UltraTech Cement Q1 Review - Healthy Performance; Expansion To Support Growth: Dolat Capital


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UltraTech Cement Ltd. reported revenue, volume in line, however realization, Ebitda, Ebitda/tonne and adjusted profit after tax above estimates.

UltraTech Cement posted up 28.2% YoY growth in revenue to Rs 151.6 billion led by up 16.3% YoY in volume to 25.0 million tonne (down 9.6% QoQ) coupled with up 10.2% YoY in realisation/tonne (up 6.4% QoQ) to Rs 6,025.

Ebitda/adjusted profit after tax down 6.4%/ 7.0% YoY to Rs 30.9 billion/ Rs 15.8 billion due to higher opex.

UltraTech Cement’s capacity to increase from 120 million tones per annum (FY22) to 136.7 mtpa/ 159.3 mtpa in FY23/ FY25-26.

It also announced further expansion to 200 mtpa by FY30 to support future growth. It will continue to witness healthy operating cash flow and free cash flow leading to further deleveraging.

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