UltraTech Cement Q2 Rises Net Profit by 25% at INR 613.64 Crore

UltraTech Cement reported a 25 percent growth in net profit at INR 613.64 crore for the quarter ended September 30, 2016.
UltraTech Cement that is a flagship firm of the Aditya Birla Group had clocked a net profit of INR 490.59 crore in the corresponding previous year, it said in a statement.
However, the consolidated total income has declined to INR 6,508.62 crore over INR 6,669.45 crore in the last fiscal’s corresponding period.
The net sales have dropped to INR 5,709 crore as against INR 5,857 crore in the previous fiscal, the company said in a statement.
“Profit before interest, depreciation and tax at Rs 1,378 crore was higher by 16 per cent as compared to Rs 1,186 crore in the corresponding period of the previous year,” it said.
“The government’s thrust on developing infrastructure spending, good monsoons, development of smart cities leading to the growth in the housing demand in tier1 and tier 2 cities, slower pace of new capacity addition augur well for the cement industry,” the company said about the outlook.
UltraTech is well prepared across the country to meet the expected demand rise and participate in the next phase of the growth in the country, it added.
The company said that approval has been received from the competition Commission of India (CCI) on the acquisition of 21.2 MTPA cement capacity and added that court convened meeting for seeking approval from shareholders and creditors is scheduled for October 20.
“The transaction is expected to complete in next 5-6 months,” it said.

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