India: Ultratech Cement has reported a 37% rise in its net profit to US$83m for the quarter that ended on December 2015. It attributed the growth to lower operating costs and higher sales. The subsidiary of Aditya Birla Group reported a net profit of US$59m in the same period of the 2014 – 2015 financial year.
The company's total income rose by 4% year-on-year to US$910m from US$875m. Grey cement sales rose by 7% to 11.26Mt/yr from 10.51Mt.
"Though cement prices remained subdued, the performance during the quarter was encouraging, driven by operational efficiencies, judicious fuel mix and lower energy costs. This has resulted in lower operating costs," Ultratech said in a statement. However, this benefit was partially offset by rise in costs due to District Mineral Foundation levy in terms of the provisions of the Mines and Minerals (Development) Amendment Act, 2015 and amendment to the Payment of Bonus Act.