UltraTech Cement reports rise in sales over the last year
Published by Rebecca Bowden,
UltraTech Cement, an Aditya Birla Group company, has announced its financial results for the year ended 31 March 2017.
Domestic grey cement sales was 47.62 million t for the full year and 13.35 million t for the fourth quarter of the year. Financial performance
Consolidated sales at Rs.6922 crore rose 3% vis-à-vis Rs.6747 crore for the corresponding period of the previous year. Profit before interest, depreciation and tax is Rs.1577 crore, against Rs.1605 crore. Profit after Tax is Rs.726 crore, as compared to Rs.818 crore in the corresponding period of the previous year.
On a standalone basis, net sales stood at Rs.6500 crore as compared to Rs.6332 crore in the corresponding period of the previous year. Profit before interest, depreciation and tax is Rs.1518 crore and Profit after Tax is Rs.688 crore vis-a-vis Rs.1,517 crore and Rs.781 crore respectively.
Consolidated sales stood at Rs.25 092 crore against Rs.24 880 crore in the previous year. Profit before interest, depreciation and tax at Rs.5,861 crore is 9% higher than Rs.5365 crore and Profit after Tax at Rs.2715 crore is 10% higher as compared to Rs.2478 in FY16. On a standalone basis, net sales stood at Rs.23 616 crore as compared to Rs.23 440 crore in the previous year. Profit before Interest, Depreciation and Tax is Rs.5629 crore and Profit after Tax is Rs.2628 crore vis-a-vis Rs.5107 crore and Rs.2370 crore respectively.
The Board of Directors recommended a dividend of 100%, at the rate of Rs.10 per share of face value of Rs.10 each aggregating Rs.274.51 crore. The company will absorb the Corporate Tax on dividend amounting to Rs.55.88 crore, resulting in a total payout of Rs.330.39 crore.
Work on setting up the 3.5 million tpy integrated cement plant at Dhar, Madhya Pradesh, is on track. Commercial production is expected to commence from Q4FY19. During the 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 Limited, the company’s cement capacity will stand augmented to 95.4 million tpy, including its overseas operations.
The Scheme of Arrangement between the company, Jaiprakash Associates Limited (‘JAL’), Jaypee Cement Corporation Limited (‘JCCL’) and their respective shareholders and creditors (“the Scheme”), for the acquisition of the identified cement plants of JAL and JCCL has received the sanction of the National Company Law Tribunal, Mumbai Bench and the Allahabad Bench and also of the Securities and Exchange Board of India. A joint application for transfer of mineral concessions from JAL and JCCL to the company has been preferred with the respective State Government offices.
Read the article online at: https://www.worldcement.com/indian-subcontinent/25042017/ultratech-cement-reports-rise-in-sales-over-the-last-year/
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