Ultratech Cement: Better Show Continues In Q3: Dolat Capital  
Limestone rock used in the manufacture of cement passes along a conveyor belt (Photographer Kevin Sutherland/Bloomberg)

Ultratech Cement: Better Show Continues In Q3: Dolat Capital  

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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.

Click on the attachment to read the full report:

Dolat Capital Ultratech Cement Q3FY21 Result Update.pdf


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