UltraTech Cement - October 2019

UltraTech Cement has announced its unaudited financial results for the quarter ended 31 September 2019. Consolidated net sales came in at INR94.91bn (US$1.34bn), compared to INR90.88bn in the same period a year earlier. Profit before interest, depreciation and tax was INR20.72bn, versus INR15.64bn in the year-ago period. Profit after tax over the same period rose from INR3.56bn to INR5.79bn. During the quarter, variable costs increased by three per cent compared to the previous quarter, while energy costs fell by nine per cent.

UltraTech’s acquisition of Century’s cement business has now completed, with the Scheme of Demerger becoming effective from 1 October 2019. With this acquisition, UltraTech’s cement production capacity stands at 117.4Mta, making it the third-largest cement company in the world, outside of China.

UltraTech has allotted 13,961,960 equity shares of INR10 each to shareholders of Century as of 14 October 2019, the Record Date fixed by Century in terms of the scheme. The National Company Law Tribunal, Mumbai Bench, has fixed 20 May 2018 as the Appointed Date, prompting the company’s financials to be restarted from that date to include the financials of the acquired Century cement business.