UltraTech Q2 profit falls 36% to ₹820 cr
Revenue from operations of India’s largest cement producer declined 2.36% year-on-year to ₹15,634 crore for the second quarter.
Revenue from operations of India’s largest cement producer declined 2.36% year-on-year to ₹15,634 crore for the second quarter.
Spate of acquisitions and organic expansion make UltraTech the top cement company in the country.
This financing is the company’s second sustainability-linked initiative, following the $400 million bond issue in 2021.
The share price of India Cements has more than doubled in less than two months to ₹385.50, from its 52-week low of ₹172.55 touched on June 4, 2024.
UltraTech Cement is reportedly in talks to buy a stake in this mid-size cement manufacturer.
The agency expects consolidation in India’s cement industry to continue in the medium term.
Radhakishan Damani, the founder of DMart chain of hypermarkets, sold around 24% stake in India Cements to Ultratech Cement via block deals yesterday.
UltraTech to buy up to 7.06 crore equity shares of India Cements at ₹267 per share, amounting to ₹1,885 crore.
This acquisition will be executed through UltraTech's wholly-owned UAE subsidiary, UltraTech Cement Middle East Investments Ltd (UCMEIL)
For the full year, the consolidated net profit after tax stood at ₹7,005 crore, up 38%, as against ₹5,064 crore in FY23.