Shares of UltraTech Cement Ltd. fell on Friday despite the third quarter numbers being slightly ahead of expectations. However, while most analysts remain positive, CLSA remains cautious on the stock’s valuation, suggesting a balanced risk-reward profile at current levels.

Despite the decline in profit, the quarter 3 results exceeded Street expectations, with net profit surpassing the estimated Rs 1,195 crore. Revenue also beat forecasts, which had predicted Rs 16,854 crore.

The cement major was expected to report an on-year fall of 26 percent in net profit, weighed down by lower realisations, depreciation.

UltraTech Cement recorded revenue from operations for Q3FY25 at Rs 17,193.33 crore, up 2.71 per cent as against Rs 16,739.97 crore during the third quarter of previous financial year.

UltraTech Cement , India's biggest cement maker by capacity, reported better-than-expected third-quarter earnings, as strong volume growth outweighed a hit from weaker prices of the construction material.

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.