Business Companies 24 Apr 2017 UltraTech Cement pro ...

UltraTech Cement profit beats estimates; shares hit record high

REUTERS
Published Apr 24, 2017, 2:36 pm IST
Updated Apr 24, 2017, 2:37 pm IST
The consolidated profit beat analysts' average expectation of 5.93 billion rupees.
Representational Image
 Representational Image

India's largest cement producer UltraTech Cement reported a better-than-expected quarterly consolidated profit, sending its shares to a record high on Monday.

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.

 

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.

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