Ultratech Cement Ltd., an Aditya Birla Group company, reported a lower stand-alone net profit for the fourth-quarter, hurt by increase in input and logistics costs and diesel prices, offset by softening imported coal prices.
Stand-alone Results
The Mumbai-based company's fourth-quarter stand-alone net profit amounted to Rs.726.20 crore or Rs.26.49 per share (including additional deferred tax liability consequent to increase in surcharge on income Rs.87 crore), lower by 16 percent than the Rs.867.32 crore or Rs.31.64 per share in the fourth-quarter of 2012.
Its quarterly net income from operations totaled Rs.5,389.21 crore, compared with Rs.5,333.65 crore in the prior-year quarter, an increase of one percent, while other operating income was Rs.82.83 crore, compared with Rs.50.49 crore in Q4FY12.
Combined domestic cement and clinker sales of grey cement during the quarter were almost flat at 11.13 MMT, while for white cement it was 1.56 LMT, compared with 1.63 LMT in the year-ago quarter.
For the 12 months, the company's stand-alone net profit stood at Rs.2,655.43 crore, up by nine percent from the Rs.2,446.19 crore for the comparable period last year. Total income from operations and other operating income totaled Rs.20,174.94 crore, higher by ten percent than the Rs.18,309.85 crore last year.
For the year, combined domestic cement and clinker sales of grey cement remained flat at 40.7 MMT, while for white cement it was 5.7 LMT, compared to 5.6 LMT last year.
Consolidated Results
Ultratech reported fiscal year consolidated net profit, after minority interest, of Rs.2,677.73 crore, compared with Rs.2,403.26 crore in 2012, an increase of 11 percent. Total income from operations and other operating income was up by 11 percent at Rs.21,319.09 crore, compared with Rs.19,232.42 crore last year.
The company's Board has recommended a dividend of 90 percent or Rs.9.00 per equity share of Rs.10 each for the fiscal year 2013.
Capex
The company is committed to growth and towards this end, the Board has approved the expansion of capacity of Aditya Cements Works in Rajasthan by 2.9 million metric tonnes, including the setting up of tow grinding units, envisaging a capital outlay of around Rs.2,000 crore to be funded through a mix of internal accruals and borrowings. The additional facility is expected to be commissioned by March 2015.
Withe the commissioning of the projects already commissioned and other projects that are in the pipeline, its cement capacity will rise to 61.45 million metric tonnes, the company said.
Outlook
Long-term cement demand is likely to grow over eight percent in line with GDP growth. The value drivers for growth will continue to be housing demand and infrastructure development, the company said.
At the BSE, Ultratech closed Monday's trading at Rs.1,878.75, down Rs.48.60 or 2.52 percent from its previous close.
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