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Cement |
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| 01/18/2010 02:30:00 PM |
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Mumbai, Jan (EPC News): UltraTech Cement has posted 18% decline in Third quarter profits, said a company release.
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For the financial year's third-quarter, UltraTech Cement's profits declined by 17.64% to Rs196 crore, as compared to the figure of Rs238 crore that was recorded for the same period last year.
The giant cement firm has shared that profits for the quarter were mainly hurt by a slowdown in demand across Southern India, which accounts for about 30% of the company's sales. Also, new plants that have come up down south have also contributed to the drop in prices.
For the fiscal year's third quarter, the company produced about 4.4 million tons of cement as compared to last year's production of 3.89 million tons, recording a 10% year-on-year growth. Sales volume of cement also climbed 12% year-on-year.
UltraTech Cement, inspite of the disappointing results, is optimistic about the coming times, and predicts a 10% growth in demand.
By Business Correspondent
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