UltraTech Cement's net profit grows 67% to Rs 1,774.7 crore in Q3 FY24
UltraTech Cement's revenue from operations rose 7.85 per cent to Rs 16,739.97 crore during the period. It was Rs 15,520.93 crore in the corresponding period a year ago.
UltraTech Cement's revenue from operations rose 7.85 per cent to Rs 16,739.97 crore during the period. It was Rs 15,520.93 crore in the corresponding period a year ago.
After clocking double-digit volume expansion in the first half of the year, growth of these companies in Oct-Dec is seen moderating to around 5-6% for most players due to elections in some states, a construction ban in the NCR region and shortage of labor.
It has received an order from Assistant Commissioner, Bathinda, for a demand of "Rs 25.11 lakh together with interest and penalty, alleging that the ISD (Input Service Distributor) credit not reflected" in the statement of FY18, the Aditya Birla Group firm said in a regulatory filing on Friday.
UltraTech Cement's grey cement production in the domestic market was at 25.44 MT in the October-December quarter FY24, reporting 5 per cent growth, while its white cement production was 0.48 MT, up 14 per cent.
ET explains why companies have shown high preference for the inorganic route and what lies ahead for the sector.
The first order passed confirming GST demand of Rs 17,60,661, interest as applicable and penalty of Rs 1,76,066 while the second order is for GST demand of Rs. 54,252, interest and penalty of Rs. 20,000.
The improved profitability in the September quarter, along with the expected improvement in the December and March quarters is expected to lift the average operating profit per tonne of cement makers to ₹970 per tonne in FY24 compared with ₹745 per tonne a year ago, Axis Securities said in a note.
Grasim Industries' net consolidated total income stood at Rs 30,505.27 crore in Q2 FY24, a growth of 9.98 per cent from Rs 27,737.58 crore it recorded in the similar quarter last year.
Burnpur Cement's net standalone total income stood at Rs 43.48 crore in Q2 FY24, a growth of 31.64 per cent from Rs 33.03 crore it recorded in the similar quarter last year.
UltraTech Cement will seek legal recourse to contest the above order since the differential duty with interest was already deposited, but has not been taken cognizance of by the authority.
Ultratech Cement's total consolidated income stood at Rs 16,179.26 crore in Q2 FY24, a growth of 15.25 per cent from Rs 14,038.95 crore it recorded in the similar quarter last year.