UltraTech Cement slips after weak Q3 outcome

UltraTech Cement fell 0.18% to Rs 1713 at 13:33 IST on BSE after net profit fell 38.44% to Rs 370 crore on 1.46% decline in net sales to Rs 4786 crore in Q3 December 2013 over Q3 December 2012.

The result was announced during trading hours today, 20 January 2014.

Meanwhile, the BSE Sensex was up 73.15 points, or 0.35%, to 21,136.77.

On BSE, so far 3.10 lakh shares were traded in the counter, compared with an average volume of 6,633 shares in the past one quarter.

The stock hit a high of Rs 1,724.80 and a low of Rs 1,688 so far during the day. The stock hit a 52-week high of Rs 2,066.25 on 20 May 2013. The stock hit a 52-week low of Rs 1,404.95 on 29 August 2013.

The stock had underperformed the market over the past one month till 17 January 2014, sliding 2.14% compared with the Sensex's 2.19% rise. The scrip had also underperformed the market in past one quarter, falling 12.48% as against Sensex's 3.17% rise.

The large-cap company has an equity capital of Rs 274.23 crore. Face value per share is Rs 10.

UltraTech Cement's profit before interest, depreciation and tax (PBIDT) fell 24.54% to Rs 864 crore in Q3 December 2013 over Q3 December 2012.

The company's net profit jumped 40.15% to Rs 370 crore on 6.31% increase in net sales to Rs 4786 crore in Q3 December 2013 over Q2 September 2013. PBIDT rose 20.50% to Rs 864 crore in Q3 December 2013 over Q2 September 2013.

The combined domestic cement and clinker sales remained flat at 9.7 million tonne (MnT) while it was 2.89 lakh metric tonnes (LmT) (2.62 LmT) for white cement and wall care putty.

UltraTech Cement said the results for the quarter have been impacted mainly on account of lower selling prices due to the subdued demand. However, on-going cost optimisation measures have helped in containing costs despite the continuing increase in input and logistics cost.

The company said the outlook continues to remain challenging. Demand growth in the long term is likely to be around 8%. The key demand drivers will continue to be housing and infrastructure spends, it said.

UltraTech Cement, part of the Aditya Birla Group, is a leading cement manufacturer in India.

Powered by Capital Market - Live News