Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>4QFY21 Result Update</p>
<h2>UltraTech Cement Ltd.</h2>
<h3>Stellar performance continues </h3>
<p>Despite the pandemic and national lockdown, FY21 was one of the best years for Ultratech Cement. For the year, the company’s volume grew by 4.8% to 86.4mn mt as against a decline of 0-2% for the industry. It has resulted in market share gains for the company. On the other hand, the realisation increased by ~1% to Rs5,178. As a result, net sales increased by 5.4% to Rs447.3bn. Absolute EBITDA increased by 25.1% to Rs115.7bn…</p>

<p>3QFY21 Result Update</p>
<h2>UltraTech Cement Ltd.</h2>
<h3>Exceptional earnings performance yet again</h3>
<p>Ultratech Cement Ltd has reported stellar set of numbers for 3QFY21 with yet another beat on our as well as consensus expectations. Key positive surprise from the result was the lower-than-expected growth in operating costs and better realisations. The management had earlier guided for ~10% reduction in fixed overheads in FY21 and has exceeded that target already. Given the low-cost inventory of petcoke and a…</p>

<p>Company Update</p>
<h2>UltraTech Cement Ltd.</h2>
<h3>Demand recovery prompts massive expansion plans</h3>
<p>Ultratech Cement Ltd (UTCEM) has announced massive expansion plans to increase its capacity by 19.5mn mt by FY23. The long term stated goal of the company was to add 50mn mt capacity by 2030 and a large part of that plan is being front-loaded with this announcement. The recent recovery in demand in various regions, especially in East, Central and North India, coupled with capacity constraints in East during peak…</p>

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<p>2QFY21 Result Update</p>
<h2>UltraTech Cement Ltd</h2>
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<h3>Sustainable margin expansion cycle on the anvil</h3>
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<p>Ultratech Cement Ltd has reported stellar set of numbers for 2QFY21, contrary to consensus as well as our estimates, with huge EBITDA beat of ~30%. Clearly, the message from the results is that not only has there been a smart recovery in volume, even pricing and costs are favourable, leading to sharp margin uptick which was definitely not envisaged by us. Ultratech has not only reported…</p>
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<p>1QFY21 Result Update</p>
<h2>UltraTech Cement Ltd.</h2>
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<p><strong>Tight fisted cost control leads to outperformance</strong></p>
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<p>Ultratech Cement Ltd. (UTCEM) reported extremely good set of numbers for 1QFY21, driven by lower than expected operating cost and better pricing. Despite lower volume, due to the ongoing pandemic, Ultratech has managed to post quarterly EBITDA/mt of Rs1,416, which is the highest in over a decade. Volume declined by 32% YoY to 14.7mn mt due to lower operating days (68 days in this quarter)…</p>
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India

Ultra Tech Cement Ltd. produces a wide range of cement products. This Company represents the cement operations of Larsen & Toubro which were spun-off into a separate entity in which Grasim Industries holds a majority interest.

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