UltraTech Q4 net down 39% on one-offs, but core performance surprises

Higher volumes, realisation, improving capacity utilisation of JP's assets drive profitability

The country’s largest cement producer, UltraTech, on Wednesday reported a 39 per cent year-on-year decline in consolidated net profit for the March quarter, mainly due to one-offs or exceptional items. Adjusted for the provision for stamp duty on acquired assets and impairment of assets (in West Asia and Oman) to the tune of Rs 3.15 billion, the net profit at Rs 7.24 billion came close to Rs 7.26 billion reported in the year-ago quarter despite rising depreciation and interest costs.

At the standalone level (for domestic operations), adjusted net profit at Rs 6.77 billion, too, was comparable to Rs 6.88