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UltraTech Cement Profit Soars 21%
19 Oct
Summary
- Net profit surged 21% to ₹1,501 crore due to higher volumes.
- Sales volumes rose 14% to 35.94 million tonnes despite heavy rains.
- New Ultravolt wires and cables business launched, investing ₹1,100 crore.
UltraTech Cement, an Aditya Birla Group company, has announced a 21% year-on-year increase in its net profit, reaching ₹1,501 crore for the reported quarter. This financial success was driven by higher sales volumes, which saw a 14% jump to 35.94 million tonnes, demonstrating resilience amidst heavy seasonal rains and the West Asia crisis.
The company's revenue grew by 19% to ₹23,295 crore, with EBITDA up 17% at ₹3,832 crore. Capacity utilization improved to 71% from 66% in the prior year. UltraTech also provided an unconditional Corporate Guarantee of up to $55 million for its associate company, UHG Holdings IFSC.
In a strategic expansion, UltraTech has entered the wires and cables market with its new Ultravolt business, investing ₹1,100 crore. This venture, based at a modern facility in Jhagadia, Gujarat, positions the company as a major player in the housing wires segment.
Changes in leadership were also announced, with KK Maheshwari stepping down as Non-Executive Vice Chairman and Kailash Chandra Jhanwar set to take over the role from January 1. The company's performance underscores its expanding market reach and focus on premium products.
