India: UltraTech Cement Q2 profit rises 53 per cent to INR251cr
Aditya Birla Group company UltraTech Cement on Friday reported a profit after tax of INR251 crore (US$5.4m) for the second quarter of this fiscal, a rise of 53 per cent over that in the same period last year.
Net sales of the cement maker increased to INR1541 crore in the latest quarter from INR1396 crore of the corresponding quarter last year, UltraTech Cement said in a statement to the Bombay Stock Exchange (BSE).
Cement production of the company was higher by 12 per cent to 3.73 MMT in the quarter ended September 30, it said.
On outlook, UltraTech said it expects industry demand to grow at nine per cent in FY’10 given the government’s initiatives to boost rural development, infrastructure and housing.
According to the cement manufacturer, the new capacities in the sector, which are at various stages of commissioning, will inevitably result in pressure on margins.
It also said that the board of directors has re-appointed S Misra as Managing Director of the company till March 31, 2010, subject to the approval of the shareholders.
Shares of UntraTech were trading at INR832 on BSE in afternoon trade, down by 1.51 per cent over the previous close.
