This Article is From Jul 29, 2013

UltraTech Cement net profit falls 13.5% in Q1

UltraTech Cement net profit falls 13.5% in Q1

UltraTech Cement, India's biggest cement producer, reported a 13.5 per cent year-on-year fall in net profit for the quarter ended June 30, due to a slowdown in home building and infrastructure projects in India.

The company, part of the diversified Aditya Birla Group, reported standalone profit of Rs 673 crore for the April-June quarter, exceeding market estimates of Rs 619 crore, according to Thomson Reuters data. Net sales fell 2.2 per cent to Rs 4,958 crore.

The company said the business outlook remained challenging. Cement demand growth in the current fiscal year ending in March 2014 was likely to be about 6 per cent, but in the long-term it was likely to be more than 8 per cent, it said.

UltraTech said it has earmarked Rs 13,700 crore in capital expenditure to ramp up capacity by 10 million tons by 2015 to 64.45 million tons.

Copyright Thomson Reuters 2013