Ultratech Stock Jumps Nearly 5%; Key Takeaways from Results
Ultratech Cement on Wednesday said the company’s standalone net profit more than doubled in the March quarter, beating analyst estimates, boosted by strong domestic sales volume. The stock jumped 4.6% to Rs 4,398 in afternoon trade after the results announcement.
Here are the key takeaways from the Ultratech quarterly numbers:
Ultratech posted a standalone net profit of Rs 1,017.47 crore in the March quarter, up 108% compared with Rs 487.95 crore in the same period last year.
Earnings before interest, tax, depreciation, and amortization (Ebitda) rose to Rs 2,353 crore in the March quarter this year from Rs 1,814 crore in the year-ago quarter.
The Aditya Birla Group company said its domestic sales volume rose 16% in the March quarter, backed by 100% utilization of clinker capacity and cement grinding facility at Manavar in Madhya Pradesh.
The company reported a consolidated net profit of Rs 1,034.21 crore in the March quarter, compared with Rs 446.13 crore a year ago.
Consolidated revenue from operations rose 17.3% to Rs 10,905.15 crore in the quarter, compared with Rs 9,290.29 crore in the same period last year.
Other income increased by 27% to Rs 140 crore compared with Rs 110.8 crore in the year-ago quarter.
The board of directors declared a dividend of Rs 11.50 per share.
Ultratech said the Q4 earnings also include results from cement plants acquired from Jaiprakash Associates Ltd and Jaypee Cement Corp.
On the Century Textiles deal, the company said it is awaiting approval from the National Company Law Tribunal. Upon completion of the deal, Ultratech’s cement manufacturing capacity will rise to 113.4 million tonnes in India, making it the third largest cement player globally (excluding China).