Mumbai, July 18 (IANS) Aditya Birla Group company UltraTech Cement on Wednesday reported a decline of 33 per cent in its standalone net profit for the first quarter of 2018-19.
According to the company, its Q1 net profit decreased to Rs 598 crore from Rs 891 crore reported for the corresponding period of the previous financial year.
However, the cement manufacturer’s net sales during the quarter under review rose to Rs 8,476 crore from Rs 6,533 crore earned during the like period of the previous fiscal.
On a consolidated basis, the company reported that its net profit dipped to Rs 631 crore for the quarter ended June 30, 2018 from Rs 898 crore reported for the previous financial year.
“Net sales have soared 27 per cent to Rs 8,841 crore from Rs 6,938 crore over previous year,” the cement manufacturer said in a statement.
“Profit before Interest, Depreciation and Tax was Rs 1,763 crore vis-à-vis Rs 1,798 crore in the corresponding period of the previous year.”
The company gave a positive demand outlook.
“The key drivers being higher government budget allocation for infrastructure and rural development, increased rural housing demand consequent to increase in Minimum Support Price for kharif crop and pre-election spending,” the statement added.