UltraTech's profit surges 68% with reduced costs

22 Jan 2024 CW Team

UltraTech Cement, a company within the Aditya Birla Group, announced a 68 percent increase in its net profit for the December quarter, amounting to Rs 17.77 billion compared to Rs 10.58 billion in the same period the previous year. This boost in profit was attributed to increased volume and reduced costs.

The revenue witnessed an 8 percent rise, reaching Rs 167.40 billion from Rs 155.21 billion, while the overall income escalated to Rs 168.80 billion from Rs 156.48 billion. Sales volume experienced a 6 percent growth, totalling 27.32 million tonnes.

Despite the surge in output, expenses rose by 3 percent to Rs 145.31 billion from Rs 141.24 bllion. This was offset by a significant 14 percent decrease in power and fuel costs, which amounted to Rs 41.78 billion compared to Rs 48.73 billion. Ebitda also saw a substantial increase, rising by 38 percent to Rs 33.95 billion from Rs 24.62 billion. The sales realisation per 50 kg bag went up to Rs 275 from Rs 269.

Regarding expansion projects, during the quarter, UltraTech Cement acquired a 0.54 mtpa cement-grinding asset of Burnpur Cement in Jharkhand for Rs 1.70 billion, marking its entry into the state. The company has initiated work on the second phase of a 22.6 MTPA expansion, which is expected to be commissioned ahead of schedule in the March quarter.

Furthermore, major orders have been placed with key technology suppliers for the third phase of growth, targeting 21.9 MTPA. Civil work has already commenced at several locations. UltraTech Cement has submitted applications to the stock exchanges for the proposed acquisition of 10.75 MTPA cement assets of Kesoram Industries. The consolidation of these assets with the company is contingent upon regulatory approvals.

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