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UCMEIL to acquire 70% shares in Duqm Cement Project

UltraTech Cement had reported a dip of 37.87 crore in its net consolidated profit during the quarter ended December 31, 2022. Its profit after tax (PAT) stood Rs 1,062.58 crore in Q3 FY23 as against Rs 1,710.14 crore it registered in the corresponding quarter of the previous fiscal

UltraTech Cement Middle East Investments (UCMEIL) a wholly-owned subsidiary of UltraTech Cement, has entered into a share sale and purchase agreement with Seven Seas Company LLC, Oman for acquisition of 70% equity shares in Duqm Cement Project International, LLC, the company said in a BSE filing.

The total cost of acquisition in $2.25 million.

The company had reported a dip of 37.87 crore in its net consolidated profit during the quarter ended December 31, 2022. Its profit after tax (PAT) stood Rs 1,062.58 crore in Q3 FY23 as against Rs 1,710.14 crore it registered in the corresponding quarter of the previous fiscal, it said in the regulatory filing.

Its net consolidated income stood at Rs 15,647.52 crore in Q3 FY23, a growth of 19.85 per cent from Rs 13,055.43 crore it recorded in the similar quarter last year.

As on December 31, 2022, its net worth stood at Rs 52,602.50 crore, debt-equity ratio was 0.21, total debts to total assets was 13%, operating margin was 15% and net profit margin was 7%.

During the three months ended December 31, 2022, UltraTech Cement allotted 5,538 equity shares of Rs 10 each to option grantees upon exercise of options under the company’s Employees Stock Option Scheme – 2013. As a result of such allotment, the paid-up equity share capital of the company has increased from 28,86,71,933 equity shares off Rs 10 each to 28,86,77,471 equity shares of Rs 10 each, it said in the regulatory filing.

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