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UltraTech Cement Q1 results: Profit falls 38% to Rs 796 crore amid coronavirus crisis

UltraTech Cement on Tuesday posted a fall of nearly 38 per cent in consolidated net profit to Rs 796.31 crore in April-June quarter of FY21 as against Rs 1,281.27 crore in the corresponding period of last fiscal

twitter-logoBusinessToday.In | July 28, 2020 | Updated 15:17 IST
UltraTech Cement Q1 results: Profit falls 38% to Rs 796 crore amid coronavirus crisis
UltraTech Cement

UltraTech Cement on Tuesday posted a fall of nearly 38 per cent in consolidated net profit to Rs 796.31 crore in April-June quarter of FY21 as against Rs 1,281.27 crore in the corresponding period of last fiscal. Revenue fell just over 33 per cent to Rs 7,633.75 crore as against Rs 11,419.74 crore in the quarter under review of FY20, UltraTech Cement, an Aditya Birla Group company, said in an exchange filing.

Company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at Rs 2,074.6 crore, a drop of nearly 30 per cent. Margin, however, saw a 140 bps rise to 27.2 per cent. Other income stood at Rs 278.8 crore compared to Rs 134.7 crore on-year.

Company said that it has achieved 60 per cent capacity utilisation in the 68 operating days available after the national lockdown during the first quarter of this financial year. It also said that working capital management and cash flow control have helped reduce net debt by Rs 2,209 crore in Q1. UltraTech Cement said it is closely monitoring the impact of coronavirus on its operations. It added that its capital and financial resources remain entirely protected and its liquidity position is adequately covered.

UltraTech recorded a 21 per cent fall in its fixed costs and 22 per cent dip in volumes.

"UltraTech has emerged stronger and well prepared in the wake of the ongoing COVID-19 pandemic. The total lockdown period from late-March to end-April, 2020, has been a huge challenge for all manufacturing industries. UltraTech has managed the crisis with a sharp focus on operational efficiencies," the company added.Also read: Mukesh Ambani-led RIL may acquire Future Group's retail business for Rs 27,000 crore

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