Ultratech Cement Q3 results: Firm posts highest ever quarterly net profit, up 68% YoY

livemint.com:

₹1,777 crore in Q3 FY24, an increase of 68% compared to a net profit of ₹1,058 crore in the same period last year. In the preceding quarter, the company posted a net profit of ₹1,281.45 crore. The revenue from operations rose 7.85% to ₹16,739.97 crore during the quarter from ₹15,520.93 crore in the corresponding period of the last fiscal.

Also Read: Is the stock market open tomorrow? BSE, NSE to conduct special live trading session on Jan 20 In Q3, the company achieved an EBITDA of ₹3,395 crore, marking a notable improvement of 38% YoY and 25% QoQ, primarily attributed to a drop in raw material costs. The sales realization (Grey Cement) witnessed a YoY and QoQ increase of 2.1% and 2.8%, respectively, reaching ₹5,499/mt, driven by a surge in cement prices. For its India operations, Ultratech Cement recorded an operating EBITDA/Mt of ₹1,208, reflecting an improvement of 34% YoY and 27% QoQ.

The company's domestic sales volume experienced 5% YoY growth with a capacity utilisation rate of 77%. Grey cement volumes surged by 5% YoY and 1% QoQ, while white cement volumes exhibited an increase of 18% YoY and 14% QoQ. Also Read: Tata Consumer Products to raise ₹3,500 crore for acquisitions In Q3, the power and fuel costs dropped to ₹4,177.96 crore, a significant decrease from ₹4,873.13 crore.

When compared sequentially, the power and fuel costs were lower, as the company reported ₹4,385.33 crore in Q2 FY24, as per the company's earnings report. During the quarter, UltraTech Cement acquired 0.54 mtpa cement grinding assets of Burnpur Cement Limited, located at Patratu in Jharkhand, at a consideration of ₹169.79 crore. This strategic investment marks UltraTech Cement's entry into the state of Jharkhand.