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Prabhudas Lilladher Report
UltraTech Cement Ltd. reported Q4 FY22 earnings marginally above our estimates on back of better than expected realisations.
Ebitda/tonne fell 16% YoY to Rs 1,138 (our estimate: Rs 1,080). Street attributes the slide in margins over last couple of quarters to abnormal increase in costs and erratic recovery in prices coupled with demand impacted by unseasonal rains, sand shortage, etc.
However, we believe that scope for improvement in margins is very limited as sector is generating strong cash flows with continuous capacity addition.
We continue to like UltraTech Cement given its market leading position (20% plus market share), strong balance sheet (net debt/Ebitda at 0.5 times) and efficient operations.
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