Financials
UltraTech Cement Q2 performance sees sluggish growth amidst rising costs
Mumbai: In a landscape where construction and infrastructure development are vital to economic growth, UltraTech Cement Limited finds itself navigating turbulent waters. On 21 October 2024, the company disclosed its unaudited financial results for the quarter and half-year ending 30 September 2024. These results tell a story of declining revenues and profits, prompting a closer examination of the underlying factors affecting this leading player in the cement industry.
The company’s revenue saw a marginal increase of 3.7 per cent year-on-year, reaching Rs 15,634.73 crore. However, despite this rise in top-line growth, profitability was under pressure due to escalating costs, causing a 35.5 per cent decline in net profit compared to the same quarter last year.
The quarter was marked by an environment of rising costs, notably in power and fuel expenses, which accounted for Rs 3,837.69 crore, a 12.5 per cent decline from the previous quarter but still high compared to historical levels. Additionally, freight and forwarding expenses surged by nearly 2 per cent year-on-year to Rs 3,583.51 crore, further eroding the company’s operating margins. Employee costs also saw a significant rise, reaching Rs 913.86 crore, a 12.5 per cent increase year-on-year.
Despite these challenges, UltraTech Cement managed to maintain a steady volume growth and revenue stability, driven by ongoing infrastructure developments and a resurgence in the real estate sector. However, the company’s efforts to manage costs through operational efficiencies and alternative fuel strategies fell short of countering the broader cost inflation impacts.
UltraTech Cement, managing director, K.C. Jhanwar commented, “While we have seen revenue growth supported by increased sales volume and price improvements, the cost inflation in key inputs such as power and logistics remains a significant challenge. We are focusing on optimising our fuel mix and enhancing our efficiency to mitigate these impacts.”
The company’s net profit stood at Rs 825.18 crore for the quarter, down from Rs 1,280.38 crore in the same period last year, indicating a tightening profit margin from 8 per cent to 5 per cent. On the brighter side, UltraTech’s ongoing expansion plans remain on track, with a commitment to increasing capacity by 22.6 million tonnes per annum by FY26, aiming to cement its leadership in the Indian market.
Analysts point out that while revenue growth is encouraging, the impact of elevated costs on UltraTech’s profitability raises concerns about its near-term performance. As cement demand is expected to continue its upward trajectory, the company’s ability to manage cost pressures will be critical in determining future growth.
MUMBAI: It’s time to brief the markets: Page Industries is showing that even when regulations tighten, it can still keep its footing in the innerwear business. The Bengaluru-based apparel major has reported its financials for the quarter ended 31 December 2025, delivering a performance that remains steady and well put together.
The company’s top line showed plenty of elasticity this quarter. Revenue from operations stretched to Rs 1,38,675.71 lakhs, a healthy jump from the Rs 1,29,085.82 lakhs reported in the preceding quarter. Compared to the same period last year, which stood at Rs 1,31,305.10 lakhs, it’s clear the brand’s grip on the market isn’t loosening. Total income for the quarter, including other finance gains, reached a comfortable Rs 1,39,919.03 lakhs.
However, it wasn’t all smooth silk. The Government of India’s new unified Labour Codes, covering everything from wages to social security, officially kicked in on 21 November 2025. This regulatory shift forced Page Industries to account for a one-time “exceptional item” cost of Rs 3,500.42 lakhs to cover incremental employee benefits and related obligations. Despite this Rs 35-crore legislative snag, the underlying business remained robust. Profit before tax stood at Rs 25,625.35 lakhs after the exceptional hit, and without that one-off cost, the figure would have been a more muscular Rs 29,125.77 lakhs. Net profit for the quarter came in at Rs 18,953.64 lakhs.
Total expenses rose to Rs 1,10,793.26 lakhs, driven largely by raw material consumption of Rs 30,162.65 lakhs and employee benefits of Rs 23,310.66 lakhs. Even so, the company’s operational strength ensured the bottom line remained firmly stitched together.
For shareholders, the news is particularly “fitting.” The Board has declared a third interim dividend for 2025-26 of Rs 125 per equity share. The record date has been set for 11 February 2026, with the payment scheduled on or before 6 March 2026. This follows two previous interim dividends of Rs 150 and Rs 125 declared earlier in the financial year, reinforcing the company’s commitment to sharing the spoils of its success.
Looking at the nine-month stretch ending December 2025, Page Industries has amassed total income of Rs 4,04,090.59 lakhs, with total comprehensive income of Rs 58,231.49 lakhs. While the basic earnings per share for the quarter dipped slightly to Rs 169.93, compared to Rs 183.48 in the same quarter last year, the year-to-date EPS remains a solid Rs 524.57.
Auditors at S.R. Batliboi & Associates LLP have given the results a “limited review” thumbs up, reporting no material misstatements. It seems that, as far as Page Industries is concerned, the business remains as well-constructed as its famous Jockey briefs.
