UltraTech's volumes disappointment a blip

UltraTech's performance for the quarter ending June disappointed the street, mainly on volume front. With its pan India peer, ACC reporting double-digit volume growth a day ago, flat volumes by UltraTech weighed on street's sentiment. The street was expecting a 3-5 per cent increase in volumes. Analysts at ICICI Securities, for instance, had estimated volumes at 13.9 million tonnes (MT) whereas actual came at 13.2 MT they said. Analysts at Motilal Oswal Securities, too, had expected cement volumes to grow 4 per cent year-on-year led by growth in North and East markets.