Coal news and updates

Improved sales push up Ultratech net profit 9% in FY16

Ultratech Cement, the flagship company of the Aditya Birla Group, reported a consolidated net profit of Rs 2,286.58 crore in financial year 2015-16, up 8.77% from Rs 2,098.34 crore recorded in 2014-15 on account of increase in net sales.

Improvement in sales figures helped profit to go up, said a company release company. The net sales were at Rs 25,280.66 crore in 2015-16, up 5.08% from Rs 24,055.7 crore seen in 2014-15. 

The Aditya Birla-led Ultratech’s net profit in the last quarter of the previous fiscal stood at Rs 722.56 crore, up 29.67% from Rs 557.20 crore in Q4 of 2014-15. During same period, total sales increased 12.18% on a y-o-y basis to 6,850.46 crore (Rs 6,106.36 crore). 

UltraTech Cement recently entered into definitive agreements with Jaiprakash Associates for the acquisition of its cement plants in Madhya Pradesh, Uttar Pradesh, Himachal Pradesh, Uttarakhand and Andhra Pradesh, having capacity of 21.20 mtpa at an enterprise value of Rs 15,900 crore.

The company statement further said that in its outlook it expects demand to grow 7-8% for next year on the back of the government's focus on infrastructure development, housing and smart cities.