UltraTech Cement on Monday reported a rise of 8 per cent in its consolidated net profit for the third quarter of FY22 on a year-on-year basis.
The company’s profit after tax jumped 8 per cent to Rs 1,708 crore from Rs 1,584 crore on a YoY basis.
“There is a one-time gain of Rs 535 crores in tax for earlier years,” the company said.
Besides, the consolidated net sales rose to Rs 12,710 crore vis-a-vis Rs 12,144 crore over the corresponding period of the previous year.
“During the quarter, trade sales were impacted more than non-trade sales, as overall cement demand remained subdued,” the company said in a statement.
“With the onset of the peak season and rising construction activities, cement demand is expected to revive in Q4FY22, driven by a pick-up in the government-led infrastructure and housing projects,” it added.
Additionally, the company said that rural and urban demand is expected to pick up going forward.
“With the Omicron variant of Covid-19 spreading rapidly, its impact on the economy remains to be seen. With business continuity plans in place, UltraTech is better placed to tide over the current wave of the pandemic. As in the earlier waves, it continues to closely monitor the situation and impact on its operations,” the company said.