Shares of cement major Ultratech fell on Monday after the company saw both its revenue and profit decline in the second quarter.

What Happened: The company reported a 36% fall in its net profit to ₹820 crore from ₹1,281.45 reported in the same quarter last year. Sequentially, net profit attributable to the owners, plunged 52%.

The cement firm recorded a revenue of ₹15,634.73 in the July to September period, which represents a 2.3% year-on-year decline ₹16,012.13 crore. Ultratech reported an operational revenue of ₹18,069.56 crore in the June quarter.

For the six months ended in September, the company posted a revenue of ₹33,704.29 crore and a net profit of ₹2,516.63 crore.

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In July, the Aditya Birla Group firm purchased of a 32.72% stake in India Cements for ₹3,954 crore. The purchase took the total stake of Ultratech in India Cements to 55.49% after the company had picked up a 22.77% stake in India Cements in June.

The promoters of India Cements approached Ultratech after the financial transaction in June to sell their holding in the company, Ultratech had said in a regulatory filing.

Price Action: Ultratech’s shares were down 0.99% to ₹10,960 onMonday afternoon.

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