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Prabhudas Lilladher Report
UltraTech Cement Ltd. reported Q2 FY22 earnings in line with our estimates, largely due to one-time income in other operating income segment.
While, costs came significantly above our estimates due to higher other expenses. Ebitda/tonne (Including other operating income) fell 4.5% YoY (down 17% QoQ) to Rs 1,320 (our estimate: Rs 1,355).
Excluding of other operating income, Ebitda/tonne fell 10% YoY/22% QoQ to Rs 1,182 (our estimate: Rs 1,285) backed by sound balance sheet and steady cash flows, UltraTech Cement is expanding capacity by 17.5% or 19.5 million tonne over next couple of years along with sizeable investment in high payback and environment friendly renewable power to increase its share to 34% by FY24 from current 14% of overall power requirement.
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