UltraTech Cement expects demand for cement to remain robust across all sectors on increased government spending on infrastructure and its housing push.
The Aditya Birla Group company shared the positive outlook while announcing the results for the March quarter on April 29.
India’s largest cement maker by capacity reported a 35 percent surge in net profit in the fourth quarter, beating estimates. Net profit came in at Rs 2,258.58 crore against Rs 1670.10 crore a year earlier.
"Industry demand growth of ~9 percent for FY24 supported by continued traction from housing and infrastructure," UltraTech said in an investor presentation.
UltraTech's domestic sales grew 11 percent year-on-year with capacity utilisation of 98 percent in the quarter nder review.
Volume growth recovered to a healthy 7-8 percent on-year on aggressive push, after growing around 15 percent on-year in the first half and logging a slowdown in the third quarter due to regional hindrances, markets analytics firm Crisil said in a report on April 23.
Rival Adani owned- ACC cement also shared a positive outlook for the cement industry last week while reporting Q4 numbers.
"Outlook for cement industry remains positive based on higher budgetary allocation to infrastructure and construction and government’s push for affordable housing along with green energy transition, demand-supply dynamics, and greater consolidation," ACC said on April 25.
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