NEW DELHI :
Aditya Birla Group agency UltraTech Cement on Wednesday reported a consolidated net profit of ₹3,239.39 crore for March quarter 2019-20, helped by positive aspects from reversal of the Income Tax.
The main cement producer had posted a net profit of ₹1,085.47 crore in January-March a yr in the past, UltraTech Cement stated in a BSE submitting.
Revenue from operations was ₹10,745.62 crore throughout the quarter underneath overview. It was ₹12,370.61 crore within the corresponding interval of the earlier fiscal.
According to the corporate, its regular profit after tax was ₹1,131 crore, whereas it’s got the good thing about reversal of deferred tax of ₹2,112 crore throughout the quarter.
“Normalised PAT is earlier than contemplating the good thing about reversal of deferred tax liabilities as on April 1, 2019 as a result of change in Income Tax charges of ₹2,112 crore in consolidated efficiency and ₹1,805 crore in standalone efficiency,” it stated.
According to UltraTech Cement, as a result of unprecedented state of affairs arising out of the COVID-19 pandemic, its operations throughout places had been shut down according to the federal government’s directives, which had an influence on the corporate’s efficiency.
Moreover, “building exercise throughout the nation was halted, which is often at its peak within the month of March, resulting in an hostile influence on the corporate’s operations throughout the quarter ended 31st March, 2020,” it stated in a publish incomes assertion.
UltraTech Cement’s complete bills had been at ₹9,480.14 crore within the newest quarter.
For the fiscal yr 2019-20, the net profit was ₹5,810.46 crore. It was ₹2,400.38 crore within the earlier yr.
“This features a one-time tax acquire of ₹2,112 crore. However, the corporate has nonetheless achieved a development of 54 per cent with out this one-time acquire,” stated UltraTech Cement.
Its income from operation within the fiscal stood at ₹42,124.83 crore. It was ₹41,608.81 crore in 2018-19.
The firm additionally knowledgeable the exchanges that it has resumed operations after acquiring obligatory approvals from the federal government.
“The firm resumed operations at its institutions after acquiring obligatory authorities approvals and guaranteeing compliance with the statutory tips,” it stated.
During the fiscal, the scheme of demerger for buying the cement enterprise of Century Textiles and Industries turned efficient from October 1, 2019, it added.
The firm’s board in a gathering held on Wednesday has advisable a dividend of 130 per cent, which is ₹13 per fairness share of face worth of ₹10 per share, aggregating ₹375.21 crore.
Shares of UltraTech Cement on Wednesday settled at ₹3,545 apiece on the BSE, up 3.07 per cent from the earlier shut.