UltraTech Cement delivered a strong set of consolidated results for the December quarter, with earnings comfortably beating market expectations, driven by healthy volume growth, operating leverage and margin expansion.
Net profit rose 27% year-on-year to Rs 1,729 crore, compared with Rs 1,363 crore in Q3 last year. Revenue increased 23% YoY to Rs 21,830 crore, aided by higher cement dispatches and steady realisations.
EBITDA surged 35% YoY to Rs 3,915 crore, while margins expanded to 17.9% from 16.3% a year ago. Operating EBITDA per tonne improved by Rs 140 to Rs 1,051, excluding the India Cements business, reflecting better cost efficiencies.
Ultratech Cement Q3 (Consolidated, YoY)
- Net Profit up 27% at `1,729 crore vs `1,363 crore
- Revenue up 23% at `21,830 crore vs `17,779 crore
- EBITDA up 35% at `3,915 crore vs `2,895 crore
- Margin at 17.9% vs 16.3%
Volumes Remain the Key Driver
Cement volumes remained robust during the quarter. Domestic grey cement volumes rose 15.4% YoY to 36.37 million tonnes, while consolidated sales volumes increased 15% YoY to 38.87 million tonnes. Capacity utilisation stood at a healthy 77%.
Domestic grey cement revenue grew 18% YoY to Rs 17,229 crore, while the India Cements business contributed Rs 1,107 crore in revenue. Logistic, fuel and power costs were down 4%, 2% and 15% from the previous year. Meanwhile, raw material costs were up 6% year-on-year.
Segmental Performance and Overseas Growth
Non-cement segments also posted strong growth. Ready Mix Concrete revenue rose 26% YoY to Rs 1,848 crore, while white cement revenue increased 5.6% YoY to Rs 677 crore. Overseas revenue jumped 35% YoY to Rs 1,194 crore, supported by improved demand.
An additional Rs 88.48 crore labour code impact was absorbed during the quarter, even as margins expanded.
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