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    UltraTech Cement Q2 Results: Profit zooms 69% YoY to Rs 1,281 crore, meets estimates

    Synopsis

    UltraTech Cement reported a net profit of Rs 1,281 crore for the quarter ended September 2023, a 69% increase compared to the same period last year. Revenue from operations also rose by 15% to Rs 16,012 crore. The company achieved a robust volume growth of 16% during the quarter, with domestic sales volume at 25.66 million tonnes. UltraTech is optimistic about the demand revival, especially during the festive season and the peak construction period in January-March. Its shares were trading 2.25% higher at Rs 8,464 on the NSE.

    UltraTech Cement Q2 Results: PAT jumps 69% YoY to Rs 1,281 cr; revenue up 15%
    UltraTech Cement Ltd on Thursday reported a net profit of Rs 1,281 crore for the quarter ended September 2023. The profit was higher by 69% compared with Rs 756 crore in the same period last year.

    Revenue from operations during the second quarter rose 15% year-on-year (YoY) to Rs 16,012 crore. It was Rs 13,893 crore in the year-ago period.

    Both profit and revenue were higher than the ET Now Poll estimates of Rs 1,245 crore and Rs 15,802 crore.

    EBITDA for the reporting quarter came in at Rs 2,498 crore, with margins of 15.9%. The cement major reported a a robust volume growth of 16% for the quarter ended September.

    The company said cement demand maintained its positive momentum during the reporting quarter as it witnessed demand from all sectors, fuelled by government led infrastructure, rural development and urban residential demand.

    UltraTech achieved capacity utilisation of 75% during the quarter on expanded capacity. Energy cost was lower by 10% YoY, while raw material cost rose 4% on account of increase in cost of flyash and slag.

    The domestic sales volume stood at 25.66 million tonnes, which is a growth of 15% year-on-year.

    The company's on-going expansion program is progressing as per schedule under which 5.5 mtpa capacity has already been commissioned during this financial year, following a 12.4 mtpa capacity addition during FY23.

    It also commissioned 30 MW of WHRS capacity during the second quarter. Green power now contributes 22% of the total power requirement with 262 MW of WHRS and 429 MW of renewable energy.

    UltraTech commissioned 2.5 mtpa of grey cement during the quarter, taking the company's total grey cement manufacturing capacity in India to 132.45 mtpa.

    Blended cement at 70%, clinker conversion ratio improved to 1.44 up 2% yoy.

    The company is optmistic that the demand revival is imminent, especially during the festive season and the January-March peak construction period.

    "Demand will also be led by pre-election spending, continued government push on infrastructure development, and sustained real estate development, all of which augurs well for the company," it said.

    On Thursday, UltraTech shares were trading 2.25% higher at Rs 8,464 on NSE following the Q2 show.

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    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

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