UltraTech Cement Shares Closed 3% Higher On Stupendous Q2 Results, Net Profit Soars 69%

The share price of UltraTech cement shares closed higher on Thursday after the company announced a 69% jump in net profit and a robust volume growth of 16% for the quarter and half year ended September 30, 2023.

Today, UltraTech shares closed 2.83% higher at Rs 8514.80 per share. The company has a 52 Wk High and 52 Wk Low of 8,750 and 6,254.20 per share. At this price, the company has a market cap of 2,45,810.65 crore.

As per the results, the cement demand maintained its positive momentum. during Q2FY24 also. The Company witnessed demand from all sectors, fuelled by government-led infrastructure, rural development, and urban residential demand.

Here's a look at the company's Q2 results:

• Consolidated Net Sales were Rs.15,735 crores vis-a-vis Rs.13,596 crores over the corresponding period of the previous year.
• Profit before interest, depreciation, and tax was Rs.2,718 crores compared to Rs.2,013 crores.
• Profit after tax was Rs.1,281 crores compared to Rs.756 crores.
• UltraTech achieved capacity utilization of 75% during the quarter on expanded capacity.
• The cement major reported a total income of Rs 16,179.26 crore, almost 15.20% higher than its total income in the corresponding period in prior financial year.

The share price of UltraTech cement has gained almost 35% in last one year, while the stock's year-to-date (YTD) is up almost 21%.

Today, the domestic equity market closed lower for the second day in a row on Thursday. Sensex closed 0.38% lower at 65,629.24 points, while Nifty 50 slipped 0.24% at 19,624.70 points.