UltraTech Cement starts new cement capacity at Gujarat's Magdalla plant

UltraTech Cement, India's largest cement producer, that the commissioning of the 1.2 million tonne per annum (mtpa) brownfield cement capacity at Magdalla, Gujarat, had taken place. It was stated that the new addition resulted in the unit's total capacity reaching 1.93 mtpa. Furthermore, UltraTech Cement informed the stock exchanges that its total grey cement manufacturing capacity in India had now reached 132.45 mtpa. In the previous month, UltraTech Cement had reported robust growth in revenue and profit for the quarter ending in June 2023, surpassing analyst estimates. The company had disclosed a net profit of Rs 16.90 billion for the quarter, which was 7% higher than the net profit of Rs 15.82 billion reported in the same quarter of the previous year. Additionally, the revenue had surged by 17% in the quarter under review, amounting to Rs 177.37 billion compared to Rs 151.63 billion reported in Q1 FY23. UltraTech Cement had mentioned that its domestic sales volume in the June quarter had increased by 20 percent year-on-year, with a capacity utilisation rate of 89%. The company had also added that the demand for cement across all sectors continued to remain strong, which was highly favourable for its performance. Moreover, it was expected that higher infrastructure spending ahead of the general elections in 2024 would further boost cement demand during the current fiscal year. Also read:  BMC Awards NCC-J Kumar JV Contract for GMLR Twin TunnelsNHIDCL collaborates with NIT Jamshedpur for Innovative Highway Solution