UltraTech Q1 net up 29% to Rs 780 crore

Net sales up 4% to Rs 6,538 cr; Stock price nears 52-week high on Tuesday, ends marginally up at Rs 3,505.90 on BSE

UltraTech Cement, India’s leading cement player, posted a rise of 29 per cent in its consolidated net profit for the first quarter of the financial year at Rs 780 crore compared with Rs 604 crore in the previous corresponding quarter.

The company's net sales grew 4 per cent to Rs 6,538 crore during the quarter against Rs 6,281 crore last year.

Continuation of high prices for the second quarter in a row amid relatively better demand for cement helped the company put a better quarterly show.

"The quarter witnessed improvement in operating costs on the back of operational efficiencies and a judicious power and fuel mix," said UltraTech in a statement.

Stock prices of UltraTech hovered close to 52-week high on Tuesday and closed marginally up at Rs 3,505.90 on the BSE.

In its outlook, the company said that FY17 would see a growth of 7 per cent given the government's focus on infrastructure development, housing sector, smart cities and roads.

"UltraTech is positioned across the country to meet the rise in demand and participate in the next phase of growth in the country," the company added in a statement.