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UltraTech Cement quarterly profit falls, misses expectations

(Reuters) - Cement maker UltraTech Cement Ltd's quarterly profit dropped 9.4 percent and missed market expectations, hurt by higher expenses, the company's statement showed on Friday.

Standalone net profit, which does not account for its subsidiaries, stood at 3.91 billion rupees ($53.23 million) for the quarter ended Sept. 30, compared with a profit of 4.31 billion rupees a year earlier, the company said in a statement.

Analysts on average had expected the company to post a profit of 4.15 billion rupees, according to Refinitiv Eikon data.

However, revenue from operations jumped 20.9 percent to 77.71 billion rupees, while total expenses rose 23.5 percent.

Rising energy and logistics cost coupled with rupee depreciation led to a 14 percent increase in costs compared to second quarter of fiscal 2018, the company said.

Shares of UltraTech Cement dropped 4.2 percent after the results.

($1 = 73.4600 rupees)


(Reporting by Krishna V Kurup in Bengaluru; Editing by Amrutha Gayathri)