Ultratech Cement net profit rises by 25% to Rs 614.30 crore

Ultratech Cement reported consolidated net profit of Rs 614.30 crore for second quarter September 30, 2016 (Q2FY17), a rise of 25.26% year-on-year (yoy) but a decline of 21.25% quarter-on-quarter (qoq).

"The company is well positioned across the country to meet the expected rise in demand and participate in the next phase of growth in the country," said Ultratech. Photo: Youtube

Ultratech Cement reported consolidated net profit of Rs 614.30 crore for second quarter September 30, 2016 (Q2FY17), a rise of 25.26% year-on-year (yoy) but a decline of 21.25% quarter-on-quarter (qoq).

While consolidated total income from operations was at Rs 6508.62 crore, registering decline of 2.41% yoy and 12.66% qoq.

Consolidated operating profit stood at Rs 1327 crore, up by 18.90% from Rs 1116 crore a year ago same period. Following it, the operating profit margins was at 20.38%, expanding by 366 basis point yoy.

Ultratech Cement said, "Government’s thrust on developing infrastructure spending, good monsoons, development of smart cities leading to growth in housing demand in Tier-1 and Tier-2 cities, slower pace of new capacity addition augur well for the cement industry. The company is well positioned across the country to meet the expected rise in demand and participate in the next phase of growth in the country. "

On standalone front, the net profit of Rs 601.05 crore, was up by 31.40% but down by 22.43%. While total income from operations stood at Rs 6195.65 crore, declining by 2.24% yoy and 12.67% qoq.

The Q2FY17 performance was restated as per Indian Accounting Standards (Ind-As).

Following the announcement, shares of Ultratech Cement slumped by Rs 52.25 or 1.39% on BSE, trading at Rs 3986.50 at 1.50 pm.