The Business Bytes
Mumbai, April 29, 2024 (TBB Bureau): Aditya Birla Group company Ultratech Cement Ltd on Monday reported a significant 35 per cent increase in net profit to Rs 2,258.58 crore during the January-March quarter of FY2023-24, attributed to robust demand for building materials and reduced operating costs. This marks a substantial rise from the Rs 1,670 crore net profit reported in the corresponding quarter of the previous year.
The Ultratech board has proposed a dividend of Rs 70 per share with a face value of Rs 10 each for the financial year 2023-24.
The company’s revenue also witnessed a notable uptick, climbing by 9.4 per cent to Rs 20,418.94 crore compared to the same period last year. Sequentially, revenue soared by 21 per cent, while profit surged by 27.3 per cent compared to the third quarter of the current fiscal year.
This surge in revenue and net profit can be attributed to increased government investments in large-scale infrastructure projects and affordable housing initiatives, thereby driving up the demand for cement.
