The company’s financial performance in Q2 FY25 revealed a 36% drop in net profit to ?825 crore from ?1,280 crore in the corresponding period last year. Revenue stood at ?15,635 crore, marking a 2% decline year-on-year. Additionally, EBITDA fell by 21% to ?2,019 crore from ?2,550 crore in Q2 FY24, while the operating margin shrank by 300 basis points, landing at 12.9% compared to 15.9% the previous year.

These results underscore the challenges in maintaining profitability amidst fluctuating market conditions, even as UltraTech seeks to leverage strategic financial instruments like NCDs to support long-term growth.