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Our Bureau

Diminution in asset values dented last year Q4 profit

Mumbai , April 24

UltraTech Cement Ltd has reported a net profit of Rs 81.5 crore for the fourth quarter ended March 31, 2006, a multi-fold increase over the corresponding year-ago profits of Rs 4.94 crore.

Higher sales and higher cement prices partly accounted for the higher profits; but what hugely aided the steep rise was the Rs 76.84-crore diminution in value of assets, which deeply dented profits during the year-ago quarter.

Sales volumes at 4.50 million tonnes (3.86 mt) rose by 17 per cent while net sales rose by 31 per cent to Rs 1,022.36 crore (Rs 698 crore).

Although power and fuel costs rose by 8 per cent, the operating profit showed a rise of 76 per cent, at Rs 199 crore (Rs 113 crore).

For the year as a whole, the net profit amounted to 165.46 crore, as against a net profit of Rs 22.85 crore the previous fiscal. Net sales 24.8 per cent to Rs 3,227.7 crore (Rs 2,586.11 crore).

The board of directors has approved an incremental capex of Rs 490 crore towards improvement in productivity and cost efficiencies and Rs 270 crore towards another captive thermal power plant.

The UltraTech stock gained Rs 33.20 or 4.17 per cent to close at Rs 830.25.

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