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Dolat Capital Report
UltraTech Cement Ltd. reported numbers below estimate. The company posted 5.9% YoY growth in revenue to Rs 129.8 billion led by 9.5% YoY increase in realisation to Rs 5,614/tonne (up 1.1% QoQ) which was offset by decline in volume by 3.3% YoY to 23.1 million tonne.
Ebitda/adjusted profit after tax down 22.0%/ 26.0% YoY to Rs 24.2 billion/ Rs 11.7 billion.
We expect 12.7%/ 10.5%/ 16.2% revenue/ Ebitda/ adjusted profit after tax compound annual growth rate over FY21-24E led by 9.8%/ 8.2%/ 10.7% volume growth and 6.1%/ 1.5%/ 1.0% realisation growth in FY22E/ FY23E/ FY24E.
UltraTech Cement will continue to witness healthy operating cash flow (average Rs 104.1 billion/year) and free cash flow (average Rs 65.7 billion/year) leading to further deleveraging (net debt:equity of down 0.01 times/ down 0.14 times in FY23E/ FY24E versus 0.14 times FY21).
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