UltraTech Cement Q3 Review - Another Quarter Of Beat And Raise: Motilal Oswal
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Motilal Oswal Report
UltraTech Cement Ltd.’s Q3 FY21 result was impressive on multiple counts. While volume growth was above industry at 14% YoY, it did not come at the cost of margins, with Ebitda/unit strong at Rs 1,296/tonne (up 29% YoY).
Moreover, net debt fell Rs 27.0 billion QoQ to Rs 94.4 billion (0.84 times trailing twelve months Ebitda).
Capacity utilization stood at 85% in December 2020 and 80% in Q3 FY21. It stood at more than 100% in East, ~70% in South, and ~80% in North, West, and Central.
While rural demand remains robust, demand from infrastructure and urban real estate has picked up, which bodes well in the near term.
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