Ultratech Cement, an Aditya Birla Group company, has reported a growth of 6.84 per cent in its net consolidated profit during the quarter ended June 30, 2023. Its profit after tax stood at Rs 1,690.22 crore in Q1 FY24 as against Rs 1,582.02 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 17,910.83 crore in Q1 FY24, a growth of 17.27 per cent from Rs 15,272.70 crore it recorded in the similar quarter last year.
As on June 30, 2023, the company’s net worth stood at Rs 56,091.13 crore, debt equity ratio was 0.18, total debts to total assets ratio was 11%, current liability ratio was 52%, operating margin was 17% and net profit margin was 10%.
The board of directors at the meeting held on April 28, 2023 had approved a scheme of amalgamation (scheme) of UltraTech Nathdwara Cement (UNCL), a wholly-owned subsidiary of the company and its wholly-owned subsidiaries viz. Swiss Merchandise Infrastructure (Swiss) and Merit Plaza (Merit) with the company. Further, as directed by the National Company Law Tribunal, Mumbai Bench, meetings of the secured and unsecured creditors of the company will be held on September 04, 2023, for approving the scheme.
The company achieved capacity utilisation of 89% in Q1 FY24 as against 83% during Q1 FY23. Domestic sales volume registered 20% growth year-on-year. The energy cost was higher by 3% year-on-year, primarily due to currency devaluation. Additionally, there was a 6% rise in raw material cost, mainly driven by the higher costs of fly ash and slag.
Ultratech Cement has commissioned 4.3 mtpa capacity so far in this financial year. These include: 2.2 mtpa brownfield cement capacity at Patliputra in April, 2023; 0.8 mtpa brownfield cement capacity at Neem ka Thana, Rajasthan in May, 2023 and 1.3 mtpa brownfield cement capacity at Sonar Bangla, West Bengal in July 2023.
The company’s total grey cement manufacturing capacity in India now stands at 131.25 mtpa. Work on its next phase of growth of 22.6 mtpa is in full swing. Commercial production from these new capacities is expected to go on stream in a phased manner by FY25/FY26.