India: UltaTech Cement’s net profit has risen by 20% year-on-year to US$292m for the first nine months of its financial year to the 31 March 2017 from US$244m in the same period in the pervious year. Its total income from operations rose slightly to US$3.04bn. However, net sales fell slightly in the third quarter.
The cement producer reported that its board of directors had approved the setting up of a 3.5Mt/yr cement plant at Dhar, Madhya Pradesh for a cost of around US$382m. Commercial production at the plant is anticipated to start in early 2019. The plant is intended to grow the company’s markets in southwest Madhya Pradesh.
UltaTech Cement added that it had deposited a penalty of US$17.3m, 10% of a fine imposed by the Competition Commission of India (CCI) in August 2016. It is also facing a separate fine for U$10m from the CCI in relation to alleged misconduct in Haryana. The company intends to appeal both fines.