UltraTech Cement Ltd, part of the Aditya Birla Group, on Thursday posted a 23 per cent drop in third-quarter profit, hurt by rising pet coke and coal prices. Profit fell to Rs 456 crore ($71.4 million) for the quarter ended December 31, from Rs 595 crore a year ago, the company said.

The company's quarterly performance was also hurt by the ban of pet coke usage in some states, the company added. However, net sales rose to Rs 7,897 crore from Rs 5,927 crore. Analysts on average had expected a consolidated net profit of Rs 449 crore, according to Thomson Reuters data.