Cement major UltraTech Cement, an Aditya Birla Group company, on Thursday reported a profit of Rs 1,473.51 crore for the fiscal third quarter, posting a drop of 16.98 per cent in comparison to Rs 1,774.78 crore during the corresponding quarter of FY24, surpassing estimates. It recorded revenue from operations at Rs 17,193.33 crore, up 2.71 per cent as against Rs 16,739.97 crore during the third quarter of previous financial year. The company EBITDA stood at Rs 2,887 crore. According to a CNBC TV18 poll, Ultratech Cement was expected to post profit for the third quarter of FY25 at Rs 1,295 crore and revenue for the period was estimated at Rs 17,025 crore.
During the quarter, UltraTech achieved a capacity utilisation of 73 per cent. Domestic sales volume, meanwhile, grew by 10 per cent YoY. It said that energy costs were lower by 13 per cent YoY and 4 per cent QoQ during the period, mainly on account of decrease in fuel cost.
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As part of its ongoing capacity expansion program, UltraTech said, it commissioned an additional 1.8 mtpa capacity. Further, with the acquisition of The India Cements Limited, UltraTech’s cement capacity has increased to 171.11 mtpa, on a consolidated basis. Upon completion of the ongoing expansion projects and the acquisition of Kesoram Cement (10.75 MTPA), UltraTech will achieve the unique milestone of more than 200 mtpa cement capacity in the country by the end of FY27.
Transaction Update
In a regulatory filing, UltraTech said that upon receiving an unconditional approval from the Competition Commission of India, the company acquired 10,13,91,231 equity shares of Rs 10 each of The India Cements Limited (ICEM), representing 32.72 per cent of ICEM’s equity share capital, from the former promoters and one other shareholder. “With this acquisition, along with its existing shareholding of 22.77 per cent, UltraTech’s total shareholding in ICEM has increased to 17,19,55,887 equity shares, representing 55.49 per cent of ICEM’s equity share capital. As a result, ICEM has become a subsidiary of UltraTech, effective 24th December, 2024,” it said. Additionally, UltraTech has also made an open offer to the public shareholders of ICEM to acquire upto 8,05,73,273 equity shares of Rs 10 each, representing 26 per cent of ICEM’s equity share capital,
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