The shares of UltraTech Cement surged as much as 3.32 per cent to Rs 4679.85 apiece on BSE after the company reported a spike of 80 per cent in consolidated net profit at Rs 721 crore for the quarter ended December 31.
UltraTech Cement shares lead Sensex gain today after the company reported a nearly 90% on-year jump in quarterly consolidated net profit. The shares of UltraTech Cement surged as much as 3.32 per cent to Rs 4679.85 apiece on BSE after the company reported a spike of 80 per cent in consolidated net profit at Rs 721 crore for the quarter ended December 31. “The signs of revival were visible in some markets during the latter part of Q3FY20. This, together with the government’s firm commitment to revive the economy and the thrust on infrastructure spending augur well for the growth of cement demand,” UltraTech Cement said in a regulatory filing. The shares of UltraTech Cement ended 2.44 per cent higher at Rs 4639.85 on BSE.
Ultratech Cement’s Consolidated Earnings for the Fiscal Third Quarter Oct-Dec 2019
- Net Sales: Rs 10,176 crores vs Rs 10,294 crores previous year;
- PBIDT: Rs 2,141 crores, up from Rs 1,707 crores on-year;
- Net Profit: Rs 712 crores, compared to Rs 396 crore previous year
- Revenue: Rs 9.981 crore, against Rs 9,938.11 crore a year ago
“During the quarter, the company’s wholly-owned subsidiary UltraTech Cement Middle East Investments Limited divested its entire shareholding in Emirates Cement Bangladesh Limited and Emirates Power Company Limited to HeidelbergCement Bangladesh Limited at a final Enterprise Value of BDT equivalent of US$ 30.2 million,” the company said.
“Phase I of the Bara Grinding Unit having a capacity of 2 mtpa has been commissioned,” the Aditya Birla group company said.
The company said that it had acquired 21.2 mtpa cement capacity from Jaiprakash Associates in June 2017 which is operating in line with its existing plants.
Meanwhile the domestic equity benchmarks Sensex and Nifty ended over half a per cent higher on Friday. S&P BSE Sensex jumped 226 points to closed at 41,613, while broader Nifty 50 index settled at 12,248, up 68 points or 0.56 per cent.