UltraTech Cement Q2 results: Profit jumps 70% to Rs 1,281 crore; revenue up 15%

UltraTech Cement Ltd on Thursday recorded a 69.5 per cent rise in second-quarter (Q2 FY24) profit for the financial year 2023-24 (FY24). The company reported a consolidated net profit of Rs 1,281 crore for the quarter ended September 30, 2023, while revenue grew 15.3 per cent to Rs 16,012 crore.

The company said it posted a robust volume growth of 16 per cent for the September quarter. "Cement demand maintained its positive momentum during Q2 FY24 also. It witnessed demand from all sectors, fuelled by government-led infrastructure, rural development and urban residential demand," it stated.

Consolidated net sales was Rs 15,735 crore as against Rs 13,596 crore over the corresponding period last year. Profit before interest, depreciation and tax was Rs 2,718 crore compared to Rs 2,013 crore.

On the other hand, the company's costs rose 12 per cent led by rise in cost of materials consumed along with freight and forwarding expenses.

UltraTech said it achieved capacity utilisation of 75 per cent during the quarter on expanded capacity. Energy cost was lower by 10 per cent year-on-year (YoY), while raw material cost rose 4 per cent on account of increase in cost of fly ash and slag.

The company's on-going expansion program is progressing as per schedule. 5.5 mtpa capacity has already been commissioned during this financial year following a 12.4 mtpa capacity addition during FY23. It also commissioned 30 MW of WHRS capacity during the quarter. Green power now contributes 22 per cent of the total power requirement with 262 MW of WHRS and 429 MW of renewable energy.

Total grey cement manufacturing capacity in India now stands at 132.45 mtpa, it further mentioned.

Shares of UltraTech Cement were up 2.69 per cent at Rs 8,503.10 today.

Also read: Hot stocks on October 19, 2023: Suzlon Energy, Ion Exchange, Astral, NBCC and more

Also read: IRM Energy IPO subscribed 3x on Day 2 so far; NIIs quota booked over 5 times