Bengaluru: India’s UltraTech Cement Ltd, part of the Aditya Birla Group, on Thursday posted a 23% drop in third-quarter profit, hurt by rising pet coke and coal prices.

Profit fell to Rs456 crore ($71.4 million) for the quarter ended 31 December, from Rs595 crore a year ago, the company said.

Quarterly performance was also hurt by the ban of pet coke usage in some states, the company added.

However, net sales rose to Rs7,897 crore from Rs5,927 crore.

Analysts on average had expected a consolidated net profit of Rs449 crore, according to Thomson Reuters data. Reuters