New Delhi New Delhi: UltraTech Cement on Monday reported fourth-quarter profit that fell short of market estimates. The company said rising heat in India has impacted construction activity, leading to a drop in cement demand.
The company’s net profit came in at ₹2,482 crore ($292 million), below expectations. However, revenue of ₹23,063 crore was in line with analysts’ estimates. Daga said cement demand is likely to remain low in April and May as these are peak summer months.
The company has shown some improvement in cement prices, but it was still 2% lower on average than last year. UltraTech’s sales volume grew 17%.
