Ultratech Cement slips after weak Q3 results

Ultratech Cement fell 3.29% to Rs 4,392.90 at 13:54 IST on BSE after consolidated net profit fell 23.36% to Rs 456 crore on 33.24% increase in net sales to Rs 7897 crore in Q3 December 2017 over Q3 December 2016.

The result was announced during trading hours today, 18 January 2018.

Meanwhile, the S&P BSE Sensex was up 391.61 points, or 1.12% to 35,473.43.

On the BSE, 16,000 shares were traded in the counter so far, compared with average daily volumes of 9,058 shares in the past two weeks. The stock had hit a high of Rs 4,550 and a low of Rs 4,381 so far during the day. The stock hit a record high of Rs 4,594.30 on 16 January 2018. The stock hit a 52-week low of Rs 3,376.80 on 18 January 2017.

Ultratech Cement's consolidated profit before interest, depreciation & taxes (PBIDT) rose 16.72% to Rs 1494 crore in Q3 December 2017 over Q3 December 2016.

The quarter witnessed increase in variable costs attributable to rise in pet coke and coal prices. The ban on pet coke usage in some states also adversely impacted performance, the company said in a statement.

In its outlook, the company said that the expected higher budget allocation for infrastructure and rural development will be the key demand drivers.

UltraTech Cement is the largest manufacturer of grey cement, ready mix concrete and white cement in India.

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