UltraTech Cement Q3 Review - Another Quarter Of Beat And Raise: Motilal Oswal
A worker loads material into a cement mixer at the under-construction residential development (Photographer Akos Stiller/Bloomberg)

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.

Click on the attachment to read the full report:

Motilal Oswal Ultratech Cement 3FY21 Result Update.pdf

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