UltraTech Cement Q4 Review - Enough Levers For Positive Margin Surprise: Prabhudas Lilladher

Premixed concrete, manufactured by Holcim Ltd., is dropped onto metal construction reinforcement bars during manufacture. (Photographer Martin Leissl/Bloomberg)

UltraTech Cement Q4 Review - Enough Levers For Positive Margin Surprise: Prabhudas Lilladher

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.

Prabhudas Lilladher Report

UltraTech Cement Ltd. reported strong set of Q4 FY21 earnings with 9% beat on our/consensus Ebitda estimates.

The beat was largely led by better realisations. Ebitda/tonne increased 17% YoY (up 2% QoQ) to Rs 1,356 (our estimate: Rs 1,242).

The company successfully integrated acquired operations of Century Cement (14.6 million tonne), JP Associates (21.2 million tonne) and Binani Cement (6.3 million tonne) within guided timeline and profitability.

Backed by sound balance sheet (net debt/Ebitda at 0.6 times) and steady cash flows, the company embarks on next round of growth with 19.5 million tonne of new capacities along with sizeable investment in high payback and environment friendly renewable power to increase its share to 34% by FY24 from current 13% of overall power requirement.

Click on the attachment to read the full report:

Prabhudas Lilladher UltraTech Cement Q4FY21 Result Update.pdf


This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.