MUMBAI: Aditya Birla Group company Ultratech Cement Ltd on Monday reported a 35 per cent jump in net profit to Rs 2,258.58 crore in the January-March quarter of 2023-24 amid a demand for building materials and lower operating costs.

The cement major had posted a net profit of Rs 1,670 crore in the same quarter last year.

The Ultratech board recommended a dividend of Rs 70 a share of face value of 10-each for the financial year 2023-24

The company’s revenue went up 9.4 per cent to Rs 20,418.94 crore compared to the same quarter last year.

Sequentially, revenue rose 21 per cent and profit surged 27.3 per cent compared to the third quarter of the current financial year.

The company’s surge in revenue and net profit comes on the back of increased government investment in big infrastructure projects and affordable housing projects which led to an increase demand in cement.