UltraTech Cement Reports Net Profit in Q3
UltraTech Cement reported a 4.76 per cent year-on-year rise in consolidated December quarter net profit to Rs 594 crore, despite witnessing a drop in top line growth during the same period. The company had reported a net profit of Rs 567 crore in the corresponding quarter last year. The company is expecting the government spend on infrastructure, interest rate cuts and development of smart cities and schemes such as ‘Housing for All’ to derive demand going forward. Profit before interest, depreciation and taxes (PBIT) was up 0.5 per cent YoY at Rs 1,280 crore, the company said, adding that its board has approved the setting up of a 3.5 mtpa integrated cement plant Madhya Pradesh for Rs 2,600 crore, which will commence operations by Q4FY19.
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