UltraTech Cement has reported an impressive 67 percent increase in its net profit for the third quarter of FY24, attributing this growth to strong demand for building materials and reduced operating costs.
The company disclosed that its profit rose to Rs 1,774.78 crore in the three months ending December, a substantial climb from Rs 1,062.58 crore in the corresponding period a year earlier.
Consolidated net sales exhibited a significant 8 percent year-on-year increase, reaching Rs 16,487 crore for the quarter, compared to Rs 15,299 crore in the same quarter last year.
UltraTech Cement highlighted a 5 percent year-on-year growth in domestic grey cement sales volume, with a 1 percent sequential increase. The cement maker attributed this positive performance to enhanced operational efficiencies and reduced fuel and raw material costs, resulting in improved Ebitda margins. Operating Ebitda per metric ton stood at Rs 1,208 for India operations, reflecting a 34 percent YoY increase and a 27 percent sequential rise.
Additionally, UltraTech Cement emphasized its commitment to ‘green mobility’ by introducing electric trucks on a pilot scale for clinker transportation. During the quarter, the company expanded its footprint with the acquisition of a 0.54 million tonnes per annum cement grinding asset from Burnpur Cement Limited in Patratu, Jharkhand, for Rs. 169.79 crores.
In the pursuit of sustainable practices, UltraTech Cement commissioned an additional 26 MW of solar power during the quarter, bringing its total capacity to 455 MW, complemented by Waste Heat Recovery Systems of 264 MW. The company aims to transition to 85 percent green power usage by the end of 2030, reinforcing its commitment to environmental responsibility.