UltraTech Cement logs Rs 1,777 cr Q3 PAT

Chennai, Jan 19 (SocialNews.XYZ) Aditya Birla Group’s UltraTech Cement Limited on Friday said it closed the third quarter of FY24 with a consolidated net sales of Rs16,487 crore as against Rs 15,299 crore over the corresponding period of the previous year.

Profit after tax was Rs 1,777 crore highest ever quarterly PAT as compared to Rs 1,058 crore in Q3FY23.

During the quarter under review, domestic grey cement sales volume rose 5 per cent YoY and 1 per cent QoQ, respectively. Improved operational efficiencies, coupled with lower fuel and raw material costs resulted in improved EBITDA margins, the company said.

During the quarter under review, the company acquired a 0.54 mtpa cement grinding asset of Burnpur Cement Limited, located at Patratu in Jharkhand for a consideration of Rs169.79 crore, marking its entry in the state of Jharkhand.

The company has successfully completed the first phase of capacity expansion announced in December 2020. Work on the second phase of 22.6 mtpa announced in June, 2022 is in full swing and will start commissioning during the current quarter itself, ahead of schedule.

For the 3rd phase of growth of 21.9 mtpa announced in October 2023, major orders to key technology suppliers have already been placed and civil work has commenced on a few locations.

Applications have been filed with the stock exchanges for the proposed acquisition of 10.75 mtpa cement assets of Kesoram Industries limited and the same will be consolidated with the company upon receipt of all regulatory approvals, UltraTech Cement said.

Upon completion of these expansions/acquisition, the company’s capacity will grow to 195.4 mtpa including its operations in the UAE, reinforcing its position as the third largest cement company in the world, outside of China and the largest in India by far.

Source: IANS