UltraTech Cement, an Aditya Birla Group Company, has registered 5% growth in consolidated net profit to Rs 594.61 crore for the quarter ended December 2016 despite witnessing a drop in top line growth during the same period. The consolidated total income from operations declined 2% to Rs 6761 crore because offtake gets hit owing to demonetisation. The OPM improved by 20 bps to 17.5% on the back of operational efficiencies and a judicious power and fuel mix. Thus, OP was flat at Rs 1182.34 crore.
Consolidated Quarterly Performance
The company consolidated revenue declined by 2% to Rs 6761 crore for the third quarter ended December 2016, due to fall in sales volume partially offset by realization improvement. The combined domestic cement and clinker sales volume at 11.01 million tonnes (mt), lower by 2% than 11.26 mt in the year-before quarter, while realization grew 0.8% to Rs 5383 per tonne. Operating margin (OPM) of the company grew by 20 bps to 17.5%. As a result, the operating profit was flat at Rs 1182.34 crore.
Other income rose 10% to Rs 97.47 crore. Interest cost inclined 2% to Rs 143.80 crore. Depreciation cost fell 2% to Rs 335.92 crore. Thus, the Profit Before Tax (PBT) inclined 1% to Rs 800.09 crore.
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The tax outgo fell 8% to Rs 206.14 crore. The effective tax rate reduced by 260 bps to 25.8%.Thus, the PAT before MI rose 5% to Rs 593.95 crore. After accounting Minority interest inflow of Rs 0.66 crore (against outflow of Rs 1.13 crore in the corresponding previous quarter), Net Profit advanced 5% to Rs 594.61 crore.