UltraTech – Successfully executing the growth playbook

The cement maker will have to hold onto the performance to justify the valuation as competition in the industry will intensify, going forward

Sachin Pal
January 24, 2023 / 10:52 AM IST
UltraTech – Successfully executing the growth playbook

Representative image

PRO Only Highlights
-  Quarterly performance largely backed by improved realisations
-  Medium-term triggers China plus and protectionist measures for tyre industry
-  Valuations not inexpensive; but improved medium-term outlook

Highlights Domestic grey cement volumes rose 13 percent YoY Operating margins shrank by 400bps in Q3 Cement prices to support margins Added 5.5MT of capacity in last quarter Valuations rich at 17 times FY24 EV/EBITDA UltraTech Cement, India’s largest cement manufacturer, reported very good numbers in the December quarter against the backdrop of a complex operating environment. The headwinds on the cost front were partially offset by pricing actions and volume growth. Key Result Highlights Revenues from India operations came in at Rs 14,755 crore, up...