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Motilal Oswal Report
UltraTech Cement Ltd.'s Q2 FY21 result highlights the execution of its planned cost rationalization and de-leveraging roadmap.
The company is currently operating at capacity utilization of approximately 80% in October 2020 versus average utilization of 66% in Q2 FY21 (74% in September).
While volume growth was above industry at 7% YoY, per tonne cost fell 7% YoY to Rs 3,818/tonne, driving per tonne Ebitda to Rs 1,344 (up 31% YoY) – the highest ever for the seasonally weak Q2.
Net debt declined further by Rs 25.2 billion QoQ to Rs 121 billion (1.2 times trailing twelve month Ebitda).
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