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

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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

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