For FY24, net profit up 38.05% to Rs7,003.96 crore
New Delhi: UltraTech Cement on Monday reported a 35.24 per cent increase in consolidated net profit at Rs2,258.58 crore for the fourth quarter ended March 31, 2024, helped by lower fuel and raw material costs along with operational efficiencies and sales increase.
The leading cement maker has posted a consolidated net profit of Rs1,670.10 crore in the January-March quarter of the last fiscal year, according to a regulatory filing from UltraTech.
Its revenue from operations was up 9.41 per cent at Rs20,418.94 crore during the period. It was at Rs18,662.38 crore in the corresponding period a year ago.
UltraTech’s total expenses in the March quarter stood at Rs17,381.09 crore, up 6.67 per cent.
In the March quarter, UltraTech’s logistic and power costs for grey cement declined 2 per cent each, fuel costs declined 21 per cent and raw material witnessed a decline of 15 per cent on a Y-o-Y basis.
“Coal and petcoke (fuel) prices witnessed a drop during FY24. The company’s imported fuel consumption cost during Q4FY24 was 13 per cent lower than Q4FY23,” it said.
Moreover, UBS (UltraTech Building Solutions) outlets increased to 3,952. It sold 6.2 MT of cement, contributing 28 per cent of trade sales, in the March quarter.
The total income of the Aditya Birla Group firm, which includes other income, was at Rs20,554.55 crore, up 9.42 per cent in the March quarter.
Ultratech’s consolidated sales volume was at 35.08 million metric tonnes (MT), up 11 per cent. In this grey cement was at 33.22 MT.
Its “domestic sales grew 11 per cent year-on-year with capacity utilization of 98 per cent,” in the January-March period, according to the company’s earnings presentation.
For the financial year ended March 31, 2024, UltraTech Cement’s net profit was up 38.05 per cent to Rs7,003.96 crore. It was at Rs 5,073.40 crore a year ago.
Its total income in FY24 was at Rs 71,525.09 crore, up 12.21 per cent.
Over the expansion, UltraTech said the programme is progressing as per schedule and added 13.27 MT grey cement capacity.
“For the 3rd phase of growth announced in October 2023, major orders have already been placed to key technology suppliers and civil work has also commenced at some locations,” it said.
With the acquisition of the Parli grinding unit, the ongoing expansion of 36.2 mtpa across locations and the proposed acquisition of Kesoram Cement, UltraTech’s grey cement capacity will stand augmented to 199.6 mtpa, including its overseas capacity of 5.4 mtpa, it said.
Meanwhile, UltraTech also informed that its board at its meeting on Monday recommended a dividend of 700 per cent, which is Rs 70 per equity share of face value of Rs 10 per share, aggregating Rs2,020.84 crore.
Shares of UltraTech Cement Ltd on Monday settled at Rs 9,962.25 on BSE, up 2.70 per cent from the previous close.
