 "Ultratech Q1 net declines 6% to Rs 591 crore")
The Aditya Birla Group firm had posted net profit of Rs 628 crore in the year-ago period.
Its consolidated net sales rose by 6% to Rs 6,372 crore in April-June quarter of 2015-16, from Rs 5,989 crore in the same quarter of 2014-15 fiscal, Ultratech said in a filing to the BSE.
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During the quarter under review, cement and clinker sales stood at 12.14 million tonne against 11.70 MT, it said.
"Energy costs improved by 7%. The reduction in fuel prices was partially offset by the increase in railway freight. Input prices remained stable, except for the rise in royalty for limestone and levies under the Mines and Minerals (Development & Regulation) (MMDR) Amendment Act, 2015," it added.
Ultratech shareholders and creditors have approved the firm's acquisition of Jaiprakash Associates Ltd's (JAL) cement units at Bela and Sidhi in Madhya Pradesh that have a cement capacity of 4.9 million tonne per annum (MTPA) and a thermal power generation capacity 180 MW TPP, the company said.
"The Competition Commission of India has already approved the transaction. The transaction is now subject to approval from the High Courts and getting all regulatory approvals," it added.
Ultratech has also commissioned 15 MW Waste Heat Recovery System, taking the company's total power generation capacity from waste heat recovery to 48 MW.
On outlook, the firm said: "With the government's focus on infrastructure development, housing sector, smart cities, roads, etc, the company is positioned across the country to meet the expected rise in demand and participate in the next phase of growth in the country."
Shares of the company rose by 2.03% to Rs 3,282 apiece at the BSE in the afternoon trade.