UltraTech Cement surges 9% on better-than-expected Q1 show
Published On: Tuesday, July 28, 2020 | By: Team KnowMyStock
Shares of UltraTech Cement moved higher by 9 per cent to Rs 4,210 on the BSE on Tuesday after the company reported better-than-expected operational performance in the April-June quarter of FY21 (Q1FY21). It reported a 36.4 per cent year-on-year (YoY) fall in net profit at Rs 806 crore compared with Rs 1,267 crore in the corresponding quarter last year due to one-time loss of Rs 157.4 crore and lockdown impact on revenue but beat analysts' estimates pegged at Rs 480 crore for the quarter. Revenue for the quarter fell 32.81 per cent YoY to Rs 7,290 crore compared with Rs 10,851 crore in the same quarter last year. The company doubled other income to Rs 278.8 crore against Rs 134.7 crore YoY, which supported profitability. The company’s consolidated net sales were at Rs 7,563 crore against Rs 11,229 crore over the corresponding period of the previous year.
The cement maker said it achieved 60 per cent capacity utilisation for the first 68 operating days since national lockdown and kept tight control on costs and cash flow, and achieved effective capacity utilisation.
Source: Money Control, Business India, Economic Times
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