Mumbai: UltraTech Cement Ltd, India’s largest cement maker, on Monday said its net profit in the quarter ended 30 September rose 25.27% from a year ago because of higher other income.
The company reported a consolidated net profit of Rs.614.30 crore in the July-September quarter compared to Rs.490.39 crore a year ago. Net sales dropped 2.53% to Rs.5,709 crore from Rs.5,857 crore, as per Indian Accounting Standards (IndAS).
The earnings failed market estimates. In a Bloomberg poll, two brokers had estimated consolidated net sales at Rs.6,322.40 crore and net profit at Rs.701.40 crore.
Earnings before interest, depreciation, taxation and amortization in the September quarter was up 16% to Rs.1,378 crore from Rs.1,186 crore a year ago.
On a standalone basis, net sales dropped 2.33% to Rs.5,398 crore, while net profit rose 31.51% from Rs.457 crore to Rs.601 crore in the quarter.
At 1.21pm, UltraTech shares fell 0.71% to Rs.4,009.85 per share on the BSE, while the benchmark Sensex index lost 0.32% to 27,585.43 points.