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Systematix Research Report
UltraTech Cement Ltd.'s Q2 FY23 revenue at Rs 138.9 billion rose 15.6% YoY, but fell 8.4% QoQ, and was 6.8% above our estimate. Sales volume at 23.1 million tonnes was up 6.7%/down 7.7% YoY/QoQ, but in line with our estimate.
UltraTech Cement's net sales realisation at Rs 6,014/tonne was up 8.3%/flattish YoY/QoQ, respectively. Ebitda at Rs 18.6 billion declined 31.3%/39.8% YoY/QoQ, but was 5.5% higher than our estimate.
Blended Ebitda/tonne at Rs 807 fell by 35.7%/34.7% YoY/QoQ, but surpassed our estimate by 3.8%, - and was the lowest in last 12 quarters. Especially power and fuel cost/tonne remained elevated (up 59.8% YoY/ 16.1% QoQ) due to-
constrained availability from Coal India Ltd.,
four times surge in imported coal prices,
elevated petcoke prices, and
poor availability of alternative fuel.
Opex/tonne increased by 21.1% YoY and 8% QoQ to Rs 5,207.
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