UltraTech Cement Q4 Review - Strong Result With Uncertain Near-Term Outlook: IDBI Capital

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IDBI Capital Report

Ultratech Cement Ltd. Q4 FY21 Ebitda was higher than our/consensus estimate by 23%/17%.

Beat in number is driven by higher volume growth and lower costs.

The company has gained market share in FY21 as it reported cement sales volume growth of 6% YoY versus industry volume declined by 12% YoY for FY21.

In Q4 FY21, the company witnessed uptick in the plant utilisation in every month of Q4 FY21 with March-21 month plant utilization of 90% plus.

Post the result we have factored better than expected result in FY22/23E.

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