UltraTech profit grows as operations resume
UltraTech Cement’s consolidated net sales grew by 8 per cent year-on-year to $1.39 billion in the second quarter of its financial year to 30 September 2020 from $1.29 billion in the same period in 2019. Its profit after tax more than doubled to $167 million from $78.5 million. The group attributed its progress to, “strong quarterly performance on the back of operational efficiencies and its ability to serve all India markets.”
It added that it had focused on health and safety and ‘efficient working conditions’ as it had gradually resumed operations following coronavirus-related lockdown restrictions. Overall, the group’s revenue from operations fell by 14 per cent year-on-year to $2.44 billion in the first half of its financial year from $2.85 billion in the same period in 2019.