Ultratech Cement’s share price spiked on Thursday afternoon as soon as the company posted its results for the quarter ended September.
What Happened: For this quarter, the Aditya Birla Group company’s consolidated net profits surged up around 68% to ₹1,280.38 crore from the ₹758.30 crore profit it booked in the September quarter of 2022. Revenue for the July-September period came in at ₹16,012.13 crore, an increase of around 15% from the ₹13,892.69 crore revenue it booked in the year-ago period. The company’s revenue and profits were mostly in line with consensus estimates.
EBITDA for the quarter was at ₹2,550.9 crore with an EBITDA margin of 15.9%. Basic earnings per share for the quarter came in at ₹44.46. After trading flat the entire session, the Ultratech share price bumped up as soon as the results came out at around 2:25 p.m.
Talking about the results, the company said that there has been a sustained and robust demand for cement in Q2 FY24. Strong infrastructure projects and increased rural demand primarily bolster this demand. According to the company, the housing segment will likely see continued demand growth due to significant expansion in rural housing and urban real estate.
Price Action: Ultratech Cement’s share price was up 2.34% to trade at ₹8471.95 in the late hours of trading on Thursday.
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