NEW DELHI, Apr 25: Ultratech Cement today reported a 24 per cent dip in consolidated net profit at Rs 657.2 crore for the fourth quarter of 2014-15, mainly on account of a penalty imposed by CCI on cartelisation charges.
The Aditya Birla Group firm had reported a net profit of 864.83 crore in the January-March period of 2013-14 fiscal, Ultratech said in a regulatory filing.
The country’s largest cement maker reported a growth of 4.47 per cent in its turnover during the quarter at Rs 6,597.49 crore. In the same period of last fiscal, Ultratech had registered a turnover of Rs 6,314.86 crore.
The company said, the main reason for the dip in its net profit is due to a Rs 117.55 crore payment made as ordered by the Competition Commission of India following charges of cartelisation by the company.
The company also paid Rs 49.86 crore during the quarter towards additional charge on deferred tax due to increase in surcharge on income tax.
Total expenses during the quarter rose to Rs 5,520.63 crore as against Rs 5,287.92 crore in the same period of previous year, owing to higher cost of raw materials.
During the quarter, the company commissioned a 2 mtpa clinkerisation plant and a 10 MW waste heat recovery system in Rajasthan. Another 6 MW waste heat recovery system was commissioned in Karnataka.
For the financial year ended March 31, 2015, the country’s largest cement maker reported a 4.88 per cent drop in its net profit at Rs 2,098.34 crore. Ultratech Cement had registered a net profit of Rs 2,206.03 crore in 2013-14.
The company’s turnover grew by 12.45 per cent during last fiscal to Rs 24,348.96 crore. It had registered a turnover of Rs 21,651.5 crore in 2013-14.
Cement and clinker sale of grey cement rose to 44.85 million tonnes during the year as against 41.47 million tonnes in 2013-14, the company said.
It added, white cement sales stood at 12.25 lakh tonnes during the year-under review as against 11.41 lakh tonnes in the year-ago period.
The company raised its capacity to 60.2 mtpa during the fiscal after it acquired cement plants from the Jaypee Group.
“With the focus on development of the infrastructure and housing sector, the company is positioned across the country to meet the rise in demands and participate in the next phase of growth in the country,” Ultratech Cement said in a statement.
The company’s board also declared a 90 per cent dividend amounting to Rs 246.96 crore.
“The company will absorb corporate tax on dividend amounting to Rs 50.28 crore resulting in total payout of Rs 297.24 crore,” it said. (PTI)
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