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IDBI Capital Report
UltraTech Cement Ltd.'s Q4 FY23 (consolidated) Ebitda came in line with our/ consensus estimate. After reporting strong volume increase of 14% YoY, UltraTech Cement has reported QoQ improved Ebitda margin in Q4 FY23 to 18%.
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Margins have improved QoQ by ~300 basis points and in tonne basis it stood at Rs 1042.
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For FY24E/25E, we have modeled volume increase of 12%/10% YoY on the back of capacity addition achieved in FY23 (up 10% YoY to 132 million tonnes per annum) and pre-election spending.
UltraTech Cement's Ebitda margin we expect it to improve to 19%/22%, driven by saving in fuel cost.
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