India Cements, a subsidiary of UltraTech Cement, has reported that its net profit in the March quarter increased nearly four times to ₹59 crore against ₹15 crore logged in the same period last year largely on better realisation and lower cost.
Revenue was up 3 per cent at ₹1,229 crore (₹1,198 crore) and EBITDA increased to ₹179 crore (₹23 crore).
Expenses were down 11 per cent at ₹1,175 crore (₹1,313 crore) on improved efficiency with power and freight cost falling to ₹466 crore (₹475 crore) and ₹35 crore (₹243 crore).
Sales during the quarter was up 18 per cent to 3.12 million tonne with completion of brad migration in the March quarter. Capacity utilisation improved 11 per cent to 84 per cent while net realisation was up six per cent at ₹3,791 a tonne (₹3,569 a tonne).
While the company’s fuel and power cost declined 16 per cent and 5 per cent y-on-y to ₹912 a tonne and ₹612 a tonne, the raw material cost increased 14 per cent to ₹1,053 a tonne.
Operating EBITDA also increased to ₹497 per tonne against ₹305 a tonne in December quarter.
The company plans to enhance waste heat recovery system to 33 MW from 9 MW while renewable energy will go up to 283 MW from 34 MW by FY’29, said the company. This will enhance green power capacity from 6 per cent to 80 per cent by FY’29.
For the financial year ended March, the company has trimmed its net loss to ₹67 crore from loss of ₹144 crore logged in the same period last year.