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Motilal Oswal Report
UltraTech Cement Ltd. reported consolidated Ebitda of Rs 18.7 billion versus estimated Rs 16.8 billion and Ebitda/tonne of Rs 808 versus estimated Rs 723, driven by higher ‘other operating income’ (up Rs 65/tonne QoQ).
Profit was at Rs 7.6 billion versus estimated Rs 5.9 billion. The management expects demand to recover post the festive season. Though energy cost has peaked out in Q2, petcoke price remains volatile and has increased to $205/tonne, after declining to $165-170/tonne in August/September 2022.
UltraTech Cement remains best placed to benefit from demand recovery, helped by its consistent capacity additions plans. Cost-savings initiatives (higher green energy; scope for reducing lead distance, etc.) should help structural cost improvement.
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