Ultratech Cement

Cost inflation behind it, robust outlook intact

Equity Bottom-Up
119 Views, 19 Jan 2022 17:02
EXECUTIVE SUMMARY

UTCEM's 3QFY22 performance was impacted by cost inflation, primarily energy and other costs, leading to a 6.7pp YoY fall in EBITDA margin and 19% YoY fall in EBITDA/t. EBITDA fell 22% YoY, despite higher other operating income (up 2.3x YoY). Adjusted for tax write-backs, profit fell 26% YoY. The industry has seen peak of the fuel cost inflation and imported/domestic petcoke prices have declined 38%/33% from its peak in Nov-21. This should help cost moderate from 1QFY23.

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Motilal Oswal
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Motilal Oswal Financial Services Limited
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Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial ... 

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