India's UltraTech Cement beats profit view as price hikes help
Shares of the company, which was up 0.7% before the results, were trading 0.5% higher.
UltraTech's consolidated cement volumes grew 9.7% in the June quarter, near the lower side of the 9.6%-17.5% growth range projected by four brokerages.
The April-June period is a seasonally soft quarter for cement companies, as monsoon showers slow construction.
UltraTech's deals, such as with India Cements (ICMN.NS), opens new tab and Kesoram , have shielded its sales volumes from weather-led volatility, according to analysts.
Cement prices rose about 2% on-year on average in the quarter, according to brokerage Ambit Capital, extending the steady recovery so far this year after last year's slump.
UltraTech's consolidated net profit stood at 22.26 billion rupees ($258.11 million) for the quarter ended June 30, topping analysts' average estimate of 21.56 billion rupees, according to data compiled by LSEG.
On a standalone basis, net profit rose 48% from a year earlier.
($1 = 86.2425 Indian rupees)
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