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Yes Securities Report
UltraTech Cement Ltd. reported volume beat (our estimate: by up 8%) with sequential growth of up 20% aided revenue growth of up 21% (our estimate by up 9%) while net sales realisation was up by up 1% in Q4 FY22.
Ebitda/tonne (Rs 1110) stood in-line with our estimates, driven by flat sequential cost/tonne in Q4 FY22. However, strong volume growth beat Ebitda by up 15% while profit after tax was also higher (93%) on account of the tax credits in Q4 FY22.
For FY22, UltraTech Cement posted a record volume of 94 million tonne (up 18% YoY; our estimate 92 million tonne) along with healthy net sales realisation (up 8% YoY), bolstering up 18% revenue growth to Rs 526 billion (all time high) and reported Ebitda of Rs 115 billion (flat YoY) due to operating cost increase by up 24% YoY in FY22.
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