Ultratech Cement on Friday reported a 32.29 per cent in its net consolidated profit at Rs 1,665.95 crore for the quarter ended 31 March, 2023 compared to Rs 2,460.51 crore in the same quarter last year.
The decline in numbers is due to the much higher tax outgo for the quarter against credit in the corresponding quarter last fiscal.
Revenue from operations came in at Rs 18,662.38 crore, up 18.36 per cent from Rs 15,767.28 crore in the year-ago quarter, the company said in an exchange filing.
UltraTech said it achieved 100 million tons of production, dispatches and sales in FY23. This was backed by an effective capacity utilisation of 95 per cent during this quarter and 84 per cent capacity utilisation for the year.
Volume growth came in at 15 per cent in the quarter under review.
The Company saw an increase in energy cost by 17 per cent YoY and 4 per cent lower QoQ. Prices of pet coke and coal increased 18 per cent YoY. Raw material cost was up 9 per cent YoY on account of increase in cost of fly ash, slag and gypsum etc.
The Board of Directors recommended a dividend at the rate of Rs. 38 per equity share.
UltraTech’s expansion program is progressing as per schedule, it said in the filing.
During the year, Ultratech commissioned 12.4 mtpa (million tonne per annum) additional capacity of grey cement. It has further commissioned a 2.2 mtpa brownfield cement capacity at Patliputra in April 2023.
Work on its next phase of growth of 22.6 mtpa has already commenced, it said. Civil work is in full swing at most sites.
Commercial production from these new capacities is expected to go on stream in a phased manner by FY25/FY26.
Upon completion of these expansions, the company’s capacity will grow to 160.45 mtpa, reinforcing its position as the third largest cement company in the world, outside of China and the largest in India.