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UltraTech Cement Ltd.’s Q4 FY21 consolidated Ebitda at Rs 37 billion (up 51% YoY) was significantly higher than consensus estimates.
India operations volume grew 30% YoY (two-year compound annual growth rate of 4.5%), grey cement realisation was up 2% QoQ and Ebitda/tonne rose 17% YoY to Rs 1,356/tonne – all ahead of consensus estimates.
Management expects strong upcycle over the next three to five years with all demand drivers looking upbeat and the recent slowdown arising from the second Covid-19 wave may be temporary.
We believe the company is likely to rerate as it continues to gain market share with improved profitability/return on capital employed and turn net debt free by FY22E.
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