NEW DELHI: Aditya Birla Group company UltraTech Cement on Wednesday reported a 42 per cent decline in its consolidated net profit at Rs 759 crore for the quarter ended September 30, 2022 (Q2FY23) from Rs 1,310 crore in the year-ago period (Q2FY22).
The company’s profit sequentially was down 52 per cent from Rs 1,582 crore in the April-June period. Consolidated revenue for the country’s largest cement manufacturer in Q2FY23 grew by 16% to Rs 13,893 crore as against Rs 12,017 crore in the year-ago quarter. Compared to the previous quarter, the revenue fell 8 per cent.
Like other cement manufacturers, Ultratech also witnessed a sharp rise in its expenses, with the energy cost increasing by 58 per cent and raw material cost rising 18 per cent YoY during the quarter under review.
“The second quarter is traditionally a weak one for the cement sector, with lower demand as construction activity slows down on account of the monsoons. Demand was low during July and August 2022, showing some sign of revival in September 2022,” said Ultratech in a statement.
During the quarter, the firm commissioned 1.3 mtpa brownfield capacity at Dalla, Uttar Pradesh, taking the total capacity in India to 115.85 mtpa and 121.25 mtpa globally. In the second half of this year, Ultratech will commission another 15.4 mtpa of greenfield/brownfield expansion and start the next financial year with a capacity of 131.25 mtpa in India.