UltraTech Cement Reverses Early Losses, Gains Over 2%

Shares of UltraTech Cement reversed early losses to gain around 2 per cent, rising to Rs 2,764. In early trade the stock fell as much as 1.7 per cent to Rs 2,660 as its Q4 net profit fell to Rs 657 crore.

Ultratech Cement reported a 24 per cent dip in consolidated net profit at Rs 657.2 crore for the fourth quarter of 2014-15. The Aditya Birla Group firm had reported a net profit of 864.83 crore in the January-March period of 2013-14 fiscal.

The March quarter numbers include the acquired units of Jaypee Cement so they are not compararble with previous periods, the company said.

The country's largest cement maker reported a growth of 4.47 per cent in its turnover during the quarter at Rs 6,597.49 crore. In the same period of last fiscal, Ultratech had registered a turnover of Rs 6,314.86 crore.

UltraTech earnings were impacted by a 3 per cent year-on-year decline in volumes of 11.9 MT. Adjusting for the acquisition of Jaiprakash Associates unit, volumes down were down 9 per cent.

However, EBITDA, a measure of operating efficiency, during the quarter expanded to an 8-quarter high of Rs 1035/tonne.

"With the focus on development of the infrastructure and housing sector, the company is positioned across the country to meet the rise in demands and participate in the next phase of growth in the country," UltraTech said in a statement.

At 9:51 a.m., UltraTech shares were up 0.90 per cent to Rs 2,730.90 as compared to a flat Nifty. (With Agency Inputs)