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Dolat Capital Report
UltraTech Cement Ltd. reported revenue, volume, realisation in-line, however Ebitda, Ebitda/ tonne and adjusted profit after tax above estimates.
UltraTech Cement posted 9.5% YoY growth in revenue to Rs 157.7 billion led by 9.8% YoY increase in realisation to Rs 5,694/tonne (up 1.1% QoQ) which was partially offset by decline in volume by 0.3% YoY to 27.7 million tonne.
Ebitda/adjusted profit after tax down 16.7%/ 18.5% YoY to Rs 30.7 billion/ Rs 14.8 bn.
We broadly maintain our estimates for FY23E and FY24E respectively.
We expect 13.3%/ 14.3%/ 21.7% revenue/ Ebitda/adjusted profit after tax compound annual growth rate over FY22-24E led by 9.2%/ 10.7% volume growth and 6.1%/ flat realisation growth in FY23E/ FY24E.
UltraTech Cement will continue to witness healthy operating cash flow and free cash flow leading to further deleveraging. The company, being the largest player in Indian cement industry is its biggest advantage.
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