UltraTech Cement Q1 Review - Better Show Continues: Dolat Capital
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Dolat Capital Report
UltraTech Cement Ltd. reported revenue in line; realisation, Ebitda, Ebitda/tonne and adjusted profit after tax above estimates but volumes below estimate.
UltraTech Cement posted 54.2% YoY growth in revenue to Rs 118.3 billion led by 46.9% YoY volume growth to 21.5 million tonne coupled with 5.0% YoY increase (up 6.0% QoQ) in realisation to Rs 5,495/tonne.
Ebitda/profit after tax up 59.2%/ 88.7% YoY to Rs 33.1 billion/ Rs 17.0 billion.
We expect 11.0%/ 11.7%/ 18.3% revenue/ Ebitda/ adjusted profit after tax compound annual growth rate over FY21-23E led by 8.9%/ 7.5% volume growth and 4.0%/ 1.2% realisation growth in FY22E/ FY23E.
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