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UltraTech Cement Ltd. reported strong set of Q3 FY21 earnings with 11% beat on our Ebitda estimates.
The Beat was led by lower than expected costs. Ebitda/tonne expanded 49% YoY at Rs 1,328 (our estimate Rs 1,195) on back of 3% (versus our estimate 1.1%) YoY reduction in cost and 4.6% (versus our estimate 3.3%) YoY increase in realisations.
We upgrade our Ebitda estimates by 6%/3%/3% for FY21e/FY22e/FY23e to factor in higher margins.
The company successfully integrated acquired operations of Century cement (14.6 million tonne), JP associate (22.4 million tonne) and Binani Cement (6.3 million tonne) within guided timeline and profitability.
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