Mumbai: UltraTech Cement Ltd’s quarterly profit dropped 9.4% and missed market expectations, hurt by higher expenses, the company’s statement showed on Friday.

Standalone net profit, which does not account for its subsidiaries, stood at 391 crore for the quarter ended 30th September, compared with a profit of 431 crore a year earlier, the company said in a statement.

Analysts on average had expected the company to post a profit of 415 crore, according to Refinitiv Eikon data.

However, revenue from operations jumped 20.9% to 7,771 crore, while total expenses rose 23.5%.

Rising energy and logistics cost coupled with rupee depreciation led to a 14% increase in costs compared to the second quarter of fiscal 2018, the company said.

Shares of UltraTech Cement dropped 4.2% after the results.

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