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UltraTech Cement Ltd., the Aditya Birla Group's cement flagship, reported a 17% year-on-year decline in consolidated net profit to ₹1,470 crore for the October-December quarter. However, recovering demand from infrastructure and rural markets helped the company exceed market expectations, driving its stock price up and making it the top gainer on India's Nifty 50 index.
A Moneycontrol analyst poll had predicted a 26% year-on-year drop in consolidated net profit to ₹1,304 crore. The company's consolidated revenue from operations increased by nearly 3% year-on-year to ₹17,193 crore, also surpassing the estimated ₹16,696 crore.
UltraTech's shares closed 6.7 percent higher on the National Stock Exchange on January 23, at Rs 11,406.95.
UltraTech Cement Q3: Firm reports decline in profit year-on-year, but demand increase springs surprise!!!