Time: 2024-07-21
UltraTech Cement witnessed a decline in share price following the release of its quarterly earnings report ending in June . The company reported a consolidated net sales of 17,879 crore , showing a slight increase from the previous year . However , the net profit of 1,697 crore was below market expectations , leading to a negative market reaction . The revenue from operations during the April - June quarter also saw a 2 % rise compared to the same period last year.
The EBIDT for the period was reported at 3,205 crore , slightly lower than the previous year 's numbers . The announcement of these figures resulted in a sharp drop in UltraTech Cement 's share price . In a strategic move , the company acquired a 23 % stake in India Cements for 1,885 crore in June 2024 to counter the increasing dominance of the Adani Group in the cement sector . Additionally , UltraTech is actively pursuing the acquisition of Orient Cement to strengthen its footprint in South India.
Despite the challenges in the market , UltraTech Cement remains focused on expanding its presence and market share . The recent developments in acquisitions and strategic partnerships indicate the company 's proactive approach to maintaining a competitive edge in the industry . The share price of UltraTech Cement experienced a decline of 3.24 % to 11,270.05 during the late trading hours on Friday , reflecting the market 's response to the earnings report.
Looking ahead , analysts are optimistic about UltraTech Cement 's growth prospects and market performance . The company 's strategic investments and initiatives are expected to drive future profitability and strengthen its position in the cement sector . As the industry continues to evolve , UltraTech Cement remains committed to innovation and growth to meet the demands of a dynamic market environment . Investors and stakeholders are closely monitoring the company 's strategic moves and financial performance to assess its long - term sustainability and success in the market.
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