India's UltraTech Cement posts 70% rise in Q2 profit on strong domestic demand

BENGALURU, Oct 19 (Reuters) - Indias UltraTech Cement (ULTC.NS) on Thursday reported a 69.5% rise in second-quarter profit, boosted by higher demand in the infrastructure and real estate segment.

The company reported a consolidated net profit of 12.81 billion rupees ($153.8 million) for the quarter ended Sept. 30, while revenue grew 15.3% to 160.12 billion rupees.

The company earlier this month reported a 15% year-on-year increase in Q2 domestic sales of grey cement at 25.24 million metric tons.

Meanwhile, the companys costs rose 12% led by rise in cost of materials consumed along with freight and forwarding expenses.

Analysts at Nomura said they expect Indias cement industry to report 12%-14% year-on-year volume growth in the second-quarter, led by a strong recovery in early-August and September 2023, and lower base effect.

($1 = 83.2775 Indian rupees)