UltraTech Cement Limited doubled profits in the three months ended Dec. 31 on stable housing demand, the company said in a statement.
Net revenue jumped to 15.8 billion rupees ($ 217 million) from 7 billion rupees a year earlier, making it analysts ’estimates, Kumar Mangalam Birla Group’s Aditya Birla unit said in an exchange file on Saturday. Sales rose 17% to 122.5 billion rupees.
“While rural and semi-urban housing continues to drive growth, construction of government-led infrastructure has helped boost cement demand,” the Mumbai-based company said in the statement. . “Urban demand is expected to improve with the gradual return of migrant workers. ”
UltraTech has identified 54.77 billion rupees to increase its capacity spending by 12.8 million tons a year through greenfield and brownfield projects in the east, central and northern parts of the country, he said. The expansion, which will add to the 6.7 million tons guaranteed in the next fiscal year, will expand UltraTech’s total capacity to 136.25 million tons.
The board of the company agreed to build a plan up to 30 billion rupees through financial instruments or securities either in India or abroad.