UltraTech Cement Ltd has reported a 15.4% increase in profit for the period ended 31 March. Net profit reached Rs.838 crore, while sales increased 8% y/y to Rs.5832 crore. The company has said that efforts to optimise the fuel mix together with other initiatives helped to maintain costs at similar levels to the same period of the previous year.
The company has also reported that the acquisition of Jaypee Cement’s Gujarat cement plant in September has been approved by shareholders, creditors and the courts. Final approval from the Securities and Exchange Board of India is pending.
A further Rs.100 billion has been set aside for establishing grinding units, cement terminals and other capital expenditures as UltraTech continues with expansion plans. It has said that it plans to increase capacity to 70 million t by next year, from around 57 million t at present. The company, which is part of the Aditya Birla Group, is India’s largest cement maker.
Edited from various sources by Katherine Guenioui
Read the article online at: https://www.worldcement.com/asia-pacific-rim/24042014/ultratech_cement_results_beat_expectations_68/