On consolidated basis
Quarter ended September 2022
compared with Quarter ended September 2021.
Net sales (including other operating income) of UltraTech Cement has increased
15.61% to Rs 13892.69 crore.
Operating profit margin has declined
from 22.59% to 13.44%, leading to 31.24% decline in operating profit to Rs
1,866.64 crore. Raw material cost as a % of total sales (net of
stock adjustments) decreased from 14.15% to 14.11%. Purchase of finished
goods cost rose from 1.76% to 2.29%. Employee cost decreased from
5.55% to 4.87%. Other expenses rose from 56.34% to 65.59%.
Power and Oil fuel cost rose from 20.60% to 30.24%.
Freight charges fell from 21.85% to 21.43%.
Other income rose 4.43% to Rs 146.26
crore. PBIDT fell 29.49% to Rs 2012.9 crore. Provision
for interest fell 12.90% to Rs 200.31 crore. Loan funds declined
from Rs 15,238.25 crore as of 30 September 2021 to Rs 12,876.22 crore as of 30
September 2022. Inventories rose to Rs 6,930.48 crore as of 30
September 2022 from Rs 5,413.55 crore as of 30 September
2021. Sundry debtors were higher at Rs 3,305.91 crore as of 30
September 2022 compared to Rs 2,629.52 crore as of 30 September
2021. Cash and bank balance declined from Rs 1,255.87 crore as of 30
September 2021 to Rs 761.09 crore as of 30 September
2022. Investments declined from Rs 6,784.29 crore as of 30 September
2021 to Rs 3,616.91 crore as of 30 September 2022.
PBDT fell 30.94% to Rs 1812.59
crore. Provision for depreciation rose 4.50% to Rs 707.91
crore. Fixed assets increased to Rs 55,670.18 crore as of 30
September 2022 from Rs 46,007.55 crore as of 30 September
2021. Intangible assets declined from Rs 13,738.06 crore to Rs
6,318.21 crore.
Profit before tax down 43.27% to Rs 1,104.68
crore. Provision for tax was expense of Rs 344.49 crore, compared to
Rs 637.14 crore. Effective tax rate was 31.23% compared to 32.72%.
Net profit attributable to owners of
the company decreased 42.47% to Rs 755.73 crore.
Equity capital increased from Rs
288.66 crore as of 30 September 2021 to Rs 288.67 crore as of 30 September
2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 59.96% as of 30
September 2022 ,compared to 59.96% as of 30 September 2021 .
Year-to-date (YTD) results analysis.
Net sales (including other operating income) of UltraTech Cement has increased
21.85% to Rs 29056.67 crore.
Operating profit margin has declined
from 25.25% to 17.08%, leading to 17.61% decline in operating profit to Rs 4,961.51
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 13.45% to 13.59%. Purchase of finished
goods cost rose from 1.88% to 2.34%. Employee cost decreased from
5.18% to 4.51%. Other expenses rose from 54.82% to 62.71%.
Power and Oil fuel cost rose from 20.27% to 28.22%.
Freight charges fell from 21.80% to 21.51%.
Other income fell 26.08% to Rs
254.98 crore. PBIDT fell 18.07% to Rs 5216.49
crore. Provision for interest fell 25.18% to Rs 416.07
crore. Loan funds declined from Rs 15,238.25 crore as of 30
September 2021 to Rs 12,876.22 crore as of 30 September
2022. Inventories rose to Rs 6,930.48 crore as of 30 September 2022
from Rs 5,413.55 crore as of 30 September 2021. Sundry debtors were
higher at Rs 3,305.91 crore as of 30 September 2022 compared to Rs 2,629.52
crore as of 30 September 2021. Cash and bank balance declined from
Rs 1,255.87 crore as of 30 September 2021 to Rs 761.09 crore as of 30 September
2022. Investments declined from Rs 6,784.29 crore as of 30 September
2021 to Rs 3,616.91 crore as of 30 September 2022.
PBDT fell 17.39% to Rs 4800.42
crore. Provision for depreciation rose 4.93% to Rs 1403.1
crore. Fixed assets increased to Rs 55,670.18 crore as of 30
September 2022 from Rs 46,007.55 crore as of 30 September
2021. Intangible assets declined from Rs 13,738.06 crore to Rs
6,318.21 crore.
Profit before tax down 24.06% to Rs
3,397.32 crore. Provision for tax was expense of Rs 1055.89 crore,
compared to Rs 1464.05 crore. Effective tax rate was 31.09% compared
to 32.72%.
Net profit attributable to owners of
the company decreased 22.42% to Rs 2,339.81 crore.
Equity capital increased from Rs
288.66 crore as of 30 September 2021 to Rs 288.67 crore as of 30 September
2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 59.96% as of 30
September 2022 ,compared to 59.96% as of 30 September 2021 .
Cash flow from operating activities
decreased to Rs 829.37 crore for YTD ended September 2022 from Rs 3,464.87
crore for YTD ended September 2021. Cash flow used in acquiring
fixed assets during the YTD ended September 2022 stood at Rs 3,123.37 crore,
compared to Rs 2,146.33 crore during the YTD ended September 2021.
Full year results analysis.
Net sales (including other operating income) of UltraTech Cement has increased
17.60% to Rs 52598.83 crore.
Operating profit margin has declined
from 25.86% to 21.89%, leading to 0.46% decline in operating profit to Rs
11,514.35 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 13.09% to 13.39%. Purchase of
finished goods cost rose from 1.90% to 2.36%. Employee cost
decreased from 5.31% to 4.78%. Other expenses rose from 53.57% to
57.73%. Power and Oil fuel cost rose from 18.82% to 22.91%.
Freight charges fell from 22.68% to 22.11%.
Other income fell 30.83% to Rs
507.81 crore. PBIDT fell 2.28% to Rs 12022.16
crore. Provision for interest fell 36.41% to Rs 944.71
crore. Loan funds declined from Rs 21,719.39 crore as of 31 March
2021 to Rs 11,298.80 crore as of 31 March 2022. Inventories rose to
Rs 5,595.58 crore as of 31 March 2022 from Rs 4,017.97 crore as of 31 March
2021. Sundry debtors were higher at Rs 3,071.61 crore as of 31 March
2022 compared to Rs 2,571.73 crore as of 31 March 2021. Cash and
bank balance declined from Rs 2,007.55 crore as of 31 March 2021 to Rs 359.18
crore as of 31 March 2022. Investments declined from Rs 12,178.11
crore as of 31 March 2021 to Rs 6,335.77 crore as of 31 March 2022.
PBDT rose 2.41% to Rs 11077.45
crore. Provision for depreciation rose 0.54% to Rs 2714.75
crore. Fixed assets increased to Rs 54,022.03 crore as of 31 March
2022 from Rs 50,878.44 crore as of 31 March 2021. Intangible assets
increased from Rs 6,219.85 crore to Rs 6,250.21 crore.
Profit before tax grew 3.04% to Rs
8,362.70 crore. Share of profit/loss was 22.02% lower at Rs 1.7
crore. Provision for tax was expense of Rs 1190.06 crore, compared
to Rs 2538.7 crore. Effective tax rate was 14.23% compared to
32.31%.
Minority interest decreased 704% to
Rs -10.05 crore. Net profit attributable to owners of the company
increased 35.04% to Rs 7,184.39 crore.
Equity capital increased from Rs
288.65 crore as of 31 March 2021 to Rs 288.67 crore as of 31 March 2022. Per
share face Value remained same at Rs 10.00.
Promoters’ stake was 59.96% as of 31
March 2022 ,compared to 59.96% as of 31 March 2021 .
Cash flow from operating activities
decreased to Rs 9,283.24 crore for year ended March 2022 from Rs 12,500.43
crore for year ended March 2021. Cash flow used in acquiring fixed
assets during the year ended March 2022 stood at Rs 5,613.41 crore, compared to
Rs 1,922.39 crore during the year ended March 2021.
Capital
Expenditure:
The
Company`s first phase of
growth
launched in December, 2020
is on track and estimated
to be completed by
the end of FY23.
During the quarter, the Company commissioned 1.3 mtpa brownfield capacity at Dalla,
Uttar Pradesh, taking the total capacity in India
to 115.85
mtpa and 121.25
mtpa globally. In the second half of this year, the Company will
commission another 15.4 mtpa of
greenfield /
brownfield expansion and start the next financial year with a capacity of 131.25
mtpa in India.
Work on
the second phase of growth
of
22.6
mtpa announced during the
first quarter has already
commenced. Main plant orders have been placed and civil work started at some
sites. Commercial production from these new capacities is expected to go on
stream in a phased manner, by
FY25.
Upon
completion of the latest round of expansion,
the Company`s capacity will grow to 159.25 mtpa, reinforcing its
position as the third largest cement company in the world, outside of China.
Outlook:
Given
the government`s focus on infrastructure spending and affordable housing, the
cement sector`s long-term growth potential continues
to remain
healthy. Demand revival is imminent, especially during the festive
season and the January-March peak construction period
| UltraTech Cement : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202209 | 202109 | Var.(%) | 202209 | 202109 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 13,892.69 | 12,016.78 | 15.61 | 29,056.67 | 23,846.62 | 21.85 | 52,598.83 | 44,725.80 | 17.60 | | OPM (%) | 13.44 | 22.59 | -916 bps | 17.08 | 25.25 | -818 bps | 21.89 | 25.86 | -397 bps | | OP | 1,866.64 | 2,714.73 | -31.24 | 4,961.51 | 6,022.22 | -17.61 | 11,514.35 | 11,567.91 | -0.46 | | Other Inc. | 146.26 | 140.05 | 4.43 | 254.98 | 344.92 | -26.08 | 507.81 | 734.17 | -30.83 | | PBIDT | 2,012.90 | 2,854.78 | -29.49 | 5,216.49 | 6,367.14 | -18.07 | 12,022.16 | 12,302.08 | -2.28 | | Interest | 200.31 | 229.98 | -12.90 | 416.07 | 556.09 | -25.18 | 944.71 | 1,485.65 | -36.41 | | PBDT | 1,812.59 | 2,624.80 | -30.94 | 4,800.42 | 5,811.05 | -17.39 | 11,077.45 | 10,816.43 | 2.41 | | Depreciation | 707.91 | 677.4 | 4.50 | 1403.1 | 1337.2 | 4.93 | 2714.75 | 2700.23 | 0.54 | | PBT | 1,104.68 | 1,947.40 | -43.27 | 3397.32 | 4473.85 | -24.06 | 8362.7 | 8116.2 | 3.04 | | Share of Profit/(Loss) from Associates | -1.49 | 0.08 | PL | -0.71 | 0.57 | PL | 1.7 | 2.18 | -22.02 | | PBT before EO | 1103.19 | 1947.48 | -43.35 | 3396.61 | 4474.42 | -24.09 | 8364.4 | 8118.38 | 3.03 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | -260.74 | - | | PBT after EO | 1103.19 | 1947.48 | -43.35 | 3396.61 | 4474.42 | -24.09 | 8364.4 | 7857.64 | 6.45 | | Taxation | 344.49 | 637.14 | -45.93 | 1055.89 | 1464.05 | -27.88 | 1190.06 | 2538.7 | -53.12 | | PAT | 758.7 | 1310.34 | -42.10 | 2340.72 | 3010.37 | -22.24 | 7174.34 | 5318.94 | 34.88 | | Minority Interest (MI) | 2.97 | -3.19 | PL | 0.91 | -5.79 | PL | -10.05 | -1.25 | -704.00 | | Net profit | 755.73 | 1313.53 | -42.47 | 2339.81 | 3016.16 | -22.42 | 7184.39 | 5320.19 | 35.04 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 159.92 | 142.91 | 11.90 | | Net profit after discontinued operations | 755.73 | 1313.53 | -42.47 | 2339.81 | 3016.16 | -22.42 | 7344.31 | 5463.1 | 34.43 | | EPS (Rs)* | 26.18 | 45.50 | -42.47 | 81.05 | 104.48 | -22.42 | 248.88 | 190.41 | 30.70 | | | * EPS is on current equity of Rs 288.67 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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