By P.R. Venkat
UltraTech Cement Ltd.'s first-quarter net profit fell 38% from a year earlier, as Covid-19 restrictions hurt the company's business performance.
Net profit for the quarter ended June came in at 7.97 billion rupees ($106.55 million), while revenue was down nearly 33% at INR75.63 billion, the company said Tuesday.
The company said with Covid-19 restrictions being eased, it is seeing some encouraging trends in the economy and expects cement consumption to pick up in rural markets.
"The company is closely monitoring the impact of Covid-19 on its operations. Its capital and financial resources remain entirely protected and its liquidity position is adequately covered," UltraTech said.
P.R. Venkat at email@example.com