UltraTech Cement, the country’s largest manufacturer, is part of the Aditya Birla group.
Kumar Mangalam Birla, chairman of the group, said: “The industry demand may grow at nine per cent for the year, given the government initiatives to boost rural development, infrastructure and housing, all of which provide a growth impetus.”
He was speaking at the 9th Annual General Meeting of UltraTech.
Industry was earlier of the view that the current fiscal would end with a growth rate of around seven per cent or less.
UltraTech Cement has surpassed ACC as the biggest cement maker, with an annucal capacity of 23.1Mt.
It posted a rise of 58 per cent in its net profit for the quarter ended June 30, at INR 418 crore, compared with Rs 265 crore in the corresponding quarter last year.
The company’s sales volumes increased by 24 per cent during the quarter.
Their expansion plan is Rs 2,055 crore to be spent over the next three years.
It has spent Rs 3,200 crore in expansion so far, in adding production and captive power capacities.