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UltraTech Cement, India's largest cement maker, has posted a decline of 39% in its net profit for the quarter ended 31 December. The company's net profit stood at Rs 370 crore compared with Rs 601 crore in the corresponding quarter last year.
The cement major's net sales were lower at Rs 4,786 crore, down 1.5%, against Rs 4,857 crore in the same period last year.
Flat sales of cement and poor realisation impacted the company's quarterly performance. In a statement, UltraTech said, "The results for the quarter have been impacted mainly on account of lower selling prices due to subdued demand."
In its outlook, the company paints a challenging picture. However, it added that demand growth in the long term is likely to be about 8%. According to the cement giant, the key drivers for demand will continue to be housing and infrastructure spends.
On the BSE, UltraTech was trading weak at Rs 1,714.10 at 1:25 pm.
