UltraTech Cement Q4 Review - Strong Result With Uncertain Near-Term Outlook: IDBI Capital
A worker unloads a sack of cement from a freight train in Mumbai, India. (Photographer Kuni Takahashi/Bloomberg)

UltraTech Cement Q4 Review - Strong Result With Uncertain Near-Term Outlook: IDBI Capital


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.

IDBI Capital Report

Ultratech Cement Ltd. Q4 FY21 Ebitda was higher than our/consensus estimate by 23%/17%.

Beat in number is driven by higher volume growth and lower costs.

The company has gained market share in FY21 as it reported cement sales volume growth of 6% YoY versus industry volume declined by 12% YoY for FY21.

In Q4 FY21, the company witnessed uptick in the plant utilisation in every month of Q4 FY21 with March-21 month plant utilization of 90% plus.

Post the result we have factored better than expected result in FY22/23E.

Click on the attachment to read the full report:

IDBI Capital UltraTech 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.