UltraTech Cement share price jumps 7% on better-than-expected Q1 show
The Aditya Birla Group company reported a 37.8 percent year-on-year decline in consolidated profit due to one-time loss and lockdown impact on revenue but beat analysts' estimates.
July 28, 2020 / 02:37 PM IST
UltraTech Cement share price surged more than 7 percent in the afternoon trade on BSE on July 28 after the company's June quarter earnings beat market estimates.
The Aditya Birla Group company reported a 37.8 percent year-on-year decline in consolidated profit due to one-time loss and lockdown impact on revenue but beat analysts' estimates pegged at Rs 480 crore for the quarter.
The company doubled other income to Rs 278.8 crore against Rs 134.7 crore YoY, which supported profitability. Consolidated net profit in the corresponding period last year was at Rs 1,281.3 crore.
Consolidated revenue from operations fell 33.2 percent to Rs 7,633.8 crore compared to the year-ago period, as sales plunged 22 percent to 14.65 million tonnes, hit by lockdown, but was ahead of the CNBC-TV18's analysts poll estimate of Rs 7,450 crore.
UltraTech booked a one-time loss of Rs 157.4 crore during the three months ended June 2020, upon receiving an order dated July 17 this year issued by the Supreme Court against its claim of capital investment subsidy under Rajasthan Investment Promotion Scheme - 2003.
Shares of the company were trading 6.61 percent higher at Rs 4114.20 on BSE at 1425 hours.