UltraTech Cement rose 4.8% to Rs 5790.70 after the company reported 122.8% surge in consolidated net profit to Rs 1584.58 crore on 17.4% increase in net sales to Rs 12,254.12 crore in Q3 December 2019.
Profit before tax surged 133.8% to Rs 2331.98 crore in Q3 December 2020 over Q3 December 2019. Current tax expense soared to Rs 408.92 crore in Q3 December 2020 as against Rs 165.3 crore in Q3 December 2019.EBITDA jumped 57% to Rs 3362 crore in Q3 December 2020 from Rs 2147 crore recorded in Q3 December 2019. EBITDA margin improved by 700 basis points to 28% in Q3 December 2020 from Rs 21% in Q3 December 2019.
UltraTech said recovery from COVID-19 led disruption has been rapid and this has fuelled by quicker demand stabilization, supply side restoration and greater cost efficiencies.
The cement major's consolidated cement sale volume grew by 14% year on year to 23.88 million tonne in Q3 December 2020 from 20.9 million tonne registered in Q3 December 2019.
The cement manufacturer said it continues to focus on debt reduction. Its consolidated net debt reduced to 0.84x in Q3 December 2020 from 1.87x in Q3 December 2019.
Going forward, the company said its capital and financial resources remain entirely protected and its liquidity position is covered. With strong rural growth, UltraTech said that it expects demand to grow on the back of Government's push on infrastructure projects.
Shares of UltraTech Cement hit a fresh record high of Rs 5829.90 in morning trade today. The counter has jumped nearly 99% from its 52-week low of Rs 2913.15 hit on 25 March 2020.
UltraTech Cement manufactures a range of products that cater to construction needs from foundation to finish, including Ordinary Portland Cement (OPC), Portland Blast Furnace Slag Cement (PSC), Portland Pozzolana Cement (PPC), white cement including white cement-based products and ready-mix concrete.
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