Ultratech Cement, an Aditya Birla Group company, has reported a growth of 68.76 per cent in its consolidated net profit during the quarter ended September 30, 2023. Its profit after tax stood at Rs 1,280.38 crore in Q2 FY24 as against Rs 758.70 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s total consolidated income stood at Rs 16,179.26 crore in Q2 FY24, a growth of 15.25 per cent from Rs 14,038.95 crore it recorded in the similar quarter last year.
Cement demand maintained its positive momentum. during Q2 FY24 also. The company witnessed demand from all sectors, fuelled by government led infrastructure, rural development and urban residential demand, it said in a media release.
As on September 30, 2023, the company’s net worth stood at Rs 58,203.83 crore, debt-equity ratio was 0.18, total debts to total assets ratio was 11%, current ratio was 1.05, current liability ratio was 51%, operating margin was 16% and net profit margin was 8%.
Consolidated net sales was Rs 15, 735 crore as against Rs 13,596 crore over the corresponding period of the previous year.
Ultratech Cement achieved capacity utilisation of 75% during the quarter on expanded capacity. Energy cost was lower by 10% year-on-year, while raw material cost rose 4% on account of increase in cost of flyash and slag.
The company’s on-going expansion program is progressing as per schedule. 5.5 mtpa capacity has already been commissioned during this financial year following a 12.4 mtpa capacity addition during FY23. The company also commissioned 30 MW of WHRS capacity during the quarter. Green power now contributes 22% of the total power requirement with 262 MW of WHRS and 429 MW of renewable energy. It’s total grey cement manufacturing capacity in India now stands at 132.45 mtpa.
Work on the second phase of growth of 22.6 mtpa is in full swing. As part of this project, we are adding another 1.8 mtpa of slag grinding capacity taking total of phase 2 to 24.4 mtpa. Commercial production from all these new capacities is expected to go on stream in a phased manner by FY25/FY26.During the quarter, Star Cement Co LLC, a wholly owned subsidiary, signed a co-operation agreement with Cemex UAE. The partnership aims to recycle concrete waste in the construction industry as well as reduce carbon emissions and improve the overall environmental impact of construction projects.
