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Dolat Capital Report
UltraTech Cement Ltd. reported results above estimates on all fronts.
The company posted 7.7% YoY growth in revenue to Rs 103.5 billion led by 7.6% YoY volume growth to 20.1 million tonne coupled with 0.1% YoY increase (down 0.9% QoQ) in realization to Rs 5,162/tonne.
Ebitda/ adjusted profit after tax up 40.5%/ 113.1% YoY to Rs 26.9 billion/ Rs 12.3 billion.
The company will continue to witness healthy operating cash flow (average Rs 84.3 billion/year) and free cash flow (average Rs 57.0 billion/year) leading to further deleveraging (Net debt of 0.0.7 times in FY23E versus 0.42 times FY20).
UltraTech, being the largest player in Indian cement industry is its biggest advantage.
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