UltraTech, India's top cement maker by capacity, signalled better core profit in upcoming quarters as the market absorbed price hikes and demand picked up, after it reported an earnings beat on Thursday on strong volumes.

India’s largest cement maker, UltraTech Cement, reported a 17.3 per cent decline in its net profit (attributable to the owners of the company) in the October-December quarter (Q3). The decline was due to weak price realisations, despite a rise in volumes.

The ₹390-per-share offer, open from January 8 to 21, was subscribed 110%. It will increase UltraTech's stake in India Cements to 81.49%. India Cements' shares closed at ₹295.15 on Friday, marking a nearly 22% gain in a year.

UltraTech Cement, India's biggest cement maker by capacity, reported third-quarter earnings above estimates on Thursday on the back of strong volume growth, sending its shares soaring 7% in afternoon trade.

UltraTech Cement reported a 16.5% year-on-year decline in Q3FY25 profit, with a standalone profit after tax of ₹1,434 crore, compared to ₹1,718 crore in the same quarter last year.