UltraTech Cement Q2 Review - Price Hike To Compensate Cost Pressure: Dolat Capital
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Dolat Capital Report
UltraTech Cement Ltd. reported in line numbers except realisation and opex/tonne above estimates.
The company posted 15.7% YoY growth in revenue to Rs 120.2 billion led by 7.9% YoY volume growth to 21.6 million tonne coupled with 7.2% YoY increase (up 1.1% QoQ) in realisation to Rs 5,553/tonne.
Ebitda/profit after tax up 0.6%/ 6.7% YoY to Rs 27.1 billion/ Rs 13.1 billion.
We increase our revenue estimates by 6.5%/ 7.9% for FY22E/ FY23E to factor higher volume and realisation growth. But, we broadly maintain our Ebitda and adjusted profit after tax estimates for FY22E/ FY23E.
UltraTech Cement will continue to witness healthy operating cash flow and free cash flow leading to further deleveraging.
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