Ultratech Cement registered almost 8% year-on-year revenue growth at ₹16,740 crore for the October to December 2023 period, the company’s financial results released on January 18 showed. The revenue is slightly higher than the CNBC-TV18 poll projection of ₹16,649 crore.
The cement maker’s net profit, meanwhile, has jumped 1.6 times or 67% on year to ₹1,775 crore in the third quarter of the 2023-34 fiscal, from ₹1,063 crore in the corresponding quarter last year. The profit is largely in line with the CNBC-TV18 poll estimate of ₹1,739 crore.
In its investor presentation, Ultratech Cement has pointed out that its profit after tax of ₹1,777 crore, which went up 39% sequentially, is the highest ever.
The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) went up 39.3% YoY to ₹3,254 crore compared to ₹2,335.9 crore in the December quarter. It also registered an operating EBITDA/mt of ₹ 1,208 for India operations, which marks an improvement of 34% YoY and 27% QoQ.
The firm’s margin, in line with CNBC-TV18 poll expectation, has come in at 19.4% versus 15.1% in the same quarter last year.
UltraTech Cement added that its realisation has improved by 2.1% and 2.8% year-on-year and sequentially. The consolidated sales volume, on the other hand, has increased 6% annually to 27.32 million tonnes. This includes the sales of grey cement, cement export and clinker sales as well as white cement.
Reflecting on costs, the company's presentation suggests that logistics cost, which is 29% of the total cost declined 2% annually at ₹1,221/Mt, energy cost (33% of overall) decreased 13% YoY to ₹1,477/Mt while the raw material costs (15% of overall) increased 3% YoY to ₹631/Mt in the December ended quarter.
“UltraTech will use 85% green power by 2030. Our company also targets to meet 100% of its electricity requirement through renewable sources by 2050, as part of its RE100 commitment,” the firm said in its presentation.
Following the Q3 results, UltraTech Cement shares traded 1.37% higher than the previous close at ₹10,027.90 on BSE at 2:15 pm.
(Edited by : Amrita)
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