Ultratech Cement slides after Q1 results

Ultratech Cement dropped 2.48% to Rs 4220 at 14:54 IST on the BSE after net profit jumped 91.4% to Rs 1208 crore on 14.98% rise in net sales to Rs 10027 crore in Q1 June 2019 over Q1 June 2018.

The result was announced during the market hours today, 8 August 2019.

Meanwhile, the S&P BSE Sensex was up by 480.72 points or 1.31% at 37,171.22.

On the BSE, 48000 shares were traded in the counter so far compared with average daily volumes of 27000 shares in the past two weeks. The stock had hit an intraday high of Rs 4403.15 and an intraday low of Rs 4132 so far during the day. The stock hit a 52-week high of Rs 4903.9 on 27 May 2019 and a 52-week low of Rs 3263.7 on 23 October 2018.

The company's earnings before interest tax depreciation and amortization (EBITDA) surged 61% to Rs 2840 crore in Q1 June 2019 compared with Rs 1763 crore in Q1 June 2018. The EBITDA margin was at 28% in Q1 June 2019 as compared to 20% in Q1 June 2018.

The company stated that the government's pro-growth stance, thrust on infrastructure development, increased plan outlay for social housing program, pick-up in rural housing demand and likely reduction in the benchmark interest rate were key demand drivers. Urban demand development, liquidity improvement and overall economic scenario were key factors to watch in upcoming quarters.

UltraTech Cement is the largest manufacturer of grey cement, ready Mix Concrete (RMC) and white cement in India. It is also one of the leading cement producers globally.

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