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Sunday, Oct 19, 2008
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Business Daily from THE HINDU group of publications Sunday, Oct 19, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Financial Performance Corporate Results - Cement UltraTech posts 12% fall in net profit
Our Bureau Mumbai, Oct. 18 Signalling a slowdown in earnings of cement companies in the days to come, UltraTech Cement Ltd, an Aditya Birla Group company, recorded a 12 per cent drop in net profit at Rs 164 crore in the second quarter ended September 30, against Rs 186 crore registered in the year-ago period. Net sales rose 20 per cent to Rs 1,396 crore (Rs 1,168 crore) in the quarter under review. The combined cement and clinker sales at 3.98 million tonnes reflected a growth of 13 per cent year-on-year. Domestic realisation remained flat at Rs 178 for a 50 kg bag. Total expenditure in the quarter increased 31 per cent to Rs 11,802 crore (Rs 9,019 crore) as power and fuel costs jumped 53 per cent to Rs 3,945 crore (Rs 2,574 crore), freight cost was up 18 per cent to Rs 2,343 crore (Rs 1,993 crore) and raw material expenses rose 32 per cent to Rs 1,579 crore (Rs 1,200 crore). Mr K.C. Birla, Vice-President and Chief Financial Officer, UltraTech Cement, said a slowdown in the real estate sector and escalation in input cost impacted the bottomline. A sharp increase in prices of coal and raw material resulted in variable costs rising by 37 per cent. The company had to increasingly depend on imported coal as new coal linkages were not forthcoming and open market prices were significantly higher. Imported coal prices had more than doubled to $190 a tonne. The recent fall in the prices of imported coal has been partly neutralised by the fall in value of rupee against the dollar. Cement demand is expected grow by 7-8 per cent against earlier forecasts of 9-10 per cent. Higher costs trim UltraTech’s margins UltraTech Q1 net profit rises 2 pc, sales up 10% More Stories on : Financial Performance | Cement
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