Aditya Birla group firm UltraTech Cement Ltd on Wednesday reported a decline of 42.09 per cent in its consolidated net profit at Rs 758.70 crore for the second quarter that ended on September 30, 2022.
Its revenue from operations rose 15.61 per cent to Rs 13,892.69 crore during the quarter under review as against Rs 12,016.78 crore in the corresponding period of the last fiscal.
According to UltraTech, the second quarter is traditionally a weak one for the cement sector, with lower demand as construction activity slows down during monsoons.
"Demand was low during July and August 2022, showing some sign of revival in September 2022," said UltraTech in its earnings statement.
UltraTech's total expenses were at Rs 12,934.27 crore, up 26.68 per cent in Q2/ FY23, as against Rs 10,209.43 crore a year ago.
Shares of UltraTech Cement Ltd were trading at Rs 6,369.20 on BSE on Wednesday, up 0.44 per cent from the previous close.
The company had posted a net profit of Rs 1,310.34 crore in the July-September period a year ago, UltraTech Cement said in a BSE filing.