Mumbai: UltraTech Cement on Friday reported an 11.33 per cent decline in consolidated net profit to Rs 375.74 crore for the quarter ended September 30 over higher energy and logistics costs. The Aditya Birla Group firm had posted a net profit of Rs 423.76 crore in the July-September quarter a year ago, the company said. The company’s total income was Rs 8,371.69 crore during the quarter, up 19.52 per cent against Rs 7,003.85 crore in the year-ago period.
Total expenses of the company were at Rs 7,814.81 crore. “Domestic sales volume jumped 21 per cent over Q2FY18. However, the rising energy and logistics cost coupled with rupee depreciation resulted in costs increasing by 14 per cent as compared to Q2FY18 bringing down profits as compared to previous year,” UltraTech Cement said.
The company informed that its six months results were not comparable as these include results of assets acquired from Jaiprakash Associates and Jaypee Cement and GST implementation. Meanwhile, in a separate filing UltraTech Cement informed that it has inducted Kailash Chandra Jhanwar as Additional Director and appointed him as Whole-time Director (designated as Deputy Managing Director & Chief Manufacturing Officer) of the company with effect from October 19.
Over the outlook, the company said that demand is witnessing an upward movement with higher spends on infrastructure and government sponsored housing programme. “With the additional capacities acquired by the company through the organic and inorganic route and its rapid ramp-up, UltraTech is very well placed to participate in the growth of the economy,” said UltraTech.