UltraTech Cement's Q1FY24 Earnings Soar, Gujarat Capacity Expanded
Cement

UltraTech Cement's Q1FY24 Earnings Soar, Gujarat Capacity Expanded

UltraTech Cement Ltd., India's largest cement producer, revealed the successful commencement of a 1.2 million tonnes per annum (mtpa) brownfield cement capacity at Magdalla, Gujarat. This new addition has increased the unit's total capacity to 1.93 mtpa. Furthermore, UltraTech Cement reported that its total grey cement manufacturing capacity in India now stands at 132.45 mtpa.

In the last quarter, which ended in June 2023, UltraTech Cement experienced robust growth in both revenue and profit, surpassing analyst estimates. The company recorded a net profit of Rs 16.90 billion for the quarter, representing a 7 percent increase compared to the same quarter the previous year. Additionally, the revenue for the quarter jumped by 17 percent, reaching Rs 177.37 billion as opposed to Rs 151.63 billion reported in Q1 FY23. During the June quarter, the domestic sales volume of UltraTech Cement rose by 20 percent year-on-year, with a capacity utilization rate of 89 percent. The company highlighted that the demand for cement across all sectors remained strong, which is favorable for its performance. Moreover, the anticipation of higher infrastructure spending leading up to the general elections in 2024 is expected to further drive cement demand throughout this fiscal year.

Following the announcement of UltraTech Cement's Q1FY24 earnings, brokerage firm Motilal Oswal expressed a bullish outlook on the company's stock. They cited UltraTech Cement's leadership position in the industry, robust expansion plans without excessive leveraging, and measures to improve cost structure as the reasons for their positive recommendation. Motilal Oswal recommended a 'buy' rating on UltraTech Cement stock, setting a price target of Rs 9,085.

See also:
UltraTech joins WEF's Moving India initiative
Ultratech's consolidated sales climb 19.64% to 29.96 MT in Q1 FY24


UltraTech Cement Ltd., India's largest cement producer, revealed the successful commencement of a 1.2 million tonnes per annum (mtpa) brownfield cement capacity at Magdalla, Gujarat. This new addition has increased the unit's total capacity to 1.93 mtpa. Furthermore, UltraTech Cement reported that its total grey cement manufacturing capacity in India now stands at 132.45 mtpa. In the last quarter, which ended in June 2023, UltraTech Cement experienced robust growth in both revenue and profit, surpassing analyst estimates. The company recorded a net profit of Rs 16.90 billion for the quarter, representing a 7 percent increase compared to the same quarter the previous year. Additionally, the revenue for the quarter jumped by 17 percent, reaching Rs 177.37 billion as opposed to Rs 151.63 billion reported in Q1 FY23. During the June quarter, the domestic sales volume of UltraTech Cement rose by 20 percent year-on-year, with a capacity utilization rate of 89 percent. The company highlighted that the demand for cement across all sectors remained strong, which is favorable for its performance. Moreover, the anticipation of higher infrastructure spending leading up to the general elections in 2024 is expected to further drive cement demand throughout this fiscal year. Following the announcement of UltraTech Cement's Q1FY24 earnings, brokerage firm Motilal Oswal expressed a bullish outlook on the company's stock. They cited UltraTech Cement's leadership position in the industry, robust expansion plans without excessive leveraging, and measures to improve cost structure as the reasons for their positive recommendation. Motilal Oswal recommended a 'buy' rating on UltraTech Cement stock, setting a price target of Rs 9,085. See also: UltraTech joins WEF's Moving India initiativeUltratech's consolidated sales climb 19.64% to 29.96 MT in Q1 FY24

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Vedanta Metal Bazaar Expands to Global Markets

Vedanta Aluminium has expanded its digital e-commerce platform, Vedanta Metal Bazaar, to international markets, enabling overseas customers to order and purchase aluminium products online.The platform will now be available to buyers across Asia, Europe, Africa and the Americas, providing a digital gateway for export transactions with 24x7 access.In FY26, Vedanta Metal Bazaar processed transactions worth nearly $4.1 billion, or over Rs 380 billion, and fulfilled more than 23,000 orders. The platform is also used regularly by more than 550 MSMEs in India alongside large OEM customers.The export ..

Next Story
Infrastructure Urban

Ramky Infrastructure Q1 FY27 Revenue Rises 24.3%

Ramky Infrastructure Limited reported a 24.3% year-on-year increase in consolidated revenue from operations to Rs 471.2 crore for Q1 FY27, compared with Rs 3.79 billion in the corresponding quarter of FY26.Standalone revenue from operations rose 27.5% YoY to Rs 4.51 billion from Rs 3.54 billion, while total standalone income increased 35% to Rs 5.32 billion.Consolidated profit before tax stood at Rs 540.9 million during the quarter. The company highlighted a sharp sequential improvement compared with a pre-exceptional loss of Rs 190.1 million in Q4 FY26.Two of the three projects awarded during..

Next Story
Technology

LTTS Launches AgenticIQ AI Platform for Engineering

L&T Technology Services (LTTS) has launched AgenticIQ, an end-to-end agentic AI platform designed for engineering and manufacturing organisations.The platform is aimed at helping enterprises move beyond isolated AI pilots by enabling autonomous, multi-agent workflows across engineering, product development, manufacturing, industrial operations and customer experience.AgenticIQ is built on LTTS’ Engineering Intelligence portfolio and converts existing engineering capabilities into specialised, reusable AI agents. Its planning-first architecture is embedded into engineering and production ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement