UltraTech Cement Q4 Review - Market Share Gains Continue: Motilal Oswal

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Motilal Oswal Report

UltraTech Cement Ltd.’s Q4 FY21 result was impressive on multiple counts.

While volume growth remained above industry, Ebitda/unit was strong at Rs 1,328/tonne (up 18% YoY), driving 51% YoY growth in Ebitda.

Net debt fell Rs 27 billion QoQ to Rs 67.2 billion (0.55 times trailing twelve months Ebitda).

It has grown its market share further due to high clinker availability, which helped it meet strong demand for ordinary portland cement in Q4 FY21.

Market share gains should continue, aided by the ongoing 20 million tonnes per annum expansion programme, which should drive 11% volume compound annual growth rate over FY21-24E.

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