UltraTech Cement posts net profit of Rs 3,243 crore; announces dividend of Rs 13

UltraTech Cement, an Aditya Birla group company, on May 20 announced a consolidated net profit of Rs 3,243 crore for the March quarter of financial year 2020. A CNBC-TV18 poll had estimated the consolidated net profit to the tune of Rs 850 crore. The same in the corresponding period of last year stood at Rs 1,064 crore.

Consolidated net sales stood at Rs 10,579 crore against Rs 12,170 crore in the corresponding period of last year.

Volumes declined 16 percent against a CNBC-TV18 poll of 9-12 percent.

Consolidated EBITDA came at Rs 2,443 crore against a CNBC-TV18 poll of Rs 2,166 crore, while consolidated EBITDA margin stood at 22.7 percent against a CNBC-TV18 poll of 20.57 percent.

The company said during the year it had successfully reduced its net debt/EBITDA ratio to 1.7 times from 2.83 times as on March 31, 2019.

Talking about the impact of COVID-19 on the business,  the management said construction activity across the country was halted, which is normally at its peak in March, leading to an adverse impact on the its operations during the quarter ended March 31.

The board of directors has recommended a dividend of 130 percent at the rate of Rs 13 per equity share of the face value of Rs 10 per share, aggregating to Rs 375.21 crore.