Aditya Birla Group’s subsidiary UltraTech Cement, a leading cement producing company based in India, has reportedly announced its consolidated Q4 net profit of more than INR 3,239.39 crore for the fiscal March quarter 2019-20. The company was able to post a profit due to the gains it obtained from reversal of Income Tax.
The company, in a BSE filing, has stated that it posted a INR 1,085.47 crore net profit in January-March exactly a year ago. The revenue generated from operations was about INR 10,745.62 crore in the quarter under review, while the revenue was INR 12,370.61 crore during the corresponding time in the previous fiscal.
As per the firm, its general profit, after cutting the tax, was INR 1,131 crore, while it has received another benefit of the deferred tax reversal of INR 2,112 crore in the quarter.
While speaking on the same, the company stated that normalized PAT is prior to taking into consideration the benefit provided by the deferred tax liabilities reversal on 1st April 2019 owing to the change in the Income Tax rates of INR 1,805 crore in a standalone performance and INR 2,112 crore in consolidated performance.
According to the company, because of the unprecedented situation arising due to the coronavirus pandemic, its operations throughout a number of regions were shut down in accordance to the government directives, which consequently made a substantial impact on the company performance.
The company stated that the construction activity, which is usually at the peak during the month of March, was stopped throughout the country, which severely impacted the company’s operations in the quarter that ended on 31st March 2020.
The total expenses of the company were INR 9,480.14 crore during the latest quarter. Considering the profit scale, the net profit was INR 5,810.46 crore in 2019-20 while it was INR 2,400.38 crore during the previous year. This also includes a one-time tax gain of INR 2,112 crore. However, the cement company has still managed to achieve a growth of 54% without the one-time gain.