UltraTech Cement’s Q4 net profit falls 32% to ₹1,666 crore, declares dividend
- UltraTech Cement’s revenue from operations for the quarter rose 18% at ₹18,662 crore from ₹15,767 crore in the year-ago quarter.
- UltraTech Cement’s board has recommended a dividend of ₹38 per equity share aggregating to ₹1,097 crore.
- During the quarter, the cement maker saw an increase in energy cost by 17% on year and 4% lower sequentially.
AdvertisementUltraTech Cement’s Q4 net profit fell 32% to ₹1,666 crore as compared to ₹2,461 crore in the same quarter last year.
Meanwhile, its revenue from operations for the quarter rose 18% to ₹18,662 crore from ₹15,767 crore Q4 FY22, the company said in a regulatory filing.
During the quarter, the cement maker saw its energy costs increase by 17%, and prices of pet coke and coal too increased 18% on a yearly basis. Raw material cost was up 9% on year on account of increase in cost of fly ash, slag and gypsum etc.
Adding to it, the company’s tax expense also rose in Q4 to ₹800 crore as compared to tax credit of ₹139 crore in the same quarter last year.
UltraTech Cement’s board recommended a dividend of ₹38 per equity share aggregating to ₹1,097 crore.
The cement maker’s rival ACC also reported a decline in its profitability with a 40% fall in net profit to ₹235 crore for March quarter, on Thursday.
Ultratech said it has achieved 100 million tons of production, dispatches and sales in FY23. This was backed by an effective capacity utilization of 95% during this quarter and 84% capacity utilization for the year.
Total sales volume for the quarter rose 15% on year and 23% sequentially at 31.7 million tons.
Financial performance in March quarter
|Particulars||Q4 FY23||Q4 FY22|
|Net sales||₹18,436 crore||₹15,557 crore|
|Net profit||₹1,666 crore||₹2,461 crore|
Ahead of the earnings, the company’s share price closed 0.52% higher at ₹7,540 per share.
AdvertisementUltraTech Cement mentioned that the expansion programme is progressing as per schedule. During the year, it commissioned 12.4 mtpa (million tonne per annum) additional capacity of grey cement.
It further commissioned a 2.2 mtpa brownfield cement capacity at Patliputra in April, 23. Work on its next phase of growth of 22.6 mtpa has already commenced.
“Civil work is in full swing at most sites. Commercial production from these new capacities is expected to go on stream in a phased manner by FY25/FY26. Upon completion of these expansions, the Company's capacity will grow to 160.45 mtpa, reinforcing its position as the third largest cement company in the world, outside of China and the largest in India by far,” it said in the exchange filing.
SEE ALSO: Axis Bank shares under pressure after Q4 net loss; analysts upbeat on the lender
Wipro says IT services revenue could decline 1-3% in Q1FY24, announces buyback
Popular on BI
- TCS retains No 1 spot as India’s top brand but tech sector takes a hit
- Brewing capital: Third Wave Coffee raises Series C funding with participation from existing investors
- Asian Paints' non-executive director Ashwin Dani passes away
- Mapping Zealandia: Scientists chart the tectonic secrets of Earth’s sunken 8th continent
- World Heart Day: Nourish your heart with heart-healthy foods and practical tips