell an asset or paid to transfer a liability in an
reserve, without routing the same through OCI.
and Ind AS 109. are assigned to those units. orderly transaction between market participants
Non-controlling interests that are present at the measurement date. The Group uses
At the acquisition date, the identifiable Cash generating unit to which goodwill has
ownership interests and entitle their holders to valuation techniques that are appropriate in the
assets acquired and the liabilities assumed been allocated is tested for impairment annually,
a proportionate share of the entity’s net assets in circumstances and for which sufficient data are
are recognised at their acquisition date fair or more frequently when there is an indication
the event of liquidation may be initially measured available to measure fair value, maximising the
values. For this purpose, the liabilities assumed that the unit may be impaired. If the recoverable
either at fair value or at the non-controlling use of relevant observable inputs and minimising
include contingent liabilities representing amount of the cash generating unit is less than
interests’ proportionate share of the recognised the use of unobservable inputs.
present obligation and they are measured at its carrying amount, the impairment loss is
amounts of the acquiree’s identifiable net assets.
their acquisition fair values irrespective of allocated first to reduce the carrying amount All assets and liabilities for which fair value is
The choice of measurement basis is made on a
the fact that outflow of resources embodying of any goodwill allocated to the unit and then measured or disclosed in the financial statements
transaction-by-transaction basis. Other types of
economic benefits is not probable. However, the to the other assets of the unit pro rata based are categorised within the fair value hierarchy,
non-controlling interests are measured at fair
following assets and liabilities acquired in a on the carrying amount of each asset in the based on the lowest level input that is significant
value or, when applicable, on the basis specified
business combination are measured on the basis unit. The recoverable amount is the higher of to the fair value measurement as a whole.
in another Ind AS.
indicated below: the assets fair value less cost of disposal and
When a business combination is achieved value in use. Any impairment loss for goodwill is External valuers are involved for valuation of
I. Deferred tax assets or liabilities, and the in stages, the Group’s previously held equity recognised in the statement of profit and loss. significant assets, such as unquoted financial
assets or liabilities related to employee interest in the acquiree is re-measured to its An impairment loss recognised for goodwill is not assets and financial liabilities and derivatives.
benefit arrangements are recognised and acquisition-date fair value and the resulting gain reversed in subsequent periods. For assets and liabilities that are recognised in
measured in accordance with Ind AS 12 or loss, if any, is recognised in the consolidated the financial statements on a recurring basis,
“Income Tax” and Ind AS 19 “Employee statement of profit and loss. Amounts arising from Indemnification Assets
the Group determines whether transfers have
Benefits” respectively. interests in the acquiree prior to the acquisition The Group recognises an indemnification occurred between levels in the hierarchy by
II. Potential tax effects of temporary differences date that have previously been recognised in asset at the same time that it recognises the re-assessing categorisation (based on the lowest
and carry forwards of an acquiree that exist other comprehensive income are reclassified to indemnified item measured on the same basis level input that is significant to the fair value
at the acquisition date or arise as a result of the consolidated statement of profit and loss as the indemnified item, subject to the need measurement as a whole) at the end of each
the acquisition are accounted in accordance where such treatment would be appropriate if for a valuation allowance for uncollectible reporting period.
with Ind AS 12. that interest were disposed off. amounts. Therefore, if the indemnification
relates to an asset or a liability that is recognised All assets and liabilities for which fair value is
Goodwill is initially measured at cost, being the If the initial accounting for a business measured as disclosed in the financial statements
at the acquisition date and measured at its
excess of the aggregate of the consideration combination is incomplete by the end of the are categorised within the fair value hierarchy
acquisition-date fair value, the Group recognises
transferred, the amount recognised for reporting period in which the combination occurs, described in Note 53 (C).
the indemnification asset at the acquisition date
measured at its acquisition-date fair value.

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

G. Financial instruments Trade receivables that do not contain a Financial assets at fair value through profit
 financial assets 12-month ECL is used to provide
Financial assets and financial liabilities are initially significant financing component or for or loss (FVTPL) for impairment loss and where credit risk has
measured at fair value with the exception of trade which the Group has applied the practical increased significantly, lifetime ECL is used.
Financial assets that do not meet the
receivables that do not contain a significant expedient are measured at the transaction
amortised cost criteria or FVTOCI criteria are The Group considers a financial asset in default
financing component or for which the Group price determined under Ind AS 115.
measured at FVTPL. when contractual payments are 90 days past due.
has applied the practical expedient, the Group Refer to the accounting policies in section
However, in certain cases, the Group may also
initially measures a financial asset at its fair value (I) Revenue from contracts with customers. c. Derecognition of financial assets consider a financial asset to be in default when
plus, in the case of a financial asset not at fair A financial asset (or, where applicable, a part internal or external information indicates that
b. Subsequent measurement of financial assets
value through profit or loss, transaction costs. of a financial asset or part of a Group of similar the Group is unlikely to receive the outstanding
Transaction costs that are directly attributable All recognised financial assets are subsequently
financial assets) is primarily derecognised when: contractual amounts in full before taking into
to the acquisition or issue of financial assets and measured in their entirety at either amortised
account any credit enhancements held by the
financial liabilities (other than financial assets cost or fair value, depending on the classification i. The rights to receive cash flows from the
Group. A financial asset is written off when there
and financial liabilities at fair value through of the financial assets. asset have expired, or
is no reasonable expectation of recovering the
the statement of profit and loss) are added to 
Classification and measurement of ii. The Group has transferred its contractual contractual cash flows.
or deducted from the fair value of the financial Financial assets rights to receive cash flows from the asset
assets or financial liabilities, as appropriate, on or has assumed an obligation to pay the II. Financial liabilities and equity instruments
initial recognition. Transaction costs directly For purposes of subsequent measurement,
received cash flows in full without material a. Financial liabilities
attributable to the acquisition of financial financial assets are classified in the
delay to a third party under a ‘pass-through’
assets or financial liabilities at fair value through following categories: i. Initial recognition and measurement
arrangement; and either (a) the Group has
the statement of profit and loss are recognised Financial assets at amortised cost transferred substantially all the risks and The Group recognises a financial liability
immediately in the consolidated statement of rewards of the asset, or (b) the Group has in its consolidated balance sheet when it
profit and loss. Financial assets that meet the following
neither transferred nor retained substantially becomes party to the contractual provisions
conditions are subsequently measured at
all the risks and rewards of the asset, but has of the instrument. The Group’s financial
I. Financial assets amortised cost using effective interest method
transferred control of the asset. liabilities majorly includes trade payables
("EIR") (except for debt instruments that are
a. Initial recognition and measurement of and payable towards purchase of Property,
designated as at fair value through profit or loss On derecognition of a financial asset in its entirety,
financial assets Plant and Equipment.
on initial recognition): the difference between the asset’s carrying
The Group recognises a financial asset in its amount and the sum of the consideration received All financial liabilities are recognised initially
consolidated balance sheet when it becomes ƒ The asset is held within a business model and receivable and the cumulative gain or loss at fair value and, in the case of payables, net
party to the contractual provisions of the whose objective is to hold assets for collecting
that had been recognised in other comprehensive of directly attributable transaction costs.
instrument. All financial assets are recognised contractual cash flows; and
income and accumulated in equity is recognised
initially at fair value, plus in the case of financial Financial liabilities are classified, at initial
ƒ Contractual terms of the asset give rise on in the consolidated statement of profit and loss
recognition, as financial liabilities at fair
assets not recorded at fair value through profit specified dates to cash flows that are solely if such gain or loss would have otherwise been
or loss, transaction costs that are attributable to value through profit or loss or at amortised
payments of principal and interest (SPPI) on recognised in the consolidated statement of
the acquisition of the financial asset. All regular cost as appropriate.
the principal amount outstanding. profit and loss on disposal of that financial asset.
way purchases or sales of financial assets are Subsequent measurement of financial
ii. 
recognised and derecognised on a trade date Amortised cost is calculated by taking into account d. Impairment of financial assets liabilities at amortised cost
basis, i.e. the date that the Group commits to any discount or premium on acquisition and fees
The Group applies the expected credit loss
purchase or sell the asset. Regular way purchases or costs that are an integral part of the EIR. Financial liabilities that are not held-for-
model for recognising impairment loss on
or sales are purchases or sales of financial assets trading and are not designated as at FVTPL
Financial Assets at Fair Value through Other financial assets measured at amortised cost,
that require delivery of assets within the time are measured at amortised cost at the end of
Comprehensive Income (FVTOCI) trade receivables and other contractual rights
frame established by regulation or convention in subsequent reporting periods. The carrying
to receive cash or other financial asset.
the marketplace. Financial assets that meet the criteria for initial amounts of financial liabilities that are
recognition at FVTOCI are remeasured at fair The Group measures the loss allowance for a Trade subsequently measured at amortised cost
The classification of financial assets at initial value at the end of each reporting date through Receivables and Contract Assets by following are determined based on the effective
recognition depends on the financial asset’s other comprehensive income (OCI). ‘simplified approach’ at an amount equal to the interest rate method.
contractual cash flow characteristics and the lifetime expected credit losses. In case of other
Group’s business model for managing them.

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Subsequent measurement of financial

iii.  amounts and there is an intention to settle on some or all of a provision to be reimbursed, The disclosure of significant accounting
liabilities at fair value through profit a net basis, to realise the assets and settle the for example, under an insurance contract, the judgements, estimates and assumptions relating
or loss (FVTPL) liabilities simultaneously. reimbursement is recognised as a separate asset, to revenue from contracts with customers are
but only when the reimbursement is virtually provided in Note 1.4 (vi).
Financial liabilities at fair value through H. Provisions and contingencies certain. The expense relating to a provision is
profit or loss include financial liabilities No element of financing is deemed present as the
I. Provisions presented in the statement of profit and loss net
held for trading and financial liabilities sales are made with credit terms largely ranging
of any reimbursement.
designated upon initial recognition as at fair Mines reclamation between 30 days and 60 days depending on the
value through profit or loss. II. Contingent liability specific terms agreed with customers.
The Group provides for the costs of restoring a
Financial liabilities are classified as held mine where a legal or constructive obligation A contingent liability is a possible obligation II. Rendering of services
for trading if they are incurred for the exists. The estimated future costs for known that arises from the past events whose
Income from services rendered is recognised
purpose of repurchasing in the near term. restoration requirements are determined on a existence will be confirmed by the occurrence
at a point in time based on agreements /
This category also includes derivative mine-by-mine basis and are calculated based or non-occurrence of one or more uncertain
arrangements with the customers when the
financial instruments entered into by the on the present value of estimated future future events beyond the control of the Group or
services are performed and there are no
Group that are not designated as hedging cash out flows. a present obligation that arises from past events
unfulfilled obligations.
instruments in hedge relationships as and that is not recognised because it is not
The restoration provision before exploitation of
defined by Ind AS 109. Separated embedded probable that an outflow of resources embodying III. Contract assets, Trade receivables and
the raw materials has commenced is included in
derivatives are also classified as held for economic benefits will be required to settle the Contract liabilities:
Property, Plant and Equipments and depreciated
trading unless they are designated as obligation. The Group does not recognise a
over the life of the related asset. Contract asset:
effective hedging instruments. contingent liability but discloses its existence in
The effect of any adjustments to the provision the financial statements. A contract asset is the right to consideration in
Gains or losses on liabilities held for trading
due to further environmental damage as a result exchange for goods or services transferred to the
are recognised in the profit or loss. I. Revenue recognition
of exploitation activities is recorded through customer. If the Group performs by transferring
Financial liabilities designated upon initial the Consolidated Statement of Profit and Loss Revenue is recognised on the basis of approved goods or services to a customer before the
recognition at fair value through profit or over the life of the related asset, in order to contracts regarding the transfer of goods or customer pays consideration or before payment is
loss are designated as such at the initial reflect the best estimate of the expenditure services to a customer for an amount that due, a contract asset is recognised for the earned
date of recognition, and only if the criteria required to settle the obligation at the end of the reflects the consideration to which the entity consideration that is conditional. Contract assets
in Ind AS 109 are satisfied. reporting period. expects to be entitled in exchange of those are subject to impairment assessment.
goods or services.
iv. Derecognition of financial liabilities Changes in the measurement of a provision that Trade receivables
result from changes in the estimated timing or I. Sale of goods
A financial liability is derecognised when the A receivable represents the Group’s right to an
amount of cash outflows, or a change in the
obligation under the liability is discharged Revenue from the sale of the goods is recognised amount of consideration that is unconditional
discount rate, are added to or deducted from the
or cancelled or expired. When an existing when delivery has taken place and control of i.e., only the passage of time is required before
cost of the related asset to the extent that they
financial liability is replaced by another the goods has been transferred to the customer payment of consideration is due and the amount
relate to the asset’s installation, construction
from the same lender on substantially according to the specific delivery term that have is billable. (Refer Note 12)
or acquisition.
different terms, or the terms of an existing been agreed with the customer and when there
liability are substantially modified, such an Provisions are discounted to their present value. are no longer any unfulfilled obligations. Contract liabilities
exchange or modification is treated as the The unwinding of the discount is recognised as A contract liability is the obligation to transfer
Revenue is measured after deduction of any
derecognition of the original liability and the a finance cost in the Consolidated Statement of goods or services to a customer for which the
discounts, price concessions, volume rebates
recognition of a new liability. The difference Profit and Loss. Group has received consideration from the
and any taxes or duties collected on behalf of
in the respective carrying amounts is customer. Contract liabilities are recognised as
Other provisions: the government such as goods and services
recognised in the consolidated statement revenue when the Group performs obligations
tax, etc. The Group accrues for such discounts,
of profit and loss. Provisions are recognised when the Group has under the contract.
price concessions and rebates at inception
a present obligation (legal or constructive) as
III. Offsetting of financial instruments to determine the transaction price based on Rebates to customers (Refund liabilities)
a result of a past event, it is probable that an
historical experience and specific contractual
Financial assets and financial liabilities are outflow of resources embodying economic Rebates to customers is recognised for the credit
terms with the customer.
offset, and the net amount is reported in the benefits will be required to settle the obligation under various schemes including expected future
consolidated balance sheet if there is a currently and a reliable estimate can be made of the amount
enforceable legal right to offset the recognised of the obligation. When the Group expects

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

rebates that are expected to be claimed by the December 31, 2024, is charged to consolidated months after the end of the period in expected to accept the offer. Benefits falling
customers. The Group updates its estimates statement of profit and loss for the year which the employees render the related due more than 12 months after the end of the
of rebates at the end of each reporting period. in which the employee renders the related service are recognised as an expense at the reporting period are discounted to present value.
The Group does not have material sales service. The Group has an obligation to make undiscounted amount in the consolidated
return and hence, no liabilities are recognised good the shortfall, if any, between the return statement of profit and loss of the year in VI. Presentation and disclosure
towards the sales. from the investment of the trust and interest which the related service is rendered. For the purpose of presentation of defined
rate notified by the Government of India till benefit plans, the allocation between the short
IV. Interest income b. Accumulated Compensated absences, which
December 31, 2024. Such shortfall is recognised term and long-term provisions have been made
are expected to be settled wholly within 12
Interest income from a financial asset is in the consolidated statement of profit and loss as determined by an actuary. Obligations under
months after the end of the period in which
recognised when it is probable that the economic based on actuarial valuation. W.e.f. January 01, other long-term benefits are classified as
the employees render the related service,
benefits will flow to the Group and the amount of 2025 such categories of employee benefit has short-term provision, if the Group does not have
are treated as short term employee benefits.
income can be measured reliably. Interest income also been included in employee contribution plan an unconditional right to defer the settlement
The Group measures the expected cost of
is accrued on a time basis, by reference to the as stated above. of the obligation beyond 12 months from the
such absences as the additional amount
principal outstanding and at the effective interest reporting date. The Group presents the entire
Past service costs are recognised in the that it expects to pay as a result of the
rate applicable, which is the rate that exactly compensated absences as short-term provisions,
consolidated statement of profit and loss on unused entitlement that has accumulated
discounts estimated future cash receipts through since employee has an unconditional right to
the earlier of: at the reporting date.
the expected life of the financial asset to that avail the leave at any time during the year.
asset's net carrying amount on initial recognition. a. 
The date of the plan amendment or IV. Other long-term employee benefits
curtailment, and K. Taxation
V. Dividends Compensated absences are provided for on
Tax expense comprises current income tax
b. The date that the Group recognises related the basis of an actuarial valuation, using the
Dividend income is recognised when right and deferred income tax and includes any
restructuring costs projected unit credit method, as at the date of
to receive is established (provided that it is adjustments related to past periods in current
the consolidated balance sheet. Actuarial gains
probable that the economic benefits will flow The net interest cost is calculated by applying and / or deferred tax adjustments that may
/ losses, if any, are immediately recognised in the
to the Group and the amount of income can be the discount rate to the net balance of the become necessary due to certain developments
statement of profit and loss.
measured reliably). defined benefit obligation and the fair value of or reviews during the relevant period.
plan assets. The Group recognises the following 
Long service awards and accumulated
J. Retirement and other employee benefits changes in the net defined benefit obligation compensated absences which are not expected I. Current income tax

I. Defined contribution plan as an expense in the consolidated statement of to be settled wholly within 12 months after the Current income tax assets and liabilities
profit and loss: end of the period in which the employees render are measured at the amount expected to
Employee benefits in the form of contribution to
the related service are treated as other long term be recovered from or paid to the taxation
Superannuation Fund, Provident Fund managed a. Service costs comprising current service
employee benefits for measurement purposes. authorities. The tax rates and tax laws used to
by government authorities, Employees State costs, past-service costs, gains and
compute the amount are those that are enacted
Insurance Corporation and Labour Welfare Fund losses on curtailments and non-routine V. Termination benefits or substantively enacted, at the reporting date
are considered as defined contribution plans settlements; and

Termination benefits are payable when in the countries where the Group operates and
and the same are charged to the consolidated
b. Net interest expense or income. employment is terminated by the Group before generates taxable income.
statement of profit and loss for the year in which
the normal retirement date, or when an employee
the employee renders the related service. Re-measurements, comprising actuarial gains and Current income tax relating to items recognised
accepts voluntary redundancy in exchange for
losses, the effect of the asset ceiling (if any), and outside the consolidated statement of profit
II. Defined benefit plan these benefits. The Group recognises termination
the return on plan assets (excluding net interest), and loss is recognised in correlation to the
benefits at the earlier of the following:
The Group's gratuity fund scheme, additional are recognised immediately in the consolidated underlying transaction either in OCI or directly
gratuity scheme and post-employment benefit balance sheet with a corresponding debit or a. when the Group can no longer withdraw the in equity. Management periodically evaluates
scheme are considered as defined benefit plans. credit to retained earnings through OCI in the offer of those benefits; and positions taken in the tax returns with respect to
The Group's liability is determined on the basis period in which they occur. Re-measurements are situations in which applicable tax regulations are
b. 
when the Group recognises costs for a
of an actuarial valuation using the projected unit not reclassified to the consolidated statement of subject to interpretation and recognise expense
restructuring that is within the scope of
credit method as at the balance sheet date. profit and loss in subsequent periods. where appropriate.
Ind AS 37 and involves the payment of
Employee benefit in respect of certain categories III. Short term employee benefits termination benefits. Current tax assets and current tax liabilities are
of employees, are provided in the form of offset when there is a legally enforceable right
a. 
Short term employee benefits that are In the case of an offer made to encourage
contribution to provident fund managed by to set off the recognised amounts and there is
expected to be settled wholly within 12 voluntary redundancy, the termination benefits
a trust set up by the Holding Company till an intention to settle the asset and the liability
are measured based on the number of employees
on a net basis.

482 483
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

II. Deferred tax The carrying amount of deferred tax assets are about facts and circumstances existing at and accumulated impairment losses, if any.
Deferred tax is recognized for the future reviewed at each balance sheet date. The Group the acquisition date. If the carrying amount Right-of-use assets are depreciated from the
tax consequences of deductible temporary writes-down the carrying amount of a deferred of goodwill is zero, any remaining deferred tax commencement date on a straight-line basis over
differences between the carrying values of assets tax asset to the extent that it is no longer probable benefits are recognised in OCI/ capital reserve the shorter of the lease term and useful life of the
and liabilities and their respective tax bases at that sufficient future taxable income will be depending on the principle explained for bargain underlying asset:
the reporting date. available against which deferred tax asset can be purchase gains. All other acquired tax benefits
realised. Any such write-down is reversed to the realised are recognised in profit or loss. Right of use assets Term (in years)
Deferred tax liabilities are recognised for all extent that it becomes reasonably certain that Buildings 2-12
taxable temporary differences, except: In the situations where one or more units of
sufficient future taxable income will be available. Leasehold land 3-99
the Group are entitled to a tax holiday under
ƒ When the deferred tax liability arises from Deferred tax assets and liabilities are measured the tax law, no deferred tax (asset or liability) is Furniture and vehicle 5
the initial recognition of goodwill or an based on the tax rates that are expected to recognised in respect of temporary differences Plant and Equipment 6
asset or liability in a transaction that is not a apply in the year when the asset is realised or which reverse during the tax holiday period,
business combination and, at the time of the The right of use assets is also subject to
the liability is settled, based on tax rates (and tax to the extent the concerned unit’s gross total
transaction, affects neither the accounting impairment. Right of use assets are evaluated
laws) that have been enacted or substantively income is subject to the deduction during the
profit nor taxable profit or loss and does not for recoverability whenever events or changes
enacted at the reporting date. tax holiday period. Deferred tax in respect of
give rise to equal taxable and deductible in circumstances indicate that their carrying
temporary differences which reverse after the
temporary differences. Deferred tax relating to items recognised outside amounts may not be recoverable.
tax holiday period is recognised in the year in
the consolidated statement of profit and loss
ƒ In respect of taxable temporary differences which the temporary differences originate. Lease liabilities
is recognised outside profit or loss (either in
associated with investments in subsidiaries, However, the Group restricts recognition of
other comprehensive income or in equity). Lease liability is initially measured at the
associates and interests in joint ventures, deferred tax assets to the extent it is probable
Deferred tax items are recognised in correlation present value of the future lease payments.
when the timing of the reversal of the that sufficient future taxable income will be
to the underlying transaction either in OCI or The lease payments are discounted using the
temporary differences can be controlled and available against which such deferred tax assets
directly in equity. interest rate implicit in the lease or, if not readily
it is probable that the temporary differences can be realized. For recognition of deferred taxes,
determinable, using the incremental borrowing
will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset the temporary differences which originate first
rates. The Group uses the incremental borrowing
when there is a legally enforceable right to are considered to reverse first.
Deferred tax assets are recognised for all rate as the discount rate.
offset current tax assets and liabilities and when
deductible temporary differences, the carry the deferred tax balances relate to the same L. Leases Lease payments included in the measurement
forward of unused tax credits and any unused tax taxation authority. The Group assesses whether a contract is or of the lease liability include fixed payments,
losses. Deferred tax assets are recognised only to contains a lease, at inception of a contract. variable lease payments that depend on an index
the extent that it is probable that sufficient future The Group applies significant judgment in
A contract is, or contains, a lease if the contract or a rate known at the commencement date;
taxable income will be available against which identifying uncertainties over income tax
conveys the right to control the use of an and extension option payments or purchase
such deferred tax assets can be realised, except: treatments. Uncertain tax positions are reflected
identified asset for a period of time in exchange options payments which the Group is reasonably
in the overall measurement of the Group’s tax
ƒ When the deferred tax asset relating to for consideration. certain to exercise.
expense and are based on the most likely amount
the deductible temporary difference arises or expected value that is to be disallowed by the Variable lease payments that do not depend
I. Group as a lessee:
from the initial recognition of an asset taxing authorities whichever better predict the on an index or rate are not included in the
or liability in a transaction that is not a resolution of uncertainty. Uncertain tax balances Right-of-use assets measurement the lease liability and the ROU
business combination and, at the time of the are monitored and updated as and when new At the date of commencement of the lease, asset. The related payments are recognised as
transaction, affects neither the accounting information becomes available, typically upon the Group recognises a right-of-use asset and an expense in the period in which the event or
profit nor taxable profit or loss. examination or action by the taxing authorities a corresponding lease liability for all lease condition that triggers those payments occurs
ƒ In respect of deductible temporary differences or through statute expiration. arrangements in which it is a lessee, except for and are included in the line “Other expenses” in
associated with investments in subsidiaries, short-term leases and leases of low-value assets. the Statement of Profit or Loss.
Tax benefits acquired as part of a business
associates and interests in joint ventures, combination, but not satisfying the criteria for The right-of-use assets are initially recognised at The lease term comprises the non-cancellable
deferred tax assets are recognised only to the separate recognition at that date, are recognised cost, which comprises the initial amount of the lease term together with the period covered
extent that it is probable that the temporary subsequently if new information about facts and lease liability adjusted for any lease payments by extension options, if assessed as reasonably
differences will reverse in the foreseeable circumstances change. Acquired deferred tax made at or prior to the commencement date certain to be exercised, and termination
future and taxable profit will be available benefits recognised within the measurement of the lease plus any initial direct costs less options, if assessed as reasonably certain not
against which the temporary differences period reduce goodwill related to that acquisition any lease incentives. They are subsequently to be exercised.
can be utilised. if they result from new information obtained measured at cost less accumulated depreciation

484 485
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

The lease liability is subsequently remeasured by if fulfilment of the arrangement is dependent c. Allocation of common costs of the loan and the proceeds received. The loan
increasing the carrying amount to reflect interest on the use of a specific asset or assets and the Common allocable costs are allocated to each is subsequently measured as per the accounting
on the lease liabilities, reducing the carrying arrangement conveys a right to use the asset or segment according to the relative contribution policy applicable to financial liabilities.
amount to reflect the lease payments made. assets, even if that right is not explicitly specified of each segment to the total common costs. Government grant receivables are discounted
in an arrangement. Leases are classified as
ROU asset and lease liabilities have been to their present value. If the effect of the time
finance leases whenever the terms of the lease d. Inter-segment transfers
separately presented in the Consolidated Balance value of money is material, Government grant
transfer substantially all the risks and rewards Inter-segment revenue has been accounted
Sheet and lease payments have been classified receivables are discounted using a current pre-tax
of ownership to the lessee. All other leases are for based on the transaction price agreed
as financing cash flows. rate that reflects current market assessments of
classified as operating leases. Rental income to between segments which is based on the time value of money and the risks specific to
Short-term leases and leases of from operating leases is generally recognised current market prices. the asset. When discounting is used, the increase
low-value assets on a straight-line basis over the term of the
in the receivable due to the passage of time is
relevant lease. Where the rentals are structured e. Unallocated items
The Group applies the short-term lease recognised as a component of “Government
solely to increase in line with expected general Revenue, expenses, assets, and liabilities which
recognition exemption to its short-term leases grant including duty credits/refunds.
inflation to compensate for the Group's expected relate to the Group as a whole and not allocable
(i.e., those leases that have a lease term of 12
inflationary cost increases, such increases are to segments on reasonable basis have been O. Earnings per share
months or less from the commencement date).
recognised in the year in which such benefits included under ‘unallocated revenue / expenses
It also applies the low-value asset recognition Basic earnings per share are calculated by dividing
accrue. Initial direct costs incurred in negotiating / assets / liabilities.
exemption on a lease-by-lease basis, if the the net profit or loss for the period attributable
and arranging an operating lease are added to
lease qualifies as leases of low-value assets. to equity shareholders of the Holding Company
the carrying amount of the leased asset and N. Government grants and subsidies including
In making this assessment, the Group also factors by the weighted average number of equity shares
recognised on a straight-line basis over the lease. duty credits/refunds
below key aspects: outstanding during the period.
Government grants are recognised at their fair
a) The assessment is conducted on an absolute M. Segment reporting Diluted earnings per share are computed by
value when there is a reasonable assurance
basis and is independent of the size, nature, a. Segment Policies that the grant will be received, and all attached dividing the profit after tax as adjusted for
or circumstances of the lessee. conditions will be complied with. dividend, interest and other charges to expense
The Group prepares its segment information in
or income (net of any attributable taxes)
b) The assessment is based on the value of the conformity with the accounting policies adopted Where the grants relate to an item of expense, relating to the dilutive potential equity shares,
asset when new, regardless of the asset's for preparing and presenting the Consolidated they are recognised as income on a systematic by the weighted average number of equity
age at the time of the lease. financial statements of the Group as a whole. basis in the consolidated statement of profit shares considered for deriving basic earnings
c) 
The lessee can benefit from the use of and loss over the periods necessary to match per share and the weighted average number of
b. Identification of segments
the underlying asset either independently them with the related costs, which they are equity shares which could have been issued on
An operating segment is a component of the intended to compensate.
or in combination with other readily conversion of all dilutive potential equity shares.
Group that engages in business activities from
available resources, and the asset is Where the grant relates to an asset, it is
which it may earn revenues and incur expenses, P. Foreign currencies translations
not highly dependent on or interrelated recognised as income in equal amounts over the
whose operating results are regularly reviewed
with other assets. expected useful life of the related asset. The Group’s consolidated financial statements
by the Group’s Chief Operating Decision Maker
are presented in (I), which is also the parent
d) If the asset is subleased or expected to be (“CODM”) to make decisions for which discrete When the Group receives grants of non-monetary company’s functional currency.
subleased, the head lease does not qualify financial information is available. assets, the asset and the grant are recorded at fair
as a lease of a low-value asset. value amounts and released to the consolidated Monetary assets and liabilities denominated in
The Board of Directors of the Group has appointed
statement of profit and loss over the expected foreign currencies are translated at the functional
Lease payments on short-term leases and leases Management Committee (ManCom) which has
useful life in a pattern of consumption of the currency spot rates of exchange at the reporting
of low-value assets are recognised as expense been identified as being the CODM. The ManCom
benefit of the underlying asset. date. Exchange differences on monetary items
on a straight-line basis over the lease term. assesses the financial performance and position
are recognised in profit and loss in the period in
The related cash flows are classified as Operating of the Group and makes strategic decisions. When loans or similar assistance are provided which they arise.
activities in the Statement of Cash Flows. by governments or related institutions, with
The Group's operating businesses are organized
an interest rate below the current applicable Non-monetary items which are carried in terms of
II. Group as a lessor: and managed separately according to the
market rate, the effect of this favourable interest historical cost denominated in a foreign currency
nature of products and services provided, with
The determination of whether an arrangement is is regarded as a government grant. The loan or are reported using the exchange rate at the date
each segment representing a strategic business
(or contains) a lease is based on the substance assistance is initially recognised and measured at of the transaction.
unit that offers different products and serves
of the arrangement at the inception of the fair value and the government grant is measured
different markets.
lease. The arrangement is, or contains, a lease as the difference between the initial carrying value

486 487
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Q. Cash and cash equivalents carrying amount of assets or liabilities affected in III. Useful life of property, plant and equipment VI. Discounts / rebate to customers (Refer Note
Cash and cash equivalent in the balance sheet future periods. (Refer Note 2) 28)
and for the purpose of consolidated statement Estimates and judgments are continually evaluated The charge in respect of periodic depreciation The Group provides discount and rebates on
of cash flows comprise cash at banks and on and are based on historical experience and other is derived after determining an estimate of an sales to certain customers. Revenue from these
hand, short-term deposits with an original factors, including expectations of future events that asset's expected useful life and the expected sales is recognised based on the price charged
maturity of three months or less and investment are believed to be reasonable under the circumstances. residual value. Increasing an asset's expected to the customer, net of the estimated pricing
in liquid mutual funds that are readily convertible life or its residual value would result in a allowances, discounts, rebates, and other
to a known amount of cash and subject to an The estimates and underlying assumptions are reduced depreciation charge in the consolidated incentives. In certain cases, the amount of these
insignificant risk of changes in value. reviewed on an ongoing basis. Revisions to statement of profit and loss. The useful lives of the discount and rebates are not determined until
accounting estimates are recognised in the period in Group's assets are determined by management at claims with appropriate evidence is presented
R. Dividend which the estimate is revised if the revision affects the time the asset is acquired and reviewed at by the customer to the Group, which may be
The Holding Company recognises a liability to pay only that period, or in the period of the revision and least annually for appropriateness. The lives are some time after the date of sale. Accordingly, the
dividend to equity holders of the parent when the future period, if the revision affects current and based on historical experience with similar assets Group estimates the amount of such incentives
distribution is authorised, and the distribution future period. Revisions in estimates are reflected in as well as anticipation of future events, which may basis the terms of contract, incentive schemes,
is no longer at the discretion of the Holding the consolidated financial statements in the period impact their life, such as changes in technology. historical experience adjusted with the forward
Company. As per the corporate laws in India, a in which changes are made and, if material, their looking, business forecast and the current
distribution is authorised when it is approved effects are disclosed in the consolidated notes to the IV. Impairment of property, plant and equipment economic conditions. To estimate the amount
by the shareholders. A corresponding amount is financial statements. (Refer Note 2) of incentives, the Group uses the most likely
recognised directly in equity. The key assumptions concerning the future and other Determining whether the property, plant and method. Such estimates are subject to the
key sources of estimation uncertainty at the reporting equipment are impaired requires an estimate of estimation uncertainty.
S. Exceptional Items the value of use. In considering the value in use,
date, that have a significant risk of causing a material
Exceptional items refer to items of income or the management has anticipated the capacity VII. Physical verification of inventory (Refer Note
adjustment to the carrying amounts of assets and
expense, within the statement of profit and loss utilization of plants, operating margins, mineable 10)
liabilities within the next financial year, are described
from ordinary activities which are non-recurring below. Existing circumstances and assumptions about resources and availability of infrastructure Bulk inventory for the Group primarily comprises
and are of such size, nature or incidence that future developments may change due to market of mines, and other factors of the underlying of coal, petcoke and clinker which are primarily
their separate disclosure is considered necessary changes or circumstances arising that are beyond the businesses / operations. Any subsequent used during the production process at the
to explain the performance of the Group. control of the Group. Such changes are reflected in changes to the cash flows due to changes in manufacturing locations. Determination of
the assumptions when they occur. the above-mentioned factors could impact the physical quantities of bulk inventories is done
T. Classification of current and non-current carrying value of property, plant and equipment. based on volumetric measurements and involves
assets and liabilities I. Classification of legal matters and tax special considerations with respect to physical
The operating cycle is the time between the litigations (Refer Note 45) V. Incentives under the State Industrial Policy measurement, density calculation, moisture, etc.
acquisition of assets for processing and their (Refer Note 8 and 16) which involve estimates / judgments.
The litigations and claims to which the Group is
realisation in cash and cash equivalents. exposed to are assessed by management with The Group’s manufacturing units in various states
VIII. F
 or key estimates and judgements related to
The Group has identified twelve months as its assistance of the legal department and in certain are eligible for incentives under the respective
impairment of goodwill, Refer Note 58 and for
operating cycle for determining current and cases with the support of external specialised State Industrial Policy. The Group accrues
fair values Refer Note 53.
non-current classification of assets and liabilities lawyers. Determination of the outcome of these these incentives as refund claims in respect of
in the Balance sheet. matter into “Probable / Possible / Remote require VAT/GST paid, on the basis that all attaching 1.5 New and amended standards
judgement and estimation on case to case basis. conditions were fulfilled by the Group and there
1.4 Use of estimates and judgments The Ministry of Corporate Affairs (MCA) notified the
is reasonable assurance that the incentive claims
Ind AS 117, Insurance Contracts, vide notification

The preparation of the Group’s consolidated II. Defined benefit obligations (Refer Note 42) will be disbursed by the State Governments.
dated August 12, 2024, under the Companies (Indian
financial statements requires management to make The cost of defined benefit gratuity plans, and The Group measures expected credit losses in Accounting Standards) Amendment Rules, 2024,
judgments, estimates and assumptions that affect the post-retirement medical benefit is determined a way that reflects the time value of money. which is effective from annual reporting periods
reported amounts of revenues, expenses, assets and using actuarial valuations. The actuarial valuation Any subsequent changes to the estimated beginning on or after April 01, 2024.
liabilities, and the accompanying disclosures, and the involves making assumptions about discount recovery period could impact the carrying value
disclosure of contingent liabilities. Uncertainty about rates, future salary increases, mortality rates and a. Ind AS 117 Insurance Contracts is a comprehensive
of Incentives receivable.
these assumptions and estimates could result in future pension increases. Due to the long-term new accounting standard for insurance contracts
outcomes that require a material adjustment to the nature of these plans, such estimates are subject covering recognition and measurement,
to significant uncertainty.

488 489
490
ACC LIMITED

ƒ A
Integrated Annual Report 2024-25

variable fee approach)

covered under Ind AS 117.

as at and for the year ended March 31, 2025

on a general model, supplemented by:

statements as the Group has not entered any

approach) mainly for short-duration contracts
to all types of insurance contracts, regardless of

ƒ A simplified approach (the premium allocation

specific adaptation for contracts
presentation and disclosure. Ind AS 117 replaces

contracts in the nature of insurance contracts

with direct participation features (the
scope exceptions will apply. Ind AS 117 is based
to certain guarantees and financial instruments
Ind AS 104 Insurance Contracts. Ind AS 117 applies

material impact on the Group’s separate financial

The application of Ind AS 117 does not have
with discretionary participation features; a few
the type of entities that issue them as well as
b. 

right of use it retains.

Group’s financial statements.

Notes to Consolidated financial statements

Liability in a Sale and Leaseback

arising in a sale and leaseback transaction, to

respect to Lease Liability in a Sale and Leaseback.
The MCA notified the Companies (Indian
Accounting Standards) Second Amendment

amount of the gain or loss that relates to the

ensure the seller-lessee does not recognise any
Rules, 2024, which amend Ind AS 116, Leases, with

enteredintoafterthedateofinitialapplicationofIndAS116.
Amendments to Ind AS 116 Leases – Lease

The amendment specifies the requirements that

The amendments do not have a material impact on the

applied retrospectively to sale and leaseback transactions
periods beginning on or after April 01, 2024 and must be
The amendment is effective for annual reporting
a seller-lessee uses in measuring the lease liability

Note 2. Property, Plant and Equipment

I in crore
Accumulated impairment
Gross carrying value Accumulated depreciation Net carrying value
(Refer Note 3 below)
Additions on
Impairment
account of Impairment
Particulars As at As at As at Depreciation As at As at reversed As at As at As at
acquisition of Deductions/ Deductions/ provided
April 01, Additions March 31, April 01, charge for March April 01, during the March March March 31,
subsidiaries Transfers Transfers during the
Portfolio Overview

2024 2025 2024 the year 31, 2025 2024 year (refer 31, 2025 31, 2025 2024
(refer note year
note 30)
as at March 31, 2025

63)
Freehold non-mining 208.30 - 317.90 - 526.20 - - - - - - - - 526.20 208.30
land(Refer note 2
below)
Freehold Mining Land 379.34 7.03 - - 386.37 13.38 2.60 - 15.98 - 3.93 - 3.93 366.46 365.96
Buildings (Refer note 1 2,317.86 179.88 - 9.60 2,488.14 637.10 107.25 3.54 740.81 33.38 - 3.54 29.84 1,717.49 1,647.38
& 2 below)
Plant and Equipment 10,350.93 619.10 - 41.44 10,928.59 3,892.35 628.67 17.02 4,504.00 127.27 170.02 11.69 285.60 6,138.99 6,331.31
Railway Sidings 380.54 3.22 - - 383.76 173.43 26.77 - 200.20 1.43 9.04 - 10.47 173.09 205.68
Corporate Overview

Furniture and Fixtures 46.07 6.97 - 0.37 52.67 23.34 4.21 0.37 27.18 0.30 0.17 - 0.47 25.02 22.43
Vehicles 120.58 3.23 - 2.92 120.89 76.82 9.98 2.76 84.04 10.14 0.25 - 10.39 26.46 33.62
Office equipment 99.37 29.16 - 4.61 123.92 78.15 10.28 4.61 83.82 0.53 0.11 - 0.64 39.46 20.69
TOTAL 13,902.99 848.59 317.90 58.94 15,010.54 4,894.57 789.76 28.30 5,656.03 173.05 183.52 15.23 341.34 9,013.17 8,835.37

I in crore
Accumulated impairment Net carrying
Gross carrying value Accumulated depreciation
(Refer Note - 3) value
Additions on
Strategic Review

account of
Particulars As at As at As at Depreciation As at As at As at As at
acquisition of Deductions/ Deductions/
April 01, Additions March 31, April 01, charge for the March 31, April 01, March 31, March 31,
subsidiaries Transfers Transfers
2023 2024 2023 year 2024 2023 2024 2024
(refer note
63)
Freehold non-mining land (Refer note 2 149.46 1.98 57.20 0.34 208.30 - - - - - - 208.30
below)
Freehold mining land 367.11 12.23 - - 379.34 8.49 4.89 - 13.38 - - 365.96
Buildings (Refer note 1 & 2 below) 2,024.90 289.89 27.70 24.63 2,317.86 553.06 93.81 9.77 637.10 33.38 33.38 1,647.38
Plant and equipment 8,461.93 1,875.81 110.50 97.31 10,350.93 3,399.90 568.44 75.99 3,892.35 127.27 127.27 6,331.31
ESG Overview

Railway sidings 300.90 79.64 - - 380.54 148.21 25.22 - 173.43 1.43 1.43 205.68
Furniture and fixtures 46.48 5.59 0.30 6.30 46.07 25.58 3.84 6.08 23.34 0.30 0.30 22.43
Vehicles 108.46 6.20 7.00 1.08 120.58 68.85 9.02 1.05 76.82 10.14 10.14 33.62
Office equipment 93.64 9.42 0.90 4.59 99.37 73.49 9.08 4.42 78.15 0.53 0.53 20.69
TOTAL 11,552.88 2,280.76 203.60 134.25 13,902.99 4,277.58 714.30 97.31 4,894.57 173.05 173.05 8,835.37
Notes:- 1) Buildings include cost of shares I 10,550 (March 31, 2024 - I 10,550) in various Co-operative Housing Societies residential flats.
2) During the previous year, the Group has commenced commercial production of Clinker with capacity of 3.3 million ton per annum and commercial production of
Cement with capacity of 1 million ton per annum at its integrated Cement plant in Madhya Pradesh.
3) In earlier years, considering lower profitability due to higher input cost, the Group had recognised impairment loss (including Capital work in progress)
Statutory Reports

for certain Property, plant and equipment at cement manufacturing facility at Madukkarai. During the current year, the management has reassessed
same on the account of sale of these assets and accordingly reverse the impairment loss of I 15.23 crore in the statement of profit and loss.
Notes to Consolidated financial statements

Additionally, the Holding Company has assessed the recoverable amounts of its certain Cement Plants and Clinker units which are non operational, based on the
Cash Generating Units (""CGUs"") identified, as required under Ind AS 36, Impairment of Assets on the basis of their Value in Use by estimating the future cash
inflows over the estimated useful life of such Cement Plants and Clinker units.
 Basis such assessment, the management has identified carrying value of certain property, plant and equipment and right of use assets (tangible assets) of non-
operational clinker manufacturing units at Wadi-1, Bargarh and Chaibasa, being impaired, based on unviable future business prospects and economic viability due
to higher cost of manufacturing, shortage of raw material etc. The Holding Company has carried out a review of the recoverable amount of the tangible assets
used in clinker manufacturing facility at abovementioned three plants. The recoverable amount from such tangible assets is assessed to be lower than it’s carrying
amount and consequently an impairment loss of I 207.28 crore (including impairment loss on right of use assets of I 23.92 crore) has been recognised.
Financial Statements

491
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at March 31, 2025 as at March 31, 2025

4) Capital work in progress (CWIP) as at March 31, 2025 is I 2061.48 crore (March 31, 2024 - I 985.81 crore) comprises of various

Holding Company recognised the transaction on a finance lease basis based on option to purchase the property. Leasehold land includes such property value of ` 683.94 Crore
Note: During the year, the Holding Company has taken property on a long-term lease of 20 years with an option to purchase and develop the property during the lease period. The

(amount paid to lessor ` 600 Crore (Refer note 47(I)(14))). The present value of outstanding liability is ` 83.94 Crore (Refer note 43). The amount is payable on company informing
201.52

15.92
31.13
196.51
445.08

201.52

15.92
31.13
196.51
445.08
I in crore

As at
March 31,
2024

I in crore

As at
March 31,
2024
projects and expansions spread over various units and subsidiaries.

carrying
Net carrying value

value
Net
a) Movement in Capital work in progress (CWIP)

Particulars I in crore

850.52

75.10
48.59
118.27
1,092.48

-
-
-
-
-
As at
March 31,
2025

As at
March 31,
2024
Opening balance as on April 01, 2023 1,684.00

to Aditya Estates Private Limited on execution of its right to exercise the option to purchase the property. The yearly rent outstanding as of March 31, 2025 is Nil.
Accumulated impairment
Add - Additions during the year* 1,630.68
Additions on account of acquisition of subsidiaries (Refer note 63) 1.83

23.92

-
-
-
23.92

-
-
-
-
-
As at
March 31,
2025

Impairment
provided
during the
year
Less - Capitalized during the year (including Other intangible assets) (2,330.70)

Accumulated impairment
Closing balance as at March 31, 2024 985.81

(Refer Note 2(3))

23.92

-
-
-
23.92
Impairment
provided
during the
year
Add - Additions during the year* 1,591.10

-
-
-
-
-
As at
April 01,
2023
Additions on account of acquisition of subsidiaries (Refer note 63) 393.66
Less - Capitalized during the year (including Other intangible assets) (909.09)

64.69

13.35
43.66
89.43
211.13
As at
March 31,
2024
-

-
-
-
-
As at
April 01,
2024
Closing balance As at March 31, 2025 2,061.48
As per accounting process, the addition to the Property, plant and equipment is initially recorded as addition to CWIP and then
capitalised in books based on assets ready to use policy of the Group.

88.94

30.43
57.52
171.36
348.25

1.21

-
4.04
4.37
9.62
As at
March 31,
2025

Deductions/
Transfers
*Includes Captive Consumption of Cement amounting to I 6.86 crore (March 31, 2024 I 6.68 crore).

Accumulated depreciation
b) Ageing of capital Work-in-progress
I in crore

0.72

-
0.96
11.51
13.19
Deductions/
Transfers
Less than More than

Accumulated depreciation

23.74

11.76
14.97
93.58
144.05
1-2 years 2-3 years Total

Amortisation
charge for
the year
1 year 3 years
As at March 31, 2025
Projects in progress 1,754.80 279.16 20.54 5.47 2,059.97

24.97

17.08
14.82
93.44
150.31
Amortisation
charge for
the year

42.16

1.59
32.73
0.22
76.70
As at
April 01,
2023
Projects temporarily suspended - - - 1.51 1.51
Total 1,754.80 279.16 20.54 6.98 2,061.48
As at March 31, 2024

64.69

13.35
43.66
89.43
211.13

266.21

29.27
74.79
285.94
656.21
As at
April 01,
2024

As at
March 31,
2024
Projects in progress 892.11 70.40 16.25 7.05 985.81
Projects temporarily suspended - - - - -
Total 892.11 70.40 16.25 7.05 985.81

963.38

105.53
106.11
289.63
1,464.65
As at
March 31,
2025

1.21

-
13.83
26.51
41.55
Deductions/
Transfers
Gross carrying value
c) The Group does not have any project temporarily suspended or any CWIP which is overdue or has exceeded its cost compared
to its original plan as at March 31, 2025.
5) Depreciation charge for the year include I 0.81 crore (March 31, 2024 - I 0.17 crore) capitalised as part of Capital work-in-progress

1.14

-
5.43
36.85
43.42
Deductions/
Transfers
(refer note- 52).

Gross carrying value

5.31

25.51
16.39
312.23
359.44
Additions
6) For contractual commitment with respect to Property, Plant and Equipment, refer note 44.
7) On transition to Ind AS in earlier year, the Group has elected to continue with the carrying value of all Property, plant and equipment
measured as per the previous GAAP and use that carrying value as the deemed cost of Property, plant and equipment.

698.31

76.26
36.75
40.54
851.86
Additions
Note 3. Right of use assets
8) For details pertaining to Capitalisation of Expenditure refer note 52.

262.11

3.76
72.23
0.22
338.32
As at
April 01,
2023
266.21

29.27
74.79
285.94
656.21
As at
April 01,
2024

Plant and equipments

Plant and equipments
(Refer note below)
Leasehold land

Leasehold land
Particulars

Particulars

Buildings
Buildings

Vehicles
Vehicles

Total
Total
492 493
 Note 4: Other Intangible assets

494
I in crore
Gross carrying value Accumulated amortisation Net Carrying Value
Additions on
ACC LIMITED

account of
Particulars As at As at As at Amortisation As at As at As at
acquisition of Deductions/ Deductions/
April 01, Additions March 31, April 01, charge for the March 31, March 31, March 31,
subsidiaries Transfers Transfers
2024 2025 2024 year 2025 2025 2024
(refer note
as at March 31, 2025

63)
Intangible Assets :
Computer software 40.93 42.39 - 2.19 81.13 11.00 15.94 2.19 24.75 56.38 29.93
Integrated Annual Report 2024-25

Sponsorship rights 50.28 - - - 50.28 8.20 9.02 - 17.22 33.06 42.08

Mining rights 133.81 18.11 - 0.03 151.89 31.41 6.91 0.03 38.29 113.60 102.40
Dealer Network 73.30 - - - 73.30 5.56 22.82 - 28.38 44.92 67.74
Long term procurement rights 81.80 - - - 81.80 1.24 5.37 - 6.61 75.19 80.56
State incentive rights 8.50 - - - 8.50 0.48 1.99 - 2.47 6.03 8.02
TOTAL 388.62 60.50 - 2.22 446.90 57.89 62.05 2.22 117.72 329.18 330.73

I in crore
Net Carrying
Gross carrying value Accumulated amortisation
Value
Additions on
Particulars account of
As at As at As at Amortisation As at As at
acquisition of Deductions/ Deductions /
April 01, Additions March 31, April 01, charge for the March 31, March 31,
subsidiaries Transfers Transfers
2023 2024 2023 year 2024 2024
(refer note
63)
Intangible Assets :
Computer software 9.17 31.62 0.20 0.06 40.93 6.87 4.19 0.06 11.00 29.93
Sponsorship rights 50.28 - - - 50.28 - 8.20 - 8.20 42.08
Mining rights 115.96 18.32 - 0.47 133.81 24.29 7.20 0.08 31.41 102.40
Dealer Network - - 73.30 - 73.30 - 5.56 - 5.56 67.74
Long term procurement rights - - 81.80 - 81.80 - 1.24 - 1.24 80.56
State incentive rights - - 8.50 - 8.50 - 0.48 - 0.48 8.02
TOTAL 175.41 49.94 163.80 0.53 388.62 31.16 26.87 0.14 57.89 330.73
Note: On transition to Ind AS in earlier year, the Group has elected to continue with the carrying value of all Intangible assets measured as per the previous GAAP and use that
carrying value as the deemed cost of Intangible assets.
Notes to Consolidated financial statements

a)
B)
A)

Notes

Particulars
Particulars

Limited

Total (B)
Total (A)

Book Value
Portfolio Overview

Total (A+B)
as at March 31, 2025

Add - Share of profit

Add - Share of Profit

Less - Dividend received

Less - Dividend received
Less - Dividend received
Add - Share of (loss)/profit

OneIndia BSC Private Limited

Corporate Overview

Investments in Associates (at cost)

Investments in Joint Ventures (at cost)

Alcon Cement Company Private Limited
Investments in Unquoted equity instruments

Aakaash Manufacturing Company Private

Aggregate carrying value of unquoted investments

10
10
10
Strategic Review

Face

(in I)
Value
Note 5. Investments in associates and joint ventures

4,401
25,01,000
4,08,001
Numbers
ESG Overview

As at March 31, 2025

33.45
19.25
16.51
3.00
15.32
2.74
-
0.12
2.62
14.20
15.52
I in crore

(1.81)
(0.98)
(0.34)

33.45
March 31, 2025
As at
Book Value
Statutory Reports

Notes to Consolidated financial statements

4,401
25,01,000
4,08,001
Numbers
As at March 31, 2024

33.46
17.94
15.32
1.93
15.74
2.62
0.34
6.73
15.52
1.23
15.47

33.46
March 31, 2024
As at
Book Value
I in crore
I in crore
Financial Statements

(2.35)
(4.45)
(1.18)

495
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at March 31, 2025 as at March 31, 2025

Note 6: Non-current investments Note 7: Non current - Loans

Face Value As at March 31, 2025 As at March 31, 2024 I in crore
Particulars
(in I) Numbers I in crore Numbers I in crore As at As at
Particulars
Investments at fair value through profit March 31, 2025 March 31, 2024
or loss (FVTPL) Unsecured, considered good, unless otherwise stated
Investments in equity shares (Unquoted) Loans (including given to joint venture companies) (Refer note 47)
Solbridge Energy Private Limited 10 80,23,803 13.21 80,23,803 10.20
Considered good - unsecured 2.92 2.91
(Refer Note - II below)
Amplus Green Power Private Limited 10 25,78,592 3.80 25,78,592 4.50 Receivables which have significant increase in credit risk 26.99 26.99
(Refer Note - III below) Less: Allowance for expected credit loss (26.99) (26.99)
Kanoria Sugar & General Mfg. 10 4 0.00 4 0.00 2.92 2.91
Company Limited* Loans to employees 1.90 3.55
Gujarat Composites Limited* 10 60 0.00 60 0.00
Total 4.82 6.46
Rohtas Industries Limited* 10 220 0.00 220 0.00
The Jaipur Udyog Limited* 10 120 0.00 120 0.00 Note
Digvijay Finlease Limited* 10 90 0.00 90 0.00 a) No loans are due from directors or other officers of the Holding Company, either severally or jointly with any other
The Travancore Cement Company 10 100 0.00 100 0.00 person. Further no loans are due from firms or private companies, respectively in which any director is a partner, a
Limited* director or a member other than as disclosed in note 47.
Ashoka Cement Limited* 10 50 0.00 50 0.00
The Sone Valley Portland Cement 5 100 0.00 100 0.00 Note 8: Other Non-Current financial assets
Company Limited* I in crore
17.01 14.70
As at As at
Investments at amortized cost Particulars
March 31, 2025 March 31, 2024
Investments in bonds (Unquoted)
5.13% Himachal Pradesh 10,00,000 - - 37 3.70 Unsecured, considered good
Infrastructure Development Board Government Grant Receivable {Refer Note - 54(i) and note 1.3(N)} 1,102.29 761.79
Bonds (Refer Note - IV below) Security deposits 179.92 210.44
Total 17.01 18.40 Bank deposit with remaining maturity of more than 12 months 0.35 -
Notes: Margin money deposit with more than 12 months maturity * 504.66 13.58
(I) Total 1,787.22 985.81
I in crore *Margin money deposit includes bank deposit with lien in favour of National Company Law Appellate Tribunal (NCLAT) I 155.65 crore ((March 31,
2024 - Nil) including interest - Refer Note - 45 (a)) and deposits amounting to I 349.01 crore (March 31, 2024 I 13.58 crore) given as security against
Book Value Book Value bank gurantees.
Particulars As at As at Margin money deposit is against bank guarantees given to Government authorities.
March 31, 2025 March 31, 2024
Aggregate carrying value of unquoted investments 17.01 18.40

(II) The Group has subscribed 80,23,803 equity shares in Solbridge Energy Private Limited (SEPL) representing 19.06%
holding for a total consideration of I 10.20 crore. The SEPL has set up a solar power plant in the State of Chhattisgarh
of which the Holding Company’s Jamul plant would be one of the consumers.

(III) The Group subscribed 25,78,592 equity shares in Amplus Green Power Private Limited (AGPPL) representing 5.63%
holding for a total consideration of I4.50 crore. The AGPPL has set up a solar power plant in the State of Uttar
Pradesh of which the Holding Company’s Tikaria plant is one of the consumers.

(IV) Investment in 5.13% Himachal Pradesh Infrastructure Development Board Bonds ("Bond") was made as Security
Deposit for ongoing litigation with Excise and Taxation Department, Himachal Pradesh in the year 2014. During the
year, the same has been reclassified to Other Non-Current Assets (Refer note 9) under sub head Duty, taxes paid
under protest with Government Authorities, as per the terms of the Bond, the investment amount has matured and
accordingly the same has been reclassified.
* Each of such investments is carried at value less than I 50,000

496 497
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at March 31, 2025 as at March 31, 2025

Note 9: Other non-current assets Note 11: Current - Investments

I in crore I in crore
As at As at As at As at
Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
Unsecured, considered good, unless otherwise stated Quoted
Capital advances (including land advances of I 163.49 crore (March 31, 400.10 335.00
Investments measured at Fair value through Profit or Loss
2024 I 16.80 crore))(Refer note 47(I)(1))
Prepaid Expense 4.43 - Investments in government securities 1,458.46 758.69
Others Total 1,458.46 758.69
Unsecured, considered good - 10.46
- 10.46
Aggregate Carrying value of Quoted investments 1,458.46 758.69
Duty, taxes paid under protest with Government Authorities against
various disputes Aggregate Market value of Quoted investments 1,458.46 758.69
Unsecured, considered good (Refer note 6(IV)) 415.82 273.28
Considered doubtful 3.33 3.33 Note 12: Trade receivables
Less: Allowance for impairment loss (3.33) (3.33) I in crore
415.82 273.28 As at As at
Total 820.35 618.74 Particulars
March 31, 2025 March 31, 2024

Note 10: Inventories Secured, considered good 123.71 258.65

Unsecured, considered good 1,039.20 568.85
At lower of cost or net realisable value
I in crore Unsecured, Receivables which have significant increase in credit risk - -
As at As at Receivables - Credit impaired 72.05 65.79
Particulars
March 31, 2025 March 31, 2024 1,234.96 893.29
Raw materials (including clinker purchased) 242.05 219.07 Less : Allowance for expected credit loss (Refer Note 54(i)) (72.05) (65.79)
(Including In-transit I 5.53 crore (March 31, 2024 - I 12.24 crore)) Total 1,162.91 827.50
Work-in-progress 237.64 374.79
Note:
Finished goods 225.20 234.80
(Including goods-in-transit I 8.30 crore (March 31, 2024 - I 1.01 crore)) a) Trade receivable ageing schedule is as given below:
Stores and spares (Refer notes below) 345.82 296.41 I in crore
(Including In-transit I 2.05 crore (March 31, 2024 - I 9.29 crore)) Outstanding for following periods from due date
Packing materials 47.41 39.14 Particulars Less than 6 months More than Total
1-2 years 2-3 years
Fuel (including coal) 827.30 704.34 6 months - 1 year 3 years
(Including In-transit I 31.25 crore (March 31, 2024 - I 12.48 crore)) Balance as at March 31, 2025
Total 1,925.42 1,868.55 Undisputed Trade receivables – 1,140.11 22.79 0.01 - - 1,162.91
considered good
Note:
a) During the year ended March 31, 2025 the Group has recognised an amount of I 6.69 crore (March 31, 2024 - I 2.26 crore) as expenses for the
Undisputed trade receivables – having - - - - - -
provision related to slow moving stores and spares inventory. significant increase in credit risk
b) Provision for slow and non-moving stores and spares as at March 31, 2025 is I 125.47 crore (March 31, 2024 - I 118.78 crore). Undisputed Trade receivables - credit - 13.88 17.03 14.94 26.20 72.05
impaired
Disputed Trade receivables - - - - - - -
Considered good
Disputed Trade receivables - which - - - - - -
have significant increase in risk
Disputed Trade receivables - credit - - - - - -
impaired
Less : Allowance for expected credit - (13.88) (17.03) (14.94) (26.20) (72.05)
loss
Total 1,140.11 22.79 0.01 - - 1,162.91

498 499
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at March 31, 2025 as at March 31, 2025

I in crore Note 14: Bank balances other than Cash and Cash Equivalents
Outstanding for following periods from due date I in crore
Particulars Less than 6 months More than Total As at As at
1-2 years 2-3 years Particulars
6 months - 1 year 3 years March 31, 2025 March 31, 2024
Balance as at March 31, 2024 Other bank balances:
Undisputed Trade receivables – 820.53 6.53 0.44 - - 827.50
Deposits with original maturity for more than 3 months but less than 12 578.00 236.57
considered good
months*
Undisputed trade receivables – having - - - - - -
On unpaid dividend accounts# 20.58 22.35
significant increase in credit risk
Undisputed Trade receivables - credit - 14.13 25.45 7.64 18.57 65.79 Total 598.58 258.92
impaired *Includes bank deposit with lien in favour of National Company Law Appellate Tribunal (NCLAT) including interest as at March 31, 2024 - I 143.68 crore.
Refer Note - 45 (a)).
Disputed Trade receivables - - - - - - -
Considered good # These balances are available for use only towards settlement of corresponding unpaid dividend liabilities.

Disputed Trade receivables - which - - - - - -

have significant increase in risk Note 15: Current - Loans
Disputed Trade receivables - credit - - - - - - I in crore
impaired As at As at
Particulars
Less : Allowance for expected credit - (14.13) (25.45) (7.64) (18.57) (65.79) March 31, 2025 March 31, 2024
loss Unsecured, Considered good
Total 820.53 6.53 0.44 - - 827.50
Loan to Employees 5.33 3.60
There are no unbilled trade receivables, hence the same is not disclosed in the ageing schedules. Total 5.33 3.60
b) For terms and conditions with related parties, refer note 47. Note:
c) The Group does not give significant credit period resulting in no significant financing component. The credit period No loans are due from directors or other officers of the Holding Company, either severally or jointly with any other person.
on an average ranges from 30 days to 90 days. Further no loans are due from firms or private companies, respectively in which any director is a partner, a director or a
d) No trade receivables are due from directors or other officers of the Holding Company, either severally or jointly with member other than as disclose in note 47.
any other person. Further no trade receivables are due from firms or private companies, respectively in which any
director is a partner, a director or a member other than as disclose in Note 47. Note 16: Other current financial assets
I in crore
e) Refer Note 54 (i) for information about credit risk of trade receivables.
As at As at
Particulars
March 31, 2025 March 31, 2024
Note 13: Cash and Cash Equivalents
Unsecured, considered good, unless otherwise stated
I in crore
Government grant receivables (Refer Note - 54(i) and note 1.3(N)) 650.42 527.82
As at As at
Particulars Security deposits 63.88 49.94
March 31, 2025 March 31, 2024
Balances with banks: Other receivables
- In current accounts 419.46 292.98 Unsecured, considered good (Refer Note - 47)* 92.45 108.96
- Deposits with original maturity of less than three months - 35.12 Considered doubtful 23.14 23.14
419.46 328.10 Less : Allowance for expected credit loss (Refer Note - 54(i)) (23.14) (23.14)
Post office saving accounts 0.01 0.01 92.45 108.96
Investments in liquid mutual funds measured at FVTPL (Unquoted and 631.22 1,275.84 Receivable from sale of land (Refer Note 60(e) and 47) 381.15 -
fully paid) Bank deposits with remaining maturity of less than 12 months** - 2,082.54
Total 1,050.69 1,603.95 Other accrued interest 24.92 97.76
Aggregate Carrying value of investments 631.22 1,275.84 Fair value of derivative assets - 0.38
Aggregate Market value of investments 631.22 1,275.84 Total 1,212.82 2,867.40
*Includes receivables in the nature of business support services and rental income.
**Includes bank deposits placed as security with government authorities of Nil (March 31, 2024 - I 33.35 crore).

500 501
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at March 31, 2025 as at March 31, 2025

Note 17: Other current assets Note 19. Equity share capital
I in crore I in crore
As at As at As at As at
Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
Unsecured, considered good, unless otherwise stated Authorised
Advances to suppliers (Refer Note - 47) 1,265.08 992.14 22,50,00,000 (March 31, 2024 - 22,50,00,000) equity shares of I 10 each 225.00 225.00
Prepaid expenses 32.83 52.45 10,00,00,000 (March 31, 2024 - 10,00,00,000) preference shares of I 10 100.00 100.00
each
Gratuity / Compensated absences net assets (funded) (Refer Note - 42) 19.11 64.81
Issued
Balances with statutory/ Government authorities (including Goods and 397.20 360.10
18,87,93,243 (March 31, 2024 - 18,87,93,243) equity shares of I 10 each 188.79 188.79
Service Tax credit)*
Subscribed and Paid-up
Others (including insurance claim receivable) 9.22 46.15 187.79 187.79
18,77,87,263 (March 31, 2024 - 18,77,87,263) equity shares of I 10 each
Other Receivables which have significant increase in credit risk 23.14 17.88 fully paid up
32.36 64.03 Add: 3,84,060 (March 31, 2024 - 3,84,060) equity shares of I 10 each 0.20 0.20
Less: Allowance for impairment loss (23.14) (17.88) forfeited - amount originally paid up
9.22 46.15 Total 187.99 187.99
Total 1,723.44 1,515.65 i) Reconciliation of number of equity shares outstanding
* Goods and service tax recoverable amounting to ` 33.84 Crore, which are currently in appeal with government authorities in a state although based
on the legal opinion taken by the management, the amounts are recoverable
Equity shares
Particulars
No. of shares I in crore
Note 18: Non-current assets classified as held for sale As at April 01, 2023 18,77,87,263 187.79
I in crore
Issued during the year - -
As at As at
Particulars As at March 31, 2024 18,77,87,263 187.79
March 31, 2025 March 31, 2024
Issued during the year - -
Plant and equipment 1.26 1.26
As at March 31, 2025 18,77,87,263 187.79
Building 0.85 0.85
Freehold Non-Mining Land and Building (Including other assets)* 4.55 19.74 ii) Terms / rights attached to equity shares
TOTAL 6.66 21.85 The Holding Company has only one class of equity shares having par value of I 10 per share. Each holder of equity
Notes shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval
The Group intends to dispose off plant and equipment, building and freehold non-mining land in the next 12 months which it no longer intends to of the shareholders in the ensuing Annual General Meeting.
utilize. A selection of potential buyers is underway.
* During the year, the Group has sold Freehold Non-Mining Land and Building located at Thane, Maharashtra (Including other assets) having Book Value In the event of liquidation of the Holding Company, the holders of equity shares will be entitled to receive remaining
of I 15.19 crore at a total consideration of I 385 crore. (Refer Note 60(e)) assets of the Holding Company, after distribution of all preferential amounts. The distribution will be in proportion
to the number of equity shares held by the shareholders.

502 503
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at March 31, 2025 as at March 31, 2025

iii) Equity shares held by immediate holding company/ ultimate holding company and/ or their Number of Number of
subsidiaries/ associates shares Change during shares % of total % of change
I in crore
Particulars
as at the year as at share during the year
As at As at April 1, 2023 March 31, 2024
March 31, 2025 March 31, 2024 Ambuja Cements 9,39,84,120 - 9,39,84,120 50.05% -
Ambuja Cements Limited, immediate Holding company 93.98 93.98 Limited
9,39,84,120 (March 31, 2024 - 9,39,84,120) Equity shares I 10 each
Holderind 84,11,000 - 84,11,000 4.48% -
fully paid
Investments Limited,
Holderind Investments Limited, Mauritius, the holding company of 8.41 8.41 Mauritius
Ambuja Cements Limited *
84,11,000 (March 31, 2024 - 84,11,000) Equity shares I 10 each fully Endeavour Trade and 40,61,807 - 40,61,807 2.16% -
paid up Investment Limited
Endeavour Trade and Investment Limited, the holding company of 4.06 4.06 Total 10,64,56,927 - 10,64,56,927 56.69%
Holderind Investments Limited, Mauritius
40,61,807 (March 31, 2024 - 40,61,807) equity shares I 10 each fully vi) Outstanding right shares are kept in abeyance exercisable into 601,880 (March 31, 2024 - 601,880) equity shares
paid up of I 10 each fully paid-up.
*On September 15, 2022, Endeavour Trade and Investment Limited (an entity of Adani family) has acquired 100% shareholding in Holderind
Investments Limited from Holderfin B.V (an entity of the Holcim Group). Note 20. Other Equity
(Refer consolidated statement of changes in Equity for movement in balance)
iv) Details of shareholders holding more than 5% shares in the Holding Company I in crore

As at March 31, 2025 As at March 31, 2024 As at As at

Particulars
No. of shares % holding No. of shares % holding March 31, 2025 March 31, 2024
Ambuja Cements Limited, 9,39,84,120 50.05 9,39,84,120 50.05 Securities premium 845.03 845.03
immediate holding company General reserve 2,796.78 2,796.78
Life Insurance Corporation 1,44,38,930 7.69 1,20,33,771 6.41 Capital contribution from erstwhile parent 10.73 10.73
of India Retained earnings 14,714.31 12,487.69
As per the records of the Holding Company including its register of shareholders / members and other declarations Total 18,366.85 16,140.23
received from shareholders regarding beneficial interest, the above shareholdings represent both legal and beneficial The description of the nature and purpose of each reserve within equity is as follows:
ownership of shares.
Securities Premium: The amount received in excess of face value of the equity shares is recognised in Securities Premium.
v) Equity shares held by promoters The reserve is utilised in accordance with the specific provisions of the Companies Act, 2013.
Number of Number of General Reserve: General Reserve is used to transfer profits from retained earnings for appropriation purposes. The amount
shares Change during shares % of total % of change is to be utilised in accordance with the provision of the Companies Act, 2013.
Particulars
as at the year As at share during the year
Capital Contribution from erstwhile parent: Capital contribution from parent represents the fair value of the employee
April 1, 2024 March 31, 2025
performance share plan. These shares are granted by the erstwhile parent company “Holcim Limited, Switzerland” to the
Ambuja Cements 9,39,84,120 - 9,39,84,120 50.05% - executives and senior management of the Group.
Limited
Retained Earnings: Retained earnings are the profits that the Group has earned till date, less any transfers to general
Holderind 84,11,000 - 84,11,000 4.48% -
reserve, dividends or other distributions paid to shareholders. Retained Earnings includes re-measurement loss / gain on
Investments Limited,
defined benefit plans, net of taxes that will not be reclassified to profit and loss.
Mauritius
Endeavour Trade and 40,61,807 - 40,61,807 2.16% -
Investment Limited
Total 10,64,56,927 - 10,64,56,927 56.69% -

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at March 31, 2025 as at March 31, 2025

Note 21: Non-current provisions Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate:
I in crore For the year ended For the year ended
As at As at Particulars March 31, 2025 March 31, 2024
Particulars
March 31, 2025 March 31, 2024 I in crore In % I in crore In %
Provision for employee benefits Profit before share of profit of associates and 3,123.99 2,744.44
Provision for gratuity (Refer Note - 42) 106.56 84.72 joint ventures and tax
Provision for provident fund (Refer Note - 42) - 29.56 At India's statutory income tax rate (A) 786.31 25.17% 691.26 25.17%
Provision for long service award(Refer note (a) below) - 3.09 Effect of exempt income for tax purpose
Other provisions Dividends (0.70) (0.02%) (2.01) (0.07%)
Provision for site restoration (Refer note (b) below) 34.01 34.30 Effect of income charged at lower tax rate
TOTAL 140.57 151.67 Gain on sale of land (44.54) (1.43%) - 0.00%

Note: Effect of Non-Deductible (income) / expenses

not taxable
a) Long service award and other benefit plans provisions have been utilised / reversed during the year. Corporate social responsibility expenses 10.78 0.35% 9.45 0.34%
b) Mines reclamation expenses are incurred on an ongoing basis until the respective mines are not fully restored, in Interest on income tax, already offered to (49.93) (1.60%) - 0.00%
accordance with the requirements of the mining agreement. The actual expenses may vary based on the nature of tax
reclamation and the estimate of reclamation expenses. Movement of provisions for site restoration during the year Reversal of deferred tax on Undistributed - 0.00% (24.80) (0.90%)
is as under : profit of associates and joint ventures
I in crore Others 14.88 0.48% (4.71) (0.17%)
As at As at Sub-Total (B) (69.51) (2.23%) (22.07) (0.81%)
Particulars
March 31, 2025 March 31, 2024 At the effective income tax rate (A+B) 716.80 22.95% 669.19 24.37%
Opening Balance 34.30 35.12 Tax Adjustment of earlier years 7.71 0.25% (246.42) (8.97%)
Created/(reversal) during the year (net) 4.12 (2.83) Income Tax expense reported in the 724.51 23.19% 422.77 15.40%
Utilised during the year (6.66) (0.52) Consolidated Statement of profit and loss
Unwinding of interest 2.25 2.53
Notes:
Closing Balance 34.01 34.30
1) During the year, the Holding Company has re-assessed its tax positions in respect of certain tax liabilities and
provisions in the nature of interest based on favorable assessment orders from tax authorities for which tax
Note 22: Income tax
liabilities and interest provisions were made in the earlier years. Management has assessed that in view of the
I in crore favourable orders and consequent receipt of refunds post appellate orders, certain provisions are no longer required.
For the year ended For the year ended Accordingly, reversed the tax provision of I 12.36 crore which was recognized as credit in Current tax expense and
Particulars
March 31, 2025 March 31, 2024 aggregate of related liabilities in books for the interest received, pending recognition of income and interest provision
Current Income tax thereof I 657.83 crore, and against which no appeals are pending, has been recognised as credit in Other income
Current tax, net 694.36 553.54 for the year ended March 31, 2025.
Adjustment in respect of Tax Expense relating to earlier years, net 7.71 (167.73) During the year ended March 31, 2024, based on the completed tax assessments, and as per the related provisions of
(Refer note (1) below) the Income Tax Act, 1961, the Holding Company had reversed the tax provision of I 257.21 crore which was recognized
702.07 385.81 as credit in current tax expense and related interest of I 11.11 crore was recognized as credit in Other Income.
Deferred Tax 2) The rate used in the calculation of deferred tax is 25.17% for the year ended March 31, 2025 and March 31, 2024.
Relating to origination and reversal of temporary differences 22.44 115.65
Adjustment in respect of Tax Expense relating to earlier years - (78.69)
22.44 36.96
Total Tax expense 724.51 422.77

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at March 31, 2025 as at March 31, 2025

The major components of deferred tax liabilities / assets arising on account of timing differences are as follows: I in crore

I in crore
Recognised
Net Balance On Acquisition in the Net Balance
Recognised Recognised
Particulars as on April of Subsidiaries Consolidated as on March
Net Balance On Acquisition in the Net Balance in OCI
Recognised 01, 2023 (Refer note 63) Statement of 31, 2024
Particulars as on April of Subsidiaries Consolidated as on March
in OCI Profit and Loss
01, 2024 (Refer note 63) Statement of 31, 2025
Profit and Loss Deferred Tax Assets on:
Deferred Tax Liabilities on: Provision for employee benefits 35.58 - (9.60) (9.58) 16.40
Depreciation and amortisation 753.81 34.66 (18.09) - 770.38 Expenses allowed for tax purposes in 143.83 - 28.58 - 172.41
differences following years
Right of use assets and lease liability 13.76 - (6.97) - 6.79 Allowance for doubtful receivables and 18.10 - 4.27 - 22.37
other assets
Business Combination (Refer Note - 107.00 - (7.49) - 99.51
63) Expected credit loss on incentives 43.69 - (0.55) - 43.14
receivable from government
874.57 34.66 (32.55) - 876.68
Other temporary differences (including 17.13 - 39.51 - 56.64
Deferred Tax Assets on:
liabilities for litigation and inventory
Provision for employee benefits 16.40 - 9.44 11.65 37.49 provision)
Expenses allowed for tax purposes in 172.41 - (79.21) - 93.20 258.33 - 62.21 (9.58) 310.96
following years
Net deferred tax charge and deferred 457.33 60.62 36.08 9.58 563.61
Allowance for doubtful receivables and 22.37 - (1.28) - 21.09 tax liabilities
other assets
Expected credit loss on incentives 43.14 - 8.33 - 51.47 The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set-off current tax assets
receivable from government and current tax liabilities and the deferred tax assets and deferred tax liabilities related to income taxes levied by the
same tax authority.
Other temporary differences (including 56.64 - 7.57 - 64.21
liabilities for litigation and inventory The Group has business losses including unabsorbed depreciation of Nil (March 31, 2024 - I 5.56 crore) for which
provision) no deferred tax assets have been recognised. Such business losses will expire between financial years 2024-25 to
310.96 - (55.15) 11.65 267.46 2029-30. The information is based on the returns of income filed by the individual subsidiary companies upto assessment
year 2024-2025.
Net deferred tax charge / (income) 563.61 34.66 22.60 (11.65) 609.22
and deferred tax liabilities
Note 23: Other non current liabilities
I in crore I in crore
Recognised As at As at
Particulars
Net Balance On Acquisition in the Net Balance March 31, 2025 March 31, 2024
Recognised
Particulars as on April of Subsidiaries Consolidated as on March Deferred Government Grant 155.15 -
in OCI
01, 2023 (Refer note 63) Statement of 31, 2024
TOTAL 155.15 -
Profit and Loss
Deferred Tax Liabilities on: Note:
Depreciation and amortisation 673.21 - 80.60 - 753.81 Includes Government grant which is recognised as income in the statement of profit and loss over the useful life of the
differences related assets in proportion in which depreciation is charged. The amount of said government grant (net off accumulated
Right of use assets and lease liabilities 17.65 - (3.89) - 13.76 depreciation) has been added to the value of Plant, property and equipment with corresponding credit made to the
Business Combination (Refer Note - - 60.62 46.38 - 107.00 deferred government grant. The amount of deferred income is amortised over the useful life of the Plant, property and
63) equipment with credit to statement of profit and loss classified under the head “Government Grants including duty
Undistributed profit of associates and 24.80 - (24.80) - - credits/refunds" Refer note 1.3(N).
joint venture
715.66 60.62 98.29 - 874.57

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at March 31, 2025 as at March 31, 2025

Note 24: Trade Payables Note 25: Other current financial liabilities
I in crore I in crore

As at As at As at As at
Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
Trade Payable (Refer Note - 66) Financial Liabilities at amortised cost
Total outstanding dues of micro and small enterprises (Refer Note - 49) 273.43 395.67 Interest accrued 0.07 0.02
Total outstanding dues of creditors other than micro and small enterprises 1,364.87 1,456.88 Unpaid dividends* 20.58 22.35
Total 1,638.30 1,852.55 Security deposits from dealers and others 707.48 688.02
Payable towards purchase of Property, Plant and Equipment and 574.83 546.69
Note: intangible assets (including hold and retention money)
a) Trade payables ageing schedule Liability for employees (Refer Note - 66) 63.31 72.34
Balance as at March 31, 2025 Others - 4.03
I in crore Total 1,366.27 1,333.45
Not Due Outstanding for following Periods *Investor Education and Protection Fund ('IEPF') - outstanding aggregating of I 7.33 crore (March 31, 2024 - I 7.20 crore), is pending to be transferred
to the 'IEPF' on account of disputes and legal cases.
(including from due date of payment
Particulars Total
Accrued Less than More than
Expenses) 1 year
1-2 years 2-3 years
3 years Note 26: Other current liabilities
Undisputed - Micro and Small 273.43 - - - - 273.43 I in crore
Enterprises As at As at
Particulars
Undisputed - Other than Micro 723.81 628.66 12.37 - 0.03 1,364.87 March 31, 2025 March 31, 2024
and Small Enterprises Contract Liability*
Disputed - Micro and Small - - - - - - Advances from customers 177.86 258.63
Enterprises
Rebates to customers (Refund liabilities) 631.52 479.78
Disputed dues - Others - - - - - -
Total 997.24 628.66 12.37 - 0.03 1,638.30 Other Liability
Statutory dues payable 312.22 410.69
Balance as at March 31, 2024
Other payables (including aggregate liabilities towards pending disputes 337.32 697.74
I in crore
and interest on income tax as at March 31, 2025 of ` 298.18 Crore and as
Not Due Outstanding for following Periods
at March 31, 2024 ` 647.36 Crore)
(including from due date of payment
Particulars Total Total 1,458.92 1,846.84
Accrued Less than More than
1-2 years 2-3 Years
expense) 1 year 3 years * The contract liability outstanding at the beginning of the year has been recognised as revenue during the year ended March 31, 2025.
Undisputed - Micro and Small 65.18 322.43 8.05 0.01 - 395.67
Enterprises
Note 27: Current provisions
Undisputed - Other than Micro 889.45 567.10 0.12 0.10 0.11 1,456.88 I in crore
and Small Enterprises As at As at
Particulars
Disputed - Micro and Small - - - - - - March 31, 2025 March 31, 2024
Enterprises Provision for employee benefits
Disputed dues - Others - - - - - - Provision for gratuity (Refer Note - 42) 14.59 7.28
Total 954.63 889.53 8.17 0.11 0.11 1,852.55
Provision for compensated absences 0.02 4.14
b) For terms and conditions with related parties, Refer note 47. Provision for long service award* - 0.71
c) Trade payables mainly include amount payable to coal suppliers and operation and maintenance vendors in whose Total 14.61 12.13
case credit period allowed is 0-180 days. * Long service award and other benefit plans provisions have been utilised / reversed during the year.

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

for the year ended March 31, 2025 for the year ended March 31, 2025

Note 28: Revenue from operations Note 29: Government Grants including duty credits/refunds
I in crore I in crore
For the Year ended For the Year ended For the Year ended For the Year ended
Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
Revenue from contracts with customers Government grants including duty credits/refunds (Refer Note (a) and (b) 973.21 277.91
Sale of finished products 20,642.32 19,539.17 below, Note 66 and note 1.3(N))
Income from services rendered 29.83 34.41 Total 973.21 277.91
20,672.15 19,573.58
Notes:
Other Operating Revenue
Provision no longer required written back - 42.93 a) Accrued for the GST refund claim under various incentive schemes of State and Central Government.

Scrap sales 49.51 36.01 b) The Holding Company is eligible for various incentives from the Government authorities as per the policies / schemes
Miscellaneous income (including insurance claims and others) 67.44 28.49 of respective State / Central Government. Income from such Government incentive / grants including tax credits /
refunds has been disclosed separately in these consolidated financial statements as “Government Grants including
116.95 107.43
duty credits/refunds” which earlier was disclosed / included as other operating revenue. This separate disclosure
Total 20,789.10 19,681.01 has been given effect from the current year ended March 2025, and figures for previous year ended March 2024
Notes: have been accordingly regrouped / reclassified.

a) Reconciliation of revenue as per contract price and as recognised in consolidated statement of profit and loss: The Holding Company was eligible for incentive in the form of exemption of Excise duty on captive consumption
I in crore
of clinker for the period from May 2005 to February 2013 as per notification no. 67/95-CE dated March 16, 1995.
The excise authorities, Shimla had denied the above exemption to the Holding Company and accordingly the Holding
For the Year ended For the Year ended
Particulars Company paid the aforesaid duty and expensed the duty amount in the respective earlier financial years. During the
March 31, 2025 March 31, 2024
year, the Holding Company had received an order from the Office of The Deputy Commissioner - Central Goods
Revenue as per contract price 24,221.00 21,826.14
and Service Tax, Mandi Division dated December 26, 2024 allowing refund of amount paid against exemption of
Less: Discounts and incentives (3,548.85) (2,252.56) excise duty on captive consumption of clinker by the Holding Company pertaining to Gagal unit amounting to I
Revenue from contract with customers 20,672.15 19,573.58 636.86 crore. This refund order is allowed pursuant to the order of the Regional bench of Hon’ble Customs, Excise
and Service Tax Appellate Tribunal, Chandigarh (“CESTAT”) on July 1, 2024 after the Hon’ble Supreme Court vide
b) The following table provides information about receivables, contract assets and contract liabilities from the it’s judgement dated March 03, 2016 had allowed the appeal in Holding Company’s favour which was subsequently
contracts with customers: denied by the department on different grounds. Accordingly, a receivable amount of I 636.86 crore is recognised
I in crore as income based on the refund order dated December 26, 2024 of The Deputy Commissioner - Central Goods and
For the Year ended For the Year ended Service Tax, Mandi Division, Himachal Pradesh.
Particulars
March 31, 2025 March 31, 2024
c) During the year, Asian fine cements limited, a step down subsidiary company has reviewed the status of Incentive
Trade Receivables (Refer Note 12) 1,162.91 827.50
claims filed with the state government of Punjab for GST subsidy. Based on internal assessment made during the
Contract Liabilities (including Refund liabilities) (Refer Note 26) 809.38 738.41 year, it is assessed that subsidary company has complied with the conditions attached to the subsidy & there is
reasonable certainty of its realisation. Accordingly, step down subsidiary company has recognised subsidy income
The contract liabilities primarily relate to the advance consideration received from the customers and liability for
of I14.88 crore (Including I 12.27 crore related to earlier years) in the current financial year.
rebates to customer.

c) Performance obligation:

All sales are made at a point in time and revenue is recognised upon satisfaction of the performance obligations
which is typically upon dispatch/ delivery. The Group does not have any remaining performance obligation for sale
of goods or rendering of services which remains unsatisfied as at March 31, 2025 or March 31, 2024.

d) Disaggregation of revenue:

Refer Note 48 for disaggregated revenue information. The management determines that the segment information
reported is sufficient to meet the disclosure objective with respect to disaggregation of revenue under Ind AS 115
"Revenue from contract with customers".

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

for the year ended March 31, 2025 for the year ended March 31, 2025

Note 30: Other Income Note 33: Changes in inventories of finished goods and work-in-progress
I in crore I in crore
For the Year ended For the Year ended For the Year ended For the Year ended
Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
Interest income on Inventories at the end of the year
Bank deposits 113.91 229.33 Finished goods 225.20 234.80
Income tax refunds (Refer Note 22 (i)) 771.95 188.54 Work-in-progress 237.64 374.79
Government securities 51.17 27.61 462.84 609.59
Others (including interest income on trade advance and interest on 22.51 6.61 Inventories at the beginning of the year
security deposit) (Refer Note 47)
Finished goods 234.80 219.62
959.54 452.09
Work-in-progress 374.79 421.88
Other non-operating income
609.59 641.50
Gain on sale of current financial assets measured at FVTPL 58.24 18.78
Add : Inventory acquired through Business Combination (Refer note 63) - 2.46
Net gain on disposal of Property, Plant and Equipment (including 23.63 8.44
Total 146.75 34.37
impairment reversal)
Gain on fair valuation of liquid mutual funds measured at FVTPL 7.18 12.35
Note 34: Employee benefits expense
(net)*
I in crore
Gain on termination / completion of leases 1.34 1.19
For the Year ended For the Year ended
Others (includes insurance claims) 22.50 - Particulars
March 31, 2025 March 31, 2024
112.89 40.76
Salaries and wages, net of recovery (Refer note - 47 and 52) 409.40 452.92
Total 1,072.43 492.85
Contributions to provident and other funds (Refer note - 42) 40.38 49.92
* These instruments are mandatorily measured at fair value through profit or loss in accordance with Ind AS 109.
Reimbursement of allocated salary cost (Refer Note - 47) 232.34 197.35

Note 31: Cost of materials consumed Staff welfare expenses 35.63 37.01
I in crore Total 717.75 737.20
For the Year ended For the Year ended
Particulars Note 35: Finance costs
March 31, 2025 March 31, 2024
Inventories at the beginning of the year 219.07 173.03 I in crore

Inventory acquired on business combination (Refer Note 63) - 47.11 For the Year ended For the Year ended
Particulars
Add: Purchases (including clinker) (Refer Note 66) 4,042.35 3,383.70 March 31, 2025 March 31, 2024

4,261.42 3,603.84 Interest

Less: Inventories at the end of the year 242.05 219.07 On income tax 0.19 46.92

Total 4,019.37 3,384.77 On Defined benefit obligation (Net) (Refer Note - 42) 3.89 8.88
Interest on deposits from dealers carried at amortised cost 39.50 33.35
Note 32: Purchases of stock-in-trade Interest on lease liabilities carried at amortised cost (Refer note 43) 43.56 38.50
I in crore Others (Includes other interest on litigated liabilties) 18.83 24.40
For the Year ended For the Year ended Unwinding of discount on site restoration provision (Refer Note - 21) 2.25 2.53
Particulars
March 31, 2025 March 31, 2024 Total 108.22 154.58
Cement 4,024.65 2,646.21
Ready Mix Concrete 55.08 17.21
Total 4,079.73 2,663.42

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Note 36: Depreciation and amortisation expense (net) Note 39: Earnings per share - [EPS]
I in crore The following reflects the income and share data used in the basic and diluted EPS computations:
For the Year ended For the Year ended
Particulars I in crore
March 31, 2025 March 31, 2024
For the Year ended For the Year ended
Depreciation on property, plant and equipment (Refer note 2) 788.95 716.07 Particulars
March 31, 2025 March 31, 2024
Amortisation of intangible assets (Refer note 4) 62.05 24.93 Profit attributable to equity shareholders of the Holding Company for 2,402.12 2,334.92
Depreciation on Right of use assets (Refer note 3) 150.31 144.05 basic and diluted EPS (I in crore)
Total 1,001.31 885.05 Weighted average number of equity shares (in Nos.)
Number of shares for Basic EPS 18,77,87,263 18,77,87,263
Note 37: Freight and forwarding expense Effect of dilution:
I in crore
Number of shares held in abeyance (Refer note 19(vi)) 5,06,930 4,95,330
For the Year ended For the Year ended
Particulars Weighted average number of Equity shares adjusted for the effect of 18,82,94,193 18,82,82,593
March 31, 2025 March 31, 2024
dilution
On clinker transfer 573.31 721.73
Earnings per share ( in I)
On finished products 3,610.57 3,448.66
Face value per share I 10.00 10.00
Total 4,183.88 4,170.39
Basic I 127.92 124.34
Note 38: Other expenses (Refer note 52 and 66) Diluted I 127.57 124.01

I in crore
For the Year ended For the Year ended Note 40: Group information
Particulars
March 31, 2025 March 31, 2024 The consolidated financial statements of the Group includes subsidiaries listed in the table below:
Consumption of stores and spare parts 260.93 297.89
% equity interest
Consumption of packing materials 498.90 501.24 Principal
Subcontracting charges (including manpower, job-work etc) 290.81 297.58 As at As at
Name Principal activities place of
Expense related to short term and low value of leases (Refer note - 43) 76.56 52.97 March 31, March 31,
business
Rates and taxes 123.41 135.51 2025 2024
Repairs to Plant and Machinery, Buildings and Others 202.88 188.44 Subsidiaries
Insurance 32.15 42.10 Bulk Cement Corporation (India) Cement and cement related India 94.65% 94.65%
Advertisement and Sales Promotion expense 185.11 145.76 Limited products
Expected credit losses on trade receivables {(including reversals) (Refer 7.49 21.18 ACC Mineral Resources Limited Cement and cement related India 100% 100%
Note - 54(i))} (AMRL) products
Corporate Social Responsibility expenses 42.85 37.49 Lucky Minmat Limited Supply of Coal India 100% 100%
Legal and professional expenses (including corporate cost allocation) 34.06 23.31
Singhania Minerals Private Cement and cement related India 100% 100%
Audit fees 3.64 3.54
Limited products
Travelling expenses (including aviation cost allocated) 71.28 39.20
ACC Concrete West Limited Cement and cement related India 100% 100%
Commission expenses 28.36 24.93
(Incorporated on October 3, products
Miscellaneous expenses (Refer Note - 52 and Note (a) below) 196.49 99.65
2023)
Total 2,054.92 1,910.79
ACC Concrete South Limited Cement and cement related India 100% 100%
Note: (Incorporated on October 3, products
a) Miscellaneous expenses : 2023)
Asian Concretes and Cements Cement and cement related India 100% 100%
i) Does not include any item of expenditure with a value of more than 1% of Revenue from operations.
Private Limited (w.e.f January 8, products
ii) Includes expenses towards information technology, site restoration, security and others. 2024) (Refer note - 63 a)
Asian Fine Cements Private Cement and cement related India 100% 100%
b) For Transactions with related parties (Refer note - 47)
Limited (w.e.f January 8, 2024) products
(Refer note - 63 a)

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

% equity interest The holding company

Principal
As at As at Ambuja Cements Limited is the holding Company of ACC Limited.
Name Principal activities place of
March 31, March 31,
business Associates
2025 2024
Step down Subsidiaries of Principal % equity interest
AMRL (Refer note - 63 b) Name Principal activities place of As at As at
Akkay Infra Private Limited Property development, construction, India 100% 0% business March 31, 2025 March 31, 2024
(w.e.f February 27, 2025) consultancy, and leasing Alcon Cement Company Private Cement and cement India 40% 40%
Anantroop Infra Private Limited Property development, construction, India 100% 0% Limited related products
(w.e.f February 27, 2025) consultancy, and leasing
Joint ventures
Eqacre Realtors Private Limited Property development, construction, India 100% 0%
(w.e.f February 27, 2025) consultancy, and leasing Principal % equity interest
Foresite Realtors Private Limited Property development, construction, India 100% 0% Name Principal activities place of As at As at
(w.e.f February 28, 2025) consultancy, and leasing business March 31, 2025 March 31, 2024
Krutant Infra Private Limited Property development, construction, India 100% 0% OneIndia BSC Private Limited Shared services India 50% 50%
(w.e.f February 27, 2025) consultancy, and leasing Aakaash Manufacturing Company Ready mixed concrete India 40% 40%
Kshobh Realtors Private Limited Property development, construction, India 100% 0% Private Limited products
(w.e.f February 27, 2025) consultancy, and leasing
Prajag Infra Private Limited Property development, construction, India 100% 0% Joint Operations of ACC Mineral Resources Limited
(w.e.f February 27, 2025) consultancy, and leasing Principal % equity interest
Satyamedha Realtors Private Property development, construction, India 100% 0% Name Principal activities place of As at As at
Limited (w.e.f February 27, consultancy, and leasing business March 31, 2025 March 31, 2024
2025)
MP AMRL (Semaria) Coal Company Extraction and Supply of India 49% 49%
Trigrow Infra Private Limited Property development, construction, India 100% 0% Limited Coal
(w.e.f February 27, 2025) consultancy, and leasing
MP AMRL (Bicharpur) Coal Company Extraction and Supply of India 49% 49%
Varang Realtors Private Limited Property development, construction, India 100% 0% Limited Coal
(w.e.f February 27, 2025) consultancy, and leasing
MP AMRL (Marki Barka) Coal Extraction and Supply of India 49% 49%
Victorlane Projects Private Property development, construction, India 100% 0% Company Limited Coal
Limited (w.e.f February 27, consultancy, and leasing
MP AMRL (Morga) Coal Company Extraction and Supply of India 49% 49%
2025)
Limited Coal
Vihay Realtors Private Limited Property development, construction, India 100% 0%
(w.e.f February 27, 2025) consultancy, and leasing
Vrushak Realtors Private Limited Property development, construction, India 100% 0%
(w.e.f February 27, 2025) consultancy, and leasing
Peerlytics Projects Private Property development, construction, India 100% 0%
Limited (w.e.f February 27, consultancy, and leasing
2025)
West Peak Realtors Private Property development, construction, India 100% 0%
Limited (w.e.f March 13, 2025) consultancy, and leasing

518 519
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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Note 41: Financial information in respect of Joint ventures and Associates that are not I in crore

individually material: Particulars

As at As at
The Group’s interests in below mentioned joint ventures and associates are accounted for using the equity method in March 31, 2025 March 31, 2024
the consolidated financial statements. The summarized financial information below represents amounts shown in the Aggregate carrying amount of the Group’s interests in these
associate’s and joint venture's financial statements prepared in accordance with Ind AS adjusted by the Group for equity Associates
accounting purposes: Alcon Cement Company Private Limited 14.20 15.52

a. Joint ventures c. Joint Operations

I in crore The Group has interest in four joint operations . The Group’s interest are accounted on a line-by-line basis by adding
For the Year ended For the Year ended together the book value of like items of assets, liabilities, income, expenses and cash flow in the Standalone Financial
Particulars
March 31, 2025 March 31, 2024 Statements of the Companies. Summarised financial information of the joint operations is given below:
OneIndia BSC Private Limited
I in crore
Group’s share of profit 0.12 0.34 As at As at
Group’s share of other comprehensive income - - Particulars
March 31, 2025 March 31, 2024
Group’s share of total comprehensive income 0.12 0.34 Shareholding in %
Aakaash Manufacturing Company Private Limited MP AMRL (Semaria) Coal Company Limited 49.00% 49.00%
Group’s share of profit 3.01 1.95 MP AMRL (Bicharpur) Coal Company Limited 49.00% 49.00%
Group’s share of other comprehensive income (0.01) (0.02) MP AMRL (Marki Barka) Coal Company Limited 49.00% 49.00%
Group’s share of total comprehensive income 3.00 1.93 MP AMRL (Morga) Coal Company Limited 49.00% 49.00%
Aggregate information of joint operations
I in crore
The Group's share of (loss) / profit (0.01) 0.02
As at As at
Particulars The Group's share of total comprehensive (loss) / profit (0.01) 0.02
March 31, 2025 March 31, 2024
Aggregate carrying amount of the Group’s interests in these Joint
ventures
Note 42: Employee benefits
OneIndia BSC Private Limited 2.74 2.62 a) Defined contribution plans
Aakaash Manufacturing Company Private Limited 16.51 15.32 Amount recognised and included in Note 34 “contributions to provident and other funds” of Consolidated Statement
`14.49 Crore till December 31, 2024 (March 31, 2024 - ` 15.25 Crore).
b. Associates
b) Defined benefit plans
I in crore
The Group has defined benefit gratuity plan, additional gratuity plan for certain category of employees and trust
For the Year ended For the Year ended
Particulars managed provident fund plan. Trust managed provident fund plan was operative till December 31, 2024 and
March 31, 2025 March 31, 2024
thereafter the balance was transferred to the account of the Central board of trustees, Employees Provident Fund.
Alcon Cement Company Private Limited
(Refer Provident Fund note below)
Group’s share of profit (0.34) 1.23
The gratuity plan and provident fund plan (till December 31, 2024) is in the form of a trust and it is governed by the
Group’s share of other comprehensive income (0.01) (0.01)
Board of Trustees appointed by the Holding Company. The Board of Trustees is responsible for the administration
Group’s share of total comprehensive income (0.35) 1.22 of the plan assets including investment of the funds. The trust has developed policy guidelines for the allocation
Asian Concretes and Cements Private Limited (up to January 7, of assets to different classes with the objective of controlling risk and maintaining the right balance between risk
2024) (Refer note - 63) and long-term returns in order to limit the cost to the Group of the benefits provided. To achieve this, investments
Group’s share of profit - 9.40 are well diversified, such that the failure of any single investment would not have a material impact on the overall
Group’s share of other comprehensive income - (0.14) level of assets.
Group’s share of total comprehensive income - 9.26 Each year, the Board of Trustees and the Group review the level of funding. Such a review includes the asset-liability
matching strategy and assessment of the investment risk. The Group decides its contribution based on the results
of this annual review.

The plans in India typically expose the Group to actuarial risks such as: investment risk, interest rate risk, longevity
risk and salary risk.

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Investment risk - As the plan assets include significant investments in quoted debt and equity instruments, the I in crore
Group is exposed to the risk of impacts arising from fluctuation in interest rates and risks associated with equity Gratuity
market and related impairment. (Including additional gratuity)
Interest risk - A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset
 Particulars 2024-25 2023-24
by an increase in the return on the plan’s debt investments. Non Non
Funded Funded
Funded Funded
Longevity risk - The present value of the defined benefit plan liability is calculated by reference to the best estimate III Present value of Defined Benefit Obligation
of the mortality of plan participants both during and after their employment. An increase in the life expectancy of 1 Present value of Defined Benefit Obligation at beginning of 149.48 90.97 185.18 96.64
the plan participants will increase the plan’s liability. the year
Salary risk - The present value of the defined benefit plan liability is calculated by reference to the future salaries
 2 Current service cost 10.55 7.97 12.74 8.06
of plan participants. As such, an increase in the salary of the plan participants will increase the plan’s liability. 3 Interest cost 10.79 6.64 12.74 6.65
4 Actuarial (gains) / losses arising from changes in - (0.02) - -
Gratuity and additional gratuity demographic assumptions
i. The Group operates a Gratuity Plan through a trust for all its employees. Employee who has completed minimum 5 Actuarial (gains) / losses arising from changes in financial 2.90 0.46 0.05 -
five years of service is entitled to gratuity at 15 days salary for each completed year of service in accordance assumptions
with Payment of Gratuity Act, 1972. The scheme is funded with insurance companies in the form of qualifying 6 Actuarial (gains) / losses arising from experience (1.21) 19.36 (1.61) (7.89)
insurance policies managed by the trust. adjustments
7 Benefits Payments (26.22) (4.37) (57.85) (12.49)
ii. Every eligible employee who has joined the Holding Company before December 01, 2006 and gets separated
8 Effect of business combinations or disposals - - (1.77) -
on retirement or on medical grounds is entitled to additional gratuity provided he has completed minimum 25
9 Net transfer in / (out) (5.76) 0.05
years of service . The scheme is non funded.
10 Present value of Defined Benefit Obligation at the end of the 140.53 121.06 149.48 90.97
I in crore year
Gratuity IV Fair value of Plan Assets
(Including additional gratuity) 1 Plan assets at the beginning of the year 214.30 - 196.58 -
Particulars 2024-25 2023-24 2 Interest income 15.68 - 14.15 -
Non Non 3 Actual benefits paid (75.00) - - -
Funded Funded
Funded Funded 4 Actuarial gains / (losses) arising from changes in financial - - 3.56 -
I Expense recognised in the consolidated statement of profit assumptions
and loss 5 Plan assets at the end of the year 154.98 - 214.29 -
1 Current service cost 10.55 7.97 12.74 8.06 V Weighted Average duration of Defined Benefit Obligation 6 Years 7 Years 8 Years 9 Years
2 Net Interest (income) / cost (4.68) 6.63 (1.41) 6.65
VI Sensitivity Analysis:
3 Net benefit expense 5.87 14.60 11.33 14.71
4 Actuarial (gains) / losses arising from change in demographic - (0.02) - - Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate and
assumptions expected salary increase. The sensitivity analysis below have been determined based on reasonably possible
5 Actuarial (gains) / losses arising from change in financial 2.90 0.46 0.05 - changes of the respective assumptions occurring at the end of the reporting period, while holding all other
assumptions assumptions constant.
6 Actuarial (gains) / losses arising from change in experience (1.21) 19.36 (1.61) (7.89)
adjustments Sensitivity Analysis As at March 31, 2025
I in crore
7 (Gain) / loss on plan assets (excluding amount included in - - (3.56) -
net interest expenses) Gratuity - Funded Gratuity - Unfunded
Particulars
8 Sub-total - Included in OCI 1.69 19.80 (5.12) (7.89) Increase to Decrease to Increase to Decrease to
9 Total expense (3 + 8) 7.56 34.40 6.21 6.82 Discount rate (1% movement) 133.42 150.46 112.43 128.77
II Amount recognised in Balance Sheet
Future salary growth (1% movement) 150.37 133.36 128.58 112.38
1 Present value of Defined Benefit Obligation (140.53) (121.06) (149.48) (90.97)
Attrition rate* 141.17 141.92 118.05 123.04
2 Fair value of plan assets 154.98 - 214.29 -
3 Funded status {Surplus/(Deficit)} 14.45 (121.06) 64.81 (90.97) Mortality rate# 149.49 141.49 120.10 120.15
4 Net asset/(liability) 14.45 (121.06) 64.81 (90.97)

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Sensitivity Analysis as at March 31, 2024 e)  Expected cash flows:

I in crore I in crore
Gratuity - Funded Gratuity - Unfunded Funded Gratuity Unfunded Gratuity
Particulars
Increase to Decrease to Increase to Decrease to As at As at As at As at
Particulars
Discount rate (1% movement) 138.65 161.82 83.42 99.69 March 31, March 31, March 31, March 31,
Future salary growth (1% movement) 161.72 138.54 99.57 83.39 2025 2024 2025 2024
Attrition rate* 149.67 149.21 75.55 72.47 1. Expected employer - - - -
Mortality rate #
149.49 149.47 74.26 91.02 contribution in the next
year
* For the sensitivity analysis on account of attrition rate 50% of the assumed attrition rate is considered.
# For the sensitivity analysis on account of mortality rate 10% of the assumed mortality rate is considered.
2.  Expected benefit payments
Year 1 19.86 16.49 14.28 7.10
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit
obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of Year 2 20.64 14.49 13.70 6.93
the assumptions may be correlated. Year 3 17.30 16.01 13.54 7.07
Year 4 17.80 13.14 13.84 7.52
Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation
has been calculated using the projected unit credit method at the end of the reporting period, which is the Year 5 14.73 15.57 13.40 8.38
same as that applied in calculating the defined benefit obligation recognised in the consolidated balance sheet. 6 years to 10 years 65.95 70.68 58.44 44.95

There was no change in the methods and assumptions used in preparing the sensitivity analysis from previous year. Above 10 years 75.18 148.44 83.65 117.46
Total expected payments 231.46 294.82 210.85 199.41
VII The major categories of plan assets as a percentage of total plan (%)
I in crore f)  Other Long term employee benefits - Amount recognised as an expense under employee benefit expenses
in the Consolidated Statement of Profit and Loss in respect of compensated absences and long service
Gratuity
award is I 4.24 crore (Previous year - I 3.84 crore). Following are the actuarial assumptions used for
Particulars As at As at valuation of Other Long term employee benefits.
March 31, 2025 March 31, 2024
I in crore
Insurer managed funds 100% 100%
Actuarial Assumptions for valuation of Other Long term As at As at
100% 100%
employee benefits March 31, 2025 March 31, 2024
VIII Actuarial assumptions: a) Financial Assumptions
I in crore 1 Discount rate 6.90% 7.20%
As at As at 2 Salary increase rate 7.00% 7.00%
March 31, 2025 March 31, 2024 b) Demographic Assumptions
a) Financial Assumptions 1 Expected average remaining working lives of 7 years 10 years
1 Discount rate 6.90% 7.20% employees
2 Salary increase rate 7.00% 7.00%
Provident Fund
b) Demographic Assumptions
Provident Fund for certain eligible employees is managed by the Holding Company through a trust "The Provident
1 Retirement age 58 - 60 years 58 - 60 years Fund of ACC Limited", in line with the Provident Fund and Miscellaneous Provisions Act, 1952. During the year, the
2 Mortality pre-retirement Indian Assured Lives Indian Assured Lives Holding Company has submitted the application to surrender the provident fund exemption under the Employees'
Mortality (2012-14) Mortality (2012-14) Provident Fund & Miscellaneous Provisions Act, 1952 on its own volition with effect from January 01, 2025, with
(Modified) Ultimate (Modified) Ultimate the relevant authorities. The same has been approved by the Employees Provident Fund Organisation on provisional
2 Attrition / Withdrawal rate (per annum) 10% 5% basis vide its letter dated January 06, 2025 in respect of the Holding Company.

c) The discount rate is based on the prevailing market yields of Government of India securities as at the In this regard, the Holding Company has provisionally determined the obligation as at December 31, 2024 amounting
consolidated balance sheet date for the estimated term of the obligations. to ` 628.97 Crore by the Holding Company. Accordingly an amount of ` 628.97 Crore lying in the different classes
of plan assets in the account of The Provident Fund of ACC Limited has been transferred to the account of the
d) The estimates of future salary increases, considered in actuarial valuation, take account of inflation,
Central board of trustees, Employees Provident Fund on provisional basis. The Holding Company do not expect any
seniority, promotion and other relevant factors, such as supply and demand in the employment market.
additional liabilities payable to Employees' Provident Fund Organisation (EPFO).

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Subsequent to such transfer, w.e.f January 01, 2025 the Holding Company have started contributing its provident I in crore
fund obligation of the employer as well as of the employee on a monthly basis to Employees' Provident Fund For the period
Organisation (EPFO). ended April 01, For the Year ended
Particulars
The contribution by the employer and employee together with the interest accumulated thereon are payable to 2024 to December March 31, 2024
employees at the time of separation from the Holding Company or retirement, whichever is earlier. The benefits 31, 2024
vests immediately on rendering of the services by the employee. 10 Amount transferred to Employees Provident Fund on provisional (628.97) -
basis
I in crore
11 Net obligation - 751.74
For the period
IV Fair Value of Plan Assets
ended April 01, For the Year ended
Particulars 1 Plan assets at the beginning of the year 722.19 804.85
2024 to December March 31, 2024
31, 2024 2 Interest income 23.50 51.77
I Components of expense recognised in the Consolidated 3 Contributions by Employer 9.07 20.76
Statement of Profit and Loss 4 Contributions by Employee 19.96 47.43
1 Current service cost 9.85 21.53 5 Actual benefits paid (127.30) (210.64)
2 Current interest cost (net off income on plan assets) 1.06 3.63 6 Net transfer in / (out) (7.39) (29.24)
3 Total expense 10.91 25.16 7 Return on plan assets (excluding interest income) (11.06) 37.26
Components recognised in other comprehensive income (OCI) 8 Plan assets at the end of the year 628.97 722.19
4 Actuarial (gains) / losses arising from changes in financial 4.81 3.14 9 Amount transferred to Employees Provident Fund on provisional (628.97) -
assumptions on Liability basis
5 Actuarial (gains) / losses arising from changes in experience (0.15) 9.14 10 Net obligation - 722.19
variance on Liability
V Weighted Average duration of Defined Benefit Obligation NA 8 years
6 Actuarial (gains) / losses arising from changes in financial (11.06) (37.26)
assumptions on Plan Assets VI The major categories of plan assets as a percentage of total plan
7 Sub-total - Included in OCI (6.40) (24.97) I in crore
8 Total expense (3 + 7) 4.51 0.19 As at As at
Particulars
II Amount recognised in Consolidated Balance Sheet March 31, 2025 March 31, 2024
1 Present value of Defined Benefit Obligation (628.97) (751.74) Debt instruments
2 Fair value of plan assets * 628.97 722.19 Government securities NA 60%
3 Funded status {Surplus/(Deficit)} - (29.55) Debentures and bonds NA 16%
4 Net asset/(liability) as at end of the year - (29.55) Equity instruments NA 20%
III Present Value of Defined Benefit Obligation Other investments NA 0%
1 Present value of Defined Benefit Obligation at beginning of the 751.74 854.98 Cash and Cash equivalent NA 4%
year 100%
2 Current service cost 9.85 21.53
VII The assumptions used in determining the present value of obligation of the interest rate guarantee under
3 Interest cost 24.56 55.40
deterministic approach are:
4 Employee Contributions 19.96 47.43
I in crore
5 Actuarial (gains) / losses arising from changes in financial 4.81 3.14
assumptions As at As at
Particulars
March 31, 2025 March 31, 2024
6 Actuarial (gains) / losses arising from experience adjustments (0.15) 9.14
Discounting rate NA 7.20%
7 Benefits Payments (174.43) (210.64)
Guaranteed interest rate NA 8.25%
8 Increase/ (Decrease) due to effect of any transfers (7.37) (29.24)
Yield on assets based on the Purchase price and outstanding NA 7.50%
9 Present value of Defined Benefit Obligation at the end of the 628.97 751.74
term of maturity
year

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

VIII Sensitivity analysis for factors mentioned in Actuarial Assumptions (II) The maturity analysis of lease liabilities are disclosed in Note 54 (ii) - Liquidity risk
I in crore (III) Lease expenses recognised in Consolidated Statement of Profit and Loss
As at March 31, 2025 As at March 31, 2024 I in crore
Particulars
Increase to Decrease to Increase to Decrease to For the Year ended For the Year ended
Particulars
Discount rate (1% movement) NA NA 750.84 752.69 March 31, 2025 March 31, 2024
Interest rate guarantee (1% movement) NA NA 780.58 733.38 Depreciation of Right-of-use assets 150.31 144.05
Impairment loss on right-of-use assets 23.92 -
Notes
Interest on lease liabilities 43.56 38.50
(i) The sensitivity analysis as at year ended March 31, 2024, presented above may not be representative of
Expense relating to short-term, low value leases and variable lease 76.56 52.97
the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would
payments
occur in isolation of one another as some of the assumptions may be correlated.
294.35 235.52
Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit
obligation has been calculated using the projected unit credit method at the end of the reporting The variable lease portion represents lease payments over and above the fixed lease commitments on usage of the
period, which is the same as that applied in calculating the defined benefit obligation recognised in the underlying assets.
consolidated balance sheet.
Note 44: Capital and other Commitments
(ii) The Holding Company had invested provident fund of ` 49 Crore through a trust "ACC Limited (Trust)" in
Estimated amount of contracts remaining to be executed on capital account and not provided for:
perpetual bonds of IL&FS Financial Services Limited. In view of uncertainties regarding recoverability of
this investment, during the year ended December 31, 2019 the Holding Company had provided ` 49 Crore I in crore
being the change in re-measurement of the defined benefit plans, in Other Comprehensive Income towards As at As at
probable incremental employee benefit liability that may arise on the Holding Company on account of any Particulars
March 31, 2025 March 31, 2024
likely shortfall of the Trust in meeting its obligations. Estimated value of contracts on capital account remaining to be executed 296.21 1,665.60
Subsequent to the provisional surrender of provident fund exemption, the Holding Company has (Net of advance)
transferred all the assets and liabilities except for the above securities which are carried at Nil fair value
since earlier years. Note 45: Contingent liabilities
Claims against the Group not acknowledged as debt:
Note 43: Leases
I in crore
Group as lessee As at As at
Nature of Statute Brief description of contingent liabilities
The Group has elected exemption available under Ind AS 116 for short term leases and leases of low value. March 31, 2025 March 31, 2024

The Group’s lease asset classes primarily consist of leases for godowns, vehicles, flats, land and building, plant and Competition Act, 2002 CCI matters - Refer Notes a and b below 2,307.91 2,173.13
equipment, office premises and other premises. Leases of these items have lease terms between 2-99 years. There are Income tax Act, 1961 Income tax matter related to excise duty 12.22 626.16
no sub-leases restrictions imposed by the lease arrangements. incentives - Refer Note e below
Other Income Tax matters - 21.72
The weighted average incremental borrowing rate applied to lease liabilities is ranging between 7.50% to 9.50% p.a.
Service tax - Finance Act, Dispute regarding place of removal - Refer Note - 82.04
(I) The movement in lease liabilities is as follows : (Refer note 3) 1994 c below
I in crore Central excise Act Demand of differential excise duty on clearance - 22.40
As at As at of ready mix concrete
Particulars
March 31, 2025 March 31, 2024 Other excise matters 21.13 20.68
Opening Balance 354.85 153.04 Mines and Minerals Compensation for use of Government land - 212.22 212.22
Additions During the Year 851.86 359.44 (Development and Refer Note d below
Finance cost accrued during the period 43.56 38.50 Regulation) Act
Payment of lease liabilities (including interest) (788.93) (163.01) Sales tax act Sales tax incentive - Refer Note f below 64.45 64.45
Termination / completion of Lease contracts (31.57) (33.12)
Others sales tax incentive 8.40 8.40
Closing Balance 429.77 354.85
Current lease liabilities 148.88 131.09
Non-current lease liabilities 280.89 223.76

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

I in crore Based on the advice of external legal counsel, the Holding Company believes it has a strong case on merits for
As at As at successful appeal in this matter. Accordingly, the Holding Company is of the view that no provision is necessary in
Nature of Statute Brief description of contingent liabilities
March 31, 2025 March 31, 2024 the financial statements.
Goods and services tax Denial of transitional credit of clean energy 62.83 63.00 b) In a separate matter, the Director, Supplies and Disposal, Haryana filed information that seven cement companies
Act cess - Refer Note g below including the Holding Company had allegedly engaged in collusive bidding in contravention of the Competition Act,
Other GST matters 528.86 37.67 2002. The CCI by its order dated January 19, 2017, imposed a penalty of I 35.32 crore (March 31, 2024 - I 35.32 crore)
Sales tax act/ Commercial Packing material - differential rate of tax. 12.60 12.60 on the Holding Company. The Holding Company has filed an appeal against the order of the CCI before the COMPAT
tax Act of various states matters pending with various authorities. which had stayed the order of the CCI. The matter is now listed before the NCLAT and is pending for hearing.
Other sales tax matters 22.53 22.53 Based on the advice of external legal counsel, the Holding Company believes it has a strong case on merits for a
Customs duty - The Demand of duty on import of steam coal during 21.32 21.32 successful appeal in this matter. Accordingly, the Holding Company is of the view that no provision is necessary in
customs Act, 1962 2001 to 2013 classifying it as bituminous coal. the financial statements.
Other statutes/ Other Claims by suppliers regarding supply of raw 31.50 25.25 c) A matter wherein service tax department issued show cause notices for denial of cenvat credit with regard to
claims material and other claim. service tax paid on outward transportation for sale to customers on Freight On Road (F.O.R.) basis, was classified as
Various other cases pertaining to claims related 33.99 43.92 "possible" and accordingly I 82.04 crore was disclosed as contingent liability as on March 31, 2024. In the current
to Railways, labour laws, lease etc year, the Holding Company has received favorable order from CESTAT Delhi for an identical case, basis which the
Mines and Minerals Demand for illegal mining - Refer Note h below 145.70 - Holding Company has reassessed it's position and determined that it has "remote" exposure with respect to these
(Development and Demand of additional royalty on limestone 9.26 9.26 cases. Accordingly, pending cases amounting to I 79.58 crore has been classified from contingent liability to remote.
Regulation) Act based on ratio of cement produced vis a vis d) The Holding Company has received demand notice from the Government of Tamil Nadu and an order by the Collector,
consumption of limestone. Coimbatore seeking annual compensation for the period from April 01, 1997 to March 31, 2014 and April 01, 2014 to
Total 3,494.92 3,466.75 March 31, 2019, amounting to I 73.46 crore (March 31, 2024 - I 73.46 crore) and I 138.76 crore (March 31, 2024 - I
138.76 crore) respectively for use of the Government land for mining, which the Holding Company occupies on the
In respect of above matters, future cash outflows are determinable only on receipt of judgments pending at various
basis of the mining leases. The Holding Company has challenged the demands by way of revision under the Mineral
forums / authorities.
Concession Rules and has filed writ petitions before the Hon’ble High Court of Tamil Nadu at Chennai.
Notes
Pending the same the High Court of Tamil Nadu, in the group writ petitions of other cement manufacturers viz Dalmia
a) In 2012, the Competition Commission of India (‘CCI’) issued an Order imposing penalty on certain cement manufacturers, Cements, Madras Cements and others, has passed a judgement allowing annual compensation to be collected by
including the Holding Company, concerning alleged contravention of the provisions of the Competition Act, 2002 the state. The Holding Company has filed a writ appeal against the judgement.
and imposed a penalty of ` 1,147.59 Crore on the Holding Company. On Holding Company’s appeal, Competition
One of the above petition challenging the demand for the period April 01, 2014 to March 31, 2019, is disposed of
Appellate Tribunal (‘COMPAT’) (who initially stayed the penalty), by its final order dated December 11, 2015, set aside
against the Holding Company by the High Court vide order dated December 14, 2021 in line with the above judgment.
the order of the CCI and remanded the matter back to the CCI for fresh adjudication and for passing a fresh order.
The Holding Company has filed a writ appeal before the divisional bench of High Court against this judgement.
After hearing the matter, the CCI, by its order dated August 31, 2016, held that the cement companies and the The Hon’ble High Court vide its order dated January 08, 2025, inter alia granted a stay against the demands towards
Cement Manufacturers Association are guilty and in violation of the Section 3(1) read with section 3(3)(a) and Sec annual compensation for the period from April 01, 1997 to March 31, 2019.
3 (3)(b) of the Competition Act and imposed a penalty of ` 1,147.59 Crore (March 31, 2024 - ` 1,147.59 Crore) on the
The Holding Company has assessed the matter as “possible”.
Holding Company.
e) The Holding Company was entitled to excise duty incentives for the assessment years 2006-07 to 2015-16 for its
The Holding Company had appealed against the penalty to the COMPAT which granted a stay on November 07,
Gagal plant located in the state of Himachal Pradesh. ACC has been contending that the said incentives are in the
2016 with a condition to deposit 10% of the penalty amount, (which was deposited) and levy of interest of 12%
nature of capital receipts and hence not liable to income tax.
p.a. in case the appeal is decided against the appellant (the “Interim order”). Interest amount on penalty as on
March 31, 2025 is ` 1,125 Crore (March 31, 2024 - ` 990.22 Crore). COMPAT was replaced by the National Company Basis the favourable orders, at the Income Tax Appellate Tribunal (ITAT) level, matters amounting to I 510.13 crore
Law Appellate Tribunal (NCLAT) effective May 26, 2017 who, vide its judgment dated July 25, 2018, dismissed the along with interest payable of I 103.81 crore has been re-assessed as remote, which was disclosed as contingent
Holding Company’s appeal and upheld the CCI’s order. liability in March 2024.

NCLAT vide its order dated July 25, 2018, dismissed the Holding Company’s appeal and upheld the CCI’s order.
Against the above judgment of NCLAT, the Holding Company appealed before the Hon’ble Supreme Court on
September 12, 2018, which by its order dated October 05, 2018 had admitted the appeal and directed that the
interim order passed by the COMPAT will continue in the meantime. Presently, the matter is pending for hearing
with Hon'ble Supreme Court.

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

f) The Holding Company had availed sales tax incentives in respect of its new 1 MTPA Plant (Gagal II) under the The Holding Company is of the view and has been advised legally, that the merits are strongly in its favour and it
Himachal Pradesh (HP) State Industrial Policy, 1991. The Holding Company had accrued sales tax incentives expects that the SLP will be rejected upholding the order of Jharkhand Hon'ble High Court.
aggregating I 56.30 crore (March 31, 2024 - I 56.30 crore) during financial year 1995-96 to 2001-02. The Sales
The Holding Company has assessed the matter as "remote".
tax authorities introduced certain restrictive conditions in 1996 after commissioning of the unit stipulating that
incentive is available only for incremental amount over the base revenue and production of Gagal I prior to the b) The Holding Company is eligible for incentives for one of its cement plants situated in Maharashtra under a Package
commissioning of Gagal II. The Holding Company contends that such restrictions are not applicable to the unit as scheme of incentives of the Government of Maharashtra. The scheme inter alia, includes refund of royalty paid by
Gagal II is a new unit, as decided by the Hon'ble Supreme Court while determining the eligibility for transport subsidy the Holding Company on extraction or procurement of various raw materials (minerals). The Department of Industries
vide order dated August 02, 2010. The Department recovered I 64.45 crore (March 31, 2024 - I 64.45 crore) (tax has disputed the Holding Company’s claim for refund of royalty basis interpretation of the sanction letter dated
of I 56.30 crore and interest of I 8.15 crore) which is considered as recoverable in the books. February 06, 2013 issued to the Holding Company. The Holding Company has accrued an amount of I 133.00 crore
(March 31, 2024 - I 133.00 crore) for such incentive. The Holding Company has filed an appeal before the Hon'ble
The HP Hon'ble High Court, had, in September 09, 2013, dismissed the Holding Company's appeal. The Holding
Bombay High Court challenging the stand of the Government, which is admitted and pending before the High Court
Company has been advised by legal experts that there is no change in the merits of the Holding Company's case.
for hearing since December 11, 2014 The Holding Company has assessed the matter as "remote".
Based on such advice, the Holding Company filed a Special Leave Petition (SLP) before the Hon'ble Supreme Court
on November 13, 2013, which is pending for hearing. The Holding Company has assessed the matter as ""possible""." c) The Holding Company had set up a captive power plant (‘Wadi TG 2’) in the year 1995-96. This plant was sold to
Tata Power Co Ltd, in the year 1998-99 and was subsequently repurchased from it in the year 2004-05. The Holding
g) A matter wherein GST department issued show cause notices dated January 25, 2018 and February 01, 2018 for
Company had purchased another captive power plant (’Wadi TG 3’, set up by Tata Power Co Ltd in the year 2002-03)
denial of unutilized CENVAT Credit of ‘Clean Energy Cess’ carried forward in the GST as Tran-1 in accordance with
in 2004-05. Both these power plants were eligible for tax holiday under the provisions of Section 80-IA of the
the provisions of Section 140(1) of the CGST Act, 2017. Considering judicial precedents and based on legal opinion,
Income-tax Act, 1961. The Income tax department has disputed the Holding Company’s claim of deduction under
the Holding Company has assessed the matter as "possible". Accordingly, I 62.60 crore (March 31, 2024 I 62.60
Section 80-IA of the Act, on the ground that the conditions prescribed under the section are not fulfilled. In case of
crore) has been disclosed as contingent liability.
Wadi TG 2, in respect of the demand of I 56.66 crore (net of provision) (March 31, 2024 – I 56.66 crore), the Holding
h) The Holding Company has received demand notices in October 03, 2024 to deposit a sum of I 137.65 crore and I Company is in appeal before the Income Tax Appellate Tribunal (ITAT). In case of Wadi TG 3, demand of I 115.62 crore
8.06 crore for allegedly mining of limestone at Madukkarai without Environmental Clearance for the period from (March 31, 2024 – I 115.62 crore) was set aside by the Income Tax Appellate Tribunal (ITAT) and department is in
2000-01 to 2019-20 pursuant to the judgment of Supreme Court in Common Cause v Union of India & Ors in case of appeal against the said decision with High Court Bombay. The Holding Company has assessed the matter as "remote".
other companies. The Holding Company has challenged the demands by way of revision application under Section
d) One of the Holding Company’s cement manufacturing plants located in Himachal Pradesh was eligible under the State
30 of the Mines and Minerals (Development & Regulation) Act, 1957 before the Hon’ble Revisionary Authority,
Industrial Policy for deferral of its sales tax liability based on Himachal Pradesh General sales tax (Deferred payment
Ministry of Mines.
of tax) Scheme 2005 . The State Excise and Taxation department disputed the eligibility of the Holding Company to
The Holding Company contends that the mining operations were carried at Madukkarai on under a valid approvals such deferment on the ground that the cement falls in the negative list. The disputed amount of I 82.37 crore is based
from the statutory authorities as per EIA 1994 for the period prior to 2005 and the Holding Company had applied on the computation of tax exemption benefit availed by the Holding Company (March 31, 2024 - I 82.37 crore). The Ld.
and was granted Environmental Clearance in 2005. The Holding Company has assessed the matter as "possible". Commissioner vide Notice dated June 02, 2012 alleged that the Deferment Certificates are illegal, improper, legally
unsustainable and prejudicial to the Revenue. The impugned notice proposed to revise the Deferment Certificates.
Note 46: Material demands and disputes considered as remote The Holding Company filed a writ petition before the Hon'ble High Court of Himachal Pradesh on May 05, 2012.
Based on case by case assessment, the Group has disclosed certain matters below, where the outflow of resources The case has been admitted and the hearing is in process. The Holding Company has assessed the matter as "remote".
embodying economic benefits has been assessed as remote. e) The Holding Company was contesting the renewal of mining lease in state of Jharkhand for two of its quarries on
a) The Holding Company was eligible for certain incentives in respect of its investment towards modernization and lease. There was an unfavourable order by the Hon'ble Supreme Court in case of another Holding Company restricting
expansion of the Chaibasa cement unit under the State Industrial Policy of Jharkhand. Accordingly, the Holding the "deemed renewal" provision of captive mining leases. The Holding Company received demand from district mining
Company has made claims for refund of VAT paid during 2005 to 2014. However, no disbursals were made (except officer for I 881.00 crore (March 31, 2024 - I 881.00 crore) in October 05, 2015 as penalty for alleged illegal mining
an amount of ` 7.00 Crore representing part of the one time lumpsum capital subsidy claim of ` 15.00 Crore) as the activities carried out by the Holding Company during January 1991 to September 2014.
authorities have raised new conditions and restrictions. The Holding Company had filed two writ appeals before On January 02, 2015, the Central Government promulgated the Mines and Minerals (Development and Regulation)
the Jharkhand Hon'ble High Court against these conditions, restrictions and disputes. Amendment) Ordinance, 2015 subsequently enacted as Mines and Minerals (Development and Regulation)
Jharkhand Hon'ble High Court, while dealing with appeals by both the Holding Company and the State Government (Amendment) Act, 2015 in March 2015] amending mining laws with retrospective effect, and decided that all leases
allowed the Holding Company's appeal while dismissing the Government's appeal, vide order dated February 24, 2015. granted prior to ordinance will deemed to have been automatically renewed until prescribed period therein.

The Government of Jharkhand had filed an Special leave petition (SLP) in the Hon'ble Supreme Court which The Holding Company then filed a writ petition with High Court of Jharkhand for directing the State government to
vide its interim order on August 14, 2015 stayed disbursement of 40% of the amount due. Consequently, as of renew both the leases upto March 2030 as per the Ordinance. On October 31, 2015 the High Court passed an interim
date, the Holding Company received ` 64.00 Crore (March 31, 2024- ` 64.00 Crore) out of total ` 235.00 Crore order in terms of Section 8A(5) of the Ordinance for quarry II extending the lease upto March 2030 permitting the
(March 31, 2024 - ` 235.00 Crore) in part disbursement from the Government of Jharkhand. The Holding Company Holding Company to commence mining operations after depositing I 48.00 crore subject to the outcome of the
has recognised ` 179 Crore with respect to the matter in the books. petition filed by the Holding Company.

The Holding Company has assessed the matter as "remote".

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

f) Bulk Cement Corporation (India) Limited, a subsidiary company received demand from The Divisional Railway Note 47: Related Party Disclosure
Manager Works office, Central Railways (Railways) by its letter dated February 11, 2022, of I 15.33 crore towards
Land Licence Fee. Based on the subsidiary’s own assessment and backed by external legal opinion, the subsidiary (A) Names of the Related parties where control exists
believes that it has a strong ground to contest the claim and accordingly has assessed the matter as "remote". Sr Name Nature of Relationship
g) The Holding Company was contesting the demand before the Revisional Authority, Ministry of Mines raised by 1 Xcent Trade and Investment Limited, Holding Company of Ambuja Cements Limited (w.e.f. April 18,
the State of Karnataka towards differential royalty of I 257 crore (March 31, 2024 I 502.71 crore) for the period Mauritius 2024)
from 1995-96 to 2022-23 calculated on the basis of a limestone to clinker conversion ration rather than the actual 2 Endeavour Trade and Investment Limited, Holding Company Of Holderind Investments Limited
weighment of the limestone for the limestone mined at Wadi Mine. The Revisional Authority had vide an interim order Mauritius
dated October 29, 2024 directed the State Government to take steps to allow the Holding Company to generate 3 Holderind Investments Limited, Mauritius Holding Company of Ambuja Cements Limited
mining permits for the limestone mined at its Wadi Mine. The Holding Company contends that calculation of royalty
4 Ambuja Cements Limited Holding Company
on the basis of a fixed notional ratio adopted by the State Government is arbitrary and without basis instead of the
actual weighment of limestone. (B) Names of the Related parties where control / joint control exists:
The Holding Company has filed a writ petition before the Karnataka High Court on September 10, 2024 seeking Sr Name Nature of Relationship
enforcement of the interim order of the Revisionary Authority and execution of supplementary mining lease
1 OneIndia BSC Private Limited Joint venture Company
deed. While the matter was pending, the State Government has formed a High Level Committee to examine the
2 Aakaash Manufacturing Company Private Joint venture Company
demands raised upon the Holding Company. Taking note of this development, the High Court has directed the State
Limited
Government to allow the Holding Company to generate mining permits after the Holding Company deposit I 125
crore which shall be subject to adjudication of the High Level Committee.
(C) Others - With whom transactions have taken place during the current and/or previous year or has
The Holding Company has assessed the matter as "remote" as the adoption of a fixed notional ratio for computation outstanding balance:
of royalty payable instead of actual weighment is arbitrary and without basis.
(a) Related parties
h) The Holding Company has received a demand notice from the Collector, Coimbatore in February 2025 seeking
Sr Name Nature of Relationship
annual compensation for the period from April 01, 2019 to March 31, 2024 amounting to I 91.53 crore for use of
the Government land for mining, which the Holding Company occupies on the basis of the mining leases alloted by 1 Alcon Cement Company Private Limited Associate Company
Government of Tamil Nadu. The Holding Company has challenged the demand by way of a writ petition before the 2 Asian Concretes and Cements Private Associate Company (upto January 07, 2024)
High Court of Tamil Nadu at Chennai on March 03, 2025. The Holding Company contends that the State Government Limited
is not entitled to receive annual compensation under Rule 72 of Mineral Concession Rules and further, no annual 3 Penna Cement Industries Limited Fellow Subsidiary Company (w.e.f. August 16, 2024)
compensation could be levied upon the Holding Company in any case once the mining operations were discontinued. 4 Sanghi Industries Limited Fellow Subsidiary Company (w.e.f. December 07, 2023)
The Holding Company has assessed the matter as "remote" as compensation under Rule 72 cannot be levied 5 Ambuja Concrete North Private Limited Fellow Subsidiary Company (w.e.f. September 14, 2023)
by the State Government on Govt. lands and particularly, since the mining operations had been discontinued 6 Counto Microfine Products Private Limited Joint venture of Ambuja Cements Limited
since June 14, 2020. 7 Adani Estate Management Private Limited Entities no. 7 to 64 are over which key management personnel/
i) In the year 2010-11 & 2011-12, the Rajasthan unit of Holding Company sent cement as stock transfer to its branches 8 Adani Green Energy Limited their relatives having control / significant influence
outside the state and subsequently sold the cement from such branches outside the state to customers. The Rajasthan 9 Adani Infrastructure And Developers
State Commercial Tax department has considered such stock transfer as sale and raised sales tax demand of I 76.61 Private Limited
crore (March 31, 2024 - I 76.61 crore). The matter is currently pending with Rajasthan State Tax Tribunal.
10 AWL Agri Business Limited (Formerly
Considering judicial precedents and based on legal opinion, the Holding Company has assessed the matter as "remote". known as Adani Wilmar Limited)
11 Esteem Construction Private Limited
j) The Holding Company has received in the current year, the GST department initiated proceedings under Section
73 of the CGST/BGST Act, 2017 alleging discrepancies in the financial year 2019-2020 with respect to excess ITC 12 The Dhamra Port Company Limited
claims and mismatches in taxable supplies. A Show Cause Notice was issued on May 28, 2024, followed by a final 13 Adani Petronet (Dahej) Port Limited
order via DRC-07 on August 21, 2024. Subsequently, the Holding Company filed a writ petition before the Patna High 14 Adani Enterprises Limited
Court (CWJC No. 17748 of 2024), which set aside the order citing the absence of a personal hearing and accordingly 15 Budhpur Buildcon Private Limited
remanded the case back to the Assessing Officer who again issued a new order dated March 03, 2025 and revised
16 Adani Infra (India) Limited
the demand to ` 50.16 Crore. Considering judicial precedents and based on legal opinion, the Holding Company has
assessed the matter as "remote". 17 Adani Properties Private Limited
18 Parsa Kente Collieries Limited
19 Adani Tracks Management Services Private
Limited

534 535
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Sr Name Nature of Relationship Sr Name Nature of Relationship

20 Adani Green Energy Six Limited Entities no. 7 to 64 are over which key management personnel/ 54 Jai Hind Oils Mills (Partnership Firm) Entities no. 7 to 64 are over which key management personnel/
21 Belvedere Golf And Country Club Private their relatives having control / significant influence 55 Radius Estates and Developers Private their relatives having control / significant influence
Limited Limited
22 Adani Sportline Private Limited 56 Swayam Realtors And Traders LLP
23 Adani Gangavaram Port Private Limited 57 Adani Hospitals Mundra Limited (Formerly,
24 Adani Ports and Special Economic Zone Adani Hospitals Mundra Private Limited)
Limited 58 Mining Tech Consultancy Services Limited
25 Adani Power Limited (Formerly, Mining Tech Consultancy
Services Private Limited)
26 Mundra Petrochem Limited
59 Maharashtra Eastern Grid Power
27 Adani Solar Energy Jodhpur Two Limited
Transmission Company Limited
(Formerly known as Adani Green Energy
Nineteen Limited) 60 Sirius Digitech International Limited
28 Adani Logistics Services Private Limited 61 Moxie Power Generation Limited
29 Adani Murmugao Port Terminal Private 62 Adani Krishnapatnam Port Limited
Limited 63 Adani University
30 Adani Electricity Mumbai Limited 64 Adani Foundation
31 Adani Logistics Limited 65 The Provident Fund of ACC Limited Trust (Post-employment benefit plan)
32 Marine Infrastructure Developer Private 66 ACC limited Employees Group Gratuity Trust (Post-employment benefit plan)
Limited scheme
33 Adani Digital Labs Private Limited
(b) Key Management Personnal (KMP)
34 Adani Skill Development Centre
35 Adani Global Pte Limited In accordance with Ind AS 24 - Related Party Disclosures, following personnels are considered as KMP.

36 Jeevanjyoti Education And Research Sr Name Nature of Relationship

37 Adani Airport Holdings Limited 1 Mr. Karan Adani Chairman and Non Executive /Non Independent Director
38 Mahan Energen Limited 2 Mr. Ajay Kapur Managing Director (w.e.f April 01, 2025)
39 Adani Road Transport Limited Whole-Time Director and Chief Executive Officer (upto March 31, 2025)
40 Adani Cement Industries Limited 3 Mr. Vinod Bahety Whole Time Director and Chief Executive Officer (w.e.f April 01, 2025)
41 Dharavi Redevelopment Project Private Chief Financial Officer (upto March 31, 2025)
Limited 4 Mr. Rakesh Tiwary Chief Financial Officer (w.e.f April 01, 2025)
42 Karaikal Port Private Limited 5 Mr. Hitesh Marthak Company Secretary (w.e.f August 17, 2023 upto March 31, 2024)
43 Kutch Copper Limited 6 Mr. Manish Mistry Company Secretary (w.e.f April 01, 2024)
44 Guwahati International Airport Limited 7 Mr. Vinay Prakash Non Executive /Non Independent Director
45 Aditya Estates Private limited 8 Mr. Arun Kumar Anand Non Executive /Non Independent Director
46 Adani Total Gas Limited 9 Mr. Sandeep Singhi Independent Director
47 Veracity Supply Chain Private Limted 10 Mr. Nitin Shukla Independent Director
48 Camrose Realtors Private Limited 11 Mr. Rajeev Agarwal Independent Director
49 Portsmouth Buildcon Private Limited
50 Adani Vidya Mandir
51 Adani Brahma Synergy Private Limited
52 Karnavati Aviation Private Limited
53 New Delhi Television Limited

536 537
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

(A) Transactions with Fellow Subsidiary Companies (B) Outstanding balances with Fellow Subsidiary Companies
I in crore I in crore

For the year ended For the year ended As at As at

Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
1 Purchase of raw materials 1 Outstanding receivables
Penna Cement Industries Limited 0.06 - Sanghi Industries Limited 0.78 10.04
0.06 - Penna Cement Industries Limited 35.38 -
2 Purchase of stores & spares 36.16 10.04
Sanghi Industries Limited 1.06 - 2 Outstanding payables
1.06 - Sanghi Industries Limited 4.55 -
3 Purchase of Finished / work-in-progress inventories Penna Cement Industries Limited 44.23 -
Sanghi Industries Limited 267.51 113.44 48.78 -
Penna Cement Industries Limited 953.76 -
(C) Transactions with Joint Venture Companies
1,221.27 113.44
I in crore
4 Sale of Finished / work-in-progress inventories
For the year ended For the year ended
Penna Cement Industries Limited 21.64 - Particulars
March 31, 2025 March 31, 2024
21.64 -
1 Purchase of finished goods
5 Sale of raw materials and Fuel
Aakaash Manufacturing Company Private Limited (Refer Note 51(ii)) 106.03 112.68
Penna Cement Industries Limited 12.74 -
106.03 112.68
12.74 -
2 Sale of raw material
6 Sale of stores & spares
Aakaash Manufacturing Company Private Limited - 0.07
Sanghi Industries Limited 0.61 -
- 0.07
Penna Cement Industries Limited 0.93 -
3 Sale of Finished Goods
1.54 -
Aakaash Manufacturing Company Private Limited 0.58 -
7 Rendering of services (including business support and other services
0.58 -
in the normal course of business)
4 Dividend received
Sanghi Industries Limited 2.41 0.34
Aakaash Manufacturing Company Private Limited 1.55 2.35
Penna Cement Industries Limited 1.93 -
1.55 2.35
4.34 0.34
5 Reimbursement of expenses paid/payable
8 Reimbursement of expenses paid / payable
Aakaash Manufacturing Company Private Limited 2.45 0.11
Sanghi Industries Limited 0.01 -
2.45 0.11
0.01 -
9 Reimbursement of expenses received / receivable
Penna Cement Industries Limited 0.27 -
0.27 -

538 539
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

(D) Outstanding balances with joint venture Companies (F) Outstanding balances with Associate Companies
I in crore I in crore

As at As at As at As at
Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
1 Outstanding receivables 1 Outstanding receivables
Aakaash Manufacturing Company Private Limited 0.75 0.00 Alcon Cement Company Private Limited 3.61 2.63
0.75 0.00 3.61 2.63
2 Outstanding payables 2 Outstanding payables
Aakaash Manufacturing Company Private Limited 4.91 2.38 Alcon Cement Company Private Limited 2.52 2.16
4.91 2.38 2.52 2.16

(E) Transactions with Associate Companies (G) Details of Transactions relating to Ultimate Holding and Holding Companies
I in crore I in crore

For the year ended For the year ended For the year ended For the year ended
Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
1 Purchase of finished goods 1 Dividend paid
Alcon Cement Company Private Limited 40.21 50.98 Ambuja Cements Limited 70.49 86.94
40.21 50.98 Holderind Investments Limited 6.31 7.78
2 Purchase of raw material and Fuel (including coal) Endeavour Trade And Investment Limited 3.05 3.76
Asian Concretes and Cements Private Limited - 0.66 79.85 98.48
- 0.66 2 Purchase of raw material and Fuel (including coal)
3 Sale of work-in-progress inventories Ambuja Cements Limited 48.04 100.57
Alcon Cement Company Private Limited {Refer Note - 51 (i)} 12.70 18.45 48.04 100.57
Asian Concretes and Cements Private Limited - 0.04 3 Purchase of Finished goods and raw material
12.70 18.49 Ambuja Cements Limited 3,182.97 2,359.46
4 Dividend received 3,182.97 2,359.46
Alcon Cement Company Private Limited 0.98 7.94 4 Purchase of stores & spares
0.98 7.94 Ambuja Cements Limited 1.03 3.89
5 Receiving of services (including services in nature of sub contracting 1.03 3.89
and others in the normal course of business) 5 Purchase of Allied Product
Asian Concretes and Cements Private Limited - 36.31 Ambuja Cements Limited - 0.08
- 36.31 - 0.08
6 Reimbursement of expenses received/receivable 6 Purchase of Property, plant and equipments
Alcon Cement Company Private Limited 9.48 10.21 Ambuja Cements Limited 0.13 -
9.48 10.21 0.13 -
7 Reimbursement of expenses paid/payable 7 Sale of finished / work-in-progress inventories
Alcon Cement Company Private Limited 0.03 0.12 Ambuja Cements Limited 3,111.27 2,373.58
Asian Concretes and Cements Private Limited - 0.05 3,111.27 2,373.58
0.03 0.17 8 Sale of raw material and Fuel
Ambuja Cements Limited 315.68 238.74
315.68 238.74

540 541
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

I in crore (I) Details of Transactions relating to other related parties

For the year ended For the year ended I in crore
Particulars
March 31, 2025 March 31, 2024 For the year ended For the year ended
Particulars
9 Sale of Allied Product March 31, 2025 March 31, 2024
Ambuja Cements Limited 0.26 0.58 1 Purchase of raw materials and Fuel (including coal)
0.26 0.58 Adani Global Pte Limited 251.53 208.98
10 Sale of stores & spares Counto Microfine Products Private Limited 2.81 4.22
Ambuja Cements Limited 2.41 2.40 Adani Enterprises Limited* 658.86 120.44
2.41 2.40 Parsa Kente Collieries Limited 4.59 12.32
11 Sale of Property, plant and equipments Adani Power Limited 1.80 4.90
Ambuja Cements Limited 0.11 3.18 Mahan Energen Limited 0.00 -
0.11 3.18 Adani Ports and Special Economic Zone Limited 0.01 -
12 Sale of Readymix (RMC) 919.60 350.86
Ambuja Cements Limited 31.65 11.94 *Purchases are made against advances with underlying commercial benefits as per the terms of agreement. During the year, the Holding Company
has given various advances for purchase of goods (including coal) and received back unadjusted advances at year end along with interest as per
31.65 11.94 the terms of agreements.
13 Rendering of services (including business support and other services 2 Purchase of stores & spares
in the normal course of business) AWL Agri Business Limited (Formerly known as Adani Wilmar Limited) 0.00 -
Ambuja Cements Limited 121.87 126.91 Mundra Petrochem Limited - 0.13
121.87 126.91 0.00 0.13
14 Receiving of services (including business support and other services 3 Sale of Finished / work-in-progress inventories
in the normal course of business)
AWL Agri Business Limited (Formerly known as Adani Wilmar Limited) 0.40 0.36
Ambuja Cements Limited 301.03 250.24
Adani Infra (India) Limited 4.48 2.02
301.03 250.24
Adani Power Limited 1.59 2.61
15 Reimbursement of expenses received / receivable
Adani Cement Industries Limited 35.34 47.76
Ambuja Cements Limited 0.13 0.02
Marine Infrastructure Developer Private Limited 2.60 0.13
0.13 0.02
Mahan Energen Limited 4.19 1.78
16 Reimbursement of expenses paid / payable
Adani Road Transport Limited 6.16 3.75
Ambuja Cements Limited 0.22 11.92
Adani Krishnapatnam Port Limited 0.07 -
0.22 11.92
54.83 58.41

(H) Outstanding balances with Ultimate Holding and Holding Companies 4 Sale of Readymix concrete (RMC)
I crore Adani Estate Management Private Limited - 0.03
As at As at Adani Infrastructure And Developers Private Limited 53.67 20.28
Particulars
March 31, 2025 March 31, 2024 Esteem Construction Private Limited 1.68 1.63
1 Outstanding receivables Budhpur Buildcon Private Limited 0.27 1.75
Ambuja Cements Limited 269.75 189.08 Adani Green Energy Six Limited 54.67 40.20
269.75 189.08 Adani Gangavaram Port Private Limited - 0.02
2 Outstanding payables Adani Cement Industries Limited 4.04 -
Ambuja Cements Limited 160.03 115.14 Portsmouth Buildcon Private Limited 2.93 -
160.03 115.14 Adani Vidya Mandir 0.06 -

542 543
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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

I in crore I in crore

For the year ended For the year ended For the year ended For the year ended
Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
Adani Green Energy Limited 5.15 - Adani Airport Holding Limited - 0.16
Jai Hind Oils Mills (Partnership Firm) 7.18 - Adani Skill Development Centre 1.19 2.71
Radius Estates and Developers Private Limited 1.68 - Adani University - 0.09
Swayam Realtors And Traders LLP 0.55 - Veracity Supply Chain Private Limited 14.18 -
Adani Ports and Special Economic Zone Limited 0.96 - Adani Tracks management services Private Limited 0.54 0.08
132.84 63.91 Adani Infra (India) Limited 39.98 -
5 Sale of Add Mixture Karnavati Aviation Private Limited 42.92 -
Adani Green Energy Six Limited 4.30 1.41 Adani Sportline Private Limited 10.25 -
Mundra Petrochem Limited 3.69 0.62 Adani Total Gas Limited 0.09 -
7.99 2.03 New Delhi Television Limited 0.30 -
6 Sale of Allied Product Camrose Realtors Private Limited 0.16 -
Mundra Petrochem Limited 0.02 - Adani Hospitals Mundra Limited 2.36 -
0.02 - Mining Tech Consultancy Services Limited 18.94 -
7 Purchase of Finished goods and raw material Sirius Digitech International Limited 0.06 -
Adani Cement Industries Limited 15.63 1.19 266.48 75.23
15.63 1.19 11 Purchase of Power
8 Sale of Property, plant and equipments (including freehold non- Adani Enterprises Limited 3.69 -
mining land) 3.69 -
Adani Cement Industries Limited - 0.06 12 Rendering of services (including services in nature of rent, business
Camrose Realtors Private Limited (Sale of Land) (Refer note 60(e)) 385.00 - support and other services in the normal course of business)
385.00 0.06 Adani Cement Industries Limited 0.69 2.40
9 Sale of stores & spares Adani Green Energy Six Limited 3.37 -
AWL Agri Business Limited (Formerly known as Adani Wilmar Limited) 0.34 0.25 Adani Infrastructure And Developers Private Limited - 0.09
Adani Power Limited 0.05 - Adani Power Limited 4.49 -
The Dhamra Port Company Limited - 0.03 Marine Infrastructure Developer Private Limited 0.15 -
0.39 0.28 Mahan Energen Limited 1.50 -
10 Receiving of services (including services in nature of corporate cost Adani Airport Holding Limited 0.01 -
allocation, project consultancy services, aviation services, logistics Adani Green Energy Limited 0.01 -
services, mining consultancy services, and others in the normal Maharashtra Eastern Grid Power Transmission Company Limited 1.99 -
course of business)
12.21 2.49
Adani Enterprises Limited 53.19 48.85
13 Lease Rent Paid for Lease hold Land
Adani Solar Energy Jodhpur Two Limited - 0.18
Adani Properties Private Limited 1.60 1.89
Adani Gangavaram Port Private Limited 7.38 5.49
Adani Estate Management Private Limited 1.70 1.70
Adani Ports and Special Economic Zone Limited 13.29 10.44
Aditya Estates Private Limited (Refer note 3) 5.00 -
Adani Murmugao Port Terminal Private Limited 1.54 2.07
8.30 3.59
Adani Logistics Services Private Limited 1.10 1.48
14 Long term lease of property - Finance lease (Refer note 3)
Adani Digital Labs Private Limited 0.38 0.26
Aditya Estates Private Limited 600.00 -
Adani Infrastructure and Developers Private Limited 4.13 3.08
600.00 -
Adani Logistics Limited 54.50 0.34

544 545
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

I in crore I in crore

For the year ended For the year ended For the year ended For the year ended
Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
15 Long term lease security deposit -refund received Adani Logistics Limited 0.05 -
Adani Properties Private Limited 3.20 - Veracity Supply Chain Private Limited 0.00 -
Adani Estate Management Private Limited 1.70 - 1.09 13.54
4.90 - 19 Advances received back
16 Settlement of arbitration matter Adani Enterprises Limited 204.35
Adani Power Limited - 0.11 204.35 -
- 0.11 Purchases are made against advances with underlying commercial benefits as per the terms of agreement. During the year, the Holding Company
has given various advances for purchase of goods (including coal) and received back unadjusted advances at year end along with interest as per the
17 Reimbursement of expenses paid / payable terms of agreements.
Adani Tracks Management Services Private Limited - 1.25 20 Interest Income on trade advance
Belvedere Golf And Country Club Private Limited 0.10 0.00 Adani Enterprises Limited 13.05 -
Adani Electricity Mumbai Limited 0.63 0.00 13.05 -
Adani Power Limited - 0.08 *Purchases are made against advances with underlying commercial benefits as per the terms of agreement. During the year, the Holding Company has
given various advances for purchase of goods (including coal) and received back unadjusted advances at year end along with interest as per the terms
Adani Petronet (Dahej) Port Limited 0.00 0.10 of agreements.
Adani Enterprises Limited 0.30 0.03
(J) Outstanding balances with other related parties
Mahan Energen Limited 0.00 0.02
I in crore
Adani Gangavaram Port Private Limited 2.62 -
As at As at
Adani Infra (India) Limited 8.41 - Particulars
March 31, 2025 March 31, 2024
Adani Cement Industries Limited 0.06 - 1 Outstanding receivables
Dharavi Redevelopment Project Private Limited 0.15 - AWL Agri Business Limited (Formerly known as Adani Wilmar Limited) 0.03 0.07
Adani Logistics Services Private Limited 0.03 Adani Estate Management Private Limited 34.30 36.00
Karaikal Port Private Limited 0.02 - Adani Infrastructure And Developers Private Limited 18.29 6.80
Kutch Copper Limited 0.21 - Esteem Construction Private Limited 0.32 0.17
Adani Airport Holding Limited 0.00 - Adani Petronet (Dahej) Port Limited 0.09 0.08
Adani Total Gas Limited 0.00 - Adani Properties Private Limited 28.80 32.00
Adani University 0.00 - Budhpur Buildcon Private Limited 0.06 0.38
Adani Global PTE Limited 1.85 - Adani Infra (India) Limited - 0.06
Adani Logistics Limited 0.02 - Adani Cement Industries Limited 15.45 33.23
Adani Skill Development Centre 0.12 - Adani Green Energy Six Limited 31.05 3.60
Jeevanjyoti Education And Research 0.14 - Adani Power Limited 3.55 8.00
14.66 1.48 Adani Logistics Services Private Limited - 0.35
18 Reimbursement of expenses received / receivable Mahan Energen Limited 1.92 0.09
Adani Power Limited 0.00 11.76 Adani Road Transport Limited 0.58 2.62
Adani Cement Industries Limited 0.74 1.78 Mundra Petrochem Limited 0.00 0.31
Adani Infra (India) Limited 0.06 - Marine Infrastructure Developer Private Limited 0.64 -
Guwahati International Airport Limited 0.02 - Guwahati International Airport Limited 0.02 -
Kutch Copper Limited 0.02 - Adani Total Gas Limited 0.01 -
Adani Global PTE Limited 0.20 -

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

I in crore I in crore

As at As at As at As at
Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
Portsmouth Buildcon Private Limited 0.47 - Adani Digital Labs Private Limited 0.09 -
Adani Green Energy Limited 1.79 - Adani Electricity Mumbai Limited 0.10 -
Jai Hind Oils Mills (Partnership Firm) 6.10 - Adani Logistics Services Private Limited 0.56 -
Radius Estates and Developers Private Limited 0.99 - Mining Tech Consultancy Services Limited 7.03 -
Swayam Realtors And Traders LLP 0.45 - Sirius Digitech International Limited 0.07 -
Adani Ports and Special Economic Zone Limited 1.13 - 49.01 71.28
Adani Krishnapatnam Port Limited 0.09 -
(K) Other Payment to Key Management Personnel
Maharashtra Eastern Grid Power Transmission Company Limited 2.35 -
I in crore
Camrose Realtors Private Limited (Sale of Land) (Refer note 60(e)) 380.28 -
For the year ended For the year ended
Moxie Power Generation Limited 0.01 - Particulars
March 31, 2025 March 31, 2024
Veracity Supply Chain Pvt Limited 0.00 - 1 Commission paid
Adani Logistics Limited 0.00 - Mr. Sandeep Mohanraj Singhi 0.30 0.20
Jeevanjyoti Education And Research 0.02 - Mr. Nitin Shukla 0.30 0.20
528.79 123.76 Mr. Rajeev kumar Agarwal 0.30 0.20
2 Outstanding payables Ms. Ameera Sushil Shah 0.30 0.20
Counto Microfine Products Private Limited 0.33 0.90 Mr. Arun Kumar Anand 0.30 0.20
Adani Tracks Management Services Private Limited - 0.06 1.50 1.00
Parsa Kente Collieries Limited 0.05 0.53 2 Sitting fees
Adani Enterprises Limited 12.89 5.55 Mr. Arun Kumar Anand 0.04 0.04
Adani Gangavaram Port Private Limited 2.37 1.62 Mr. Sandeep Mohanraj Singhi 0.18 0.14
Adani Ports and Special Economic Zone Limited 2.14 2.05 Mr. Rajeev kumar Agarwal 0.20 0.13
Adani Power Limited - 3.72 Mr. Nitin Shukla 0.22 0.13
Adani Solar Energy Jodhpur Two Limited - 0.08 Ms. Ameera Sushil Shah 0.02 0.04
Adani Murmugao Port Terminal Private Limited - 0.03 0.66 0.48
Adani Infrastructure And Developers Private Limited - 0.28
Adani Logistics Limited 17.03 0.34 Note:-

Adani Global PTE Limited 2.15 55.79 *Provision for contribution to gratuity fund, leave encashment on retirement and other defined benefits which are made
Adani Airport Holding Limited - 0.16 based on actuarial valuation on an overall Group basis are not included in remuneration to key management personnel.
The individual contribution amounts are not material.
Marine Infrastructure Developer Private Limited - 0.12
Adani Cement Industries Limited 0.09 0.05 a) The Holding Company makes monthly contributions to provident fund managed by “The Provident Fund of ACC
Adani Infra (India) Limited 0.53 - Limited" for certain eligible employees. Under the scheme, the Holding Company is required to contribute a specified
percentage of the payroll costs to fund the benefits till December 31, 2024. During the year, the Holding Company
Karnavati Aviation Private Limited 3.55 -
contributed I 19.92 crore (March 31, 2024 - I 24.34 crore) to "The Provident Fund of ACC Limited". Subsequently,
Belvedere Golf And Country Club Private Limited 0.01 - provident fund was made defined contribution plan instead of defined benefit plan.
AWL Agri Business Limited (Formerly known as Adani Wilmar Limited) 0.00 -
b) The Holding Company maintains gratuity trust for the purpose of administering the gratuity payment to its employees
Mahan Energen Limited 0.00 -
(ACC Limited Employees Group Gratuity scheme).The Holding Company has not contributed any amount towards
Adani Brahma Synergy Private Limited 0.00 - Employees Group Gratuity scheme in the current and previous period.
Adani Skill Development Centre 0.02 -
Adani Vidya Mandir 0.00 -

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

c) During the year, the Holding Company has contributed I37.15 crore (March 31, 2024 - I 33.19 crore) to Adani Transfer prices between operating segments are on an arm’s length basis in a manner similar to transactions
Foundation and I4.85 crore (March 31, 2024 - I 4.30 crore) to Adani Skill Development Centre towards Corporate with third parties.
social responsibility obligations. I in crore

Asian Concrete and Cements Private Limited, the Subsidiary Company, during the year has contributed I 0.41 crore Cement Ready Mix Concrete Total
(March 31, 2024 - Nil) to Ambuja Hospital Trust towards Corporate social responsibility obligations. Year ended Year ended Year ended Year ended Year ended Year ended
Asian Fine and Cements Private Limited, the step down Subsidiary Company, during the year has contributed I March 31, March 31, March 31, March 31, March 31, March 31,
0.35 crore (March 31, 2024 - Nil) to Ambuja Hospital Trust towards Corporate social responsibility obligations. 2025 2024 2025 2024 2025 2024
ACC Mineral Resources Limited, the Subsidiary Company, during the year has contributed I 0.08 crore (March 31, Revenue
2024 - Nil) to Ambuja Hospital Trust towards Corporate social responsibility obligations." External sales 20,275.21 18,289.92 1,370.15 1,283.66 21,645.36 19,573.58
d) Refer Note - 5 for detail of investments in subsidiaries, associates and joint ventures. Inter-segment sales 124.47 119.22 - 1.51 124.47 120.73
Other operating revenue 104.75 381.13 12.20 4.21 116.95 385.34
e) Transaction with related parties disclosed are exclusive of applicable taxes.
20,504.43 18,790.27 1,382.35 1,289.38 21,886.78 20,079.65
f) Transaction entered into with related party are made on terms equivalent to those that prevail in arm’s length Less : Elimination 124.47 119.22 - 1.51 124.47 120.73
transactions and normal credit terms. The Group has not recorded any loss allowances for trade receivables from
Total revenue 20,379.96 18,671.05 1,382.35 1,287.87 21,762.31 19,958.92
related parties. Outstanding balances at the end of the year are unsecured and interest free and settlement occurs
in cash. There have been no guarantees provided or received for any related party receivables or payables. Segment result 2,080.60 2,226.27 59.61 18.62 2,140.21 2,244.89
Unallocated corporate Income net 32.73 (27.52)
Terms and conditions of transactions with related parties of unallocated expenditure
The Group's material related party transactions and outstanding balances are with related parties with whom the Group Finance Costs (108.22) (154.58)
routinely enters into transactions in the ordinary course of business. Outstanding balances at the year-end are unsecured Interest and Dividend income 959.54 452.09
and interest free and settlement occurs in cash other than disclosed in the financial statements. Transactions relating
Share of profit from associates and 2.79 12.92
to dividends were on the same terms and conditions as applied to other shareholder.
Joint ventures
Note 48: Segment Reporting Exceptional item (Refer Note - 60) 99.73 229.56

For management purposes, the Group is organised into business units based on the nature of the products, the Tax expenses (724.51) (422.28)
differing risks and returns. The organization structure and internal reporting system has two reportable segments, Profit after tax 2,402.27 2,335.08
as follows: Capital expenditure (including 1,863.89 1,389.94 104.55 4.86 1,968.44 1,394.80
capital work-in-progress and capital
(a) C
 ement - Cement is a product which is obtained from clinker resulting from mixing the raw materials such as
advances)
limestone, clay, iron ore, fly ash, bauxite, etc, in determined ratios. Clinker is then mixed with certain amount of
setting regulator (generally gypsum) which is ground together and set after mixing with water and gains strength Depreciation and amortisation 863.30 745.12 138.01 139.93 1,001.31 885.05
to make Cement. In general, it is used in construction activities. expense (net)
Other non-cash expenses 22.28 17.10 7.17 10.30 29.45 27.40
(b) Ready Mix Concrete - Ready Mix Concrete is concrete that is manufactured in a batch plant, according to a set
engineered mix design. In general, it is used in construction activities. Segment assets 19,890.01 16,485.51 719.03 611.31 20,609.04 17,096.82
Unallocated Corporate assets 4,803.57 6,270.92
No operating segments have been aggregated to form the above reportable operating segments.
Total assets 25,412.61 23,367.74
The Chief Operating Decision Maker (“CODM”) monitors the operating results of its business units separately for the Segment liabilities 4,832.16 5,218.22 350.85 310.93 5,183.01 5,529.15
purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated
Unallocated Corporate liabilities 1,670.97 1,506.73
based on profit or loss and is measured consistently with profit or loss in the financial statements. However, the Group’s
Total liabilities 6,853.98 7,035.88
financing (including finance costs and finance income) and income taxes are managed on a Group basis and are not
allocated to operating segments.

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

I in crore of compensation for mine infrastructure, must also be taken into account. Thereafter Ministry of Coal, Govt. of India
Year ended Year ended issued notification in February 2018 to file fresh claim as per format issued by Nominated Authority. Accordingly a fresh
Revenue from external customer claim of I 54 crore was filed with Ministry of Coal for reimbursement of expenses incurred up to the date of vesting
March 31, 2025 March 31, 2024
order. The decision / valuation of our claim by Ministry of Coal is awaited. Re-auction/allocation process of other two
Within India 20,789.10 19,681.01
coal blocks has not yet been carried out by the Ministry of Coal, Government of India.
Outside India - -
Total 20,789.10 19,681.01 Pending the final outcome of the Claim filed and further details to be submitted to the Nominated Authority of the
Ministry of Coal, no amount have been recognised in consolidated financial statements.
No single customer contributed 10% or more to the Group's revenue For the Year ended March 31, 2025 and for year
ended March 31, 2024. Note 51: Arrangements with Associates and Joint Ventures
All the non current assets are located within India (i) The Group has arrangements with an associate company, Alcon Cement Company Private Limited whereby the
Holding Company sells clinker and purchases cement manufactured out of such clinker. While the transactions are
Note 49: Details of dues to micro and small enterprises as defined under the Micro, Small and considered as individual sale/ purchase transactions for determination of taxable turnover and tax under GST laws.
Medium Enterprises Development Act, 2006* Considering the accounting treatment prescribed under various accounting guidance, revenue for sale (excluding
I in crore GST) of such clinker of I 12.70 crore (March 31, 2024 - I 18.45 crore) has not been recognised as a part of the income
but has been adjusted against cost of purchase of Cement so converted.
As at As at
Particulars
March 31, 2025 March 31, 2024 (ii) The Group has arrangement with a Joint venture company Aakaash Manufacturing Company Private Limited,
a. The principal amount and the interest due thereon remaining unpaid whereby the Holding Company purchases Ready Mix Concrete and sells that to external customers. While the
to any supplier at the end of each accounting year: transactions are considered as individual sale / purchase transactions for determination of taxable turnover and
tax under GST laws, however, based on the terms of the arrangement and considering the accounting treatment
Principal amount due to micro and small enterprises (Not overdue) 273.43 375.73
prescribed under various accounting guidance, revenue for sale (excluding GST) of such Ready Mix Concrete to
Principal amount due to micro and small enterprises (overdue) - 19.94
customer of I 106.03 crore (March 31, 2024 - I 112.68 crore) is adjusted against cost of purchase of Ready Mix
Interest due on overdue - 2.13 Concrete and consideration is recognised on net basis.
b. The amount of interest paid by the buyer in terms of Section 16 of - -
the Micro, Small and Medium Enterprises Development Act, 2006, Note 52: Capitalisation of expenditure
along with the amount of the payment made to the supplier beyond The Company has capitalised following expenses which are directly attributable to bringing the assets to the location
the appointed day during each accounting year. and condition necessary for its use to the cost of Property, plant and equipment / Capital work-in-progress. Consequently,
c. The amount of interest due and payable for the period of delay in - - expenses disclosed under the respective notes are net of amounts capitalised.
making payment (which have been paid but beyond the appointed
I in crore
day during the year) but without adding the interest specified under
Micro, Small and Medium Enterprises Development Act, 2006. For the Year ended For the Year ended
Particulars
March 31, 2025 March 31, 2024
d. The amount of interest accrued and remaining unpaid at the end of - -
each accounting year. Balance at the beginning of the year 4.91 43.07
e. The amount of further interest remaining due and payable even in - - Expenditure during construction for projects:
the succeeding years, until such date when the interest dues as Employee benefits expense* 4.53 28.58
above are actually paid to the small enterprise for the purpose of Power and fuel** 1.43 0.14
disallowance as a deductible expenditure under Section 23 of Micro, Depreciation 0.81 0.17
Small and Medium Enterprises Development Act, 2006.
Other expenses ** 4.25 4.96
*This information has been determined to the extent such parties have been identified by the group on the basis intimation received from the “suppliers”
regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. Total 15.93 76.92
Less : Capitalised during the year 1.70 72.01
Note 50: Balance at the end of the year 14.23 4.91
ACC Mineral Resources Limited (AMRL), a wholly owned subsidiary through its joint operations had secured development * Employee benefits expense represents cost of employees associated with the projects which are directly attributable to the construction and
and mining rights for four coal blocks allotted to Madhya Pradesh State Mining Corporation Ltd. These allocations stand acquisition of Property, Plant and Equipment.
cancelled pursuant to the judgment of Supreme Court dated August 25, 2014 read with its order dated September 24, ** Other expenses and power and fuel are directly attributable to bringing the asset to the location and condition necessary for it to be capable of
operating in the manner intended by the management. Other expenses mainly includes security expense, vehicle hiring charges and rent expense.
2014. Subsequent to the aforesaid cancellation, Bicharpur and Marki Barka being two of the four blocks were auctioned
by the Government through Nominated Authority. In this connection, The Hon’ble Delhi High court in its judgment dated
9th March 2017 has said that “whatever has transpired after 31st March 2014 and goes towards affecting the quantum

552 553
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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Note 53: Financial Instruments (B) Income, Expenses, Gains or Losses on Financial Instruments
Interest income and expenses, gains or losses recognised on financial assets and liabilities in the Consolidated
(A) Categories of financial instruments
Statement of Profit and Loss are as follows:
I in crore

Carrying value Fair value Carrying value Fair value I in crore

As at As at As at As at For the Year ended For the Year ended

Particulars Particulars
March 31, March 31, March 31, March 31, March 31, 2025 March 31, 2024
2025 2025 2024 2024 Income on financial instruments
Financial assets Financial assets measured at amortised cost
1. Measured at Fair value through profit Interest income (187.59) (263.55)
or loss (FVTPL) Financial assets measured at fair value through profit or loss
Investment in Unquoted equity shares 17.01 17.01 14.70 14.70 Gain on sale of current financial assets (58.24) (18.78)
Investment in liquid mutual funds 631.22 631.22 1,275.84 1,275.84 Net gain on fair valuation of current financial assets (7.18) (12.35)
Investments in government securities 1,458.46 1,458.46 758.69 758.69 Expenses on financial instruments
2. Measured at amortised cost Financial liabilities measured at amortised cost
Cash and cash equivalents (Other - - 35.12 35.12 Net exchange losses / (gain) on revaluation or settlement of items 1.30 (0.02)
deposits) denominated in foreign currency (trade payable)
Other Cash and cash equivalents 419.46 419.46 292.98 292.98 Interest expenses on deposits from dealers 39.50 33.35
(Balances with banks) Interest expenses on lease liabilities 43.56 38.50
Bank balances other than Cash and 598.58 598.58 258.92 258.92 Impairment losses on trade receivables (including reversals of 7.49 21.18
Cash Equivalents impairment losses)
Investments in Unquoted Bonds - - 3.70 3.70 Derivatives - Foreign exchange forward contracts
Security deposits (Current and Non- 243.80 243.80 260.38 260.38 Net (gain) on foreign currency forward contract (0.86) (0.63)
Current)
Net gain recognised in the Consolidated Statement of Profit and (162.02) (202.30)
Loans and Other financial assets 2,766.40 2,766.40 3,602.90 3,602.90 Loss
(Current and Non-Current)
Trade receivables 1,162.91 1,162.91 827.50 827.50 (C) Fair Value Hierarchy
Total 7,297.84 7,297.84 7,330.73 7,330.73 The Group uses the following hierarchy for determining and/or disclosing the fair value of financial instruments by
valuation techniques:
I in crore
Level 1: This level includes those financial instruments which are measured by reference to quoted prices (unadjusted)
Carrying value Fair value Carrying value Fair value in active markets for identical assets or liabilities.
As at As at As at As at
Particulars Level 2: This level includes financial assets and liabilities measured using inputs other than quoted prices
March 31, March 31, March 31, March 31,
included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e.
2025 2025 2024 2024
derived from prices).
Financial liabilities
Measured at amortised cost Level 3: This level includes financial assets and liabilities measured using inputs that are not based on observable
market data (unobservable inputs). Fair values are determined in whole or in part, using a valuation model based
Trade payables 1,638.30 1,638.30 1,852.55 1,852.55
on assumptions that are neither supported by prices from observable current market transactions in the same
Security deposits 707.48 707.48 688.02 688.02 instrument nor are they based on available market data.
Lease Liabilities 429.77 429.77 354.85 354.85
Other financial liabilities 658.79 658.79 645.43 645.43
Total 3,434.34 3,434.34 3,540.85 3,540.85

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

I in crore The following methods and assumptions were used to estimate the fair values:
Particulars Level 1 Level 2 Level 3 Total
Level 1: Investment in Government securities, which are classified as FVTPL are measured based on market price at
As at March 31, 2025 the reporting date.
Financial assets
Level 2: Investments in liquid and short-term mutual funds, which are classified as FVTPL are measured using net
1. Measured at Fair value through profit or loss asset values as declared by the Mutual fund at the reporting date multiplied by the quantity held.
(FVTPL)
Investment in Unquoted equity shares - - 17.01 17.01 The fair value of forward foreign exchange contracts is calculated as the present value determined using forward
exchange rates at the reporting date.
Investments in government securities 1,458.46 - - 1,458.46
Investments in liquid mutual funds - 631.22 - 631.22 Level 3: The fair value of unquoted instruments is estimated by discounting future cash flow or price of
recent transaction.
As at March 31, 2024
Financial assets Fair value of financial assets and financial liabilities that are not measured at fair value (but fair value
1. Measured at Fair value through profit or loss disclosures are required)
(FVTPL) The management consider the carrying values of Other Cash and cash equivalents, Bank balances other than cash
Investment in Unquoted equity shares - - 14.70 14.70 and cash equivalents, investment in bonds, security deposits, loans and other financial assets, trade receivables,
Investments in government securities 758.69 - - 758.69 trade payables, security deposits and retention money and other financial liabilities (except derivative financial
instruments) approximate their carrying amounts largely due to the short-term maturities of these instruments.
Investments in liquid mutual funds - 1,275.84 - 1,275.84

Reconciliation of Level 3 fair value measurement of unquoted equity shares Note 54: Financial risk management objectives and policies
Financial risk evaluation and management is an ongoing process within the Group. The Group has a system based risk
Unlisted shares carried at FVTPL
management framework to identify, monitor, mitigate and minimize risks arising from financial instruments.
Particulars For the Year ended For the year ended
March 31, 2025 March 31, 2024 The Group is exposed to market, credit and liquidity risks. The Board of Directors (‘Board’) oversee the management
Opening balance 14.70 14.70 of these risks through its Risk Management Committee. The Group’s Risk Management Policy has been formulated
by the Risk Management Committee and approved by the Board. The Policy articulates on the Group’s approach to
Purchases during the year - -
address uncertainties in its endeavour to achieve its stated and implicit objectives. It also prescribes the roles and
Gain/(Loss) responsibilities of the Group’s management, the structure for managing risks and the framework for risk management.
- in Other comprehensive income - - The framework seeks to identify, assess and mitigate risks in order to minimize potential adverse effects on the Group’s
- in profit and loss, net 2.31 - financial performance.
- changes on purchase of equity shares - - All derivative activities for risk management purposes are carried out by specialist teams that have the appropriate
Closing Balance 17.01 14.70 skills, experience and supervision. It is the Group’s policy that no trading in derivatives for speculative purposes shall be
undertaken. The Board of Directors reviews and agrees on policies for managing each of these risks, which are summarized
Description of significant unobservable inputs to valuation: below. This note explains the sources of risk which the entity is exposed to and how the entity manages the risk.
Significant (i) Credit risk
Valuation
unobservable Sensitivity of the input to fair value
techniques Credit risk is the risk that the counterparty will not meet its obligations under a financial instrument or customer
inputs
contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade
Investments in Price of recent Transaction 5% (March 31, 2024: 5%) increase (decrease) in the receivables) and from its financing activities, including deposits placed with banks and financial institutions and
unquoted equity transaction price transaction price would result in increase (decrease) in other financial instruments.
shares (PORT) fair value by I 0.85 crore (March 31, 2024 - I 0.74 crore)
Financial assets other than trade receivables
 During the reporting period ending March 31, 2025 and March 31, 2024, there was no transfer between level 1 and
level 2 fair value measurement. Credit risk from balances with banks and financial institutions is managed by the Group’s treasury department in
accordance with it’s policy. Surplus funds are parked only within approved investment categories with well defined
limits. Investment category is periodically reviewed by the Group’s Board of Directors.

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Credit risk arising from short term liquid funds, other balances with banks and other cash equivalents is limited and Expected credit loss assessment
no collaterals are held against these because the counterparties are banks and recognised financial institutions with For trade receivables, as a practical expedient, the Group compute credit loss allowance based on a provision
high credit ratings assigned by the credit rating agencies. None of the financial instruments of the Group result in matrix. The provision matrix is prepared based on historically observed default rates over the expected life of trade
material concentration of credit risks. receivables and is adjusted for forward-looking estimates. At each reporting date, the historically observed default
Other financial assets mainly include incentives receivable from the government, loans and security deposits given. rates and changes in the forward-looking estimates are updated. Accordingly, loss allowances on trade receivables
There are no indications that defaults in payment obligations would occur in respect of these financial assets. are measured using provision matrix at an amount equal to life time expected losses i.e. expected cash shortfall.

The following table summarizes the change in the loss allowances measured using simplified approach model
Incentives receivable from the Government
expected credit loss assessment:
The Group has manufacturing units in various states; mainly those in Maharashtra, Uttar Pradesh and Jharkhand are
I in crore
eligible for incentives under the respective State Industrial Policy. The Group has been accruing these incentives
as refund claims in respect of VAT / GST paid, and there is a reasonable assurance that the incentive claims will be As at April 01, 2023 59.11
disbursed by the State Governments. Provided during the year 21.18
Amounts utilised (14.50)
The Group has estimated the expected credit loss based on time period to recover these incentives and carries a
provision of I 204.53 crore as at March 31, 2025 (March 31, 2024 - I 171.42 crore). Reversals of provision -
As at March 31, 2024 65.79
The Group is confident about the ultimate realization of the dues from the State Governments and there is no
risk of default. Provided during the year 7.49
Amounts utilised (1.23)
Movement of Incentives under Government schemes Reversals of provision -
I in crore
As at March 31, 2025 72.05
As at April 01, 2023 1,015.63
Incentive accrued 290.86 No significant changes in estimation techniques or assumptions were made during the reporting period.
Incentive received (16.88)
Credit impaired
As at March 31, 2024 (Refer note - 8 & 16) 1,289.61
For expected credit loss as at each reporting date the Group assesses position for the assets for which credit risk
Incentive accrued 973.21 has not significantly increased from initial recognition, assets for which credit risk has increased significantly but are
Deferred Government Grant 155.15 not credit impaired and for assets for which credit risk has increased significantly and are credit impaired. The Group
Incentive received (665.26) assesses detrimental impacts on the estimated future cash flows of the financial asset including loans, receivables
As at March 31, 2025 (Refer note - 8 & 16) 1,752.71 and other assets. Based on the assessment of the observable data relating to significant financial difficulty and
creditworthiness of the counterparties, the management believes that there are no financial assets which are credit
Trade receivables impaired except as disclosed in the notes to the financial statement.

Customer credit risk is managed as per the Group’s established policy, procedures and control relating to customer (ii) Liquidity risk
credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard
Liquidity risk is defined as the risk that the Group will not be able to settle or meet its obligations on time or at
and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables are
reasonable price. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities
regularly monitored. The requirement for impairment is analysed at each reporting date on an individual basis for
and the availability of funding through an adequate amount of credit facilities to meet obligations when due.
major customers. The management is also monitoring the receivables levels by having frequent interactions with
The Group’s treasury team is responsible for liquidity, funding as well as settlement management. In addition,
responsible persons for highlighting potential instances where receivables might become overdue.
processes and policies related to such risks are overseen by senior management. Management monitors the Group’s
Trade receivables consist of a large number of customers spread across India with no significant concentration of liquidity position through rolling forecasts on the basis of expected cash flows. The Group has large investments in
credit risk. Ongoing credit evaluation is performed on the financial condition of accounts receivable. The Group short term liquid funds and marketable government securities which can be redeemed at a very short notice and
has adopted a policy of only dealing in creditworthy counterparties and obtaining collateral i.e. security deposit. hence carry negligible liquidity risk.
No single customer accounted for 10% or more of the Group’s net sales. Therefore, the Group does not expect any
material risk on account of non-performance by any of its counterparties.

For expected credit loss as at each reporting date the Group assesses position for the assets for which credit risk
has not significantly increased from initial recognition, assets for which credit risk has increased significantly but
are not credit impaired and for assets for which credit risk has increased significantly and are credit impaired.

For Group's exposure to credit risk by age of the outstanding from various customers refer Note 12)

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

The table summarises the details regarding the remaining contractual maturities of financial liabilities at the The carrying amounts of the Group's foreign currency denominated monetary assets / monetary liabilities at the
reporting date based on the contracted undiscounted cash payments. end of the reporting periods expressed in `, are as follows:
I in crore I in crore

Carrying Less than More than As at March 31, 2025 USD EUR CHF CNY
As at March 31, 2025 1 -5 Years Total
amount 1 year 5 years Creditors 16.04 15.66 0.01 124.24
Other financial liabilities (Refer 1,366.27 1,404.73 - - 1,404.73 Foreign currency forward contracts - (2.24) - -
note (a) and (b) below)
Forex exposure hedged with supplier - - - (124.24)
Lease liabilities 429.77 177.75 182.46 428.28 788.49
Net exposure to foreign currency risk 16.04 13.42 0.01 -
Trade payables 1,638.30 1,625.90 12.40 - 1,638.30 (liabilities)
3,434.34 3,208.38 194.86 428.28 3,831.52
Foreign Currency (in million)
I in crore As at March 31, 2025
USD EUR CHF CNY
Carrying Less than More than
As at March 31, 2024 1 -5 Years Total Foreign currency forward contracts - 0.24 - -
amount 1 year 5 years
Other financial liabilities (Refer 1,333.45 1,363.87 - - 1,363.87 Net exposure to foreign currency risk 1.88 1.46 0.00 -
note (a) and (b) below) (liabilities)

Lease liabilities 354.85 157.05 212.14 82.68 451.87 I in crore

Trade payables 1,852.55 1,844.16 8.39 - 1,852.55 As at March 31, 2024 USD EUR CHF GBP
3,540.85 3,365.08 220.53 82.68 3,668.29 Creditors 83.77 13.73 0.10 1.11

Notes: Foreign currency forward contracts (71.90) (7.46) - -

Net exposure to foreign currency risk 11.87 6.27 0.10 1.11
(a) Other financial liabilities includes deposits received from customers amounting to ` 699.26 Crore (March 31, (liabilities)
2024 - ` 676.11 Crore). These deposits do not have a contractual re-payment term but are repayable on demand.
Since, the Group does not have an unconditional right to defer the payment beyond 12 months from reporting
foreign currency (in million)
date, these deposits have been classified under current financial liabilities. For including these amounts in the As at March 31, 2024
USD EUR CHF GBP
above mentioned maturity analysis, the Group has assumed that these deposits, including interest thereon, will
be repayable at the end of the next reporting period. The actual maturity period for the deposit amount and Foreign currency forward contracts 8.62 0.83 - -
the interest thereon can differ based on the date on which these deposits are settled to the customers. Net exposure to foreign currency risk 1.42 0.70 0.01 0.11
(liabilities)
(b) Other financial liabilities includes Security deposit from dealers, Payable towards purchase of Property, plant
and equipment and Intangible assets (including hold and retention money) and others. (Refer note 25)
Foreign currency sensitivity
(iii) Market risk The following tables demonstrate the sensitivity into a reasonably possible change in exchange rates, with all other
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because variables held constant.
of changes in market prices. Market risk comprises of three types of risk: interest rate risks, currency risk and A positive number below indicates an increase in profit where the I strengthens 5% against the relevant currency.
commodity risk. For a 5% weakening of the I against the relevant currency, there would be a comparable impact on the profit and
the balances below would be negative.
Foreign currency risk
Foreign currency risk is the risk of impact related to fair value or future cash flows of an exposure in foreign currency, As at March 31, 2025 As at March 31, 2024
which fluctuate due to change in foreign exchange rates. The Group's exposure to the risk of changes in foreign Particulars 5% 5% 5% 5%
exchange rates primarily relate to import of raw materials, fuels and capital items. Based on sensitivity analysis, strengthening of I weakening of I strengthening of I weakening of I
the Group has well defined forex exposure threshold limit approved by Board of Directors, beyond which all forex
USD 0.80 (0.80) 0.59 (0.59)
exposure are fully hedged.
EUR 0.67 (0.67) 0.31 (0.31)
CHF 0.00 (0.00) 0.01 (0.01)
GBP - - 0.06 (0.06)
Effect on Profit before tax 1.47 (1.47) 0.97 (0.97)
for the year

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

As at March 31, 2025 As at March 31, 2024 Interest risk exposure

I in crore
Particulars 5% 5% 5% 5%
strengthening of I weakening of I strengthening of I weakening of I As at As at
Particulars Notes
March 31, 2025 March 31, 2024
USD 0.60 (0.60) 0.44 (0.44)
Interest bearing
EUR 0.50 (0.50) 0.23 (0.23)
Security deposit from dealers 25 699.26 676.11
CHF 0.00 (0.00) 0.00 (0.00)
699.26 676.11
GBP - - 0.04 (0.04)
Interest rate sensitivities for unhedged exposure (Refer
Impact on Equity 1.10 (1.10) 0.71 (0.73)
Note (i) below)
5% represent management assessment of reasonably possible change in foreign currency exchange rate. Security deposit from dealers
Exchange rates used for conversion of foreign currency exposure. Impact of increase in 50 bps would decrease profit before 3.50 3.38
tax by
As at As at Impact of decrease in 50 bps would increase profit before (3.50) (3.38)
Particulars
March 31, 2025 March 31, 2024 tax by
USD 85.48 83.41 Impact of increase in 50 bps would decrease equity by 2.62 2.53
EUR 92.09 89.88 Impact of decrease in 50 bps would increase equity by (2.62) (2.53)
CHF 96.84 92.04
Note:
GBP 110.7 105.03
CNY 11.75 11.48 i) Interest rate sensitivity has been calculated assuming the security deposit outstanding at the reporting date
have been outstanding for the entire reporting period.
Commodity price risk
Commodity price risk for the Group is mainly related to fluctuations in coal and pet coke prices linked to various Note 55: Capital management
external factors, which can affect the production cost of the Group. Since the energy costs is one of the primary a) The Group's objectives when managing capital are to maximise shareholders value through an efficient allocation of
costs drivers, any fluctuation in fuel prices can lead to a variability in operating margin. To manage this risk, the capital towards expansion of business, optimisation of working capital requirements, expansion of manufacturing
Group take following steps: facilities (including through investment in/ acquisition of subsidiaries) and deployment of balance surplus funds on
the back of an effective portfolio management of funds within a well defined risk management framework.
1. Optimizing the fuel mix, pursue longer term and fixed contracts where considered necessary.
b) The management of the Group reviews the capital structure of the Group on regular basis to optimise cost of capital.
2. Consistent efforts to reduce the cost of power and fuel by using both domestic and international coal and petcoke.
As part of this review, the Board considers the cost of capital and the risks associated with the movement in the
3. Use of alternative Fuel and Raw Materials (AFR) and enhancing the utilisation of renewable power including working capital.
its onsite and offsite solar, wind, hydro power and Waste Heat Recovery System (WHRS).
c) For the purposes of the Group’s capital management, capital includes issued capital, securities premium and all other
Additionally, processes and policies related to such risks are reviewed and controlled by senior management and equity reserves attributable to the equity holders.
fuel requirements are monitored by the central procurement team.
As stated in the below table, the Group is a Zero debt Group with no borrowings. The Group is not subject to any
Interest rate risk externally imposed capital requirements.

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to I in crore

changes in market interest rates. The Group's exposure to the interest rate risk arises primarily from security deposit As at As at
Particulars Notes
from dealers. The Group has not used any interest rate derivatives. March 31, 2025 March 31, 2024
Total Debt - -
Less: Cash and cash equivalents 13 (1,050.69) (1,603.95)
Net Debt (1,050.69) (1,603.95)
Equity attributable to owners of the parent 19 & 20 18,554.84 16,328.22
Debt to Equity NA NA

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Note 56: Net Assets, i.e., total assets

Share in profit or loss
Share in other comprehensive Share in total comprehensive
minus total liabilities* income income
Additional information as required by Paragraph 2 of the General Instructions for the preparation of Consolidated Financial As % of As % of
Statements under Division II of Schedule III to the Companies Act, 2013. As % of
Amount
As % of
Amount
consolidated
Amount
consolidated
Amount
consolidated consolidated other total
Name of the entity in the Group I in crore I in crore I in crore I in crore
Net Assets, i.e., total assets Share in other comprehensive Share in total comprehensive net assets profit or loss comprehensive comprehensive
Share in profit or loss income income
minus total liabilities* income income
As % of As % of As at As at As at As at As at As at As at As at
As % of As % of consolidated consolidated March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
Amount Amount Amount Amount 2025 2025 2025 2025 2025 2025 2025 2025
consolidated consolidated other total
Name of the entity in the Group I in crore I in crore I in crore I in crore
net assets profit or loss comprehensive comprehensive Asian Fine Cements Limited (1.03) (191.03) 1.15 27.54 (0.12) 0.04 1.16 27.58
income income (w.e.f January 8, 2024)
As at As at As at As at As at As at As at As at Non-controlling interests in all subsidiaries 0.02 3.79 0.01 0.15 - - 0.01 0.15
March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, Associates (Investment as per the equity
2025 2025 2025 2025 2025 2025 2025 2025 method)
Parent Indian
ACC Limited 98.45 18,270.94 100.93 2424.56 100.22 (34.74) 100.94 2389.82 Alcon Cement Company Private Limited - - (0.01) (0.34) - - (0.01) -0.34
Subsidiaries (including step-down subsidiaries) Asian Concretes and Cements Private Limited - - - - - - -
Indian (Up to January 7, 2024)
Bulk Cement Corporation (India) Limited 0.38 69.70 0.11 2.75 - - 0.12 2.75 Joint Ventures (Investment as per the equity
ACC Mineral Resources Limited 3.81 706.28 (1.08) (25.95) - - (1.10) (25.95) method)
Akkay Infra Private Limited** (0.00) (0.23) (0.01) (0.22) - - (0.01) (0.22) Indian
(w.e.f February 27, 2025) OneIndia BSC Private Limited** - - 0.00 0.12 0.04 (0.01) 0.00 0.11
Anantroop Infra Private Limited** (0.00) (0.13) (0.01) (0.14) - - (0.01) (0.14) Aakaash Manufacturing Company Private - - 0.13 3.01 - - 0.13 3.01
(w.e.f February 27, 2025) Limited
Eqacre Realtors Private Limited** (0.00) (0.14) (0.01) (0.14) - - (0.01) (0.14) Adjustments on Consolidation (3.95) (733.22) (1.05) (25.23) - (1.07) (25.23)
(w.e.f February 27, 2025) TOTAL 100.00 18,558.63 100.00 2,402.27 100.00 (34.66) 100.00 2,367.61
Foresite Realtors Private Limited** (0.00) (0.14) (0.01) (0.14) - - (0.01) (0.14)
(w.e.f February 28, 2025) * In case of Subsidiaries, Associates and Joint ventures, the parent's share in respect of these components have been adjusted with the carrying value
of the parent's investments in each component.
Krutant Infra Private Limited** (0.00) (0.14) (0.01) (0.14) - - (0.01) (0.14)
(w.e.f February 27, 2025) ** Denotes below 0.005%
Kshobh Realtors Private Limited** (0.00) (0.15) (0.01) (0.15) - - (0.01) (0.15) Note: The above figures are after eliminating intra group transactions and intra group balances as at March 31, 2025.
(w.e.f February 27, 2025)
Additional information as required by Paragraph 2 of the General Instructions for the preparation of Consolidated Financial
Prajag Infra Private Limited** (0.00) (0.14) (0.01) (0.14) - - (0.01) (0.14)
(w.e.f February 27, 2025) Statements under Division II of Schedule III to the Companies Act, 2013.
Satyamedha Realtors Private Limited** (0.00) (0.15) (0.01) (0.15) - - (0.01) (0.15)
Net Assets, i.e., total assets Share in other comprehensive Share in total comprehensive
(w.e.f February 27, 2025) Share in profit or loss
minus total liabilities* income income
Trigrow Infra Private Limited** (0.00) (0.15) (0.01) (0.15) - - (0.01) (0.15)
As % of As % of
(w.e.f February 27, 2025)
As % of As % of consolidated consolidated
Varang Realtors Private Limited** (0.00) (0.10) (0.00) (0.10) - - (0.00) (0.10) Amount Amount Amount Amount
consolidated consolidated other total
(w.e.f February 27, 2025) Name of the entity in the Group I in crore I in crore I in crore I in crore
net assets profit or loss comprehensive comprehensive
Victorlane Projects Private Limited** (0.00) (0.12) (0.00) (0.11) - - (0.00) (0.11) income income
(w.e.f February 27, 2025) As at As at As at As at As at As at As at As at
Vihay Realtors Private Limited** (0.00) (0.14) (0.01) (0.14) - - (0.01) (0.14) March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
(w.e.f February 27, 2025) 2024 2024 2024 2024 2024 2024 2024 2024
Vrushak Realtors Private Limited** (0.00) (0.15) (0.01) (0.15) - - (0.01) (0.15) Parent
(w.e.f February 27, 2025) ACC Limited 98.12 16,021.96 90.98 2124.24 100.64 28.42 91.10 2152.66
Peerlytics Projects Private Limited** (0.00) (0.21) (0.01) (0.21) - - (0.01) (0.21) Subsidiaries
(w.e.f February 27, 2025)
Indian
West Peak Realtors Pvt Limited** (0.00) (0.42) (0.02) (0.42) - - (0.02) (0.42)
Bulk Cement Corporation (India) Limited 0.41 66.95 0.13 2.97 - - 0.13 2.97
(w.e.f March 13, 2025)
ACC Mineral Resources Limited 0.59 96.21 0.23 5.45 - - 0.23 5.45
Lucky Minmat Limited (0.01) (2.64) 0.07 1.68 - - 0.07 1.68
Lucky Minmat Limited (0.03) (4.29) (0.02) (0.39) - - (0.02) (0.39)
Singhania Minerals Private Limited** 0.00 0.15 (0.00) (0.07) - - (0.00) (0.07)
Singhania Minerals Private Limited** 0.00 0.22 0.06 1.36 - - 0.06 1.36
ACC Concrete West Limited (0.01) (1.25) (0.05) (1.12) - - (0.05) (1.12)
ACC Concrete West Limited** (0.00) (0.13) (0.01) (0.14) - - (0.01) (0.14)
ACC Concrete South Limited 0.19 35.49 0.03 0.71 - - 0.03 0.71
ACC Concrete South Limited** (0.00) (0.22) (0.01) (0.23) - - (0.01) (0.23)
Asian Concretes and Cements Private Limited 2.17 402.93 (0.13) (3.04) (0.14) 0.05 (0.13) (2.99)
(w.e.f January 8, 2024) Asian Concretes and Cements Private 1.40 228.24 0.43 9.98 (0.64) (0.18) 0.41 9.80
Limited (w.e.f January 8, 2024)
Asian Fine Cements Limited** 0.00 0.53 0.48 11.19 0.57 0.16 0.48 11.35
(w.e.f January 8, 2024)

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Net Assets, i.e., total assets Share in other comprehensive Share in total comprehensive Notes:
Share in profit or loss
minus total liabilities* income income
As % of As % of 1. Goodwill of I 3.77 crore (March 31, 2024 - I 3.77 crore) relates to acquisition of a business of subsidiary companies.
As % of As % of consolidated consolidated
Amount Amount Amount Amount
consolidated consolidated other total 2. For the purpose of impairment testing, carrying amount of goodwill has been allocated to the following Cash
Name of the entity in the Group I in crore I in crore I in crore I in crore
net assets profit or loss comprehensive comprehensive Generating Units (CGUs) :
income income
As at As at As at As at As at As at As at As at I in crore
March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2024 2024 2024 2024 2024 2024 2024 2024
As at As at
Particulars
Non-controlling interests in all 0.02 3.64 0.01 0.16 - - 0.01 0.16 March 31, 2025 March 31, 2024
subsidiaries Lucky Minmat Limited (LML) 6.42 6.42
Associates (Investment as per the equity
method) Impairment * (6.42) (6.42)
Indian - -
Alcon Cement Company Private Limited - - 0.05 1.23 - - 0.05 1.23
Singhania Minerals Private Limited (SMPL) 3.28 3.28
Asian Concretes and Cements Private - - 0.40 9.40 (0.50) (0.14) 0.39 9.26
Limited (Up to January 7, 2024) Bulk Cement Corporation (India) Limited (BCCI) 0.49 0.49
Joint Ventures (Investment as per the
Asian Concretes and Cements Private Limited (ACCPL) (Refer Note 63) 390.86 392.42
equity method)
Indian 394.63 396.19
OneIndia BSC Private Limited - - 0.01 0.34 - - 0.01 0.34 * The Group had invested I 38.10 crore (March 31, 2024 - I 38.10 crore) in equity shares of Lucky Minmat Limited (LML), a wholly owned
Aakaash Manufacturing Company Private - - 0.08 1.95 (0.07) (0.02) 0.08 1.93 subsidiary company. In view of no mining activities being carried out in LML, on-going litigation on transfer of lease rights and amendments
Limited brought in to the Mines and Minerals (Development and Regulations) Amendment Act, 2021, the Group had reassessed the value of investments
Adjustments on Consolidation (0.52) (84.89) 7.17 167.41 - 7.08 167.22 and accordingly, during the year ended December 31, 2021, goodwill on consolidation of I 6.42 crore was Impaired.
TOTAL 100.00 16,328.22 100.00 2,334.92 100.00 28.24 100.00 2,362.97 Of the above CGUs, SMPL is engaged in the business of extracting of limestone. BCCI is in the business of handling of cement and ACCPL is
engaged in the business of manufacturing of cement.
* In case of Subsidiaries, Associates and Joint ventures, the parent's share in respect of these components have been adjusted with the carrying value
of the parent's investments in each component. Notes:
** Denotes below 0.005%
Note : The above figures are after eliminating intra group transactions and intra group balances as at March 31, 2024. a) Goodwill is tested for impairment annually. The recoverable amount is determined based on a value-in-use
calculation using cash flow projections from financial budgets approved by management. The key assumptions
Note 57: Dividend distribution and proposed dividend for the value-in-use calculations are those regarding the discount rate, growth rates and expected changes to
I in crore direct costs during the year. Basis management assessment, the goodwill is not impaired. Management believes
For the Year ended For the Year ended that any reasonable possible change in any of these assumptions would not cause the carrying amount to
Particulars exceed its recoverable amount.
March 31, 2025 March 31, 2024
Dividends on equity shares declared and paid: b) In respect of goodwill of ACC Limited, for the purpose of impairment testing, the recoverable amount is
Final dividend for the year ended March 31, 2024 I 7.50 per share 140.84 173.70 determined based on fair value less cost of disposal as per the requirement of Ind AS 36. The fair value is
(For the Fifteen months ended March 31, 2023 I 9.25 per share) computed based on market share price of equity share of ACC Limited, quoted on the stock exchange.
140.84 173.70 c) The Group prepares its forecasts for the next five years based on the most recent financial budget approved by
management with projected revenue growth and for the future cashflow projection after five years is considered
Proposed dividends on equity shares: by using the terminal growth rate of 4% and Weighted Average Cost of Capital (WAAC) rate of 15.80% which
Final dividend proposed for the year ended March 31, 2025 I 7.50 per share (March 31, 2024 I 7.50 per share) is considered reasonable by the Management.

Proposed dividends on equity shares are subject to approval at the annual general meeting and are not recognised Management believes that any reasonable possible change in any of these assumptions would not impact the
as a liability. carrying amount I 394.63 crore (net of deferred tax liability I 295.31 crore) to exceed the recoverable amount
of the respective businesses acquired by the Holding Company and its Subsidiaries."
Note 58 : Goodwill on consolidation
d) Based on the Group's assessment there is no impairment of goodwill.
I in crore

As at As at Note 59:
Particulars
March 31, 2025 March 31, 2024
The Competition Commission of India (“CCI”) initiated an investigation against cement companies in India including
Carrying amount as at beginning of the year (Refer note 1 below) 396.19 3.77 the Holding Company regarding alleged anti-competitive behaviour and conducted search and seizure operations in
(Adjustment) / Addition during the year (Refer Note 63) (1.56) 392.42 December 2020 against few companies. The Director General (DG) of CCI in January 2021 sought information from
Net carrying value as at end of the year 394.63 396.19 the Holding Company and the information sought was provided. In the previous year, CCI had sent the investigation
report of the DG to the Holding Company and directed the Holding Company to file their suggestions / objections to the

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

report. The Holding Company had submitted its responses and the matter is pending for hearing before CCI. The Holding shortage of raw material etc. The Holding Company has carried out a review of the recoverable amount of the
Company is of the firm view that it has acted and continues to act in compliance with competition laws. The Holding tangible assets used in clinker manufacturing facility at abovementioned three plants. The recoverable amount from
Company believes that this does not have any impact on the financial statements. such tangible assets is assessed to be lower than it’s carrying amount and consequently an impairment loss of I
207.28 crore (including impairment loss on right of use assets of I 23.92 crore) has been recognised. and disclosed
Note 60:Exceptional items represent - as an exceptional item in the Consolidated Statement of Profit and Loss for the year.
a) The Holding company ACC Limited (“ACC”) had acquired remaining 55% of the voting share capital of Asian Concretes e) The Holding Company had entered into the Memorandum of Understanding (“MoU”) with Camrose Realtors Private
and Cements Private Limited (“ACCPL”) along with its step-down wholly-owned subsidiary Asian Fine Cements Private Limited, a related party to sell its surplus land at Thane on “As is where is basis” (Held For Sale) on April 9, 2024 for
Limited (“AFCPL”) for a cash consideration of I 422.63 crore. The Holding Company had obtained control over a consideration of I 385 crore subject to fulfillment of certain condition precedents including regulatory approvals.
ACCPL and AFCPL on January 8, 2024 (“acquisition date”) in terms of Indian Accounting Standard 103 – Business During the year ended March 31, 2025, the Holding Company has concluded the sale of land by entering into
Combination (Ind AS 103). Conveyance deed dated March 25, 2025, after necessary approvals were received from the various government
Pursuant to obtaining control, the Holding Company had remeasured its 45% equity interest investment in ACCPL at authorities. The land has been sold at an agreed consideration of I 385 crore and sale consideration will be realised
its acquisition-date fair value and recognized gain amounting to I 229.56 crore in the Statement of Profit and Loss as within six months period of Conveyance deed as per the MoU. The resultant net gain on disposal of Property, Plant
per the requirements of Ind AS 103. The gain was disclosed as exceptional item for the year ended March 31, 2024. and Equipment of I 369.01 crore is disclosed as exceptional item in the Consolidated Statement of Profit and
Loss for the year.
b) ACC Mineral Resources Limited (AMRL, “Subsidiary of ACC Limited”), through its joint operations had secured
development and mining rights of Bicharpur Coal Block allotted to Madhya Pradesh State Mining Corporation Limited Note 61:
in the financial year 2008-09.
During the financial year 2022-23, a short seller report (“SSR”) was published in which certain allegations were made
AMRL had appointed “M/s JMS Mining Private Limited (JMS)” on November 26, 2013 as its contractor for the on some of the Adani Group Companies. In this regard, certain writ petitions were filed with the Hon’ble Supreme
development and operation of the said Coal Block. Court (“SC”) seeking independent investigation of the allegations in the SSR and the Securities and Exchange Board of
India (“SEBI”) also commenced investigation into the allegations made in the SSR for any violations of applicable SEBI
The allocation of the said coal block stand cancelled pursuant to the judgment of Supreme Court dated August 25,
Regulations. In this regard, during financial year 2023-24, SC appointed expert committee concluded its report finding
2014 read with its order dated September 24, 2014.
no regulatory failure, in respect of applicable laws and regulations and SC by its order dated 3rd January, 2024, disposed
Due to cancellation of above mentioned coal block by Supreme Court, there was pending contractual dispute off all matters of appeal relating to the allegations in the SSR (including other allegations) in various petitions including
between JMS and AMRL since FY 2014-15 which was referred to Arbitrator appointed by Bombay High Court those relating to separate independent investigations. The SEBI also concluded its investigations in twenty-two of the
for settlement. During the course of the pending arbitral proceedings before the Arbitrator, JMS and AMRL have twenty-four matters during the financial year 2023-24, and during the current year, management believes that balance
amicably decided to settle all the claims for a sum of I 35 crore vide Consent Terms dated September 18, 2024 which two investigations have been concluded based on available information.
was been filed and settled before Honorable Arbitrator on October 11, 2024. The transaction amount is disclosed
Pursuant to the SC order, various legal and regulatory proceedings by SEBI, legal opinions obtained, independent legal
as an exceptional item in these Consolidated Statement of Profit and Loss for the year.
& accounting review undertaken by the Adani group and the fact that there are no pending regulatory or adjudicatory
c) During the year ended March 31, 2025, in the matter relating to arbitration claim initiated by certain parties proceedings as of date, the management of the Holding Company concluded that there were no material consequences
(“Claimants”) on the Holding Company for termination (in the earlier years) of Cement Purchase Agreement (“CPA”) of the allegations mentioned in the SSR and other allegations on the Group as at year ended March 31, 2024, and
dated September 12, 2012 read with its Addendum dated October 15, 2012 and Memorandum of Understanding accordingly, the financial statements for the year ended March 31, 2024 did not require any adjustments in this regard.
dated September, 2012, for long term contract for purchase of cement by the Holding Company by setting up two There are no changes to the above conclusions as at and for the year ended March 31, 2025.
Cement Grinding Units, the Holding Company and Claimants have amicably and mutually settled all their pending
disputes before the Arbitral Tribunal as per Tribunal order dated February 20, 2025. Note 62:
Before the Tribunal Order dated February 20, 2025, the Claimants and the Holding Company have entered into The code on Social Security, 2020 ('Code') relating to employee benefits during employment and post employment benefits
arrangement to settle the subsisting disputes including claims and counter claims between the parties and the Holding received Presidential assent in September 2020. The Code has been published in the Gazette of India. Certain sections of
Company. The Holding Company has settled the Claimants’ claim by paying I 27 crore, towards disputes / claims. the Code came into effect on May 03, 2023. However, the final rules/interpretation have not yet been issued. The Group
will assess the impact of the Code when the final rules/interpretation comes into effect and will record any related impact.
The arbitration amount paid to settle the dispute has been disclosed as an exceptional item in the Consolidated
Statement of Profit and Loss for the year. Note 63: Business Combinations
d) As at year end, the Holding Company has assessed the recoverable amounts of its certain Cement Plants which are a Acquisition of Asian Concretes and Cements Private Limited
non operational, over their useful lives based on the Cash Generating Units (""CGUs"") identified, as required under
During the previous year ended March 31, 2024, the Holding Company had acquired remaining 55% of the voting
Ind AS 36, Impairment of Assets on the basis of their Value in Use by estimating the future cash inflows over the
share capital of Asian Concretes and Cements Private Limited (“ACCPL”) along with its wholly-owned subsidiary
estimated useful life of such Cement Plants.
Asian Fine Cements Private Limited (“AFCPL”) for a cash consideration of I 422.63 crore. The Holding Company
Basis such assessment, the management has identified carrying value of property, plant and equipment and right of has obtained control over ACCPL and AFCPL on January 8, 2024 (“acquisition date”) in terms of Indian Accounting
use assets (tangible assets) of non-operational clinker manufacturing units at Wadi-1, Bargarh and Chaibasa, being Standard 103 – Business Combination (Ind AS 103). During the year, the Holding Company has received I1.56 crore
impaired, based on unviable future business prospects and economic viability due to higher cost of manufacturing, towards indemnification of certain liabilites as per terms of share purchase agreement.

568 569
ACC LIMITED Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements
Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Pursuant to obtaining control, the Holding Company has remeasured its previously held equity interest in ACCPL i.e. (b) Goodwill arising on acquisition has been determined as follows:
45% at its acquisition-date fair value and recognised gain amounting to I 229.56 crore in the Statement of Profit ( I in crore)
and Loss as per the requirements of Ind AS 103. The gain was disclosed as exceptional item for the year ended Provisional
March, 31 2024. Particulars Final Goodwill
Goodwill
Further, the Holding Company concluded final determination of fair values of identified assets and liabilities for the Purchase Consideration:
purpose of Purchase price allocation during the year ended March 31, 2025 and based on the final fair valuation Consideration paid in Cash 422.63 422.63
report of external independent expert, holding company has restated the reported financial statement of previous Add: Fair value of existing investment on the date of acquisition 345.79 345.79
year to give effect of final fair valuation of assets and liabilities.
Indemnification Assets - (1.56)
The consolidated financial statements, includes consolidated financial statements of ACCPL from the acquisition date. Sub total (A) 768.42 766.86

(a) ACCPL consolidated assets acquired and liabilities assumed at final fair value is as below: Net Assets Acquired:
( I in crore) Fair value of assets acquired 544.28 477.08
As at Acquisition date Fair value of liabilities assumed (including deferred tax liabilities on (117.04) (101.08)
Particulars fair value adjustment)
Provisional Fair Final Fair
Valuation Valuation Sub total (B) 427.24 376.00
Assets Goodwill (A-B) 341.18 390.86
Non- Current Assets
(c) Gain on remeasurement of previously held interest in ACCPL
Property, Plant and Equipment 185.50 203.60 ( I in crore)
Other Intangible assets 249.10 163.80 For the Year ended
Capital Work-In-Progress 1.83 1.83 Particulars March 31, 2024
Other non current assets 2.52 2.52 Amount
Current Assets Fair Value of previously held interest (45% of Equity Shares) (A) 345.79
Inventories 24.20 24.20 Less: Carrying value of Investment on acquisition date
Financial Assets Carrying value on April 1, 2023 106.97
(i) Trade Receivables 18.41 18.41 Share of Profit upto January 7, 2024 (Refer note 41) 9.26
(ii) Cash and Cash Equivalents 35.46 35.46 Carrying value of Investment on acquisition date (B) 116.23
(iii) Loans 11.37 11.37 Gain on previously held interest in ACCPL (A-B) (Refer note 60) 229.56
(iv) Other Financial Assets 15.89 15.89
(d) The reconciliation of the reported and restated financial statements are as below:-
Total Assets Acquired (i) 544.28 477.08
Non- Current Liabilities I) Consolidated Statement of profit and loss
Financial Liabilities ( I in crore)

Other Financial Liabilities 9.28 9.28 For the Year ended March 31, 2024
Particulars
Deferred Tax Liabilities (net) (Refer (f) below) 76.58 60.62 Reported Restated
Provisions 0.33 0.33 Revenue from Operations 19,681.01 19,681.01
Current Liabilities Profit before tax 2,759.30 2,757.36
Financial Liabilities Profit after tax 2,336.53 2,335.08
(i) Trade Payables 8.29 8.29 Total comprehensive income 2,364.58 2,363.13
(ii) Other Financial Liabilities 2.99 2.99
Other Current Liabilities 12.81 12.81
Provisions 6.76 6.76
Total Liabilities Assumed (ii) 117.04 101.08
Total identifiable net assets at fair value (i-ii) (A) 427.24 376.00

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

(II) Consolidated Balance sheet Summary of consolidated assets acquired and liabilities assumed at fair value on provisional basis:
( I in crore)
As at Acquisition
For the Year ended March 31, 2024 Particulars
date
Particulars
Reported Restated Assets
Non-current assets 13,659.53 13,641.63 Non- Current Assets
Current assets 9,704.26 9,704.26 Property, Plant and Equipment 359.00
Non-current assets classified as held for sale 21.85 21.85 Capital Work-In-Progress 352.55
Total Assets 23,385.64 23,367.74 Non-current tax assets 0.20
Total Equity 16,333.31 16,331.86 Other non current assets 0.10
Non-current liabilities 955.49 939.04 Current Assets
Current liabilities 6,096.84 6,096.84 Financial Assets
Total Equity and Liabilities 23,385.64 23,367.74 (ii) Cash and Cash Equivalents 4.16

On account of above acquisition, the numbers of the current period are not comparable to the previous period (iv) Other current assets 0.54
to that extent. Total Assets Acquired (i) 716.55
Non- Current Liabilities
(e) Impact of acquisition on the financial statements
Financial Liabilities
Since the acquisition date, revenue of I 66.80 crore and profit of I 0.99 crore has been included in the consolidated
Other Financial Liabilities 380.68
statement of profit and loss.
Deferred Tax Liabilities (net) 34.66
Had the business combination occurred at the beginning of the year, the revenue and profit at the consolidated Current Liabilities
level would have increased by I 200.13 crore and I 20.88 crore respectively for the year ended March 31, 2024.
Financial Liabilities
(f) Includes Deferred tax liabilities amounting to I 56.49 crore on acquisition date fair values and adjusted in (i) Trade Payables 0.02
Goodwill as per Ind AS - 12 Income Taxes. (ii) Other Financial Liabilities 2.58
b Acquisition by ACC Mineral Resources Limited (AMRL) Total Liabilities Assumed (ii) 417.94
During the year ended March 31 2025, the Holding Company’s Subsidiary, ACC Mineral Resources Limited (“AMRL”) Total identifiable net assets at fair value (i-ii) (A) 298.61
has entered and executed a Share Purchase Agreements (SPAs) dated February 22, 2025 with the shareholders’ of
Akkay Infra Private Limited; Anantroop Infra Private Limited; Eqacre Realtors Private Limited; Foresite Realtors Private Note 64 - Other information
Limited; Krutant Infra Private Limited; Kshobh Realtors Private Limited; Prajag Infra Private Limited; Satyamedha 1 The Group does not have any Benami property, where any proceeding has been initiated or pending against the
Realtors Private Limited; Trigrow Infra Private Limited; Varang Realtors Private Limited; Victorlane Projects Private Group for holding any Benami property
Limited; Vihay Realtors Private Limited; Vrushak Realtors Private Limited; Peerlytics Projects Private Limited and SPA
dated March 11, 2025 with the shareholders’ of West Peak Realtors Private Limited for acquiring 100% voting share 2 The Group has following outstanding balances with struck off companies under Section 248 of the Companies Act,
capital of these fifteen companies for cash a consideration of I 298.61 crore and has also provided funds through 2013 or Section 560 of Companies Act, 1956.
inter corporate deposits of I 380.57 crore to these Companies. All these companies hold certain land parcels which Transaction Transaction Name of
are proposed to be developed for setting-up manufacturing facilities and certain land parcels have mining rights Balance Balance Relationship
Nature of during the during the group
Name of the Struck off outstanding outstanding with the
which are going to be developed as per the Group’s future expansion plans. transactions with year ended year ended companies
companies as at March as at March Struck off
struck off Company March March that has
2025 2024 company
AMRL has completed the acquisition of 13 Companies on February 27, 2025, 1 Company on February 28, 2025 and 31, 2025 31, 2024 relationship
1 Company on March 13, 2025 respectively. Rajat hans logistics Private Purchase of goods - 0.01 - 0.01 ACC Limited Vendor
Limited and services
For the purpose of above acquisitions, the Holding Company has invested in 0.01% Optionally Convertible Debentures Tirupati balaji logistics Private Purchase of goods - 0.02 - 0.02 ACC Limited Vendor
(OCDs) of I 10 each of AMRL amounting to I 636 crore during the year ended March 31, 2025. Limited and services
Katashi engineering services Purchase of goods - 0.03 - 0.03 ACC Limited Vendor
Accordingly, the transaction was accounted for as acquisition of assets. Further the Group has accounted the fair Private Limited and services
value of the assets acquired and liabilities assumed. Eco grow environmental services Purchase of goods - * - * ACC Limited Vendor
Private Limited and services
Praxis El training & consulting Purchase of goods - * - * ACC Limited Vendor
Private Limited and services

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Transaction Transaction Name of Transaction Transaction Name of

Balance Balance Relationship Balance Balance Relationship
Nature of during the during the group Nature of during the during the group
Name of the Struck off outstanding outstanding with the Name of the Struck off outstanding outstanding with the
transactions with year ended year ended companies transactions with year ended year ended companies
companies as at March as at March Struck off companies as at March as at March Struck off
struck off Company March March that has struck off Company March March that has
2025 2024 company 2025 2024 company
31, 2025 31, 2024 relationship 31, 2025 31, 2024 relationship
CMIX INDIA Private Limited Purchase of goods 4.02 0.69 - - ACC Limited Vendor Whitefort constructions and Sale of goods and - - 0.06 - ACC Limited Customer
and services engineers Private Limited services
Pushap associates Private Limited Purchase of goods * - - * ACC Limited Vendor Elite engineering consultants Sale of goods and * * * * ACC Limited Customer
and services Private Limited services
Kanuj envirotech Private Limited Purchase of goods - * - * ACC Limited Vendor Popular buildcon Private Limited Sale of goods and - - - 0.01 ACC Limited Customer
and services services
JS techmarine solutions Private Purchase of goods * * - - ACC Limited Vendor Gurukrupa builders & developers Sale of goods and - * - * ACC Limited Customer
Limited and services Private Limited services
Thiruvishnu sabarisha Purchase of goods - * 0.01 * ACC Limited Vendor C.L.S Constructions Private Sale of goods and - 0.07 - 0.07 ACC Limited Customer
construction Private Limited and services Limited services
H P Shukla Contrs and Finvest Purchase of goods 0.03 * 0.05 0.02 ACC Limited Vendor Amandeep infratech Private Sale of goods and - 0.01 - 0.01 ACC Limited Customer
Private Limited and services Limited services
Bennett coleman & Co. Limited Purchase of goods - - - * ACC Limited Vendor Amrapali leisure valley Private Sale of goods and - * - * ACC Limited Customer
and services Limited services
Deep Star Tiles Private Limited Sale of goods and - * - * ACC Limited Customer R B buildwell Private Limited Sale of goods and - * - * ACC Limited Customer
services services
Garg Building Material Suppliers Sale of goods and - - * - ACC Limited Customer SVEC constructions Limited Sale of goods and - * - * ACC Limited Customer
Private Limited services services
Arnav ecumeneinfra Private Sale of goods and - - * - ACC Limited Customer Supriraj Infra Private Limited Sale of goods and - 0.13 - 0.13 ACC Limited Customer
Limited services services
Seturya infrastructures Private Sale of goods and - - * * ACC Limited Customer Kasi & karthick infrastructure Sale of goods and - * - * ACC Limited Customer
Limited services Private Limited services
Deepak Infrastructure Private Sale of goods and * * - - ACC Limited Customer HY Gro chemicals pharmtek Sale of goods and - - - * ACC Limited Customer
Limited services Private Limited services
Creative Infra and Contructions Sale of goods and 0.77 0.77 - - ACC Limited Customer Waterfall Infra Private Limited Sale of goods and - - - * ACC Limited Customer
(India) Private Limited services services
Travel tendo Private Limited Sale of goods and - - - - ACC Limited Customer Tpn Buildtech And Infrastructure Sale of goods and * * - - ACC Limited Customer
services services
Gharcool building materials Sale of goods and - - - - ACC Limited Customer Nagpal Industries Private Limited Sale of goods and * * - - ACC Limited Customer
Private Limited services services
Glosson surface solutions Private Sale of goods and - - * - ACC Limited Customer Patel Agri Industries Private Sale of goods and 0.03 0.03 - - ACC Limited Customer
Limited Ltd services Limited services
[Link] infra projects Sale of goods and 2.23 2.80 6.71 0.57 ACC Limited Customer R S Infravision Private Limited Sale of goods and - * - - ACC Limited Customer
Private Limited services services
M/S D. K. homes builders & Sale of goods and - - * - ACC Limited Customer M/S Pushap associates Private Sale of goods and - * - * ACC Limited Customer
develope Private Limited services Limited services
VYP engineering & construction Sale of goods and - - 0.01 - ACC Limited Customer Rajpal Control Systems Private NA NA NA NA NA ACC Limited Shareholder
Private Limited services Limited
Cosmic buildcon Private Limited Sale of goods and - - * ACC Limited Customer Prananjali Investments And NA NA NA NA NA ACC Limited Shareholder
services Trading Co Private Limited
Samridh vihar construction Sale of goods and - - 0.02 - ACC Limited Customer Safna Consultancy Private NA NA NA NA NA ACC Limited Shareholder
Private Limited services Limited
Elite engineering consultant Sale of goods and - - 0.10 - ACC Limited Customer Saraogi Fiscal Services Private NA NA NA NA NA ACC Limited Shareholder
Private Limited services Limited
Jupiter rock drills Private Limited Sale of goods and - - 0.01 - ACC Limited Customer Ila Commercial Private Limited NA NA NA NA NA ACC Limited Shareholder
services Home Trade Limited NA NA NA NA NA ACC Limited Shareholder
Airtech Privated Limited Sale of goods and - - * - ACC Limited Customer Onogra Investments Private NA NA NA NA NA ACC Limited Shareholder
services Limited
Gruh Cements Private Limited Sale of goods and * 0.04 * 0.04 ACC Limited Customer Harsh Estates Private Limited NA NA NA NA NA ACC Limited Shareholder
services

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Integrated Annual Report 2024-25

Notes to Consolidated financial statements Notes to Consolidated financial statements

as at and for the year ended March 31, 2025 as at and for the year ended March 31, 2025

Transaction Transaction Name of access rights where the process is started during the year, stabilized and enabled with effect from March 25, 2025.
Balance Balance Relationship
Name of the Struck off
Nature of during the
outstanding
during the
outstanding
group
with the
Further, there is no instance of audit trail feature being tampered with in respect of the accounting software where
transactions with year ended year ended companies such feature is enabled.
companies as at March as at March Struck off
struck off Company March March that has
2025 2024 company
31, 2025 31, 2024 relationship Additionally, the audit trail of relevant prior years has been preserved for record retention to the extent it was enabled
Falcon Investment Private Limited NA NA NA NA NA ACC Limited Shareholder and recorded in those respective years by the Holding Company as per the statutory requirements for record retention.
Unickon Fincap Private Limited NA NA NA NA NA ACC Limited Shareholder
Planned Pharma Private Limited NA NA NA NA NA ACC Limited Shareholder Further, with respect to 15 step-down subsidiaries acquired during the year, the accounting software does not have
Kalvir Lease And Finstock Private NA NA NA NA NA ACC Limited Shareholder a feature of recording audit trail (edit log) facility and the same did not operate throughout the year for all relevant
Limited transactions recorded in the accounting software.
Mht Investment Private Limited NA NA NA NA NA ACC Limited Shareholder
Shree Navdurga Tradecom Private NA NA NA NA NA ACC Limited Shareholder Note 66 :
Limited
Previous year's figures as disclosed below have been regrouped and rearranged where necessary to conform to this
* Denotes below I 50,000
year's classification.
3 The Group does not have any charges or satisfaction which is yet to be registered with Registrar of Companies (ROC)
The Group has reclassified the cost of royalty on minerals amounting to I 270.33 crore, as Cost of material consumed from
beyond the statutory period.
classification under the other expenses. The reclassification of the cost of royalty on minerals has been given effect from
4 The Group has not traded or invested in Crypto currency or Virtual Currency during the financial year. April 01, 2024 and figures for the previous year presented in consolidated financial statements have been accordingly
regrouped. This reclassification does not have any impact on Group’s financial statements.
5 The Group has not advanced or loaned or invested funds to any other person or entity, except as disclose in note
63(b) including foreign entities (Intermediaries) with the understanding that the Intermediary shall: Employee payables are reclassified from trade payable to other financial liabilities (current) amounting to I 72.24
crore, for better presentation and does not have any impact to net profits or on financial position presented in the
a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
consolidated financial statements. The reclassification of the employee payables has been given effect from year ended
behalf of the Holding Company (Ultimate Beneficiaries); or
March 2025 and accordingly figures for year ended March 31, 2024 presented in consolidated financial statements have
b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries. also been regrouped.

6 The Group has not received any fund from any person or entity, except as disclosed in note 63(b) including foreign Income from Government incentive / grants including tax credits / refunds amounting to I 277.91 crore has been
entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Group shall : disclosed separately in these consolidated financial statements as “Government Grants including duty credits/refunds”
The reclassification has been given effect during the year ended March 2025 and accordingly figures for year ended
a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
March 31, 2024 presented in consolidated financial statements have also been regrouped. This reclassification does not
behalf of the Holding Company (Ultimate Beneficiaries); or
have any impact on Group’s financial statements.
b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
Note 67: Figure below the amount of I 50,000 have not been disclosed.
7 No entity in the Group has any transaction which is not recorded in the books of accounts that has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or Note 68: Events occuring after the Balance Sheet Date
survey or any other relevant provisions of the Income Tax Act, 1961).
The Group evaluates events and transactions that occur subsequent to the balance sheet date but prior to approval of the
8 No entity in the Group has been declared a wilful defaulter by any bank or financial institution or other lender (as financial statements to determine the necessity for recognition and / or reporting of any of these events and transactions
defined under the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on wilful defaulters in the financial statements. As on April 24, 2025, there are no material subsequent events to be recognized or reported.
issued by the Reserve Bank of India.

9 The Group is in compliance with the number of layers prescribed under clause (87) of section 2 of the Companies
As per our report of even date attached For and on behalf of the Board of Directors of ACC Limited,
Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017 (as amended).

10 The Group has not given any loans or advances in the nature of loans to promoters, directors, KMPs and/ or related For S R B C & CO LLP KARAN ADANI VINOD BAHETY
parties (as defined under Companies Act, 2013), either severally or jointly with any other person, that are repayable Chartered Accountants Chairman Wholetime Director & Chief Executive Officer
on demand, or without specifying any terms or period of repayment. ICAI Firm Registration No. 324982E/E300003 DIN: 03088095 DIN:09192400

Note 65 : Audit Trail per Santosh Agarwal BHAVIK PARIKH RAKESH KUMAR TIWARY
Partner Company Secretary Chief Financial Officer
The Holding Company and its subsidiaries, except as mentioned below uses an accounting software for maintaining its
Membership No. 093669 Membership No. A40719
books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the
year for all relevant transactions recorded in the accounting software except the audit trail feature is enabled, for certain
Ahmedabad Ahmedabad
direct changes to SAP application and its underlying HANA database when using certain privileged / administrative
Date: April 24, 2025 Date: April 24, 2025

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Integrated Annual Report 2024-25

Form AOC-1 Part “B”: Associates and Joint Ventures

Aakaash
Alcon Cement
S. Manufacturing
Name of Associates Company Private
No. Company Private
STATEMENT CONTAINING SALIENT FEATURES OF THE FINANCIALS STATEMENTS OF SUBSIDIARIES, ASSOCIATES Limited
Limited
AND JOINT VENTURES
1 Latest audited Balance Sheet Date 31-Mar-25 31-Mar-25
(PURSUANT TO FIRST PROVISO TO SUB SECTION (3) OF SECTION 129 OF THE COMPANIES ACT READ WITH RULE 5 No of Shares of Associates held by the company on the year end 4,08,001 4,401
OF COMPANIES (ACCOUNTS) RULES, 2014) Amount of Investment in Associates (I crore) 22.25 6.01
2 Extend of Holding (%) 40% 40%
Part “A”: Subsidiaries 3 Description of how there is significant influence Note (a) Note (a)
(I In crore) 4 Reason why the associates is not consolidated - -
S. 5 Net worth attributable to shareholding as per latest audited Balance 5.67 12.70
Particulars
No. Sheet (I crore) 6.99 11.24
1 Name of the Subsidiary Asian
ACC Mineral
BulK Cement
Lucky
Singhania
ACC
ACC
Concreate
6 Total Comprehensive Income for the year (I crore) (0.85) 7.51
Corporation Minerals Concreate
Resources
(India)
Minmat
Private
Concreate
South
and Cements 3.06 4.83
Limited Limited West Limited Private
Limited Limited Limited i. Considered in Consolidation (I crore) (0.34) 3.00
limited
2 Reporting period for the subsidiary April 01, April 01, April 01, April 01, April 01, April 01, April 01, 1.22 1.93
2024 to 2024 to 2024 to 2024 to 2024 to 2024 to 2024 to ii. Not Considered in Consolidation (I crore) (0.51) 4.51
March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2025 2025 2025 2025 2025 2025 2025*
1.84 2.90
3 Reporting currency and Exchange N.A. N.A. N.A. N.A. N.A. N.A. N.A.
rate as on the last date of the Sl. OneIndia BSC
relevant Financial year in the case Name of Joint Ventures
No. Private Limited
of foreign subsidiaries
4 Share capital 121.95 33.64 3.25 0.52 0.01 0.01 18.00
1 Latest audited Balance Sheet Date 31-Mar-25
121.95 33.64 3.25 0.52 0.01 0.01 18.00 No of Shares of Associates held by the company on the year end 25,01,000
5 Reserves and surplus 58.18 36.06 (5.89) (0.37) (1.26) 35.47 193.80 "Amount of Investment in Joint Venture 2.50
(25.52) 33.31 (7.57) (0.30) (0.14) (0.23) 169.20 (I crore)"
6 Total assets 741.46 82.64 39.45 2.45 3.00 47.61 263.63 2 Extend of Holding (%) 50%
100.45 78.79 75.48 2.17 1.43 1.16 254.60 3 Description of how there is significant influence Note (a)
7 Total Liabilities 37.69 12.93 42.10 2.30 4.25 12.12 51.82
4 Reason why the joint venture is not consolidated -
4.02 11.83 78.44 1.95 1.55 1.39 67.40
5 Net worth attributable to shareholding as per latest audited Balance Sheet (I crore) 2.98
8 Turnover 5.62 28.22 24.47 0.44 2.30 8.40 375.35
- 23.02 95.41 3.48 0.01 0.01 66.79
2.86
9 Profit / (Loss) before tax 9.03 3.84 2.13 (0.07) (1.12) 0.80 31.55 6 Total Comprehensive Income for the year (I crore) 0.24
5.44 4.01 (0.42) 1.36 (0.14) (0.23) 0.99 0.69
10 Tax expenses 2.49 1.09 0.45 - - 0.09 7.05 i. Considered in Consolidation (I crore) 0.12
- 1.03 - - - - 0.70 0.34
11 Profit / (Loss) after tax (28.45) 2.75 1.68 (0.07) (1.12) 0.71 24.50 ii. 0.12
Not Considered in Consolidation (I crore)
5.44 2.98 (0.42) 1.36 (0.14) (0.23) 0.29
0.35
12 Proposed Dividend - - - - - - -
Note: (a)  There is significant influence due to percentage (%) of equity Share capital
- - - - - - -
13 % of shareholding 100% 94.65% 100% 100% 100% 100% 100% (b) Figures in italics pertain to previous year

100% 94.65% 100% 100% 100% 100% 100%

For and on behalf of the Board of Directors of ACC Limited,
* Figures of Asian Concrete and Cements Private Limited are as per their consolidated financial statements which also includes its share in step down
subsidiary “Asian Fines Cements Private Limited”. (Acquired on January 08, 2024) and previous Year numbers are restated. Hence it is not comparable.
KARAN ADANI VINOD BAHETY
Chairman Wholetime Director & Chief Executive Officer
DIN: 03088095 DIN:09192400

RAKESH TIWARY BHAVIK PARIKH

Chief Financial Officer Company Secretary

Place: Ahmedabd
Date: April 24, 2025

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Integrated Annual Report 2024-25

GCCA Content Index Assurance Statement on BRSR

Parameter Units Value

Total direct CO2 emissions – gross [t CO2/yr] 13488976
Total direct CO2 emissions – net [t CO2/yr] 13114251
Specific CO2 emissions per tonne of cementitious material – gross kg CO2/t 484
cementitious Material]
Specific CO2 emissions per tonne of cementitious material – net kg CO2/t 470
cementitious Material]
Overall coverage rate % 100
Coverage rate of continuous measurement % 100
Alternative Fuel Rate (kiln fuels) % 9.45
Biomass Fuel Rate (kiln fuels) % 1.06
Specific heat consumption for clinker production GJ / t clinker 3.06
Clinker Factor % 58.2
Alternative Raw Materials rate (% ARM) % 40
Water consumption KL 4799920
Amount of Water consumption per unit of product KL / T of cement 0.17
Number of quarries Nos. 16
Quarries where biodiversity plan / rehabilitation plan is Nos. 16
implemented
Number of fatalities for directly employed Nos. 0
Number of fatalities for contractors/subcontractors Nos. 1
Number of fatalities for third parties Nos. 0
Fatality rate for directly employed Rate 0
LTI Frequency Rate (FR) for directly employed Rate 0.09
LTI Frequency Rate (FR) for contractors / subcontractors (on-site) Rate 0.49
LTI Severity Rate (SR) for directly employed Rate 1.87

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Integrated Annual Report 2024-25

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Integrated Annual Report 2024-25

584 585
ACC LIMITED Notice
Integrated Annual Report 2024-25

Notice
ACC LIMITED
Registered Office: Adani Corporate House, Shantigram, Near Vaishno Devi Circle,
S. G. Highway, Khodiyar, Ahmedabad - 382421, Gujarat, India
CIN: L26940GJ1936PLC149771
Phone No.: 079-26565555 • Email: acc-investorsupport@[Link]
Website: [Link]

NOTICE is hereby given that the 89th Annual General “RESOLVED THAT pursuant to the provisions of Section
Meeting (“AGM”) of ACC Limited (“ACC” / Company”) 152 and other applicable provisions of the Companies
will be held on Thursday, June 26, 2025 at 10:00 a.m. Act, 2013, Mr. Arun Kumar Anand (DIN:08964078),
through Video Conferencing / Other Audio Visual Means who retires by rotation, be and is hereby re-appointed
to transact the following businesses. The venue of the as a Director, liable to retire by rotation.”
meeting shall be deemed to be the Registered Office of
the Company at Adani Corporate House, Shantigram, Near SPECIAL BUSINESS
Vaishno Devi Circle, S.G. Highway, Khodiyar, Ahmedabad – 4. To consider and if thought fit, approve the appointment
382 421, Gujarat. of M/s. Mehta & Mehta, Practicing Company Secretary
as Secretarial Auditor of the Company for a first
ORDINARY BUSINESS term of five (5) years and to pass with or without
1. To receive, consider and adopt the – modification(s), the following resolution as an
Ordinary Resolution:
a. audited financial statements of the Company
for the financial year ended on March 31, 2025 “RESOLVED THAT pursuant to the provisions of
together with the Reports of the Board of Section 204 and other applicable provisions, if any,
Directors' and Auditors' thereon; and of the Companies Act, 2013 read with rules framed
thereunder and Regulation 24A of the Securities
b. audited consolidated financial statements of
and Exchange Board of India (Listing Obligations
the Company for the financial year ended on
and Disclosures Requirements) Regulations, 2015
March 31, 2025 together with the report of
as amended from time to time (including any
Auditors' thereon.
statutory modification(s) or amendment(s) thereto or
2. 
To declare dividend on equity shares for the re-enactment(s) thereof for the time being in force),
Financial Year 2024-25. and in accordance with the recommendation of the
Board of Directors of the Company, M/s. Mehta &
3. To appoint a Director in place of Mr. Arun Kumar
Mehta, Practicing Company Secretary (CP No: 2486
Anand (DIN:08964078), who retires by rotation and
and Peer Reviewed Certificate No. 3686/2023) be
being eligible, offers himself for re-appointment.
appointed as the Secretarial Auditors of the Company
Explanation: Based on the terms of appointment, for a term of five (5) consecutive years, to conduct the
Executive Directors and the Non-Executive Directors Secretarial Audit of five consecutive financial years
(other than Independent Directors) are subject from 2025-26 to 2029-30 on such remuneration and
to retirement by rotation. Mr. Arun Kumar Anand reimbursement of out of pocket expenses for the
(DIN:08964078) who has been on the Board of the purpose of audit as may be approved by the Audit
Company since September 16, 2022 and whose office Committee/Board of Directors of the Company.
is liable to retire at this AGM, being eligible, seeks
RESOLVED FURTHER THAT approval of the members

re-appointment. Based on the performance evaluation
be and is hereby accorded to the Board of Directors to
and the recommendation of the Nomination and
avail or obtain from the Secretarial Auditor, such other
Remuneration Committee, the Board recommends his
services or certificates, reports, or opinions which
re-appointment as a Director of the Company.
the Secretarial Auditors may be eligible to provide or

Therefore, the shareholders are requested to issue under the applicable laws, at a remuneration
consider and, if thought fit, to pass with or without to be determined by the Audit committee/Board of
modification(s), the following resolution as an Directors of the Company.
Ordinary Resolution:

586 587
ACC LIMITED Notice
Integrated Annual Report 2024-25

RESOLVED FURTHER THAT the Board of Directors

 pursuant to Section 161 of the Act and Articles of the total remuneration payable to him, if any, shall not office up to September 15, 2025 and who is eligible
(hereinafter referred to as the ‘Board’ which expression Association of the Company, with effect from April 1, exceed the limits specified in Schedule V of the Act for reappointment and who meets the criteria for
shall include any Committee thereof or person(s) 2025, by the Board of Directors (hereinafter referred including any statutory modification or re-enactment independence as provided in Section 149(6) of the
authorized by the Board), of the Company be and is to as the ‘Board’ which expression shall include thereof, for the time being in force and as agreed by Act along with the rules framed thereunder and
hereby authorised to take all actions and do all such any Committee thereof or person(s) authorized by and between the Board and Mr. Vinod Bahety. Regulation 16(1)(b) of SEBI Listing Regulations and
deeds, matters and things, as may be necessary, proper the Board), based on the recommendation of the who has submitted a declaration to that effect
RESOLVED FURTHER THAT in his capacity as a

or desirable and to settle any question, difficulty or Nomination and Remuneration Committee and who and in respect of whom the Company has received
Wholetime Director and Chief Executive Officer of
doubt that may arise in this regard.” holds office, subject to the approval of members in a Notice in writing from a Member under Section
the Company, Mr. Vinod Bahety is entitled to exercise
terms of Regulation 17 (1C) of SEBI Listing Regulations 160(1) of the Act proposing his candidature for the
5. 
To consider and, if thought fit, approve the all powers as are exercisable by the Wholetime
and in respect of whom the Company has received a office of Director, be and is hereby reappointed as an
remuneration payable to M/s. P.M. Nanabhoy & Co., Director and Chief Executive Officer of the Company
notice in writing under Section 160 of the Act from Independent Director of the Company, not liable to
Cost Accountants, Cost Auditors of the Company, as permissible under the provisions of the Act, and
a Member proposing his candidature for the office of retire by rotation, to hold office for a second term of
for the financial year ending March 31, 2026 and to any other statutes in order to manage the affairs
Director, be and is hereby appointed as Director of the three (3) consecutive years commencing with effect
pass, with or without modification(s), the following of the Company.
Company, liable to retire by rotation. from September 16, 2025 up to September 15, 2028
resolution as an Ordinary Resolution:
RESOLVED FURTHER THAT in the event of any
 (both days inclusive).
RESOLVED FURTHER THAT the Board be and is hereby

“RESOLVED THAT pursuant to the provisions of statutory amendment or modification to Schedule
authorised to do all acts and take all such steps as may RESOLVED FURTHER THAT the Board of Directors

Section 148 and all other applicable provisions of V to the Act, the Board be and is hereby authorized
be necessary, proper or expedient to give effect to (hereinafter referred to as the ‘Board’ which expression
the Companies Act, 2013 and the Companies (Audit to vary and alter the terms of appointment including
this resolution." shall include any Committee thereof or person(s)
and Auditors) Rules, 2014 (including any statutory salary, perks and other benefits payable, if any, to
authorized by the Board) be and is hereby authorised
modification(s) or re-enactment thereof for the 7. To consider and if thought fit, approve appointment Mr. Vinod Bahety within such prescribed limit or
to take all actions and do all such deeds, matters and
time being in force), M/s. P.M. Nanabhoy & Co., Cost of Mr. Vinod Bahety (DIN: 09192400) as Wholetime ceiling in terms of the Act as agreed by and between
things, as may be necessary, proper or desirable and to
Accountants, the Cost Auditors appointed by the Director & Chief Executive Officer of the Company the Board and Mr. Vinod Bahety without any further
settle any question, difficulty or doubt that may arise
Board of Directors of the Company, based on the including terms and conditions thereof and to reference to the Company in General Meeting.
in this regard."
recommendation of the Audit Committee, to conduct pass, with or without modification(s), the following
RESOLVED FURTHER THAT the Board be and is hereby

the audit for the financial year 2025-2026 at a resolution as an Ordinary Resolution: 9. 
To consider and, if thought fit, approve the
authorised to do all such acts, deeds, matters and
remuneration of C10,00,000 (Rupees Ten Lakhs Only) reappointment of Mr. Nitin Shukla (DIN: 00041433)
“RESOLVED THAT pursuant to the provisions of things and to take all such steps as may be required
per annum plus applicable taxes and reimbursement as an Independent Director (Non-executive) of
Sections 196, 197, 198 and 203 read with Schedule in this connection including seeking all necessary
of the travelling and other out-of-pocket expenses the Company to hold office for second term of
V and other applicable provisions, if any, of the approvals to give effect to this Resolution and to
incurred by them in connection with the aforesaid three consecutive years and to pass, with or
Companies Act, 2013 (“the Act”) and the Companies settle any questions, difficulties or doubts that may
audit, be and is hereby ratified and confirmed. without modification(s), the following resolution as
(Appointment and Remuneration of Managerial arise in this regard."
Special Resolution:
RESOLVED FURTHER THAT the Board of Directors
 Personnel) Rules, 2014 (including any statutory
8. 
To consider and, if thought fit, approve the
(hereinafter referred to as the ‘Board’ which modification(s) or re-enactment thereof for the time “RESOLVED THAT pursuant to the provisions of
reappointment of Mr. Sandeep Singhi (DIN: 01211070),
expression shall include any Committee thereof or being in force), Securities and Exchange Board of India Sections 149, 152 and other applicable provisions,
as an Independent Director (Non-executive)
person(s) authorized by the Board), of the Company (Listing Obligations and Disclosure Requirements) if any, of the Companies Act, 2013 (“the Act”) and
of the Company to hold office for second term
be and is hereby authorised to do all acts and take all Regulations, 2015 (“SEBI Listing Regulations”), as Companies (Appointment and Qualification of
of three consecutive years and to pass, with or
such steps as may be necessary, proper or expedient amended, and based on the recommendation of Directors) Rules, 2014 (including any statutory
without modification(s), the following resolution as
to give effect to this resolution.” the Nomination and Remuneration Committee and modification(s) or re-enactment thereof for the
Special Resolution:
the Board of Directors of the Company (hereinafter time being in force), read with Schedule IV of the
6. To consider and if thought fit, approve appointment of
referred to as the ‘Board’ which expression shall “RESOLVED THAT pursuant to the provisions of
 Act and SEBI (Listing Obligations and Disclosure
Mr. Vinod Bahety (DIN: 09192400) as Director of the
include any Committee thereof or person(s) authorized Sections 149, 152 and other applicable provisions, Requirements) Regulations, 2015 (“SEBI Listing
Company, and to pass, with or without modification(s),
by the Board) and relevant provisions of Articles of if any, of the Companies Act, 2013 (“the Act”) and Regulations”), as amended from time to time, upon
the following resolution as an Ordinary Resolution:
Association of the Company and other requisite Companies (Appointment and Qualification of recommendation of Nomination and Remuneration
“RESOLVED THAT pursuant to the provisions of approvals, if any required, consent of the members Directors) Rules, 2014 (including any statutory Committee, Mr. Nitin Shukla (DIN: 00041433),
Sections 149, 152 and other applicable provisions, be and is hereby accorded to the appointment of modification(s) or re-enactment thereof for the time who was appointed as an Independent Director of
if any, of the Companies Act, 2013 (“the Act”) and Mr. Vinod Bahety (DIN: 09192400) as Wholetime being in force), read with Schedule IV of the Act and the Company through Postal Ballot Notice dated
Companies (Appointment and Qualification of Director and Chief Executive Officer of the Company, SEBI (Listing Obligations and Disclosure Requirements) November 11, 2022, which completed on December 14,
Directors) Rules, 2014 (including any statutory liable to retire by rotation, for a period of 3 (three) Regulations, 2015 (“SEBI Listing Regulations”), as 2022, and who holds office up to September 15, 2025
modification(s) or re-enactment thereof for the years commencing with effect from April 1, 2025 amended from time to time, upon recommendation and who is eligible for reappointment and who
time being in force), and SEBI (Listing Obligations up to March 31, 2028 (both days inclusive), on the of Nomination and Remuneration Committee, meets the criteria for independence as provided in
and Disclosure Requirements) Regulations, 2015 terms and conditions as set out in the explanatory Mr. Sandeep Singhi (DIN: 01211070), who was Section 149(6) of the Act along with the rules framed
(“SEBI Listing Regulations”), as amended from time statement annexed to the notice, with full liberty to appointed as an Independent Director of the Company thereunder and Regulation 16(1)(b) of SEBI Listing
to time, Mr. Vinod Bahety (DIN: 09192400) who was the Board to alter and vary the terms and conditions through Postal Ballot Notice dated November 11, 2022, Regulations and who has submitted a declaration to
appointed as an Additional Director of the Company of the said appointment and/or remuneration so as which completed on December 14, 2022 and who holds that effect and in respect of whom the Company has

588 589
ACC LIMITED Notice
Integrated Annual Report 2024-25

received a Notice in writing from a Member under thereunder and Regulation 16(1)(b) of SEBI Listing RESOLVED FURTHER THAT the Board be and is
 annexed to this notice, notwithstanding the fact that
Section 160(1) of the Act proposing his candidature Regulations and who has submitted a declaration to hereby authorised to execute all such agreements, the aggregate value of all these transaction(s), may
for the office of Director, be and is hereby reappointed that effect and in respect of whom the Company has documents, instruments and writings as deemed exceed the prescribed thresholds as per provisions of
as an Independent Director of the Company, not liable received a Notice in writing from a Member under necessary, with power to alter and vary the terms the SEBI Listing Regulations as applicable from time
to retire by rotation, to hold office for a second term of Section 160(1) of the Act proposing his candidature and conditions of such contracts/arrangements/ to time, provided, however, that the said contract(s)/
three (3) consecutive years commencing with effect for the office of Director, be and is hereby reappointed transactions and settle all questions, difficulties or arrangement(s)/transaction(s) shall be carried out at
from September 16, 2025 up to September 15, 2028 as an Independent Director of the Company, not liable doubts that may arise in this regard.” an arm’s length basis and in the ordinary course of
(both days inclusive). to retire by rotation, to hold office for a second term of business of the Company.
12. To consider and if thought fit, approve the material
three (3) consecutive years commencing with effect

RESOLVED FURTHER THAT pursuant to the related party transaction(s) with Orient Cement  ESOLVED FURTHER THAT the Board be and is
R
from September 16, 2025 up to September 15, 2028
provisions of Regulation 17(1A) of Securities and Limited and to pass, with or without modification(s), hereby authorised to execute all such agreements,
(both days inclusive).
Exchange Board of India (Listing Obligations and the following resolution as an Ordinary Resolution: documents, instruments and writings as deemed
Disclosure Requirements) (Amendment) Regulations, RESOLVED FURTHER THAT the Board of Directors
 necessary, with power to alter and vary the terms
“RESOLVED THAT pursuant to the applicable
2018, approval be and is hereby also granted for (hereinafter referred to as the ‘Board’ which expression and conditions of such contracts/ arrangements/
provisions of the Companies Act, 2013 read with the
continuing the Directorship of Mr. Nitin Shukla as shall include any Committee thereof or person(s) transactions and settle all questions, difficulties or
rules framed thereunder (including any statutory
an Independent Director of the Company during the authorized by the Board) be and is hereby authorised doubts that may arise in this regard.”
amendment(s) or reenactment(s) thereof, for the time
second term notwithstanding he will attain the age of to take all actions and do all such deeds, matters and
being in force) (“the Act”), and in terms of Regulation
75 years in April 2027. things, as may be necessary, proper or desirable and to
23 of the Securities and Exchange Board of India For and on behalf of the Board
settle any question, difficulty or doubt that may arise
RESOLVED FURTHER THAT the Board of Directors
 (Listing Obligations and Disclosure Requirements) ACC Limited
in this regard.”
(hereinafter referred to as the ‘Board’ which expression Regulations, 2015, as amended from time to time
shall include any Committee thereof or person(s) 11. To consider and if thought fit, approve the material (“SEBI Listing Regulations”) read with the Company’s Bhavik Parikh
authorized by the Board) be and are hereby authorised related party transaction(s) with Adani Logistics Policy on Related Party Transactions and basis the Company Secretary
to take all actions and do all such deeds, matters and Limited and to pass, with or without modification(s), approval of the Audit Committee, the consent of the Membership No. A40719
things, as may be necessary, proper or desirable and to the following resolution as an Ordinary Resolution: Members be and is hereby accorded to the Board Date : April 24, 2025
settle any question, difficulty or doubt that may arise of Directors of the Company (hereinafter referred Place: Ahmedabad
“RESOLVED THAT pursuant to the applicable
in this regard.” to as the ‘Board’ which expression shall include any
provisions of the Companies Act, 2013 read with the Regd. Office:
Committee thereof or person(s) authorized by the
10. 
To consider and, if thought fit, approve the rules framed thereunder (including any statutory “Adani Corporate House”, Shantigram,
Board), for entering into related party transaction(s)/
reappointment of Mr. Rajeev Agarwal (DIN: 07984221) amendment(s) or re-enactment(s) thereof, for the time Near Vaishno Devi Circle, S. G. Highway, Khodiyar,
contract(s)/arrangement(s)/agreement(s) (whether
as an Independent Director (Non-executive) of being in force) (“the Act”), and in terms of Regulation Ahmedabad - 382421
by way of an individual transaction or otherwise)
the Company to hold office for second term of 23 of the Securities and Exchange Board of India CIN: L26940GJ1936PLC149771
with Orient Cement Limited, a related party of the
three consecutive years and to pass, with or (Listing Obligations and Disclosure Requirements)
Company, during the financial year 2025-26 as per
without modification(s), the following resolution as Regulations, 2015, as amended from time to time
the details set out in the explanatory statement
Special Resolution: (“SEBI Listing Regulations”) read with the Company’s
Policy on Related Party Transactions and basis the
“RESOLVED THAT pursuant to the provisions of
approval of the Audit Committee, the consent of the
Sections 149, 152 and other applicable provisions,
Members be and is hereby accorded to the Board
if any, of the Companies Act, 2013 (“the Act”) and
of Directors of the Company (hereinafter referred
Companies (Appointment and Qualification of
to as the ‘Board’ which expression shall include any
Directors) Rules, 2014 (including any statutory
Committee thereof or person(s) authorized by the
modification(s) or re-enactment thereof for the
Board), for entering into related party transaction(s)/
time being in force), read with Schedule IV of the
contract(s)/arrangement(s)/agreement(s) (whether
Act and SEBI (Listing Obligations and Disclosure
by way of an individual transaction or otherwise)
Requirements) Regulations, 2015 (“SEBI Listing
with Adani Logistics Limited, a related party of the
Regulations”), as amended from time to time, upon
Company, during the financial year 2025-26 as per
recommendation of Nomination and Remuneration
the details set out in the explanatory statement
Committee, Mr. Rajeev Agarwal (DIN: 07984221),
annexed to this notice, notwithstanding the fact that
who was appointed as an Independent Director of
the aggregate value of all these transaction(s), may
the Company through Postal Ballot Notice dated
exceed the prescribed thresholds as per provisions of
November 11, 2022, which completed on December 14,
the SEBI Listing Regulations as applicable from time
2022, and who holds office up to September 15, 2025
to time, provided, however, that the said contract(s)/
and who is eligible for reappointment and who
arrangement(s)/ transaction(s) shall be carried out at
meets the criteria for independence as provided in
an arm’s length basis and in the ordinary course of
Section 149(6) of the Act along with the rules framed
business of the Company.

590 591
ACC LIMITED Notice
Integrated Annual Report 2024-25

NOTES: attending the AGM through VC/OAVM, participating members to receive dividend for the FY 2024-25, if particulars should be given to their respective
thereat and casting their votes through e-voting. approved at the AGM. Depository Participant.
1. 
The Government of India, Ministry of Corporate
Affairs has allowed conducting Annual General 5. The attendance of the Members attending the AGM Those members whose names are recorded in the 14. 
Members may further note that SEBI, vide its
Meeting through Video Conferencing (VC) or Other through VC/OAVM will be counted for the purpose of Register of Members or in the Register of Beneficial Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/
Audio Visual Means (OAVM) and dispended the reckoning the quorum under Section 103 of the Act. Owners maintained by the Depositories as on the CIR/2022/8 dated January 25, 2022, has mandated
personal presence of the members at the meeting. Record Date shall be entitled for the dividend which listed companies to issue securities in dematerialized
6. Pursuant to Finance Act, 2020, dividend income is
Accordingly, the Ministry of Corporate Affairs issued will be paid on or after Tuesday, July 1, 2025, subject form only while processing service requests, viz.,
taxable in the hands of shareholders w.e.f. April 1, 2020
General Circulars No. 14/2020 dated April 8, 2020; to applicable TDS. issue of duplicate securities certificate, claim
and the Company is required to deduct tax at source
No. 17/2020 dated April 13, 2020; No. 20/2020 dated from unclaimed suspense account, splitting of
from dividend paid to shareholders at the prescribed 9. Members seeking any information with regard to
May 5, 2020; No. 22/2020 dated June 15, 2020; No. securities certificate, consolidation of securities
rates. For the prescribed rates for various categories, accounts are requested to write to the Company at
33/2020 dated September 28, 2020; No. 39/2020 dated certificates/folios, transmission and transposition
please refer to the Finance Act, 2020 and the least 10 days before the meeting so as to enable the
December 31, 2020; No. 10/2021 dated June 23, etc. Accordingly, Members are requested to make
amendments thereof. The shareholders are requested management to keep the information ready.
2021; No. 20/2021 dated December 8, 2021; No. service requests by submitting a duly filled and
to update their PAN with the DP (if shares held in
21/2021 dated December 14, 2021; No. 2/2022 dated 10. Members holding shares in physical form are requested signed Form ISR-4, the format of which is available
electronic form) and Company / Registrar and Share
May 5, 2022; No. 10/2022 dated December 28, 2022; to note that in terms of Regulation 40 of the SEBI on Company’s website at [Link]
Transfer Agent (if shares held in physical form).
No. 9/2023 dated September 25, 2023; and No. Listing Regulations, securities of listed companies can com/investor-relations/investor-support and on the
9/2024 dated September 19, 2024 (“MCA Circulars”) A Resident individual shareholder with PAN and be transferred only in dematerialised form with effect website of Kfin at [Link]. It may be noted
and Circular No. SEBI/HO/CFD/CMD2/CIR/P/2021/11 who is not liable to pay income tax can submit a from April 1, 2019. In view of the above and in order that any service request can be processed only after
dated January 15, 2021, Circular No. SEBI/HO/DDHS/P/ yearly declaration in Form No. 15G / 15H, to avail to eliminate risks associated with physical transfer the folio is KYC compliant.
CIR/2022/0063 dated May 13, 2022, SEBI/HO/CRD/ the benefit of non-deduction of tax at source by of securities, shareholders holding equity shares
15. The balance lying in the unpaid dividend account of
PoD-2/P/CIR/2023/4 dated January 5, 2023, Circular e-mail to [Link]@[Link] by June 6, 2025. of the Company in physical form are requested to
the Company in respect of dividend declared for the
No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2023/167 dated Shareholders are requested to note that in case their consider converting their holdings to dematerialised
financial year 2017 shall be transferred to the Investor
October 7, 2023 and Circular No. SEBI/HO/CFD/ PAN is not registered, the tax will be deducted at a form. Members may contact the Company’s Registrar
Education and Protection Fund.
CFD-PoD-2/P/CIR/2024/133 dated October 3, 2024 higher rate of 20%. and Share Transfer Agent (‘RTA’) for assistance
issued by the Securities Exchange Board of India in this regard. 16. 
The Register of Directors’ and Key Managerial

Non-resident shareholders [including Foreign
(“SEBI Circulars”) prescribing the procedures and Personnel and their shareholding maintained under
Institutional Investors (FIIs) / Foreign Portfolio 11. SEBI vide its Master Circular No. SEBI/HO/MIRSD/
manner of conducting the Annual General Meeting Section 170 of the Act, the Register of contracts or
Investors (FPIs)] can avail beneficial rates under POD-1/P/CIR/2024/37 dated May 7, 2024, has
through VC/OAVM. In terms of the said circulars, the arrangements in which the Directors are interested
tax treaty between India and their country of tax mandated that with effect from April 1, 2024, dividend
89th Annual General Meeting (“AGM”) of the Members under Section 189 of the Act, if applicable, and all
residence, subject to providing necessary documents to security holders who are holding securities in
will be held through VC/OAVM. Hence, Members other documents referred to in the Notice will be
i.e. No Permanent Establishment and Beneficial physical form, shall be paid only through electronic
can attend and participate in the AGM through VC/ available for inspection in electronic mode. In respect
Ownership Declaration, Tax Residency Certificate, mode. Such payment shall be made only after the
OAVM only. The detailed procedure for participation of Material Related Party Transactions at Item No.
Form 10F, any other document which may be required shareholders furnish their PAN, contact details (postal
in the meeting through VC/OAVM is as per note 12, for ease of reference, execution versions of Master
to avail the tax treaty benefits. For this purpose, the address with PIN and mobile number), Bank Account
no. 21 and available at the Company’s website: Supply Agreement and Master Service Agreement
shareholder may submit the above documents (PDF details & Specimen Signature (“KYC”).
[Link]. (MSAs) with Orient Cement Limited are also placed on
/ JPG Format) by e-mail to [Link]@kfintech.
12. Members holding shares in physical form are requested the website of the Company at [Link]
2. 
The helpline number regarding any query / com or can upload directly on the link [Link]
to furnish Form ISR-1, Form ISR-2 and SH-13 (available com/investor-relations/financial-annual-results.
assistance for participation in the AGM through [Link]/form15/. The aforesaid declarations and
on the Company’s website at [Link]
VC/OAVM is Toll Free: 1800 21 09911, Phone: documents need to be submitted by the shareholders 17. The Members can join the AGM in the VC/OAVM
com/investor-relations/investor-support to update
022-23058738, 022-23058543. by June 6, 2025. mode 15 (fifteen) minutes before and after the
KYC and choice of Nomination (in case the same are
scheduled time of the commencement of the
3. Information regarding appointment / re-appointment 7. In line with the aforesaid MCA Circulars, the Notice not already updated), to Company’s Registrar and
Meeting by following the procedure mentioned in
of Directors and Explanatory Statement in respect calling the AGM has been uploaded on the website Share Transfer Agent viz., KFin Technologies Limited
the Notice. The facility of participation at the AGM
of special businesses to be transacted pursuant to of the Company at [Link]. The Notice (herein after referred to as "Kfin" or R & T Agent) at
through VC/OAVM will be made available for 1,000
Section 102 of the Companies Act, 2013 ('the Act') and/ can also be accessed from the websites of the Stock Selenium Building, Tower-B, Plot No 31 & 32, Financial
members on first come first served basis. This will
or Regulation 36(3) of the SEBI (Listing Obligations Exchanges i.e. BSE Limited and National Stock District, Nanakramguda, Serilingampally, Hyderabad,
not include large Shareholders (Shareholders holding
and Disclosure Requirements) Regulations, 2015 Exchange of India Limited at [Link] and Rangareddi, Telangana India - 500032. Alternatively,
2% or more shareholding), Promoters, Institutional
('SEBI Listing Regulations'), is annexed hereto as [Link], respectively. The said Notice of Members may send digitally signed copy of their
Investors, Directors, Key Managerial Personnel, the
Annexure A to the Explanatory Statement. the AGM is also available on the website of CDSL documents by email to Kfin at [Link]@kfintech.
Chairpersons of the Audit Committee, Nomination
(agency for providing the Remote e-Voting facility) at com or upload on their web portal [Link].
4. Pursuant to the MCA Circulars, the facility to appoint and Remuneration Committee and Stakeholders
[Link].
proxy to attend and cast vote for the members is not 13. 
In case shares held in dematerialized form, the Relationship Committee, Auditors etc. who are allowed
available for this AGM. However, the Body Corporates 8. The Company has fixed Friday, June 13, 2025 as information regarding change of address and bank to attend the AGM without restriction on account of
are entitled to appoint authorised representatives for the ‘Record Date’ for determining entitlement of first come first served basis.

592 593
ACC LIMITED Notice
Integrated Annual Report 2024-25

18. Process and manner for members opting for voting vi. The voting rights of the members shall be in Currently, there are multiple e-voting service Step 1: Access through Depositories CDSL/NSDL

through electronic means: proportion to their share in the paid up equity providers (ESPs) providing e-voting facility e-Voting system in case of individual shareholders
share capital of the Company as on the Cut-off to listed entities in India. This necessitates holding shares in demat mode.
i. Pursuant to the provisions of Section 108 of
date i.e. Thursday, June 19, 2025. registration on various ESPs and maintenance
the Act read with Rule 20 of the Companies (iv) In terms of SEBI circular no. SEBI/HO/CFD/CMD/
of multiple user IDs and passwords by
(Management and Administration) Rules, 2014 vii. The Company has appointed Mr. Raimeen Maradiya, CIR/P/2020/242 dated December 9, 2020 on
the shareholders.
(as amended) and Regulation 44 of SEBI Listing Partner, Chirag Shah and Associates, Practicing e-Voting facility provided by Listed Companies,
Regulations (as amended), and pursuant to the Company Secretary (Membership No. In order to increase the efficiency of the voting Individual shareholders holding securities in
MCA Circulars and the Secretarial Standard -2, the 11283 & C.P. No. 17554), to act as the Scrutinizer process, pursuant to a public consultation, demat mode are allowed to vote through their
Company is providing facility of remote e-voting for conducting the remote e-voting process as it has been decided to enable e-voting to demat account maintained with Depositories
to its Members in respect of the business to be well as the venue voting system on the date of all the demat account holders, by way of a and Depository Participants. Shareholders are
transacted at the AGM. For this purpose, the the AGM, in a fair and transparent manner. single login credential, through their demat advised to update their mobile number and email
Company has entered into an agreement with accounts / websites of Depositories / Depository Id in their demat accounts in order to access
19. Process for those shareholders whose email ids are
Central Depository Services (India) Limited Participants. Demat account holders would e-Voting facility.
not registered:
(CDSL), as the authorised e-voting agency for be able to cast their vote without having to
Pursuant to abovesaid SEBI Circular, Login
facilitating voting through electronic means. a) 
For Physical shareholders- Please provide register again with the ESPs, thereby, not only
method for e-Voting and joining virtual meetings
The facility of casting votes by a member using necessary details like folio no., name of facilitating seamless authentication but also
for Individual Shareholders holding securities in
remote e-voting as well as e-voting system on the shareholder, scanned copy of the share certificate enhancing ease and convenience of participating
Demat mode, is given below:
date of the AGM will be provided by CDSL. (front and back), PAN (self-attested scanned copy in e-voting process.
of PAN card), AADHAR (self-attested scanned
ii. 
Members whose names are recorded in the
copy of Aadhar Card) by email to RTA email id
Register of Members or in the Register of Type of shareholders Login Method
[Link]@[Link].
Beneficial Owners maintained by the Depositories
Individual Shareholders 1) Users who have opted for CDSL Easi / Easiest facility, can login through
as on the Cut-off date i.e. Thursday, June 19, 2025 b) For Demat shareholders - Please update your
holding securities in their existing user id and password. Option will be made available to
shall be entitled to avail the facility of remote e-mail id and mobile no. with your respective
Demat mode with CDSL reach e-voting page without any further authentication. The users to
e-voting as well as venue voting system on the Depository Participant (DP).
login to Easi / Easiest are requested to visit CDSL website [Link].
date of the AGM. Any recipient of the Notice,
c) 
For Individual Demat Shareholders – Please com and click on login icon & New System Myeasi Tab.
who has no voting rights as on the Cut-off date,
update your email id & mobile no. with your
shall treat this Notice as intimation only. 2) After successful login the Easi / Easiest user will be able to see the
respective Depository Participant (DP) which
e-voting option for eligible companies where the evoting is in progress as
iii. A person who has acquired the shares and has is mandatory while e-Voting & joining virtual
per the information provided by company. On clicking the evoting option,
become a member of the Company after the meetings through Depository.
the user will be able to see e-voting page of the e-voting service provider
despatch of the Notice of the AGM and prior
20. 
The instructions for shareholders for remote for casting your vote during the remote e-voting period or joining virtual
to the Cut-off date i.e. Thursday, June 19, 2025,
voting are as under: meeting & voting during the meeting. Additionally, there is also links
shall be entitled to exercise his/her vote either
provided to access the system of all e-voting Service Providers, so that
electronically i.e. remote e-voting or venue voting (i) The voting period begins on Monday, June 23, 2025
the user can visit the e-voting service providers’ website directly.
system on the date of the AGM by following the at 9.00 a.m. and will end on Wednesday, June 25,
procedure mentioned in this part. 2025 at 5.00 p.m. During this period shareholders’ 3) If the user is not registered for Easi/Easiest, option to register is available
of the Company, holding shares either in physical at CDSL website [Link] and click on login & New System
iv. The remote e-voting will commence on Monday,
form or in dematerialized form, as on the cut-off Myeasi Tab and then click on registration option.
June 23, 2025 at 9.00 a.m. and will end on
date i.e. Thursday, June 19, 2025 may cast their
Wednesday, June 25, 2025 at 5.00 p.m. During this 4) Alternatively, the user can directly access e-voting page by providing
vote electronically. The e-voting module shall be
period, the members of the Company holding Demat Account Number and PAN No. from an e-voting link available on
disabled by CDSL for voting thereafter.
shares either in physical form or in demat form as [Link] home page. The system will authenticate the user
on the Cut-off date i.e. Thursday, June 19, 2025 (ii) Shareholders who have already voted prior to the by sending OTP on registered Mobile & Email as recorded in the Demat
may cast their vote electronically. The members meeting date would not be entitled to vote at Account. After successful authentication, user will be able to see the
will not be able to cast their vote electronically the meeting venue. e-voting option where the e-voting is in progress and also able to directly
beyond the date and time mentioned above and access the system of all e-voting Service Providers.
(iii) Pursuant to SEBI Circular No. SEBI/HO/CFD/
the remote e-voting module shall be disabled for
CMD/CIR/P/2020/242 dated December 9, 2020,
voting by CDSL thereafter.
under Regulation 44 of SEBI Listing Regulations,
v. Once the vote on a resolution is cast by the listed entities are required to provide remote
member, he/she shall not be allowed to change e-voting facility to its shareholders, in respect
it subsequently or cast the vote again. of all shareholders’ resolutions. However, it has
been observed that the participation by the
public non-institutional shareholders/retail
shareholders is at a negligible level.

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Integrated Annual Report 2024-25

Type of shareholders Login Method Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login
through Depository i.e. CDSL and NSDL.
Individual Shareholders 1) If you are already registered for NSDL IDeAS facility, please visit the
holding securities in e-Services website of NSDL. Open web browser by typing the following Login type Helpdesk details
demat mode with NSDL URL: [Link] either on a Personal Computer or on
Individual Shareholders Members facing any technical issue in login can contact CDSL
a mobile. Once the home page of e-Services is launched, click on the
holding securities in helpdesk by sending a request at [Link]@[Link]
“Beneficial Owner” icon under “Login” which is available under ‘IDeAS’
Demat mode with CDSL or call toll free no. 1800 21 09911.
section. A new screen will open. You will have to enter your User ID
and Password. After successful authentication, you will be able to see Individual Shareholders Members facing any technical issue in login can contact NSDL
e-Voting services. Click on “Access to e-Voting” under e-Voting services holding securities in helpdesk by sending a request at evoting@[Link] or call at toll
and you will be able to see e-Voting page. Click on company name or Demat mode with NSDL free no.: 1800 022-4886 7000 and 022-2499 7000
e-Voting service provider name and you will be re-directed to e-Voting Step 2 : Access through CDSL e-Voting system in case of shareholders holding shares in physical mode and
service provider website for casting your vote during the remote e-Voting non-individual shareholders in demat mode.
period or joining virtual meeting & voting during the meeting.
(v) Login method for e-Voting and joining virtual meeting for shareholders other than individual shareholders
2) 
If the user is not registered for IDeAS e-Services, option to register is holding shares in physical form:
available at [Link] Select “Register Online for IDeAS
“Portal or click at [Link] 1. The shareholders should log on to the e-voting website [Link].

3) Visit the e-Voting website of NSDL. Open web browser by typing the 2. Click on Shareholders.
following URL: [Link] either on a Personal 3. Now Enter your User ID
Computer or on a mobile. Once the home page of e-Voting system is
launched, click on the icon “Login” which is available under ‘Shareholder/ a. For CDSL: 16 digits beneficiary ID,
Member’ section. A new screen will open. You will have to enter your b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID,
User ID (i.e. your sixteen digit demat account number hold with NSDL),
Password/OTP and a Verification Code as shown on the screen. After c. Members holding shares in Physical Form should enter Folio Number registered with the Company.
successful authentication, you will be redirected to NSDL Depository site 4. Next enter the Image Verification as displayed and Click on Login.
wherein you can see e-Voting page. Click on company name or e-Voting
service provider name and you will be redirected to e-Voting service 5. If you are holding shares in demat form and had logged on to [Link] and voted on an earlier
provider website for casting your vote during the remote e-Voting period voting of any company, then your existing password is to be used.
or joining virtual meeting & voting during the meeting. 6. If you are a first time user follow the steps given below:
4. 
For OTP based login you can click on [Link]
SecureWeb/evoting/[Link]. You will have to enter your 8-digit For Shareholders holding shares in Demat Form other than individual and Physical Form
DP ID,8-digit Client Id, PAN No., Verification code and generate OTP. PAN Enter your 10-digit alpha-numeric PAN issued by Income Tax Department (Applicable
Enter the OTP received on registered email id/mobile number and click for both demat shareholders as well as physical shareholders).
on login. After successful authentication, you will be redirected to NSDL
Members who have not updated their PAN with the Company/Depository Participant
Depository site wherein you can see e-Voting page. Click on company
are requested to use the sequence number indicated in the PAN field.
name or e-Voting service provider name and you will be re-directed to
e-Voting service provider website for casting your vote during the remote Dividend Bank Enter the Dividend Bank Details or Date of Birth (in dd/mm/yyyy format) as recorded
e-Voting period or joining virtual meeting & voting during the meeting. Details in your demat account or in the company records in order to login.
Individual Shareholders You can also login using the login credentials of your demat account through OR Date of Birth If both the details are not recorded with the depository or company please enter
(holding securities in your Depository Participant registered with NSDL/CDSL for e-Voting facility. (DOB) the member id / folio number in the Dividend Bank details field as mentioned in
demat mode) login After successful login, you will be able to see e-Voting option. Once you click instruction (v).
through their Depository on e-Voting option, you will be redirected to NSDL/CDSL Depository site after
Participants successful authentication, wherein you can see e-Voting feature. Click on (vi) After entering these details appropriately, click on “SUBMIT” tab.
company name or e-Voting service provider name and you will be redirected (vii) Members holding shares in physical form will then directly reach the Company selection screen. However, members
to e-Voting service provider’s website for casting your vote during the remote holding shares in demat form will now reach ‘Password Creation’ menu wherein they are required to mandatorily
e-Voting period or joining virtual meeting & voting during the meeting. enter their login password in the new password field. Kindly note that this password is to be also used by the
demat holders for voting for resolutions of any other company on which they are eligible to vote, provided that
Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and
company opts for e-voting through CDSL platform. It is strongly recommended not to share your password with
Forget Password option available at abovementioned websites.
any other person and take utmost care to keep your password confidential.

(viii) For Members holding shares in physical form, the details can be used only for e-voting on the resolutions
contained in this Notice.

596 597
ACC LIMITED Notice
Integrated Annual Report 2024-25

(ix) Click on the EVSN of the Company – ACC Limited ƒ After receiving the login details a Compliance 21. 
T he instructions for shareholders attending 4. Please note that Participants Connecting from
on which you choose to vote. User should be created using the admin login the AGM through VC/OAVM & e-voting during Mobile Devices or Tablets or through Laptop
and password. The Compliance User would meeting are as under:- connecting via Mobile Hotspot may experience
(x) On the voting page, you will see “RESOLUTION
be able to link the account(s) for which they Audio/Video loss due to fluctuation in their
DESCRIPTION” and against the same the option 1. The procedure for attending meeting & e-Voting
wish to vote on. respective network. It is, therefore, recommended
“YES/NO” for voting. Select the option YES or on the day of the AGM is same as the instructions
to use stable Wi-Fi or LAN connection to mitigate
NO as desired. The option YES implies that you ƒ The list of accounts linked in the login should mentioned above for Remote e-voting.
any kind of aforesaid glitches.
assent to the Resolution and option NO implies be mailed to [Link]@[Link]
2. The link for VC/OAVM to attend the meeting will
that you dissent to the Resolution. and on approval of the accounts they would 5. For ease of conduct, members who would like
be available where the EVSN of Company will
be able to cast their vote. to ask questions may send their questions in
(xi) Click on the “RESOLUTIONS FILE LINK” if you be displayed after successful login as per the
advance atleast (7) days before AGM mentioning
wish to view the entire Resolution details. ƒ A scanned copy of the Board Resolution and instructions mentioned above for Remote e-voting.
their name, demat account number / folio number,
Power of Attorney (POA) which they have
(xii) After selecting the resolution, you have decided 3. Only those Members/ shareholders, who will be email id, mobile number to acc-investorsupport@
issued in favour of the Custodian, if any,
to vote on, click on “SUBMIT”. A confirmation box present in the AGM through VC/OAVM facility [Link] and register themselves as a speaker.
should be uploaded in PDF format in the
will be displayed. If you wish to confirm your vote, and have not cast their vote on the Resolutions Those Members who have registered themselves
system for the scrutinizer to verify the same.
click on “OK”, else to change your vote, click on through remote e-Voting and are otherwise not as a speaker will only be allowed to express their
“CANCEL” and accordingly modify your vote. ƒ Alternatively, Non Individual shareholders are barred from doing so, shall be eligible to vote views/ask questions during the AGM.
required to send the relevant Board Resolution/ through e-Voting system available in the AGM.
(xiii) Once you “CONFIRM” your vote on the resolution, 6. Since the AGM will be held through VC/OAVM,
Authority letter etc. together with attested
you will not be allowed to modify your vote. 4. If any Votes are cast by the members through the the Route Map is not annexed in this Notice.
specimen signature of the duly authorized
e-voting available during the AGM and if the same
(xiv) 
You can also take a print of the votes cast signatory who are authorized to vote, to the Contact Details:
members have not participated in the meeting
by clicking on “Click here to print” option on Scrutinizer and to the Company, if voted from
through VC/OAVM facility, then the votes cast by Company : ACC Limited
the Voting page. individual tab & not uploaded same in the
such members shall be considered invalid as the Regd. Office: Adani Corporate
CDSL e-voting system for the scrutinizer to
(xv) If a demat account holder has forgotten the login facility of e-voting during the meeting is available House, Shantigram, Near Vaishno
verify the same.
password, then Enter the User ID and the image only to the members participating in the meeting. Devi Circle, Nr. Vaishno Devi
verification code and click on Forgot Password & Process for those equity shareholders whose Circle, S.G. Highway, Khodiyar,
5. Members who have voted through Remote e-Voting
enter the details as prompted by the system. email/ mobile are not registered with the Ahmedabad, Gujarat, India, 382421
will be eligible to attend the AGM. However, they
Company/Depositories. Phone: +91 79 2656 5555
(xvi) There is also an optional provision to upload Board will not be eligible to vote at the AGM.
Mail to: acc-investorsupport@
Resolution/Power of Attorney if any uploaded, ƒ For physical equity shareholders, please 22. The results declared along with the Scrutinizer’s Report
which will be made available to scrutinizer provide necessary details like Folio No., name of [Link]
shall be placed on the Company’s website [Link]. Registrar : KFin Technologies Limited
for verification. equity shareholder, scanned copy of the share
com and on the website of CDSL i.e. [Link] and Regd. Office: Selenium
certificate (front and back), PAN (self-attested
(xvii) 
Shareholders can also cast their vote using within two working days of the passing of the Resolutions Transfer Building, Tower-B, Plot No 31 & 32,
scanned copy of PAN card), AADHAR
CDSL’s mobile app m-Voting. The m-Voting app at the 89th Annual General Meeting of the Company and Agent Financial District, Nanakramguda,
(self-attested scanned copy of Aadhar Card) by
can be downloaded from Google Play Store. shall also be communicated to the Stock Exchanges Serilingampally, Hyderabad,
emails to acc-investorsupport@[Link]
Apple and Windows phone users can download where the shares of the Company are listed. Rangareddi, Telangana India - 500032.
and [Link]@[Link].
the app from the App Store and the Windows Tel: 040-79615565
23. Instructions for shareholders for attending the AGM
Phone Store respectively. Please follow the ƒ For demat equity shareholders, please update through VC/OAVM are as under: Mail to: [Link]@[Link]
instructions as prompted by the mobile app your email id and mobile number with the Website: [Link]
while voting on your mobile. respective Depository Participant. 1. 
Member will be provided with a facility to e-Voting : Central Depository Services
attend the AGM through VC/OAVM or view Agency (India) Limited
(xviii) 
Note for Non – Individual Shareholders If you have any queries or issues regarding
the live webcast of AGM through the CDSL Regd. Office: A Wing, 25th Floor,
and Custodians attending AGM & e-Voting from the CDSL
e-Voting system. Members may access the Marathon Futurex,
e-Voting System, you can write an email to
ƒ Non-Individual shareholders (i.e. other than [Link]@[Link] or contact at
same at [Link] under Mafatlal Mill Compounds, NM
Individuals, HUF, NRI etc.) and Custodian are shareholders’/members login by using the remote Joshi Marg, Lower Parel (East),
toll free no. 1800 21 09911.
required to log on to [Link] e-voting credentials. The link for VC/OAVM will Mumbai – 400 013
and register themselves as Corporates. All grievances connected with the facility for be available in shareholder/members login where Tel: 1800 21 09911
voting by electronic means may be addressed the EVSN of Company will be displayed. Mail to: [Link]@
ƒ A scanned copy of the Registration to Mr. Rakesh Dalvi, Sr. Manager, (CDSL) Central
Form bearing the stamp and sign of the 2. Members are encouraged to join the Meeting [Link]
Depository Services (India) Limited, A Wing, 25th Scrutinizer : CS Raimeen Maradiya
entity should be emailed to helpdesk. through Laptops / IPads for better experience.
Floor, Marathon Futurex, Mafatlal Mill Compounds, Partner, Chirag Shah and Associates,
evoting@[Link].
N M Joshi Marg, Lower Parel (East), Mumbai - 3. Members will be required to allow Camera and Practicing Company Secretary
400013 or send an email to [Link]@ use Internet with a good speed to avoid any Mail to: [Link]@[Link]
[Link] or call toll free no. 1800 21 09911. disturbance during the meeting.

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ACC LIMITED Notice
Integrated Annual Report 2024-25

ANNEXURE TO NOTICE Pursuant to Regulation 17(1C) of SEBI Listing Regulations, September 15, 2025 and he is eligible for reappointment for
a company is required to take approval of its shareholders a second term on the Board of the Company.
Explanatory statement pursuant to section 102 of the Companies act, 2013 and / or regulation 36(3) of the sebi (listing
for appointment of a person on the board of the company
obligations and disclosure requirements) Regulations, 2015. Pursuant to the progressive governance practice adopted
at the next general meeting or within a time period of three
across the Adani Portfolio of entities, all the Independent
fees, applicable taxes, reimbursements and other outlays. months from the date of appointment, whichever is earlier.
For Item No. 4 Directors are being appointed / re-appointed, as the case
The Audit Committee/Board is proposed to be authorised The brief profile and other information of Mr. Vinod Bahety may be, for two terms, each lasting up to 3 (three) years.
Pursuant to Securities and Exchange Board of India
to revise the fee, from time to time. is given in this Notice in compliance of SEBI Listing This approach allows for a periodic refresh of the board's
(Listing Obligations and Disclosure Requirements)
(Third Amendment) Regulations, 2024 (“SEBI Listing The Board recommends the said resolution, as set out in Regulations and Secretarial Standard - 2 on General Meeting. composition, bringing in new perspectives and expertise
Regulations”), effective from April 1, 2025, a company is Item No. 4 of this Notice for your approval. while maintaining stability and continuity. The specified
Brief particulars of terms and conditions of the term limits also serve to reinforce the independence
required to appoint a peer reviewed secretarial auditor
None of the Directors, Key Managerial Personnel of the appointment: and objectivity of the directors, ensuring that they
(if individual then for not more than one term of five
Company and their relatives, are in any way concerned or Tenure of appointment: Three (3) years w.e.f. April 1, 2025. can contribute effectively without being influenced by
consecutive years and if a firm then for not more than two
interested, financially or otherwise in the said resolution. prolonged tenure.
terms of five consecutive years), with the approval of the Remuneration: Mr. Vinod Bahety draws his salary from
shareholders in the annual general meeting. Ambuja Cements Limited (ACL), Holding Company, The Nomination and Remuneration Committee (NRC),
For Item No. 5
Based on the recommendation of the Audit Committee, the accordingly, no remuneration is proposed to be paid to him considering his performance evaluation and knowledge,
The Board, on the recommendation of the Audit
Board of Directors ("Board") has approved the appointment by the Company. acumen, expertise, experience, substantial contribution
Committee, has approved the appointment of M/s P.M.
of M/s. Mehta & Mehta, Practising Company Secretary (CP and time commitment, proposed the reappointment
Nanabhoy & Co, Cost Accountants as the Cost Auditors of The Company has received consent, intimation(s),
No: 2486 and Peer Reviewed Certificate No. 3686/2023) as of Mr. Sandeep Singhi as Independent Director for a
the Company to conduct the cost audit for the financial disclosure(s) as required under the Act, and rules made
the Secretarial Auditors of the Company for a period of second term of three (3) consecutive years effective from
year 2025-26, at a remuneration of C 10,00,000 (Rupees thereunder from Mr. Vinod Bahety for considering his
five consecutive financial years from 2025-26 to 2029-30. September 16, 2025 up to September 15, 2028, not liable
Ten Lakhs) plus applicable taxes and reimbursement of out appointment. Mr. Vinod Bahety satisfies the conditions
The appointment is subject to approval of the Members of to retire by rotation, subject to approval of the Board and
of pocket expenses. as set out in Sections 196, 197 and Schedule V to the
the Company. While recommending M/s. Mehta & Mehta the Members of the Company.
Act for being eligible for appointment. In terms of
for appointment, the Audit Committee and the Board In accordance with the provisions of Section 148 of the
Section 164 of the Act, he is not disqualified from being The Board, based on the recommendation of NRC,
considered past audit experience of the audit firm Companies Act, 2013 read with the Companies (Audit and
appointed as Director. considers that, given the background, experience and
particularly in auditing large companies, valuated various Auditors) Rules, 2014, the remuneration payable to the cost
contributions made by Mr. Sandeep Singhi during his
factors, including the firm’s capability to handle a diverse auditors has to be ratified by the Members of the Company. Mr. Vinod Bahety has also confirmed that he is not debarred
tenure, the continued association of Mr. Sandeep Singhi
and complex business environment, its existing experience from holding the office of Director by virtue of any SEBI
Accordingly, consent of the Members is sought for passing would be beneficial to the Company and it is desirable to
in the various business segments, the clientele it serves, Order or any such authority pursuant to circulars dated
an Ordinary Resolution as set out at Item No. 5 of this continue availing his services as an Independent Director
and its technical expertise. June 20, 2018, issued by the BSE Limited and the National
Notice for ratification of the remuneration payable to the for a second term of three (3) consecutive years effective
Stock Exchange of India Limited pertaining to enforcement
Pursuant to Regulation 36(5) of SEBI Listing Regulations Cost Auditors for the financial year 2025-26. from September 16, 2025 up to September 15, 2028.
of SEBI Orders regarding appointment of Directors by the
as amended, the credentials and terms of appointment of The Board recommends passing of the Ordinary Resolution listed companies. Mr. Sandeep Singhi is not disqualified from being
M/s Mehta & Mehta are as under: as set out in Item No. 5 of this Notice, for approval by the appointed as Director in terms of Section 164 of the Act
This, along with the relevant resolution, may be treated as
Members of the Company. and has given his consent to act as Director. The Company
Profile: an abstract pursuant to Section 190 of the Act.
has received a declaration from Mr. Sandeep Singhi to
M/s. Mehta & Mehta is over 25-year-old firm promoted by None of the Directors, Key Managerial Personnel of the
The Board recommends the Ordinary Resolutions at Item the effect that he meets the criteria of independence as
Atul Mehta and Dipti Mehta. It is known for quality and Company and their relatives, are in any way concerned or
Nos. 6 and 7, respectively, of this Notice for the approval provided in Section 149(6) of the Act and under Regulation
excellence in legal and secretarial consultancy which interested, financially or otherwise in the said resolution.
of the Members. 16(1)(b) of the SEBI Listing Regulations. In the opinion of
covers varied areas of the corporate field and diverse the Board, Mr. Sandeep Singhi fulfils the conditions for
avenues of corporate laws & other related areas. The firm For Item No. 6 and 7 Except Mr. Vinod Bahety and his relatives, none of the
appointment as Independent Director as specified in the
started out as a practicing company secretaries’ firm, and Mr. Vinod Bahety was serving as Chief Financial Officer of other Directors, Key Managerial Personnel and their
Act. He is independent of the management and possesses
today the bouquet of services includes Management, the Company since September 16, 2022. On the basis of his relatives are, in anyway, concerned or interested, financially
appropriate skills, experience and knowledge to hold such
Mentoring, Strategizing, Finance, Legal, Compliance, HR, performance and recommendations of the Nomination and or otherwise, in the said resolutions.
position on the Board of the Company.
Secretarial, Marketing, Operations, Sustainability and so on. Remuneration Committee of the Company, the Board has
approved, appointment of Mr. Vinod Bahety as a Wholetime For Item No. 8 The Company has received notice in writing from a Member
Terms of appointment: Director and Chief Executive Officer of the Company (Key The Members of the Company have through Postal under Section 160 of the Act proposing his candidature for
M/s Mehta & Mehta is proposed to be appointed for a term Managerial Personnel) for a period of three (3) years Ballot Notice dated November 11, 2022, which completed the office of Independent Director of the Company.
of five (5) consecutive years, to conduct the Secretarial effective from April 1, 2025. on December 14, 2022, approved the appointment of The terms and conditions for appointment of
Audit of five consecutive financial years from 2025-26 Mr. Sandeep Singhi (DIN: 01211070) as an Independent Mr. Sandeep Singhi as an Independent Director of the
A notice in writing under Section 160 of the Act has been
to 2029-30. The proposed fees payable to M/s Mehta & Director of the Company to hold office for an initial Company shall be open for inspection by the Members at
received by the Company from a Member signifying his
Mehta for conducting Secretarial Audit is C 2.65 lakhs term of three (3) consecutive years effective from the Registered Office of the Company between 11.00 a.m.
intention to propose the appointment of Mr. Vinod Bahety
per annum. The said fees shall exclude GST, certification September 16, 2022. His first term is due to expire on and 01.00 p.m. on all working days of the Company from
(DIN: 09192400) as a Director of the Company.

600 601
ACC LIMITED Notice
Integrated Annual Report 2024-25

the date of dispatch of this Notice till Thursday, June 26, The Board, based on the recommendation of NRC, considers and he is eligible for reappointment for a second term on The Board recommends the Special Resolution at Item No.
2025 and the same is also available on the website of the that, given the background, experience and contributions the Board of the Company. 10 of this Notice for the approval of the Members.
Company [Link]. made by Mr. Nitin Shukla during his tenure, the continued
The NRC, considering his performance evaluation and Except Mr. Rajeev Agarwal and his relatives, none of
association of Mr. Nitin Shukla would be beneficial to
Brief profile and other details of Mr. Singhi, in compliance knowledge, acumen, expertise, experience, substantial the other Directors, Key Managerial Personnel and their
the Company and it is desirable to continue availing his
of SEBI Listing Regulations and SS-2 on General Meeting, contribution and time commitment, proposed the relatives are, in anyway, concerned or interested, financially
services as an Independent Director for a second term of
are given in this Notice. reappointment of Mr. Rajeev Agarwal as Independent or otherwise, in the said resolution.
three (3) consecutive years effective from September 16,
Directors for a second term of three (3) consecutive years
The Board recommends the Special Resolution at Item No. 2025 up to September 15, 2028.
effective from September 16, 2025 to September 15, 2028, Item No. 11 and 12: To approve material related
8 of this Notice for the approval of the Members.
Mr. Nitin Shukla is not disqualified from being appointed not liable to retire by rotation, subject to approval of the party transaction(s).
Except Mr. Sandeep Singhi and his relatives, none of as Director in terms of Section 164 of the Act and has Board and the Members of the Company. The provisions of the SEBI Listing Regulations, as
the other Directors, Key Managerial Personnel and their given his consent to act as Director. The Company has amended by the Securities and Exchange Board of India
The Board, based on the recommendation of NRC,
relatives are, in anyway, concerned or interested, financially received a declaration from Mr. Nitin Shukla to the effect (Listing Obligations and Disclosure Requirements) (Sixth
considers that, given the background, experience and
or otherwise, in the said resolution. that he meets the criteria of independence as provided Amendment) Regulations, 2021, effective from April 1,
contributions made by Mr. Rajeev Agarwal during his
in Section 149(6) of the Act and under Regulation 16(1) 2022, mandates prior approval of shareholders by means
tenure, the continued association of Mr. Rajeev Agarwal
For Item No. 9 (b) of the SEBI Listing Regulations. In the opinion of of an ordinary resolution for all material related party
would be beneficial to the Company and it is desirable to
The Members of the Company have through Postal Ballot the Board, Mr. Nitin Shukla fulfils the conditions for transactions and subsequent material modifications as
continue availing his services as an Independent Director
Notice dated November 11, 2022, which completed appointment as Independent Director as specified in the defined by the audit committee, even if such transactions
for a second term of three (3) consecutive years effective
on December 14, 2022, approved the appointment of Act. He is independent of the management and possesses are in the ordinary course of business and at an
from September 16, 2025 up to September 15, 2028.
Mr. Nitin Shukla (DIN: 00041433) as an Independent appropriate skills, experience and knowledge to hold such arm’s length basis.
Director of the Company to hold office for an initial term position on the Board of the Company. Mr. Rajeev Agarwal is not disqualified from being appointed
as Director in terms of Section 164 of the Act and has Effective from April 1, 2022, a transaction with a related
of three (3) consecutive years effective from September 16, The Company has received notice in writing from a Member
given his consent to act as Director. The Company has party shall be considered as material if the transaction(s) to
2022. His first term is due to expire on September 15, 2025 under Section 160 of the Act proposing his candidature for
received a declaration from Mr. Rajeev Agarwal to the be entered into, either individually or taken together with
and he is eligible for reappointment for a second term on the office of Independent Director of the Company.
effect that he meets the criteria of independence as previous transactions during a financial year, exceed(s)
the Board of the Company.
The terms and conditions for appointment of provided in Section 149(6) of the Act and under Regulation C 1,000 crore or 10% of the annual consolidated turnover of
Pursuant to the progressive governance practice adopted Mr. Nitin Shukla as an Independent Director of the 16(1)(b) of the SEBI Listing Regulations. In the opinion of the listed entity as per the last audited financial statements
across the Adani Portfolio of entities, all the Independent Company shall be open for inspection by the Members at the Board, Mr. Rajeev Agarwal fulfils the conditions for of the listed entity, whichever is lower.
Directors are being appointed / re-appointed, as the case the Registered Office of the Company between 11.00 a.m. appointment as Independent Director as specified in the During the financial year 2025-26, the Company propose to
may be, for two terms, each lasting up to 3 (three) years. and 01.00 p.m. on all working days of the Company from Act. He is independent of the management and possesses enter into certain related party transaction(s), as mentioned
This approach allows for a periodic refresh of the board's the date of dispatch of this Notice till Thursday, June 26, appropriate skills, experience and knowledge to hold such in the Annexure B to this Explanatory Statement, on
composition, bringing in new perspectives and expertise 2025 and the same is also available on the website of the position on the Board of the Company. mutually agreed terms and conditions, and the aggregate
while maintaining stability and continuity. The specified Company [Link].
The Company has received notice in writing from a Member of such transaction(s), is expected to cross the applicable
term limits also serve to reinforce the independence
Brief profile and other details of Mr. Nitin Shukla, in under Section 160 of the Act proposing his candidature for materiality thresholds as mentioned above. Accordingly, as
and objectivity of the directors, ensuring that they
compliance of SEBI Listing Regulations and SS-2 on the office of Independent Director of the Company. per the SEBI Listing Regulations, prior approval of the
can contribute effectively without being influenced by
General Meeting, are given in this Notice. Members is being sought for all such arrangements /
prolonged tenure. The terms and conditions for appointment of transactions proposed to be undertaken by the Company.
Further, pursuant to the provisions of Regulation 17 (1A) of The Board recommends the Special Resolution at Item No. Mr. Rajeev Agarwal as an Independent Director of the All the said transactions shall be in the ordinary course
Securities and Exchange Board of India (Listing Obligations 9 of this Notice for the approval of the Members. Company shall be open for inspection by the Members at of business of the Company and on an arm’s length basis.
and Disclosure Requirements) (Amendment) Regulations, the Registered Office of the Company between 11.00 a.m.
Except Mr. Nitin Shukla and his relatives, none of the other The Audit Committee has, on the basis of relevant details
2018 it is also proposed to continue his directorship as and 01.00 p.m. on all working days of the Company from
Directors, Key Managerial Personnel and their relatives provided by the management as required by the law,
an Independent Director of the Company during the the date of dispatch of this Notice till Thursday, June 26,
are, in anyway, concerned or interested, financially or reviewed and approved the said transaction(s), subject to
second term notwithstanding he will attain the age of 75 2025 and the same is also available on the website of the
otherwise, in the said resolution. approval of the Members, while noting that such transaction
years in April 2027. Company [Link].
shall be on arms’ length basis and in the ordinary course
The NRC, considering his performance evaluation and For Item No. 10 Brief profile and other details of Mr. Rajeev Agarwal, in of business and are in accordance with the Related Party
knowledge, acumen, expertise, experience, substantial The Members of the Company have through Postal Ballot compliance of SEBI Listing Regulations and SS-2 on Transaction Policy of the Company.
contribution and time commitment, proposed the Notice dated November 11, 2022, which completed General Meeting, are given in this Notice.
reappointment of Mr. Nitin Shukla as Independent Director on December 14, 2022, approved the appointment of
for a second term of three (3) consecutive years effective Mr. Rajeev Agarwal (DIN: 07984221) as an Independent
from September 16, 2025 to September 15, 2028, not liable Director of the Company to hold office for an initial term
to retire by rotation, subject to approval of the Board and of three (3) consecutive years effective from September 16,
the Members of the Company. 2022. His first term is due to expire on September 15, 2025

602 603
ACC LIMITED Notice
Integrated Annual Report 2024-25

The Board recommend the said resolutions, as set out in Item Nos. 11 and 12 of this Notice, for your approval. ANNEXURE A TO THE EXPLANATORY STATEMENT OF THE NOTICE
The Members may note that in terms of the provisions of the SEBI Listing Regulations, the related parties as defined
thereunder (whether such related party(ies) is/are a party to the aforesaid transactions or not), shall not vote to approve
the said resolutions.
Details of Directors seeking appointment / re-appointment pursuant to Regulation 36(3) of the SEBI (Listing Obligation
Mr. Karan Adani being a Director of the Company and his relatives and also the promoter(s)/ director(s)/their relatives, and Disclosure Requirement) Regulations, 2015 and Secretarial Standard 2 on General Meetings:
of the said related parties, are deemed to be concerned or interested in these resolutions. None of the other Directors,
Key Managerial Personnel of the Company and their relatives, are in any way, concerned or interested, financially or Mr. Vinod Bahety Mr. Arun Kumar Anand
Name of Director and DIN
otherwise, in the proposed resolutions, as set out in Item Nos. 11 and 12 of this Notice. (DIN: 09192400) (DIN: 08964078)
Age / Date of birth 48 years / July 12, 1976 63 Years / September 13, 1970
The details as required under Regulation 23(4) of the SEBI Listing Regulations read with SEBI Circular bearing reference
no. SEBI/HO/CFD/CMD1/CIR/P/2021/662 dated November 22, 2021 are given in Annexure B to this Explanatory Statement. Nationality Indian Indian
No. of shares held including Nil Nil
For and on behalf of the Board
shareholding as beneficial owner
ACC Limited
Qualification He is a Chartered Accountant (CA) and M.A in Economics
Bhavik Parikh a Cost and Works Accountant (CWA).
Date : April 24, 2025 Company Secretary Brief profile and nature of Mr. Vinod Bahety served as the Chief Mr. Arun Kumar Anand holds M.A.
Place: Ahmedabad Membership No. A40719 expertise in specific functional Financial Officer of Cement business in Economics. He was an Executive
areas from 16th September 2022. He has Director (Investment Operations) &
Regd. Office: more than 25 years of corporate Chief Investment Officer, managed
“Adani Corporate House”, Shantigram, experience in various leadership investment portfolio of Life Insurance
Near Vaishno Devi Circle, S. G. Highway, Khodiyar, positions in the Manufacturing and Corporation of India. He has rich
Ahmedabad - 382421 Finance industries. Prior to joining experience of having worked in different
CIN: L26940GJ1936PLC149771 as the CFO of Cement business, he senior positions including Marketing,
served as the Group Head for Merger & HR, Finance, etc.
Acquisition at Adani Group.

He played a crucial role in several

major M&A mandates for the Adani
Group. During his tenure in the
banking industry, he successfully
led some of the largest mandates
in infrastructure projects financing,
contributing significantly to nation
building.
Date of first appointment on the April 1, 2025 September 16, 2022
Board
Terms and conditions of As per the resolution at Item No. 6 and As per the resolution at Item No. 2 of
appointment 7 of the Notice convening this Meeting the Notice convening this Meeting.
read with explanatory statement Mr. Arun Kumar Anand is liable to
thereto, Mr. Vinod Bahety is proposed retire by rotation and he being eligible
to be appointed as a Wholetime is proposed to be re-appointed as a
Director & CEO of the Company. Director of the Company.
Remuneration last drawn Nil He is Non-Executive Director of the
(FY 2024-25) (per annum) Company and is paid sitting fees for the
Board Meetings attended.
Details of remuneration sought Nil He is Non-Executive Director of the
to be paid Company and is paid sitting fees for the
(He will be drawing remuneration
Board Meetings attended.
from Ambuja Cements Limited,
Holding Company)

604 605
ACC LIMITED Notice
Integrated Annual Report 2024-25

Mr. Vinod Bahety Mr. Arun Kumar Anand Name of Director and Mr. Sandeep Singhi Mr. Nitin Shukla Mr. Rajeev Agarwal
Name of Director and DIN
(DIN: 09192400) (DIN: 08964078) DIN DIN: 01211070 DIN: 00041433 DIN: 07984221
Relationship with other None None Age / Date of birth 58 Years / April 6, 1966 72 Years / April 14, 1952 66 years / October 12, 2958
Directors, Manager and None Nationality Indian Indian Indian
other Key Managerial Personnel No. of shares held Nil Nil Nil
of the Company including shareholding
Other Directorship 1. ^Ambuja Cements Limited Nil as beneficial owner
(w.e.f. April 1, 2025) Qualification Science Graduate and B.E. (Mechanical) Engineering graduate from I.I.T.
2. ^Sanghi Industries Limited Law Graduate Roorkee,
3. ^Orient Cement Limited
Brief profile and nature Mr. Singhi is Science Mr. Nitin Shukla has done Mr. Rajeev Agarwal, an Engineering
4. Marwar Cement Limited
of expertise in specific Graduate and Law B.E. (Mechanical). His graduate from I.I.T, Roorkee, belongs
5. Counto Microfine Products Private
functional areas Graduate by qualification career spans over four to 1983 batch of Indian Revenue
Limited
and is Senior Partner of decades and nearly half as Service and has got wide experience
6. Alcon Cement Company Private
Singhi & Co., Advocates CEO-MD with JVs of MNCs of Securities Markets, Commodity
Limited
& Notary, Ahmedabad. in India. Markets and Taxation - Whole Time
7. Aakaash Manufacturing Company
He has over 30 years Member, SEBI, for 5 yrs; Member,
Private Limited He successfully
of experience in legal Forward Markets Commission,
Chairmanship / Membership 1. Ambuja Cements Limited – Nil implemented as a key
field. He is enrolled erstwhile regulator of Commodity
of the Committees of other member two large
a. Stakeholders Relationship as an Advocate with futures markets, for 5½ years; Indian
Companies in which position of greenfield projects in
Committee - Member the Bar Council of Revenue Service - 28 yrs. During
Director is held energy & infrastructure
b. Risk Management Gujarat since 1989 and his tenure on the board of SEBI he
sectors in Gujarat, India; and
Committee - Member also as a member of supervised and handled the Policy of
then successfully operated
the International Bar important departments dealing with
2. Sanghi Industries Limited – them. He retired from Shell
Association. markets in equity, bonds, currency
Stakeholders Relationship Group in September, 2016
and commodities, Mutual Funds,
Committee - Member as Managing Director &
Foreign Investors, International Affairs,
3. Orient Cement Limited - CEO of Hazira LNG Pvt.
Corporate Governance, PEs, VCFs,
Corporate Social Responsibility Ltd and Hazira Port Pvt.
Start Ups etc.
Committee - Member Ltd. He led this business
Resignations, if any, from Nil Nil since FID (Final Investment He was also responsible for revival
listed entities (in India) in decision) taken by Shell package of the Mutual Fund Industry
past three years in December, 2001. He in 2012 when the industry was going
successfully developed LNG through a major crisis after ‘Entry
Details of Board/ Committee Not Applicable Board : 6 out of 6 Meetings.
business based on a novel Load’ ban in 2010. Since then the MF
Meetings attended during
spot cargo model and later Industry has grown more than 5 times.
the year
based on combination of He supervised smooth merger of
Information as required pursuant Mr. Vinod Bahety is not debarred from Mr. Arun Kumar Anand is not debarred service provider coupled commodity Market regulator, Forward
to BSE circular ref no. LIST/ holding the office of director pursuant from holding the office of director with spot cargoes/short Markets Commission, with SEBI in
COMP/ 14/ 2018-19 and the to any SEBI order or any other pursuant to any SEBI order or any other term contracts. He played 2015 which was a very rare event
National Stock Exchange of authority. authority. key role in development globally.
India Limited with ref no. NSE/ of non-LNG cargo port
CML/2018/24, dated development of Hazira port
June 20, 2018. through subconcession
^ Listed Company route through international
competitive bidding
process.

606 607
ACC LIMITED Notice
Integrated Annual Report 2024-25

Name of Director and Mr. Sandeep Singhi Mr. Nitin Shukla Mr. Rajeev Agarwal Name of Director and Mr. Sandeep Singhi Mr. Nitin Shukla Mr. Rajeev Agarwal
DIN DIN: 01211070 DIN: 00041433 DIN: 07984221 DIN DIN: 01211070 DIN: 00041433 DIN: 07984221
Prior to his leadership He has wide exposure of Global Terms and conditions of As per the resolution at As per the resolution at As per the resolution at Item No. 10
role with Shell Group, Markets and their regulation having appointment Item No. 8 of the Notice Item No. 9 of the Notice of the Notice convening this Meeting
Mr. Nitin Shukla was the interacted with Global peers and convening this Meeting convening this Meeting read read with explanatory statement
Managing Director of International bodies such as IOSCO read with explanatory with explanatory statement thereto, Mr. Rajnish Kumar is proposed
Gujarat PowerGen Energy and Pacific Pension Investment statement thereto, Mr. thereto, Mr. Shukla is to be reappointed as an Independent
Corporation Limited Institute, San Francisco, a body of Singhi is proposed to proposed to be reappointed Director, for second consecutive term
(PowerGen, UK Group Global Pension Funds whose member be re-appointed as an as an Independent Director of three (3) years i.e. upto September
company) from July 1999 to pension funds command a pool of Independent Director for second consecutive term 15, 2028.
February 2002. He served more than 25 Trillion USD. He is for second consecutive of three (3) years i.e upto
as an Executive Director, attending their roundtables and has term of three (3) years September 15, 2028.
Gujarat Torrent Energy worked with their members on ESG i.e. upto September 15,
Corporation Ltd. (GTEC), strategy for member pension funds. 2028.
for nearly last two years Presently, he is running an Advisory Remuneration last Independent Directors are paid sitting fees for attending the meetings of the board /
during his tenure from in capital market advising Indian drawn committees thereof. Further, they are paid fixed commission on yearly basis and fees in the
November, 1992 till July, corporates / start-ups on regulatory form of commission for attending the Directors Engagement Series.
1999. He played a key role issues and corporate governance. He (FY 2024-25) (per
in developing world class is also on the panel of experts of five annum)
655 MW gas based dual fuel Global Consultancies and is advising Details of remuneration Independent Directors are paid sitting fees for attending the meetings of the board /
power plant within budget their foreign clients on Indian Capital sought to be paid committees thereof. Further, they are paid fixed commission on yearly basis and fees in the
and on schedule during his Markets. He is also a Civil/Commercial form of commission for attending the Directors Engagement Series.
tenure with GTEC. Prior to Mediator on the panel of ADR ODR Relationship with other None None None
GTEC, he was responsible International U.K. Directors, Manager
for early project activities and None other Key
of large Soda Ash and Managerial Personnel
Linear Alkaline Benzene of the Company
projects of Nirma Ltd. He Other Directorship 1. ^Gujarat Ambuja 1. ^Gujarat Alkalies and 1. ^Star Health and Allied Insurance
has also worked on large Exports Limited Chemicals Limited Company Limited
and complex projects of 2. ^Ganesh Housing 2. ^Gujarat Industrial 2. ^Ugro Capital Limited
Engineers India Ltd. Corporation Limited Power Company 3. ^Mkventures Capital Limited
He had been associated as Limited 4. ^One 97 Communications Limited
office bearer or Executive 5. PAYTM Money Limited
Committee member with 6. Trust Asset Management Private
various business and social Limited
organizations including CII,
FICCI, AMA, GCCI. He was
Chairman of CII-Gujarat,
and member of National
Hydrocarbon Council of
CII and FICCI, Member of
Advisory Council of CSIR-
NEERI (Council of Scientific
and Industrial Research,
National Environment
Engineering Research
Institute).
Date of first September 16, 2022 September 16, 2022 September 16, 2022
appointment on the
Board

608 609
ACC LIMITED Notice
Integrated Annual Report 2024-25

Name of Director and Mr. Sandeep Singhi Mr. Nitin Shukla Mr. Rajeev Agarwal ANNEXURE B TO THE EXPLANATORY STATEMENT OF THE NOTICE
DIN DIN: 01211070 DIN: 00041433 DIN: 07984221
Chairmanship/ 1. Gujarat Ambuja 1. Gujarat Alkalies and 1. Star Health and Allied Insurance
Membership of the Exports Limited: Chemicals Limited: Company Limited:
Committees of other a. Audit Committee a. Nomination and a. Stakeholders Relationship The details of the transaction, as required under Regulation 23(4) of the SEBI Listing Regulations with Section III-B of
listed companies in - Chairman Remuneration Committee - Chairman the SEBI Master Circular no. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, are set forth below:
which position of b. Nomination and Committee - b. Audit Committee - Member
Sr.
Director is held (Audit Remuneration chairman c. Nomination and Remuneration Particulars Adani Logistics Limited (ALL) Orient Cement Limited (OCL)
No.
and Stakeholder Committee - b. Risk Management Committee - Member.
Relationship Chairman Committee - 2. Ugro Capital Limited: i. Name of the related party ALL is a subsidiary of Adani Ports and OCL is an associate of Ambuja Cements
Committee) 2. Ganesh Housing Chairman a. Stakeholders Relationship and its relationship with SEZ Limited, an entity of Adani portfolio limited (ACL), Holding Company of ACC
Corporation c. A
 udit Committee - Committee - Chairman the listed entity or its of companies and thus a related party. Limited (ACC).
Limited: Member b. Nomination and Remuneration subsidiary, including nature
The Company does not hold any ACL holds 44.66% shares in OCL.
Audit Committee - d. Stakeholder Committee- Chairman of its concern or interest
shareholding in ALL.
Chairman Relationship c. Audit Committee - Member (financial or otherwise)
Committee - Member d. Corporate Social Responsibility Nature of concern: Entity over which key
2. Gujarat Industrial Committee - Member management personnel / their relatives
Power Company 3. One 97 Communication Limited: having control / significant influence.
Limited: a. Stakeholders Relationship ii. Type of transaction Availing of Logistic Service for inbound • Purchase and sale of cement,
a. Nomination and Committee - Chairman and outbound activity and other clinker, raw materials, fuel, stores,
Remuneration b. Audit Committee - Member maintenance charges spare parts, toll grinding services,
Committee - c. Risk Management power, cut and torn materials, RMX
Chairman Committee - Member concrete etc.
b. Stakeholders 4. MK Ventures Capital Limited - • Transactions relating to rendering
Relationship Risk Management Committee - and receiving services under
Committee - Member Chairman common functions.
5. Trust Asset Management Private • Deputation of Employees
Limited • Reimbursements received /
Audit Committee - Member payable.
6. Paytm Money Limited: • Other Residual RPTs.
a. Risk Management iii. Ordinary Course of business/
Yes
Committee - Chairman Arm’s Length
b. Corporate Social Responsibility iv. Material terms and Material terms and conditions would be based on the contracts which inter alia
Committee - Chairman particulars of the proposed include the rates based on prevailing market price and commercial terms as on
c. Audit Committee - Member Transaction the date of entering into the contract(s).
Resignations, if any, 1. Adani Green Energy 1. Gujarat Mineral Nil
Where market price is not available, alternative method including reimbursement
from listed entities Limited – ceased Development
of actual cost incurred or cost-plus mark-up as applicable and as determined by
(in India) in past three w.e.f. 10.11.2022 Corporation Limited
an independent consulting firm will be considered.
years 2. The Sandesh – ceased w.e.f.
Limited – ceased 13.10.2024. v. Tenure of the proposed Financial Year 2025-26 Financial Year 2025-26
w.e.f. 31.03.2024 transaction
Details of Board/ Board : 6 of 6 Meetings Board – 6 of 6 Meetings Board – 6 of 6 Meetings vi. Value of the transactions C 53.72 crore Nil
Committee Meetings Committees : 32 of 32 Committee – 30 of 30 Committee – 30 of 30 Meetings undertaken with related
attended during the year Meetings Meetings party during the preceding
Information as required Mr. Singhi is not Mr. Shukla is not debarred Mr. Agarwal is not debarred from financial year i.e. FY24-25
pursuant to BSE circular debarred from holding from holding the office of holding the office of director pursuant vii. Value of the proposed C1,085 crore C1,250 crore
ref no. LIST/ COMP/ 14/ the office of director director pursuant to any to any SEBI order or any other transaction (not to exceed)
2018-19 and the National pursuant to any SEBI SEBI order or any other authority.
Stock Exchange of India order or any other authority.
Limited with ref no. NSE/ authority.
CML/2018/24, dated
June 20, 2018.
^ Listed Company

610 611
ACC LIMITED Notice
Integrated Annual Report 2024-25

Sr. Sr.
Particulars Adani Logistics Limited (ALL) Orient Cement Limited (OCL) Particulars Adani Logistics Limited (ALL) Orient Cement Limited (OCL)
No. No.
viii. Whether prior approval of Yes. Omnibus Approval Yes. Omnibus Approval xiii. Justification as to why the Logistic is a significant cost for 1)  Transactions with respect to
the Audit Committee has RPTs are in the interest of Company. Safe, reliable, hassle free purchase and sale of cement,
been obtained for the above the Company. logistic of Company’s products is of clinker, raw materials, spare parts,
mentioned transaction? paramount importance. toll grinding services, power, cut and
ix. Reasons for revision in limits Not Applicable Not Applicable torn materials, RMX concrete etc.:
ALL has extensive experience in
ACC and OCL are both engaged in
x. The percentage of the Consolidated Turnover of ACC Limited Consolidated Turnover of ACC Limited safe transportation with strict route
the building material business. The
listed entity’s annual for FY24-25 is C21,762.31 crore for FY24-25 is C21,762.31 crore monitoring and control through use
proposed transactions are aimed to
consolidated turnover, for of advanced technologies. This real
Proposed RPT (in %) Proposed RPT (in %) achieve synergies and economies
the immediately preceding time visibility prevents pilferage and
of scale; reduce operational costs;
financial year, that is FY 2025-26: 4.99% FY 2025-26: 5.74% optimizes route planning and data
strengthen sustainability; optimize
represented by the value of driven insights.
capacity utilization and conserve
the proposed transaction
Services of ALL, for inbound and natural resources.
(and for a RPT involving a
outbound logistics through an
subsidiary, such percentage 2) Transactions relating to rendering
outsourcing model and digitization drive
calculated on the basis and receiving of services under
would provide enhanced efficiencies,
of the subsidiary’s annual common functions: The transactions
operational excellence, reduce material
turnover on a standalone are aimed at creating a common pool
cost, cost effectiveness, better asset
basis shall be additionally of common functions including but
utilization, and thus boost profitability
provided) not limited to Technical Services,
of Company. This would also reduce
xi. Value of the proposed Standalone Turnover of ALL for Standalone Turnover of OCL for Sustainability, Procurement and
turn around time and guarantee
transactions as a FY24-25 is C2,111.22 crore FY24-25 is C2,708.83 Crore Taxation etc. The cost of employees
availability of fleet at all times.
percentage of the related of each department in the payrolls
Proposed RPT (in %) Proposed RPT (in %)
party’s annual standalone of each company is proposed to be
turnover for the immediately FY 2025-26: 52.10 % FY 2025-26: 46.15% charged to the other company with
preceding financial year i.e. Arm’s Length markup.
FY24-25
3)  or Reimbursements received/paid:
F
xii. If the transaction relates to any loans, inter – corporate deposits, advances or investments made or given by The transactions will be on actual
the listed entity or its subsidiary then: basis on the basis of day to day
a) Details of the source of Not Applicable Not Applicable business requirements.
funds in connection with
4)  or Deputation in/out of employees:
F
the proposed transactions
The transactions aims at better
b) where any financial Not Applicable Not Applicable manpower planning in various
indebtedness is incurred roles, purely on the basis of
to make or give loans, organisational needs, which will
inter-corporate deposits, ultimately lead to better utilisation
advances or investments, and productivity.
nature of indebtedness; cost
of funds; and tenure; 5) 
O ther Residual RPTs: The
c) Applicable terms, including Not Applicable Not Applicable transactions will be purely on
covenants, tenure, interest the basis of day to day business
rate and repayment requirements.
schedule, whether secured xiv. Copy of the valuation or Not applicable Not applicable
or unsecured; if secured, the other external party report,
nature of security if any such report has been
d) the purpose for which the Not Applicable Not Applicable relied upon.
funds will be utilized by the
ultimate beneficiary of such
funds pursuant to the RPTs

612 613
ACC LIMITED
Integrated Annual Report 2024-25

Sr.
No.
Particulars Adani Logistics Limited (ALL) Orient Cement Limited (OCL) Acronym Table
xv. Basis of Arm’s Length The RPTs will be entered based on the market price of the relevant material and
service, prevailing at the time of relevant RPT and charged to un-related parties.
Acronym Meaning Acronym Meaning
Where market price is not available, alternative method including reimbursement
of actual cost incurred or cost-plus mark-up as applicable and as determined SIL Sanghi Industries Limited CU Clinker unit
by an independent consulting firm will be considered as per arm’s length ACIL American Council of Independent CU-1 Clinker unit-1
pricing criteria. Laboratories CU-2 Clinker unit-2
xvi. A statement that the The Company has obtained the arm’s length opinion from an independent reputed ACL Ambuja Cements Limited CVD Chemical Vapour Deposition
valuation or other external external firm. The said report confirms that proposed terms of the contracts ACW asbestos-cement waste DCS Distributed Control Systems
report, if any, relied upon by meet the arm’s length testing criteria. The transaction under the contracts also AEL Adani Enterprises Limited DCs Designated consumers
the listed entity in relation qualifies as contracts in the ordinary course of business.
AFR Alternative Fuels and Raw Material DCS logic Distributed Control Systems
to the proposed transaction
The report is available for inspection by the Members of the Company. They may AGM Annual general meeting
will be made available DIN Directors Identification Number
follow the process for inspection of document as mentioned in ‘Notes’ section
through the registered email AI Artificial Intelligence DLP Data Loss Prevention
forming part of this Notice.
address of the shareholders AKC Ambuja Knowledge Centre DTA Domestic Tariff area
xvii. Any other relevant The Audit Committee of the Company The Audit Committee of the Company APFC Automatic power factor controller DTL Deferred tax liabilities
information consisting only of Independent consisting only of Independent Directors, API American Petroleum Institute EGM Extraordinary General Meeting
Directors, and the Board of Directors, and the Board of Directors, have, based
asst. mgr. Assistant Manager EHS Environment, Health ā Safety
have, based on relevant details provided on relevant details provided by the
by the management, at their meetings management, at their meeting held on AVP Assistant Vice President EIR Effective Interest Rate
held on March 28, 2025 reviewed April 24, 2025 reviewed and approved BIS Bureau of Indian Standards EMC Environmental Management Cell
and approved the said transaction(s), the said transaction(s), while noting Bn Billion ERM Enterprise Risk Management
while noting that such transactions that such transactions shall be on arms' bn Billion ERP Enterprise Resource planning
shall be on arms' length basis and in length basis and in the ordinary course
BoD Board of Directors ESIC Employees' State Insurance Corporation
the ordinary course of business and of business and are in accordance with
are in accordance with Related Party Related Party Transactions Policy of the BRSR Business Responsibility and Sustainability ESP Electrostatic Precipitators
Transactions Policy of the Company. Company. Reporting
ESPs e-voting service Providers
BSE Bombay Stock Exchange Limited
Except Mr. Karan Adani and his Except Mr. Karan Adani and his relatives, EUR Euros
BSEN British Standards European Norm
relatives, none of the Directors, Key none of the Directors, Key Managerial EVSN
Managerial Personnel of the Company Personnel of the Company and their C3A Tricalcium aluminate
FAC First Aid Cases
and their relatives, are in any way relatives, are in any way concerned or capex Capital Expenditure
FRP Fibre-reinforced plastic
concerned or interested financially or interested financially or otherwise in CAPEXIL Chemical and Allied Export Promotion
FVTPL Fair value through profit or loss
otherwise in the Resolutions set out at the Resolutions set out at Item no. 12 of Council
Item no. 11 of the Notice, except to the the Notice, except to the extent of their GCCI Gujarat Chamber of Commerce & Industry
CBA Cross belt analyzer
extent of their shareholding, if any, in shareholding, if any, in the Company. GHG Green House Gas
CDSL Central Depository Services (India) Limited
the Company. GMIA Gujarat Mineral Industry Association
CDSL Central Depository Services (India) Limited
GU Grinding unit
CDSL Central Depository Services (India) Limited
Hac High Alumina Cement
CENVAT Central Value Added Tax
HAP Hazardous air pollutants
CFO Chief Financial Officer
HFCs Hydrofluorocarbons
CGU’s Cash Generating Units
HPSV High Pressure Sodium Vapour
CH4 Methane
HRB Hydraulic road binder
CIN: Corporate Identification Number
HRP Hybrid Recycled Powder
CLT Cross Laminated timber
HUF Hindu Undivided Family
CLT Linking Clinker loading terminal
ICD Inter-Corporate Deposit
COC Code of Conduct
ICs Internal Complaints Committees
CODM Chief Operating Decision Maker
IEC International Electrotechnical Commission
CRM Customer Response Management
IEPF Investor Education and Protection Fund

614 615
ACC LIMITED
Integrated Annual Report 2024-25

Acronym Meaning Acronym Meaning Acronym Meaning Acronym Meaning

Ind AS Indian Accounting Standards N2O Nitrous oxide RoCE Return on Capital employed TPP-1 APH
IoT Internet of Things NA Not Applicable RoE Return on equity TSR Thermal Substitution Rate
ISO International Organisation for NABL National Accreditation Board for Testing RPT Related party transactions UN SDGs United Nations Sustainable Development
Standardisation and Calibration Laboratories RTA Registrar and Share Transfer Agent Goals
IUCN International Union for NAREDCO National Real Estate Development Council RWC Restricted Workday Cases UPSI Unpublished Price Sensitive Information
Conservation of Nature NCDs Non-Convertible Debentures US$ US Dollars
SAP Systems Applications and Products
JV Joint Venture NCDs Non-Convertible Debentures USD US Dollars
SAs Standards on Auditing
kCalkg Kilocalorie Per Kilogram NF3 Nitrogen trifluoride VC Video Conferencing
SEBI Securities and Exchange Board of India
KI Potassium iodide NGOs Non-Governmental Organisations VFD Variable frequency drives
SF6 Sulphur Hexafluoride
KL Kilolitre NRC Nomination and Remuneration Committee VOC Volatile organic compounds
SIEM Security Information and Event
KL/t Kilolitre per tonne NSDL National Securities Depository Limited Management w.e.f. With effect from
KLD Kilo Liters per day NSDL National Securities Depository Limited SPA Share Purchase Agreement WHRS Waste Heat Recovery Systems
km Kilometre NSE National Stock Exchange of India Limited SRC Stakeholders’ Relationship Committee of XRF X-Ray Fluorescence Analysis
KMPs Key Managerial Personnel OAVM Other Audio Visual Means Directors ZLD Zero Liquid Discharge
KV Kilovolt OCI Orascom Construction Industries STP Sewage Treatment Plant
KVA Kilo-volt-amperes OEM Original equipment manufacturer TIFR Total Injury frequency rate
KW Kilo Watts OPC Ordinary Portland Cement TPH Tonnes per hour
LED Light-emitting diode PA Palm Ash TPP Thermal Power Plant
LSSR Life Saving Safety Rules PAT Profit After Tax
LT VFD LT Variable Frequency Drive PCC plain cement concrete
LTI Lost Time Injury PFCs Perfluorochemicals
LTIFR Lost time Injury frequency rate PFCs Pore Free Concrete/Porosity Free Concrete
MCA Ministry of Cororate Affairs PM Particulate matter
MFA Multi-Factor Authentication PMS Performance management system
MIS Management Information System POA Power of Attorney
mm Millimetre POP Persistent organic pollutants
MMTPA Million Metric Tonnes per Annum PPC Pozzolana Portland Cement
Mnt Million Tonne PPE Property, Plant & Equipment
MOA Memorandum of Association of the PPP Purchasing Power Parity
Company
PSC Pozzolana Slag Cement
MOEFCC Ministry of Environment and Forest and
QC Quality Check
Climate Change
R&D Research & Development
MoSPI Ministry of Statistics and Program
RAL Radial Analysis Bond Log
Implementation
RAV Rotary Air Lock Valves
MSMED Micro, Small and Medium Enterprises
Act Development Act RCC Reinforced Cement Concrete
MSMEs Micro, Small and Medium Enterprises RFID Radio Frequency Identification
MTC Medical Treatment Cases RMC Risk Management Committee
MTC Manufacturer's test certificate RMH Raw Material Handling
MV Medium voltage RO Registered Office
MW Megawatt ROC Registrar of Companies

616 617
Notes Notes
Notes
 ACC Limited
Registered Office
Adani Corporate House,
Shantigram, Near Vaishnodevi Circle,
S. G. Highway, Khodiyar,
Ahmedabad,
Gujarat - 382421
[Link]