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Time of India
11 hours ago
- Business
- Time of India
ACC Q1 Results: Cons PAT rises 4% YoY to Rs 375 crore, revenue up 18%
Cement maker ACC on Thursday reported a 4% growth in its Q1 consolidated net profit at Rs 375 crore versus Rs 360 crore in the year ago period. The Adani Group company's revenue from operations stood at Rs 6,015 crore, up 18% from Rs 5,113 crore reported in the corresponding quarter of FY25. However, the profit after tax (PAT) attributable to the equity holders of the company fell 50% on a sequential basis from Rs 751 crore reported in the January-March quarter of FY25. The topline growth was nearly flat from Rs 6,040 crore reported in Q1FY25. Volume increased by 12% YoY, supported by higher trade volumes and higher premium product as a % of trade sales volume (7pp YoY). Segment revenue The Cement segment revenue stood at Rs 5,715 crore in the quarter under review versus Rs 5,734 crore in Q4FY25 and Rs 4,896 crore in Q1FY25. The Ready Mix Concrete segment saw a revenue of Rs 416 crore, versus Rs 420 crore in Q4FY25 and Rs 329 crore in the year-ago period. ACC reported expenses of Rs 5,544 crore in the April-June quarter of FY26 versus Rs 5,563 crore in Q4FY25 and Rs 4,788 crore in the year-ago period. A lion's share was spent as 'Freight and forwarding expenses, followed by the cost of materials consumed. Operating EBITDA stood at Rs 778 crore, up by 15% YoY, while the EBITDA margin was reported at 12.8%. The company's net worth increased by Rs 228 crore to Rs 18,787 crore during the quarter. The earnings were announced during market hours, and ACC shares were trading with declines. The stock slipped 1.5% to hit the day's low of Rs 1,920.90 on the NSE. Commenting on the earnings, ACC's Whole-Time Director & CEO Vinod Bahety said that the company's Q1 performance reflects the strength of its integrated strategy—anchored in premium sales, operational excellence, and cost leadership. "The consistent growth in volumes, efficiency gains, and digital transformation initiatives are enabling us to deliver greater value to our customers and stakeholders. With our science-based net-zero targets validated by the SBTi, we continue to lead the industry in climate responsibility," he said.
Time of India
15 hours ago
- Automotive
- Time of India
Not just electric: Auto sector needs cleaner steel & power to really put the brakes on emissions, says study
India's automobile sector—the third-largest in the world—could slash its manufacturing-related emissions by a staggering 87% by 2050, not just by building more electric vehicles (EVs), but by cleaning up how all vehicles—ICEs, hybrids, and EVs—are made. That's the central finding of a new report released Wednesday by the Council on Energy, Environment and Water (CEEW), which stresses that green electricity, low-carbon steel, and cleaner supply chains—not just EVs—are essential to decarbonising the industry. In recent years, top automakers such as Tata Motors , Mahindra & Mahindra, TVS Motors , Ford, BMW, Mercedes-Benz, and Toyota have set ambitious emission reduction targets and joined the Science-Based Targets initiative (SBTi). Many have expanded electric and hybrid offerings—but the study urges the sector to go further by addressing Scope 1, 2, and 3 emissions, including those from suppliers. 'To lead in a low-carbon global economy, we must decarbonise not just the vehicles we drive, but the industrial processes that build them,' said Dr Arunabha Ghosh, CEO of CEEW. 'Automakers must clean up what powers their factories and how suppliers produce critical materials like steel and rubber.' The Delhi-based think tank's study shows that while production could quadruple to 96 million vehicles by 2050, emissions from manufacturing can be capped—or even dramatically cut—if the sector shifts to 100% green electricity, adopts hydrogen-based and scrap-intensive steelmaking, and makes low-carbon procurement the norm. Today, Scope 3 emissions—mostly from materials like coal-heavy steel and rubber—account for 83% of the industry's carbon footprint in India. Simply electrifying vehicles without addressing these upstream emissions will leave most of the climate problem intact. Hybrids are a temporary bridge CEEW also modelled a 'high-hybrid' scenario, where hybrids dominate before EVs become widespread. While this reduces some energy demand, emissions remain higher than a direct EV transition due to continued combustion engine use. 'Hybrid vehicles may offer short-term efficiency gains, but they're not a substitute for a zero-carbon mobility future,' the report notes. Green manufacturing: Real game changer The report urges OEMs to treat green manufacturing as a strategic lever—not just for climate goals, but for long-term competitiveness. With global supply chains tightening sustainability standards, Indian manufacturers who decarbonise early will have a distinct edge. 'Indian automakers must secure green steel, power factories with renewables, and demand cleaner inputs from suppliers,' said Dr Vaibhav Chaturvedi, Senior Fellow at CEEW. 'Without this, EVs alone won't be enough to meet net-zero goals.' The study calls for a two-pronged strategy: accelerate EV adoption and decarbonise the manufacturing value chain. If done right, it says, the Indian auto sector could become a 'force multiplier' in the country's broader transition to net-zero.
Qatar Tribune
a day ago
- Business
- Qatar Tribune
Msheireb Properties partners with Cundall to deliver Qatar's first large-scale portfolio decarbonization strategy
Msheireb Properties, Qatar's leading sustainable real estate developer, has partnered with global multi-disciplinary consultancy Cundall to decarbonize its entire portfolio in Msheireb Downtown Doha. Msheireb Properties stated in a press release that this landmark initiative is the first of its kind at this scale in Qatar, reinforcing Msheireb Properties position as a pioneer in sustainable urban development and supports the goals set out in the Qatar National Vision 2030. As part of the project, Cundall conducted a detailed carbon footprint analysis across the full asset portfolio which includes over 100 buildings, 800+ residential units, and 300+ retail spaces. The decarbonization strategy targets emissions reductions across all three GHG Protocol carbon accounting scopes (1, 2 and 3) and aligns with the Science Based Targets initiative (SBTi), a globally recognized benchmark for decarbonization. Carbon accounting marks the first step in Msheireb Properties decarbonization roadmap, that accounts for direct building emissions and indirect emissions. Each building has been assessed against Cundall's Seven Steps to Net Zero Carbon, with detailed action plans developed to reduce operational energy consumption through priority upgrades to mechanical, electrical, and plumbing (MEP) systems. Comprehensive energy audits were conducted across all building typologies to evaluate current performance and identify high-impact, cost-effective energy-saving opportunities. The wider decarbonization plan also addresses elements such as sustainable procurement, supply chain engagement, waste management, and policy enhancement. Each asset received a performance rating and had measures identified as part of their tailored pathway to net zero carbon. As part of its leadership in carbon transparency, Msheireb Properties will now be able to provide granular emissions data to tenants - supporting their own decarbonization goals and enabling alignment with international sustainability frameworks. Fatima Fawzy, Sustainability Manager at Msheireb Properties, said: "This is more than a sustainability initiative - it's a pivotal step in redefining the future of urban living in Qatar. By embedding science-based decarbonization across our entire portfolio, we are not only setting a bold new benchmark for climate leadership in the region, but also demonstrating what is possible when innovation, transparency, and collaboration come together. This milestone reflects our long-term commitment to driving measurable climate action in the built environment and highlights the impact of working with forward-thinking partners like Cundall." Gary Dodds, Partner and Country Director - Qatar, Cundall, added: "We are proud to support Msheireb Properties on this pioneering journey. This is not just about upgrading buildings, it's about reshaping what sustainable development looks like in Qatar. By taking a portfolio-wide view, we're helping deliver meaningful change that aligns with both local goals and global expectations." Mario Saab, Director of Sustainability MENA, Cundall, said: "By taking a data-led, science-aligned approach to portfolio decarbonization, Msheireb Properties is setting a new standard for sustainable development in the region - one that others can learn from and follow." This strategic partnership is part of Msheireb Properties' ongoing efforts to advance sustainable and smart infrastructure in the State of Qatar and to strengthen its position as a regional and global leader in sustainable real estate development.
Yahoo
a day ago
- Business
- Yahoo
SBTi unveils final net-zero standard for financial institutions
This story was originally published on ESG Dive. To receive daily news and insights, subscribe to our free daily ESG Dive newsletter. Dive Brief: The Science Based Targets initiative released the final version of its Financial Institutions Net-Zero standard Tuesday, which it said gives the finance sector a framework 'to align [its] lending, investing, insurance underwriting and capital market activities with net-zero.' SBTi, which validates whether global corporations' net-zero targets are aligned with leading climate science, said in a release that FINZ is the first framework to allow banks, asset owners and managers, private equity firms and other financial institutions to set science-based net-zero targets for 2050. The standard was piloted last year by 30 financial institutions and built off the organization's previous near-term target setting criteria for the sector, as well as stakeholder input SBTi received. The final standard includes an option for institutions to either focus on their financed emissions or their customers' net-zero alignment, according to the release. Dive Insight: SBTi said in a brief explainer the standard is designed to be used by entities that generate 5% or more of their revenue from lending, asset owner investing, asset management investing, insurance underwriting or capital market activities. The framework aims to guide companies through an 'expected net-zero journey' that first entails a public commitment to reach net-zero emissions by midcentury, followed by a base year portfolio assessment. The journey would also involve establishing policies and near- and long-term portfolio targets; conducting assessments and reporting progress; and assessing progress at the end of target cycles and setting new targets, according to a one-pager from SBTi. The standard notes that financial institutions 'play an enabling role' in the global climate transition and 'have the power to influence the direction of the economy and accelerate progress' on achieving global net-zero emissions. SBTi Chief Technical Officer Alberto Carrillo Pineda said in the release that the financial sector's economic influence and ability to engage portfolios is 'unparalleled' when it comes to the broader transition. 'Financial Institutions have the ability to play a transformative role in the transition to net-zero,' Carrillo Pineda said. 'With its broad applicability and flexibility, this robust, science-based standard will help financial institutions drive the net-zero transformation all over the world.' FINZ is aligned and designed to be interoperable with SBTi's broader Corporate Net-Zero Standard, with entities also being required to set non-portfolio targets using the flagship framework and/or sector standards. The standard will require financial institutions to phase out new 'general purpose financing or insuring of companies involved in oil and gas expansion immediately or by 2030 at the latest.' Financial institutions would also be required to adopt policies to immediately stop explicit project financing of fossil fuel expansion and general purpose financing of coal expansion. Global banks increased investments in fossil fuels and fossil fuel expansion year-over-year in 2024, after both numbers had fallen in the prior two years, according to the Rainforest Alliance Network's annual Banking on Climate Chaos report. FINZ requires companies to create a net-zero transition plan for any portfolio energy activities by midcentury. SBTi said the standard is also designed to allow financial institutions to engage with oil and gas companies as part of that transition. 'Today marks a key point of progress in setting a clear standard all financial institutions should meet to align their financing with climate goals,' Xavier Lerin, senior research manager at U.K. based climate nonprofit ShareAction, told ESG Dive. 'Importantly, the standard sends a clear signal that financial support for fossil fuel expansion must come to an end.' FINZ requires entities to address deforestation risks across their portfolio and commit to assess and publicly disclose their deforestation disclosure by 2030. If the assessment finds 'significant' exposure, institutions would also be required to develop an engagement plan to address its deforestation risk at the next target cycle at the latest, which SBTi said is usually five years after target validation. The standard also recommends that entities commit to increase financing for retrofitting existing buildings for decarbonization and cease new financial activities 'for buildings that are not zero-carbon ready.' SBTi is also in the process of piloting a draft update of its broader Corporate Net-Zero Standard, with a company survey portion of the pilot open until Aug. 15. Recommended Reading SBTi calls on financial institutions to pilot net-zero standard Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Business Standard
2 days ago
- Automotive
- Business Standard
Switch to green power, steel to cut India's auto sector emissions: CEEW
India's automobile industry—the third-largest in the world—could cut its manufacturing emissions by as much as 87 per cent by 2050 through a shift to green electricity and low-carbon steel, according to a new independent study released on Wednesday by the Council on Energy, Environment and Water (CEEW). The study comes as several leading automakers—such as Mahindra & Mahindra, Tata Motors, TVS Motors, Ford, BMW, Mercedes-Benz, and Toyota—have, over the past two years, ramped up electric and hybrid vehicle production while simultaneously setting ambitious emission reduction targets. These automakers have also committed to the Science-Based Targets initiative (SBTi), aligning with global definitions of net-zero that require full value-chain decarbonisation by 2050. For large Indian auto manufacturers, cleaning up supply chains will not just lower emissions; it will enhance long-term cost competitiveness and position them as preferred international suppliers. While many of these targets focus on direct factory emissions (Scope 1 and 2) and downstream use-phase emissions, upstream supply chain emissions remain largely overlooked, despite contributing the majority of the sector's carbon footprint. The CEEW study tracks emissions across three scopes: direct emissions from vehicle manufacturing (Scope 1), indirect emissions from electricity use (Scope 2), and upstream supply chain emissions (Scope 3). Scope 3 emissions currently make up over 83 per cent of the auto industry's emissions in India, largely due to the use of coal-intensive steel and rubber in vehicle manufacturing. 'India's auto industry stands at a turning point. To lead in a low-carbon global economy, we must decarbonise not just the vehicles we drive but the industrial processes that build them. Automakers must clean up how their vehicles are made, what powers their factories, and how their suppliers produce critical inputs like steel and rubber. This is not new—promisingly, most major manufacturers in India are already thinking about these shifts,' said Arunabha Ghosh, chief executive officer, CEEW. 'Now, the push must be to create demand for green materials at scale, lower costs, and deploy cleaner technologies rapidly. The auto sector can emerge as a force multiplier for economy-wide net-zero transitions—but only through collective foresight, investment and innovation,' he added. The CEEW study uses a custom version of the Global Change Analysis Model to project emissions from India's vehicle manufacturing sector under various pathways. It finds that if current business-as-usual (BAU) trends continue, annual vehicle production could rise nearly four-fold—from 25 million units in 2020 to 96 million by 2050. Emissions, however, would only double, reaching 64 million tonnes of CO₂, suggesting a steady decline in emissions per vehicle. Still, the absolute rise in emissions underscores the need for accelerated action. Steel alone would remain the largest source of supply chain emissions, with suppliers expected to rely heavily on coal in this business-as-usual scenario. The study estimates that sourcing low-carbon steel could reduce emissions by nearly 38 million tonnes by 2050. If both OEMs and their suppliers were to aim for net-zero by 2050, annual emissions could fall from the projected 64 MtCO₂ (BAU) to just 9 MtCO₂—an 87 per cent reduction. This would require OEMs to shift to 100 per cent green electricity—sourced through power purchase agreements (PPAs), renewable energy certificates (RECs), or captive solar—and steel suppliers to use 56 per cent hydrogen-based energy, reducing coal's share to under 10 per cent. In addition, increasing scrap-based steel production to 48 per cent by 2050 would significantly reduce emissions and resource intensity. The CEEW study also highlights that rubber suppliers must transition to green electricity to clean up Scope 2 emissions. 'To align India's automobile sector—central to GDP, jobs, and industrial growth—with a net-zero future, we must go beyond electrifying vehicles. We must decarbonise manufacturing itself. Leading OEMs are already making corporate decisions to stay ahead by decarbonising their operations and supply chains. What's needed now is strong procurement intent, especially through advanced market commitments to secure green steel and other low-carbon materials,' said Vaibhav Chaturvedi, Senior Fellow, CEEW. 'The policy landscape may be evolving, but major markets are still pushing hard on green through corporate and investor action. Indian automakers must treat clean manufacturing as a strategic lever—not just for cost control, but to stay competitive in global supply chains,' Chaturvedi added. The CEEW study also examines a high-hybrid scenario, where hybrids dominate in the near term before EVs take off. While this reduces energy demand among component suppliers by 7 per cent, emissions remain slightly higher than in a BAU shift to EVs due to continued reliance on combustion engines. Ultimately, hybrid vehicles are at best a bridge and will need to be reduced to make way for zero-carbon vehicles. To align the automobile sector with a 2050 net-zero pathway, the CEEW study recommends a two-pronged strategy: accelerate the transition to electric vehicles and decarbonise the full manufacturing value chain. Since 65–80 per cent of a vehicle's lifetime emissions come from its use phase, shifting to EVs remains the most effective way to cut end-use emissions. But deep reductions will only be possible if EVs are manufactured using clean energy and low-carbon materials. This requires coordinated action across OEMs and suppliers—supported by long-term procurement commitments and policy signals that encourage investments.
