UltraTech Cement saw its first quarter (Q1FY24) net profit jump 6.5 per cent year-on-year (YoY) to Rs 1,688.45 crore from Rs 1,584.08 crore in Q1FY23. The company said this in a BSE filing.
The revenue from operations for Q1FY24 came in at Rs 17,737.10 crore, compared to Rs 15,163.98 crore in Q1FY23, an increase of 16.9 per cent.
The consolidated net sales stood at Rs17,519 crore, as compared to Rs 15,007 crore over the corresponding period of the previous year.
The profit before interest, depreciation and tax was Rs 3,223 crore, compared to Rs 3,204 crore YoY.
The profit after tax was Rs 1,688 crore, as compared to Rs 1,584 crore in the corresponding period of the previous year.
Following the commissioning of 12.4 mtpa (million tonnes per annum) capacity of grey cement in FY23, the company has further commissioned 4.3 mtpa capacity so far in this financial year. These include 2.2 mtpa brownfield cement capacity at Patliputra in April, 2023; 0.8 mtpa brownfield cement capacity at Neem ka Thana, Rajasthan, in May 2023; and 1.3 mtpa brownfield cement capacity at Sonar Bangla, West Bengal in July 2023.
The company states that higher infrastructure spending ahead of the general elections in 2024 is expected to further propel cement demand during this fiscal year.