Mumbai, Maharashtra, India
UltraTech Cement Limited, an Aditya Birla Group Company, has reported Net Revenues at Rs.3,299 crores (Rs.2,607 crores) for the financial year ended 31st March, 2006. After providing for Interest - Rs.90 crores (Rs.107 crores) and Depreciation - Rs.216 crores (Rs.222 crores), the Profit Before Tax and provision for diminution in value of investments {Rs.Nil (Rs.77 crores)} stood at Rs.286 crores (Rs.(34)crores). The figures for the year under review include those of Narmada Cement Company Limited for the period 1st October, 2005 to 31st March, 2006.
The Board of Directors have at their meeting held today, recommended a dividend of 17.50%, aggregating to Rs. 21.79 crores. The Company will absorb Corporate Tax on Dividend amounting to Rs. 3.06 crores, thereby leading to a total payout of Rs. 24.85 crores.
During the year the Company produced 12.73.MMT of clinker (12.36MMT) and 13.33 MMT of cement (12.11 MMT). Extended shutdowns and consequent lower clinker exports resulted in capacity utilisation of 89% compared to 91% during the previous year.
Aggregate Sales Volumes at 15.55 MMT (15.17 MMT) was up by 2.5%. Domestic Sales constitute 83% and Exports constitute 17 % of the total turnover. The export mix saw a growth in cement, which constitutes 57% of the total exports.
Domestic cement realisation increased by 21% from Rs.1, 750 pmt to Rs. 2,123 pmt. Export realisation also witnessed an improvement, with both cement and clinker export realisation increasing by 11% and 23% respectively.
Power and fuel costs increased by 8% mainly on account of increase in petro product prices.
The Board has approved capital expenditure of around Rs.490 crores towards improvement in productivity and cost efficiencies. To address the concern of increasing power costs, the Board has sanctioned Rs.270 crores for setting up of another captive power plant at Hirmi, Chhattisgarh. The approved aggregate capital expenditure plan is Rs.1,660 crores, which will be spent over the next three years.
The Scheme of Amalgamation of Narmada Cement Company Limited (NCCL) with the Company has been approved by the Board for Industrial and Financial Reconstruction with effect from 1st October, 2005. Shareholders of NCCL have been allotted equity shares in the Company and the same have been listed on the Bombay and National stock exchanges.
The outlook for the cement industry is encouraging. Given the governments thrust on infrastructure and housing development, the industry is expected to grow over 8% during the current fiscal.
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Dr. Pragnya Ram, Aditya Birla Group, +91 (022) 5652 5000 pragnyaram@adityabirla.com
Source: UltraTech Cement Limited (Business Wire India)
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