UltraTech Cement, India's biggest cement company & largest exporter of cement in India, announced a steep drop in consolidated net profit for the quarter ended March 2015. During the quarter, the profit of the company declined 24.01% to Rs 6,572 million from Rs 8,648.30 million in the same quarter previous year.

Net sales for the quarter rose marginally 4.29% to Rs 66,491.90 million, compared with Rs 63,756 million for the prior year period.

''With the governments' focus on development of the infrastructure and housing sector, the Company is positioned across the country to meet the rise in demand and participate in the next phase of growth in the country,'' the company said.

The board of directors recommended a dividend of 90%, at the rate of Rs 9 a share of face value of Rs 10 each aggregating Rs 2.46 billion. The company will absorb the corporate tax on dividend amounting to Rs 502.8 million, resulting in a total payout of Rs 2.97 billion.

Shares of the company gained Rs 15.85, or 0.59%, to trade at Rs 2,723. The total volume of shares traded was 6,802 at the BSE (11.28 a.m., Monday).