UltraTech Cement announces results
Published by Rebecca Bowden,
Assistant Editor
World Cement,
UltraTech Cement Limited has announced its unaudited financial results for the quarter ending 30 June 2016. The company has adopted Indian Accounting Standards with effect 1 April 2016. As per IndAS, the figures for the quarter ended 30 June 2015 have also been restated.
Financials
Net sales stood at Rs.6538 crore as compared to Rs.6281 crore in the corresponding period of the previous year. Profit before Interest, Depreciation and Tax at Rs.1626 crore was higher by 25% as compared to Rs.1302 crore in the corresponding period of the previous year. Profit after Tax rose 29% from Rs.604 crore to Rs.780 crore in 1Q17. Sales volume registered a growth of 6% over that of the earlier year.
The quarter witnessed improvement in operating costs on the back of operational efficiencies and a judicious power and fuel mix.
On a standalone basis, net sales stood at Rs.6182 crore as compared to Rs.5948 crore in the corresponding period of the previous year. Profit before Interest, Depreciation and Tax was Rs.1573 crore (Rs.1271 crore) and Profit after Tax was Rs.775 crore (Rs.604 crore).
Corporate development
The Scheme of Arrangement between the company, Jaiprakash Associates Limited, Jaypee Cement Corporation Limited and their shareholders and creditors for acquisition of the identified cement plants located in the states of Madhya Pradesh, Uttar Pradesh, Himachal Pradesh, Uttarakhand and Andhra Pradesh, having a capacity of 21.20 million tpy has been approved by the Board of Directors of the company, subject to requisite regulatory approvals.
Outlook
During the year cement demand is expected to grow around 7%, given the Government’s focus on infrastructure development, housing sector, smart cities, roads etc. UltraTech is positioned across the country to meet the rise in demand and participate in the next phase of growth in the country.
Adapted from press release by Rebecca Bowden
Read the article online at: https://www.worldcement.com/indian-subcontinent/20072016/ultratech-cement-announces-results-560/
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