UltraTech Cement Q3 Review - Another Quarter Of Beat And Raise: Motilal Oswal

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.

Motilal Oswal Report

UltraTech Cement Ltd.’s Q3 FY21 result was impressive on multiple counts. While volume growth was above industry at 14% YoY, it did not come at the cost of margins, with Ebitda/unit strong at Rs 1,296/tonne (up 29% YoY).

Moreover, net debt fell Rs 27.0 billion QoQ to Rs 94.4 billion (0.84 times trailing twelve months Ebitda).

Capacity utilization stood at 85% in December 2020 and 80% in Q3 FY21. It stood at more than 100% in East, ~70% in South, and ~80% in North, West, and Central.

While rural demand remains robust, demand from infrastructure and urban real estate has picked up, which bodes well in the near term.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.