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Motilal Oswal Report
UltraTech Cement Ltd. continued to improve its costs and margins in Q1 FY22; it reported the highest ever Ebitda/unit of Rs 1,536/tonne (up 8% YoY) during the quarter.
Coupled with volume growth of 47% YoY, this led to 59% YoY growth in Ebitda.
Net debt fell Rs 7 billion QoQ to Rs 59.8 billion (0.44 times trailing twelve months Ebitda).
UltraTech Cement's market share gains should continue, aided by the ongoing 20 million tonnes per annum expansion program, which should drive a 13% volume compound annual growth rate over FY21–24E.
We raise our earnings per share for FY22E/FY23E by 6%/6%, factoring in a better realisation outlook.
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