UltraTech Cement on Tuesday noted a 36.4 for each cent 12 months-on-calendar year (YoY) fall in net profit at Rs 806 crore when compared with Rs 1,267 crore in the corresponding quarter last yr.
The profit came in significantly larger than a Rs 470 crore estimate that analysts experienced made in an ETNow poll.
Revenue for the quarter fell 32.81 per cent YoY to Rs 7,290 crore in comparison with Rs 10,851 crore in the same quarter past yr.
The cement maker claimed it obtained 60 per cent capacity utilisation for the very first 68 functioning times considering that nationwide lockdown.
“In the obtainable 68 working days for the duration of this quarter, the company kept a tight control on expenses and cash flow, and accomplished an effective capacity utilisation of 60 per cent throughout its network of 54 plants around the state,” the organization mentioned.
UltraTech mentioned it is closely checking the effect of Covid-19 on its functions. It included that its capital and economic assets continue being totally shielded and its liquidity position is sufficiently covered.
For the quarter, the enterprise observed a 21 per cent fall in preset expenses and 22 for every cent drop in volumes.
The business claimed its prudent working capital management and control on cash flows resulted in a reduction of internet debt by Rs 2,209 crore for the duration of the quarter.
“General disruption as a end result of the lockdown did affect organization efficiency, but with the govt taking measured ways in the direction of opening up the economic climate, some encouraging trends have been seen in the course of the latter section of May perhaps, pushed mainly by far better than anticipated select-up in cement usage in the rural marketplaces,” UltraTech stated while introducing that its emphasis remains on conserving cash.
Following the quarterly benefits, shares of UltraTech Cement saw knee-jerk reaction and were being up 4.40 for every cent at Rs 4,028.70 on BSE.