UltraTech Cement Misses Profit Estimates
UltraTech Cement reported a lower than expected rise in second quarter profit as surging raw material costs weighed on margins. Consolidated net profit reached 14.94 billion rupees despite strong volume growth.
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ULTRATECH CEMENT LTD missed second-quarter profit expectations on Monday, posting a net profit of 14.94 billion rupees ($157.4 million) as rising raw material expenses weighed on margins in India. The result marked a 21.3% increase year-on-year, falling short of the 17.05 billion rupees analysts expected per LSEG data. Higher fuel costs and an 17.8% jump in total expenses squeezed profitability despite robust volume growth.
