UltraTech Cement Price
Adiya Birla Goups' Flagship Cement Company, UltraTech Cement Ltd’s posted their quarterly results. Profit dropped 9.4% and missed all market expectations, due to higher operating expenses.
Standalone net profit, which does not account for its subsidiaries, stood at Rs.391 crore for the quarter ended 30th September, compared with a profit of Rs.431 crore a year earlier.
Cement Industry Analysts on average had expected the company to post a profit of Rs 415 crore.
However, on the bright side, revenue from operations jumped 20.9% to Rs.7,771 crore, while total expenses rose to 23.5%.
Rising energy and logistics cost coupled with rupee depreciation led to a 14% increase in costs compared to the second quarter of fiscal 2018. Key costs were higher costs of pet coke and higher logistics costs on account of higher fuel costs.
Markets reacted and shares of UltraTech Cement dropped after the results.
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