Ultratech Cement quarterly net falls 24 per cent

MUMBAI: Aditya Birla group owned Ultra Tech Cement Saturday said its quarterly net profit fell 24% as high input costs, finance and tax expenses offset rise in sales.

The company posted a consolidated net profit of Rs 657.20 crore in the Jan-Mar quarter, down from Rs 864.83 crore the same time last year.

Sales rose 5% to Rs 6518.18 crore. But the company's finance costs rose 87% to Rs 159.70 crore. Tax expenses more than doubled to Rs 311.96 crore.

"Although there was some relief on account if softening in coal prices, the cost of limestone and other input materials continued to remain high, putting pressure on margins," it said.

Shrenik Gujrathi, a senior reseach analyst with Angel broking said the results were in line with the brokerage's expectation.

But "cement volume saw de-growth of 3% year on year and came in at 11.81 million tons. It was below our estimate of 12.18 million tons," he added. The brokerage maintained a Buy rating on the stock.