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IDBI Capital Report
UltraTech Cement Ltd.'s Q2 FY22 Ebitda was in-line with our estimate. Opex/tonne was up Rs 389/tonne QoQ and 40% of it is driven by higher other expenses.
Q2 FY22 power and fuel cost increased by Rs 47/tonne QoQ (4% QoQ) and is lower than our estimate due to low cost inventory, fuel cost efficiencies and higher consumption of green power.
On pricing front, UltraTech Cement has increased its prices by Rs 10-15/bag in October 2021 to offset the cost inflation. And has guided for Ebitda margin of 26-28% for the coming quarter.
It has commissioned 1.2 million tonne brownfield expansion in the Eastern markets and re-iterated to commission total 4 mtpa in FY22E and 15 mtpa in FY23E.
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