UltraTech Cement Q3 Results: Profit Rises 67%, In Line With Estimates
The cement manufacturer's net profit grew 67% year-on-year to Rs 1,774.8 crore in the quarter ended December.
![<div class="paragraphs"><p>UltraTech Cement bags lying in a tempo inside a warehouse in Mumbai. (Photo: Vijay Sartape/ NDTV Profit)</p></div>](https://media.assettype.com/bloombergquint%2F2023-06%2F7edd840e-7fab-4098-b221-115661677903%2FUltraTech_Cement_bags_in_warehouse_in_Mumbai___Source_Vijay_Sartape_BQ_Prime_.jpeg?auto=format%2Ccompress&w=200)
UltraTech Cement Ltd.'s third-quarter profit jumped in line with analysts' estimates.
The cement manufacturer's net profit grew 67% year-on-year to Rs 1,774.8 crore in the quarter ended December, according to an exchange filing on Friday. This compares with the Rs 1,820.24 crore consensus estimate of analysts tracked by Bloomberg. The top-line print is the highest ever quarterly net profit posted by the company.
UltraTech Cement Q3 FY24 (Consolidated, YoY)
Revenue up 7.9% at Rs 16,739.9 crore vs Rs 15,520.9 crore (Bloomberg estimate: Rs 17,028.95 crore).
Ebitda rises 39.3% at Rs 3,254.6 crore vs Rs 2,335.9 crore (Bloomberg estimate: Rs 3,309.55 crore).
Margin at 19.4% vs 15% (Bloomberg estimate: 19.4%).
Net profit up 67% at Rs 1,774.8 crore vs Rs 1,062.6 crore (Bloomberg estimate: Rs 1,820.24 crore).
The company had already posted their Q3 volumes, which witnessed a 6% YoY rise in sales volumes to 27.3 million tonne. Domestic grey cement sales rose 5% YoY.
The improvement in Ebitda margin was driven by operational efficiencies, coupled with lower fuel and raw material costs, according to the company's Q3 investor presentation.
The lower fuel costs also helped the company achieve a 34% YoY improvement in its operating Ebitda per million tonne to Rs 1,208 for India operations.
Shares of UltraTech Cement traded 1.45% higher at Rs 10,035.20 apiece after the results were announced, as compared with a 0.72% rise in the NSE Nifty 50 as of 1:27 p.m.