Ultratech Cement third-quarter profit falls 23% on raw material price rise
Quarterly performance was also hurt by the ban of pet coke usage in some states, the company said.
India`s UltraTech Cement Ltd, part of the Aditya Birla Group, on Thursday posted a 23 percent drop in third-quarter profit, hurt by rising pet coke and coal prices.
Profit fell to 4.56 billion rupees ($71.4 million) for the quarter ended Dec 31, from 5.95 billion rupees a year ago, the company said. http://bit.ly/2rhS3xf
Quarterly performance was also hurt by the ban of pet coke usage in some states, the company added.
However, net sales rose to 78.97 billion rupees from 59.27 billion rupees.
Analysts on average had expected a consolidated net profit of 4.49 billion rupees, according to Thomson Reuters data.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.