Ultratech Cement‘s share price shot up sharply on Monday as the company posted its earnings for the quarter ended March in the late hours of trading.
What Happened: The cement giant’s consolidated net profit for the quarter came in at ₹2,258 crore, up 35% from the ₹1,666 crore posted in the same quarter last year. The number was also above analyst estimates of around ₹2,055 crore.
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The company’s revenue from operations came in at ₹20,418.94 crore, up around 9% from the ₹18,662 crore booked in the same square last year. The company recorded volume growth of 11% during the January-March period. During the year, UltraTech added 13.27 million tonnes per annum of grey cement capacity across locations
The company’s board also approved a dividend of ₹70 per share for the year ended March 2024. Talking about the outlook for the coming year, the company said, “demand for cement across all sectors continues to remain robust which augurs well for the Company.”
Price Action: Ultratech Cement’s share price was up 2.37% to trade at ₹9,930.35 just before market close on Monday.
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