Ultratech Cement - Weak Q2; Outlook Improving: Centrum Broking
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Centrum Broking Report
Ultratech Cement Ltd. reported in-line Ebitda of Rs 26 billion, down 18% QoQ driven by lower grey cement realisation (down ~2.5% QoQ) and higher operating cost.
The company managed to contain power and fuel cost (up ~3% QoQ), despite sharp increase in coal and pet coke prices, primarily due to low cost inventory.
Ebitda/tonne stood at Rs 1,269, down ~18% QoQ.
Higher volume and better cement realisation (UltraTech Cement took average price hike of Rs 10-15/bag in October) should offset higher fuel cost, thereby improving margins in Q3 FY22.
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