UltraTech net up, sees cement demand rising

MUMBAI: UltraTech Cement, part of the Aditya Birla Group, on Tuesday said net profit rose 29% to ₹780 crore during the April-June quarter, against ₹604 crore in

MUMBAI: UltraTech Cement, part of the Aditya Birla Group, on Tuesday said net profit rose 29% to ₹780 crore during the April-June quarter, against ₹604 crore in the same period last year, due to improved sales and lower costs, bucking industry trends dominated by slow demand for cement and lower production.

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Sales rose 4% to ₹6,538 crore during the first quarter, compared to ₹6,281 crore a year ago.

While the results were in line with market expectations, investors were surprised at the robust outlook projected by the company. “During the year cement demand is expected to grow around 7%, given the government’s focus on infrastructure development, housing, smart cities, roads, others. UltraTech is positioned across the country to meet the rise in demand and participate in the next phase of growth,” the company said in a statement.