Shares of UltraTech Cement hit another 52-week high on Monday morning after the company saw production, dispatches, and sales cross 100 million metric tonnes in financial year 2023.

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Overall sales volume in India increased by 14 percent to 101.7 million MT, compared to 89.5 million MT last year. Within this, grey cement sales volume increased by 14 percent, while that of white cement increased by 11 percent year-on-year.

However, overseas sales of grey cement declined 10 percent year-on-year.

For the March quarter, India sales volume for UltraTech grew 23 percent from the year-ago period, while overall sales volume increased by 22 percent.

Domestic grey cement sales increased by 15 percent year-on-year and 23 percent sequentially, while that of white cement increased 19 percent from last year and 16 percent quarter-on-quarter for the March quarter.

The world’s third largest cement producer has a consolidated capacity of 132.35 million tonnes per annum of grey cement. It has 23 integrated manufacturing units, 29 grinding units, one clinkerisation unit and eight Bulk Packaging Terminals.

Last month, the cement major announced the commissioning of a 1.3 million tonne per annum brownfield cement capacity at Hirmi in Chhattisgarh and 2.8 million tonne per annum greenfield grinding capacity at Cuttack, Odisha.

Brokerage firm Jefferies in a note on Monday has observed a decline in prices across regions on a push for greater volumes. Dealer checks further suggested that demand is strong in multiple markets, which is evident in UltraTech's volumes. Jefferies said that it expects a sequential growth in operating profit for companies despite prices remaining muted sequentially.

Shares of UltraTech Cement hit a 52-week high of Rs 7,737 on Monday. The stock is currently trading 0.7 percent higher at Rs 7,675.

(Edited by : Rukmani Krishna)

First Published:Apr 3, 2023 10:27 AM IST