UltraTech net up 29%
UltraTech Cement, part of the Aditya Birla Group, has posted a rise of 29 per cent in its net profit for the year ended March, 2008 at Rs 1,008 crore compared to Rs 782 crore in the previous financial year. The net sales of the company during FY08 grew to Rs 5,509 crore from Rs 4,911 crore, up 12.18 per cent.
For the quarter ended March, the net profit rose by 22 per cent to Rs 283 crore from Rs 232 crore in the previous corresponding quarter. The net sales during the quarter stood at Rs 1,602 crore against last year’s Rs 1,465 crore.
Though realisations remained flat sales volume increased during the year. The company produced 15.07 million tonnes of cement with an effective capacity utilisation of 101 per cent.
Earning per share for FY08 was Rs 80.94 against Rs 62.84 last year. In the board meeting today, a dividend of 50 per cent aggregating to Rs 62.24 crore was recommended.
The company said in a statement that the recent ban on cement exports will have an impact on export revenues and the company would increase its domestic volume to mitigate the impact.
In the last quarter, UltraTech commissioned its new clinkerisation unit in Andhra Pradesh where as the remaining capacity expansion in Andhra and the grinding unit in Karnataka are expected to go on stream in the first half of FY09. De-bottlnecking during the year at company’s units across the country increased the capacity by 1.2 million tonnes.
Once the cement making unit in Andhra Pradesh commissions, the company’s overall capacity will shot up to 23.1 million tonnes. The company set up 15 ready mix concrete plants in the country in FY08 and plans to set up additional plants as the sector offers lot of opportunities esepecially in the urban areas.
In its outlook, the company said that the overall demand in FY09 is expected to grow by 9 per cent. “Continuous government intervention has resulted in uncertain price environment, which together with significant increase in input costs will have an adverse impact on margin,” it said.
On the flat Bombay Stock Exchange, the company’s stocks jumped 6.79 per cent to Rs 824.60 against the previous close of Rs 772.15
