UltraTech to up its cement capacity by 19 per cent
By next year, UltraTech is planning a 19 per cent increase in its capacity. Terming the short-term prospects for cement industry as bearish the country's No. 1 cement maker's
Chairman Kumar Mangalam Birla
expected a good growth potential over the medium to long term.
In a recent statement Birla said that rising input and energy costs have been squeezing margins at cement companies, while demand remains a worry amid a weakening economy and high interest rates which have slowed housing and infrastructure development in Asia's third-largest economy.
The company reported a near 14 per cent increase in net profit for the quarter ended June to Rs 7.18 billion ($129 million) compared with a year earlier.