Q3FY25 - Consolidated Earnings Preview
The Q3FY25 earnings season was marked by a) Festival demand, 2) Sequential improvement in government spending, 3) Moderation in Urban consumption
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Q3FY25 Earnings Preview - CEMENT
The demand during H1FY25 was impacted by seasonality, prolonged rainfall, delays in budgetary allocations for infrastructure projects, and labour...
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Cement Sector: Q2FY25 Review
The companies under our coverage reported a Revenue/EBITDA/APAT de-growth of 5%/25%/50% YoY, against expectations of 6%/19%/38% de-growth.
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UltraTech Cement - Weak Demand and Pricing Hurt Margin
UltraTech Cement (UTCEM)’s 2QFY25 EBITDA was below our estimate due to higher-than-estimated opex/t. EBITDA declined ~21% YoY to INR20.2b (7% miss).
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HSIE Results Daily: UltraTech Cement, Oberoi Realty, Dalmia Bharat
We estimate UTCEM to deliver 11% volume CAGR (ex-India Cements) over FY24-27E and unit EBITDA to expand to INR 1,349 in FY27E.
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