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UltraTech Cement profit beats estimates; shares hit record high
April 24, 2017 / 8:29 AM / in 7 months

UltraTech Cement profit beats estimates; shares hit record high

(Reuters) - India’s largest cement producer UltraTech Cement (ULTC.NS) reported a better-than-expected quarterly consolidated profit, sending its shares to a record high on Monday.

Workers walk in front of an UltraTech concrete mixture truck at the construction site of a commercial complex on the outskirts of Ahmedabad April 22, 2013. REUTERS/Amit Dave/Files

Consolidated profit of the company, in which Aditya Birla Group is the majority shareholder, fell to 7.26 billion rupees ($112.71 million) in the quarter ended March 31, hurt by higher expenses.

Still, the consolidated profit beat analysts’ average expectation of 5.93 billion rupees, according to Thomson Reuters data.

Total income from operations rose about four percent to 81.65 billion rupees.

Shares of the company, which manufactures products catering to construction needs from foundation to finish, rose as much as 5.8 percent to a record high of 4,209 rupees.

($1 = 64.4150 Indian rupees)

Reporting by Tanvi Mehta in Bengaluru; Editing by Vyas Mohan

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