UltraTech Cement Limited has announced its unaudited financial results for the quarter ended 31 December 2015.
During the quarter, domestic sales volume increased by 7% in comparison to the same quarter last year. Grey cement sales were 11.26 million t. Though cement prices remained low, performance throughout the quarter was encouraging, driven by operational efficiencies, judicious fuel mix and lower energy costs. This has then resulted into lower operating costs. The benefit was, however, partially offset by an increase in costs due to the District Mineral Foundation levy in terms of the provisions of the Mines and Minerals Amendment Act 2015, and the amendment to the Payment of Bonus Act.
Net sales at Rs.6108 crore rose by 5% vis-à-vis Rs.5832 crore in the corresponding period of the previous year. Profit before Interest, Depreciation and Tax stood at Rs.1245 crore, up by 18% from Rs.1058 crore. Profit after Tax soared by 36% over last year to Rs.546 crore.
On a standalone basis net sales stood at Rs.5747 crore as compared to Rs.5488 crore in the corresponding period of the previous year. Profit before Interest, Depreciation and Tax is Rs.1176 crore up from Rs.990 crore last year and Profit after Tax is Rs.509 crore vis-a-vis Rs.364 crore.
Cement demand is expected to pick up in the near term, with the government focus on infrastructure development, the housing sectors, roads etc., bodes well for UltraTech. The company is confident that it will be able to meet the upsurge in demand and participate proactively 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/27012016/ultratech-financial-results-389/