BENGALURU (Reuters) – India’s UltraTech Cement reported first-quarter results below estimates on Friday, hurt by muted prices and intensifying competition.
The company reported consolidated net profit of 16.97 billion rupees ($202.9 million) in the quarter ended June 30, down 0.5% from last year. Analysts were expecting a profit of 17.02 billion rupees, as per LSEG data.
Revenue, rose 2% year-on-year to 180.70 billion rupees, but also fell short of analysts’ average estimate of 181.17 billion rupees.
($1 = 83.6425 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Varun H K)
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