UltraTech Cement profit down by 23 percent in Q3
Mumbai : UltraTech Cement Ltd, an Aditya Birla Group Company, on Thursday reported a 23.36 per cent decline in its consolidated net profit to Rs 456 crore in the quarter ended December 31, as compared o Rs 595 crore in the year-ago period.
Consolidated net sales during the quarter under review stood at Rs 7,897 crore, up by 33.23 per cent from Rs 5,927 crore in the corresponding quarter of 2016-17.
"The quarter witnessed increase in variable costs attributable to rise in pet coke and coal prices. The ban on pet coke usage in some states also adversely impacted performance," a company statement said.
Regardless, the cement maker registered a 18 per cent PBIDT (profit before interest, depreciation and tax) growth during the quarter.
The company said after launching the 'UltraTech' brand in all the markets being served from the acquired plants, the operations are in line with its ramp-up strategy. Improved capacity utilisation currently touching 60 per cent from a low of 18 per cent at the time of acquisition was encouraging.
The expected higher budget allocation for infrastructure and rural development will be the key demand drivers, it added.