UltraTech Cement Third-Quarter Net Profit More Than Doubled
By Kosaku Narioka
UltraTech Cement Ltd.’s third-quarter net profit more than doubled, as public infrastructure projects and housing demand boosted revenue, the Indian cement company said Saturday.
Net profit for the quarter ended December rose to 15.84 billion rupees($217.0 million) from INR7.12 billion a year earlier, UltraTech Cement said. That beat the estimate of INR11.96 billion from a poll of analysts by S&P Global Market Intelligence.
Revenue for the period increased 17% to INR122.54 billion, it said.
UltraTech said a pickup in government-led infrastructure projects bolstered demand, while rural and semi-urban housing continued to drive growth.
The cement company said that the recovery from the disruption caused by the Covid-19 pandemic has been rapid, and that pent-up urban demand is expected to pick up as migrant workers return gradually.
Write to Kosaku Narioka at firstname.lastname@example.org
(END) Dow Jones Newswires
January 24, 2021 21:38 ET (02:38 GMT)
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Dow Jones – UltraTech Cement Third-Quarter Net Profit More Than Doubled