UltraTech Cement net profit rises 29% in Q1

Mumbai, July 19 (IANS) Aditya Birla group company UltraTech Cement Limited on Tuesday said its net profit rose 29 per cent to Rs 780 crore in the April-June quarter of this fiscal as compared to Rs 604 crore in the corresponding period last year.

Net sales stood at Rs 6,538 crore in the quarter under review as compared to Rs 6,281 crore in the corresponding period of the previous year.

The quarter witnessed improvement in operating costs on the back of operational efficiencies and a judicious power and fuel mix, the company said in a statement.

"During the year, cement demand is expected to grow around 7 per cent, given the governments' focus on infrastructure development, housing sector, smart cities, roads etc., it said.

Company's board has also approved acquisition of Jaiprakash Associates' cement business.

"The Scheme of Arrangement between the company, Jaiprakash Associates Limited, Jaypee Cement Corporation Limited and their shareholders and creditors for acquisition of the identified cement plants located in the states of Madhya Pradesh, Uttar Pradesh, Himachal Pradesh, Uttarakhand and Andhra Pradesh, having a capacity of 21.2 mtpa has been approved by the Board of Directors of the Company, subject to requisite regulatory approvals," it said in a statement.