UltraTech reports results
Published by Rebecca Bowden,
UltraTech Cement Limited has announced its unaudited financial results for the quarter ended 31 December 2016.
Net Sales stood at Rs.5927 crore, as compared to Rs.6013 crore in the corresponding period of 2015. Profit before interest, depreciation and tax was Rs.1280 crore, compared to Rs.1274 crore in the corresponding period of the previous year. Profit after tax increased by 5%, from Rs.567 crore in 3QFY16 to Rs.594 crore in 3QFY17.
On a standalone basis net sales stood at Rs.5540 crore, compared to Rs.5652 crore in the corresponding period of the previous year. Profit before interest, depreciation and tax was Rs.1210 crore, compared to Rs.1204 crore in 3QFY16.
The Board of Directors has approved the setting up of a 3.5 million tpy integrated cement plant at Dhar, Madhya Pradesh, at a total cost of around Rs.2600 crore. Commercial production from the plant is expected to commence by 4Q19. This plant will help in the reduction of lead distance and cater to the markets of south-west Madhya Pradesh, where the Company is not a significant player.
With this expansion, and the acquisition of the cement plants of Jaiprakash Associates Limited, the Company’s cement capacity will stand augmented to 95 million tpy, including its overseas operations.
Continuing government spending on infrastructure, development of smart cities, and interest rate cuts, supported by interest subsidy schemes for housing, will be the key demand drivers.
Read the article online at: https://www.worldcement.com/indian-subcontinent/23012017/ultratech-reports-results/
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