UltraTech Cement Q1 Review – Monsoon Could Slow The Near-Term Activity: IDBI Capital

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UltraTech Cement Ltd.’s Q1 FY22 Ebitda was in-line with our estimate.

Opex/tonne was largely flat QoQ but Ebitda/tonne was higher by 13% QoQ to Rs 1571 led by price hikes.

In Q1 FY22 the company’s capacity utilisation stood at 73% with June 2021 month utilisation at 74%.

UltraTech Cement re-iterated its plan to expand capacity by 19 million tonnes to reach 136 million tonnes by FY23E.

The company’s balance sheet continues to remain lean and net debt/ Ebitda at 0.44 times versus 0.55 times QoQ.

Positive in UltraTech Cement’s business is its leadership position in Indian cement market, balance sheet deleveraging and capacity addition.

Click on the attachment to read the full report:

IDBI Capital UltraTech Cement Q1FY22 Result Update.pdf


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