BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Systematix Research Report
UltraTech Cement Ltd.'s Q4 FY23 revenue of Rs 187 billion was up 18.4% YoY and 20.2% QoQ, 3.1% below our estimate. Sales volume at 31.7 million tonne rose 14.5%/ 22.6% YoY/QoQ, led by new capacity ramp up.
Net sales realisation at Rs 5,887/tonne was up by 3.4% but fell by 1.9% QoQ, and was 3.1% below our estimate. Ebitda in absolute numbers at Rs 33.2 billion, up by 8.1% YoY and 42.2% QoQ, was 4.6% below our estimate.
Blended Ebitda/tonne at Rs 1,048 fell by 5.6% YoY, but was up by 16%, versus our estimate of Rs 1,099/tonne. Overall opex/tn rose by fell 5.6% YoY but fell 5.1% QoQ.
UltraTech Cement's cost efficiency, especially with respect to power and fuel cost and benefits from operating leverages (partially offset by higher raw material cost) was better QoQ. Power and fuel cost/tonne and other expenses/ tonne declined 11.1% and 16.1%, QoQ, respectively.
Also, freight cost/tonne fell 1.6% QoQ due to reduction in lead distance to 413 kms from 428 kms in Q4 FY22 and better route mapping, despite the busy season surcharge on rail freight and 2% hike in diesel cost.
Raw material cost/tonne increased 1.7% YoY and 15.3% QoQ on high-cost inventory and increase in flay ash, slag and gypsum prices. Our FY24 estimates broadly remain unchanged, and we have introduced FY25E.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
