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ICICI Securities Report
UltraTech Cement Ltd.'s Q2 FY22 consolidated Ebitda at Rs 27.1 billion (flat YoY) is broadly in line with consensus estimates.
Consolidated volumes grew 8% YoY to 21.6 million tonne while Ebitda/tonne declined 7% YoY and 18% QoQ to Rs 1,254/tonne due to various cost escalations.
While investor's concern around sharp cost increases seems valid, industry has demonstrated strong pricing resilience in the past.
Our recent channel checks suggest companies have increased prices by Rs 15-20/bag across regions.
We believe UltraTech Cement with its large pan-India diversified market presence, premium brand positioning and increased focus on cost efficiencies is better placed to sustain / improve margins in the medium term.
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