UltraTech Cement shares jumped more than 3 per cent on Friday, a day after the company said its standalone net profit in the April-June period more than doubled compared to the corresponding period a year ago. During market hours on Thursday, the Aditya Birla Group company reported a net profit of Rs 1,198.70 crore for the quarter ended June 30, as against Rs 598.39 crore in the year-ago period. The Mumbai-based cement maker's revenue rose 15 per cent to Rs. 9,795 crore in the first quarter of the current financial year. (Track UltraTech share price here)
The UltraTech Cement stock jumped as much as 3.57 per cent to Rs 4,382.85 apiece on the Bombay Stock Exchange (BSE) on Friday. On the National Stock Exchange (NSE), UltraTech Cement shares rose as as much as 3.56 per cent to hit Rs 4,383.70 at the day's highest level.
On a consolidated basis, its net profit stood at Rs 1,207.81 crore in the June quarter, marking an increase of 91.10 per cent over the year-ago period.
In a presentation to investors, the company said its operating margin improved to 28 per cent in the quarter ended June 30, 2019, from 19 per cent in the year-ago period.
UltraTech Cement said it expects sectoral demand to grow in line with the growth rate of the national gross domestic product (GDP).
At 10:32 am, UltraTech shares traded 3.19 per cent higher at Rs 4,366.75 apiece on the BSE, outperforming the benchmark Sensex index which was up 0.84 per cent at 37,642.21.