(Reuters) – India’s UltraTech Cement reported a steeper-than-expected decline in second-quarter profit on Monday, hit by a slump in prices and demand in a seasonally weak quarter.
The company reported a consolidated net profit of 8.2 billion rupees ($97.5 million) for the quarter ended Sept. 30, down 36% from last year.
Analysts were expecting a profit of 10.53 billion rupees according to data compiled by LSEG.
($1 = 84.0725 Indian rupees)
(Reporting by Hritam Mukherjee and Manvi Pant in Bengaluru; Editing by Varun H K)
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