Ultratech Cement‘s share price tanked sharply after the company posted its earnings for the quarter ended June on Friday afternoon.

What Happened: The cement major’s consolidated net sales for the quarter ended June came in at ₹17,879 crore, up around 2% from the ₹17,519 crore reported at the end of the same quarter last year. The company’s net profit was at ₹1,697 crore, up around 0.7% from the ₹1,688 posted in the corresponding quarter of last year. The number was below street estimates of around ₹1,750 crore.

The revenue from operations for the April-June quarter stood at ₹18,070 crore, marking a 2% increase compared to ₹17,737 crore reported in the corresponding quarter of the previous year. On a sequential basis, the consolidated net profit saw a decline of 25% from ₹2,258 crore reported in the March quarter.

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EBIDT for the period came in at ₹3,205 crore compared to ₹3,223 crore posted in the same quarter last year. The shares of the cement giant fell sharply after the announcement was made.

In June 2024, Ultratech acquired a 23% stake in India Cements for ₹1,885 crore, a strategic move that is seen as a counter to the growing influence of the Adani Group in the cement industry. Ultratech is also said to be back in the race to acquire Orient Cement, aiming to bolster its presence in South India.

Price Action: Ultratech Cement’s share price was down 3.24% to trade at ₹11,270.05 in the late hours of trading on Friday.

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