UltraTech Cement on January 21 reported a consolidated net profit of Rs 1,062.58 crore for the December quarter of the financial year 2022-23, down 37.86 percent from Rs 1,710.14 crore in the year-ago period.
Revenue from operations, however, rose 19.53 percent to Rs 15,520.93 crore from Rs 12,984.93 crore in the corresponding quarter of the last year, UltraTech Cement said in an exchange filing.
While the profit missed estimates, revenue was higher than expected. According to a brokerage poll conducted by Moneycontrol, net profit was seen at Rs 1,105.2 crore and consolidated revenue at Rs 15,191.5 crore.
The Aditya Birla Group company said its domestic grey cement sales volume rose 13 percent year on year (YoY) and 12 percent quarter on quarter (QoQ). Energy and raw material costs were up 33 percent and 13 percent YoY, while they remained flat on a sequential basis.
UltraTech achieved capacity utilisation of 83 percent as against 75 percent during Q3FY22, it said.
During the quarter, Ultra Tech commissioned a total 5.5 metric tonne per annum (mtpa) new capacity. This includes 1.9 mtpa greenfield integrated cement plant at Pali in Rajasthan, 1.8 mtpa greenfield grinding unit in Maharashtra's Dhule and 1.8 mpta brownfield second integrated unit in Dhar in Madhya Pradesh.
The third Birla White wall care putty plant at Nathdwara in Rajasthan, with a capacity of 4 lakh tonne per annum, was commissioned during the quarter as well. The other two plants are at Kharia in Rajasthan and Katni in Madhya Pradesh.
“Given the government's focus on infrastructure growth and the consequent rising demand for urban housing, the cement sector is poised for strong growth in the coming years,” the company said in a release.
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