UltraTech Cement Q4 Review – Healthy QoQ Performance: Dolat Capital

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UltraTech Cement Ltd. reported income, quantity, realisation in-line, nevertheless Ebitda, Ebitda/ tonne and adjusted revenue after tax above estimates.

UltraTech Cement posted 9.5% YoY progress in income to Rs 157.7 billion led by 9.8% YoY enhance in realisation to Rs 5,694/tonne (up 1.1% QoQ) which was partially offset by decline in quantity by 0.3% YoY to 27.7 million tonne.

Ebitda/adjusted revenue after tax down 16.7%/ 18.5% YoY to Rs 30.7 billion/ Rs 14.8 bn.

We broadly preserve our estimates for FY23E and FY24E respectively.

We count on 13.3%/ 14.3%/ 21.7% income/ Ebitda/adjusted revenue after tax compound annual progress price over FY22-24E led by 9.2%/ 10.7% quantity progress and 6.1%/ flat realisation progress in FY23E/ FY24E.

UltraTech Cement will proceed to witness wholesome working money circulate and free money circulate resulting in additional deleveraging. The corporate, being the most important participant in Indian cement trade is its largest benefit.

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