Aditya Birla Group firm UltraTech Cement on Wednesday reported a consolidated net profit of Rs 3,239.39 crore for March quarter 2019-20, helped by gains from reversal of the Income Tax. The leading cement producer had posted a net profit of Rs 1,085.47 crore in January-March a year ago, UltraTech Cement said in a BSE filing.
Revenue from operations was Rs 10,745.62 crore during the quarter under review. It was Rs 12,370.61 crore in the corresponding period of the previous fiscal.
According to the company, its normal profit after tax was Rs 1,131 crore, while it has got the benefit of reversal of deferred tax of Rs 2,112 crore during the quarter.
“Normalised PAT is before considering the benefit of reversal of deferred tax liabilities as on April 1, 2019 due to change in Income Tax rates of Rs 2,112 crore in consolidated performance and Rs 1,805 crore in standalone performance,” it said.
According to UltraTech Cement, due to unprecedented situation arising out of the COVID-19 pandemic, its operations across locations were shut down in line with the government’s directives, which had an impact on the company’s performance.
Moreover, “construction activity across the country was halted, which is normally at its peak in the month of March, leading to an adverse impact on the company’s operations during the quarter ended 31st March, 2020,” it said in a post earning statement.
UltraTech Cement’s total expenses were at Rs 9,480.14 crore in the latest quarter.
For the fiscal year 2019-20, the net profit was Rs 5,810.46 crore. It was Rs 2,400.38 crore in the previous year.
“This includes a one-time tax gain of Rs 2,112 crore. However, the company has still achieved a growth of 54 per cent without this one-time gain,” said UltraTech Cement.
Its revenue from operation in the fiscal stood at Rs 42,124.83 crore. It was Rs 41,608.81 crore in 2018-19.
The company also informed the exchanges that it has resumed operations after obtaining necessary approvals from the government.
“The company resumed operations at its establishments after obtaining necessary government approvals and ensuring compliance with the statutory guidelines,” it said.
During the fiscal, the scheme of demerger for acquiring the cement business of Century Textiles and Industries became effective from October 1, 2019, it added.
The company’s board in a meeting held on Wednesday has recommended a dividend of 130 per cent, which is Rs 13 per equity share of face value of Rs 10 per share, aggregating Rs 375.21 crore.
Shares of UltraTech Cement on Wednesday settled at Rs 3,545 apiece on the BSE, up 3.07 per cent from the previous close.
