UltraTech Cement Q3 Results Review - Sequential Flat NSR Anchored Ebitda At Rs 900/Tonne: Yes Securities

Yes Securities Report

UltraTech Cement Ltd. delivered a volume growth of up 12% YoY to 25.9 millio tonne (up 4% above our estimate) coupled with strong net sales realisation of Rs 6002/tonne (up 7% YoY) translates in revenue of Rs 155.2 billion up by (up 20% YoY; inline our estimate) in Q3 FY23.

Ebitda and profit after tax came 5% and 8% below our estimate to Rs 23.4 and 10.6 billion respectively and declined by 4% and 38% YoY due to escalated cost but sequentially improved by up 25% and up 40% on account of peaked operating cost.

For the quarter, Ebitda for UltraTech Cement confined to Rs 903/tonne (down 14% YoY and up 12% QoQ) versus our estimate of 985/tonne owing to sequential flat NSR, despite moderating operating cost.

Considering nine months-FY23 consolidated volume sales of 74 million tonne, we have increased our estimate to 102.5 million tonne (versus 98.2 million tonne earlier) that takes our revenue estimates up by 7% for FY23E.

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