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HDFC Securities Report
During Q2 FY21, UltraTech Cement Ltd. reported solid earnings beat, driven by strong cost controls, healthy realisation and strong retail demand.
Consolidated net sales/ Ebitda/adjusted profit after tax surged 8/41/113% YoY to Rs 103.54/26.95/12.34 billion respectively.
Working capital reduction and lower capex further drove a 42% YoY fall in net debt.
Management has guided that non-trade demand is recovering well, which should boost sales hereon.
Continued cost controls should further support the company's strong margins.
In line with our view, UltraTech continues to deliver margin expansion, asset sweating, and debt reduction.
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