The Aditya Birla group expects the cement sector to grow by 9 per cent in the current fiscal year, above last year’s 8 per cent, which was also the expectation for this year of industry analysts.
UltraTech Cement, the country’s largest manufacturer, is part of the Aditya Birla group.
Kumar Mangalam Birla, chairman of the group, said: “The industry demand may grow at 9 per cent for the year, given the government initiatives to boost rural development, infrastructure and housing, all of which provide a growth impetus.”
He was speaking at the 9th Annual General Meeting of UltraTech.
Industry was earlier of the view that the current fiscal would end with a growth rate of around 7 per cent or less.
UltraTech Cement has surpassed ACC as the biggest cement maker, with a yearly capacity of 23.1 million tonnes,
It posted a rise of 58 per cent in its net profit for the quarter ended June 30, at Rs 418 crore, compared with Rs 265 crore in the corresponding quarter last year.
The company’s sales volumes increased by 24 per cent during the quarter.
Their expansion plan is Rs 2,055 crore to be spent over the next three years.
It has spent Rs 3,200 crore in expansion so far, in adding production and captive power capacities.
