Ultratech Cement Q2 net down 12% at Rs 164cr

Ultratech Cement, an Aditya Birla Group company, posted 12 per cent fall in net profit at Rs 164.19 crore in the second quarter of the current financial year as compared to Rs 185.86 crore in the corresponding period of the last year.

The decline in net profit was largely attributed to huge spurt in deferred tax that surged to Rs 21.05 crore for the quarter ended September 30, 2008 when compared with Rs 1.78 crore in the comparable period last year.

Net sales of the company, however, jumped to Rs 1,396.21 crore in the Q2FY09 vis-a-vis Rs 1167.62 crore in the same quarter of the previous year.

On half yearly basis, the cement major reported a net profit of Rs 429.20 crore (Rs 445.24 crore) with a provision of deferred tax of Rs 72.90 crore (Rs 12.15 crore) on a turnover of Rs 2892.19 crore (Rs 2527.58 crore).