Ultratech Cement: Better Show Continues In Q3: Dolat Capital
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Dolat Capital Report
Ultratech Cement Ltd. results beat on all fronts; however, realisation and Ebitda/tonne were broadly in line.
The company posted 17.4% YoY growth in revenue to Rs 122.5 billion led by 14.3% YoY volume growth to 23.9 million tonne coupled with up 2.7% YoY (down 0.9% QoQ) in realisation to Rs 5132/tonne.
Ebitda/adjusted profit after tax up 56.4%/122.6% YoY to Rs 30.9 billion (historic)/Rs 15.8 billion.
We expect 6.8%/11.9%/22.6% revenue/Ebitda/adjusted profit after tax compound annual growth rate over FY20-23E led by 2.8%/8.2%/7.0% volume growth and 0.5%/1.0%/1.0% realisation growth in FY21E/FY22E/FY23E.
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