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UltraTech Cement, an Aditya Birla Group company, has reported 11 per cent fall in consolidated March quarter net profit at Rs 726 crore against Rs 818 crore logged in the same period last year, largely due to higher cost and lower realisation.
Net sales increased 3 per cent to Rs 7,924 crore (Rs 7,700 crore).
The company has declared a dividend of Rs 10 per share leading to total outgo of Rs 330 crore including a corporate dividend tax of Rs 56 crore.
Cement sales during the March quarter was marginally up at 13.35 million tonnes (13.32 mt) while white cement and wall puttu sales increased a tad to 3.86 lakh tonnes (3.85 lt).
Overall expenses were up 5 per cent at Rs 7,110 crore (Rs 6,744 crore) on the back of higher freight (2 per cent), power and fuel (13 per cent) costs besides nine per cent increase in other expenses.
On the acquisition of Jaypee Group cement, the company said a joint application for transfer of mineral concessions from Jaiprakash Associate and Jaiprakash Cement Corporation to UltraTech has been filed with the respective state governments.
Meanwhile, the company has received requisite shareholders approval, National Company Law Tribunal, Mumbai bench and the Allahabad bench besides from the Securities and Exchange Board of India.
The is also setting up a 3.5 million tonnes per annum integrated cement plant at Dhar, Madhya Pradesh and is expected to be completed by Q4 FY’19. In last one year the company has commissioned grinding units at Nagpur, Maharashtra and Patliputra, Bihar.
With this expansion and the acquisition of the cement plants of Jaiprakash Associates, UltraTech’s cement capacity will increase to 95.4 mtpa, including its overseas operations.
In the financial year ended March, the company’s consolidated sales increased marginally to Rs 25,092 crore (Rs 24,880 crore) while net profit was up 10 per cent at Rs 2,715 crore (Rs 2,478 crore).
Shares of the company ended up 4.42 per cent or Rs 175.60 at Rs 4,144.35 on Monday.
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