Mumbai, Apr 24 (IANS): Aditya Birla Group company UltraTech Cement on Wednesday reported an over two-fold jump in its consolidated net profit for the fourth quarter ending March 2019 at Rs 1,013 crore.

In a statement here, the company said it had posted a net profit of Rs 446 crore in the corresponding period of the previous financial year.

UltraTech Cement's net profit for the entire fiscal 2018-19 grew to Rs 2,435 crore, as comapred to the profit after tax (PAT) of Rs 2,222 crore earned during 2017-18.

On a standalone basis, the company's net profit during the quarter in coinsideration grew to Rs 1,017 crore, from Rs 488 crore for the corresponding period of the previous financial year.

For the full fiscal, the company's standalone net profit rose to Rs 2,456 crore, from Rs 2,231 crore for the previous financial year.

"The Board of Directors at their meeting held today recommended dividend of 115 per cent at the rate of Rs 11.50 per equity share of face value of Rs 10 per share, aggregating Rs 315.84 crore," the statement said.

"The company will absorb dividend distribution tax amounting to Rs 64.92 crore, resulting in total pay out of Rs 380.76 crore".

Going forward, the government's thrust on infrastructure development such as construction of cement concrete roads, metro rail networks, airports, among other factors, are expected to result in sustained demand growth for cement, the statement added.

The Ultratech stock gained on Wednesday closing at Rs 4396.45 a share, up Rs 192.80, or by 4.59 per cent, on its previous close on the BSE.