Ultratech Cement, India's leading cement manufacturer, reported a 69% year-on-year growth in net profits for Q2FY24, leading to a 3% jump in its stock. The company's total revenue also saw a 15.25% YoY increase, from Rs. 14,038.95 Crores in Q2FY23 to Rs. 16,179.26 Crores in Q2FY24. However, there was a QoQ decline of 9.66%.
Ultratech Cement's net profit for the same period surged by 68.75% from Rs. 758.70 Crores to Rs. 1,280.38 Crores. The company's revenue from operations showed a growth of 20.23% from Rs. 52,598.83 Crores in FY22 to Rs. 63,239.98 Crores in FY23, although profits decreased. Ultratech Cement remains a market leader with a significant stake held by promoters (59.96%). Domestic Institutional Investors hold 15.10%, and Foreign Institutional Investors (FII) hold 16.64%.