UltraTech Cement June quarter profit down 36 per cent to Rs 806 crore
UltraTech Cement reported 36 per cent decrease in its net profit for the April to June quarter at Rs 806 crore as compared to Rs 1,267 crore in the corresponding quarter of the previous year.
The revenue of the cement manufacturer fell by 33 per cent to Rs 7,290 crore from Rs 10,851 crore in the same period. The company said it achieved 60 per cent capacity utilisation in first 68 operating days since the national lockdown.
“In the available 68 operating days during this quarter, the company kept tight control on costs and cash flow, and achieved effective capacity utilisation of 60 per cent across its network of 54 plants around the country,” said UltraTech Cement in its statement.
It also added that “The Company’s focus on operational efficiencies and cost control has made it better prepared for any future slowdown resulting from Covid-19”.
The total sales in Q1 FY21 are Rs 7,290 crore vis-a-vis Rs 10,851 crore over Q1 FY20 while profit before interest, depreciation and tax was at Rs 2,251 crore versus Rs 2,948 crore in the same period of last year.
Normalised profit after tax was Rs 914 crore. It was Rs 1,267 crore in the same period of the previous year.
The UltraTech Cement said overheads control programme cut fixed costs by 21 per cent year-on-year. “Prudent working capital management and control on cash flows are reflected in a reduction of net debt by Rs 2,209 crore during Q1 FY21.
UltraTech Cement is one of India’s leading cement manufacturer located in Mumbai. It is established in 1983 and owned by Indian multinational conglomerate, Aditya Birla Group.