On consolidated basis
Quarter ended September 2023
compared with Quarter ended September 2022.
Net sales (including other operating income) of UltraTech Cement has increased
15.26% to Rs 16012.13 crore.
Operating profit margin has jumped
from 13.44% to 15.93%, leading to 36.66% rise in operating profit to Rs
2,550.89 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 14.11% to 14.42%. Purchase of
finished goods cost rose from 2.29% to 2.61%. Employee cost
increased from 4.87% to 4.99%. Other expenses fell from 65.59% to
62.33%. Power and Oil fuel cost fell from 30.24% to 26.92%.
Freight charges rose from 21.43% to 21.56%.
Other income rose 14.27% to Rs
167.13 crore. PBIDT rose 35.03% to Rs 2718.02
crore. Provision for interest rose 16.79% to Rs 233.94
crore. Loan funds declined from Rs 12,876.22 crore as of 30
September 2022 to Rs 11,459.47 crore as of 30 September 2023. Inventories
rose to Rs 7,645.60 crore as of 30 September 2023 from Rs 6,930.48 crore as of
30 September 2022. Sundry debtors were higher at Rs 3,879.60 crore
as of 30 September 2023 compared to Rs 3,305.91 crore as of 30 September
2022. Cash and bank balance declined from Rs 761.09 crore as of 30
September 2022 to Rs 406.92 crore as of 30 September
2023. Investments rose to Rs 6,341.41 crore as of 30 September 2023
from Rs 3,616.91 crore as of 30 September 2022 .
PBDT rose 37.05% to Rs 2484.08
crore. Provision for depreciation rose 12.70% to Rs 797.83
crore. Fixed assets declined from Rs 55,670.18 crore as of 30
September 2022 to Rs 54,199.49 crore as of 30 September
2023. Intangible assets increased from Rs 6,318.21 crore to Rs
11,874.47 crore.
Profit before tax grew 52.65% to Rs
1,686.25 crore. Provision for tax was expense of Rs 409.36 crore,
compared to Rs 344.49 crore. Effective tax rate was 24.23% compared
to 31.23%.
Net profit attributable to owners of
the company increased 69.56% to Rs 1,281.45 crore.
Equity capital increased from Rs
288.67 crore as of 30 September 2022 to Rs 288.69 crore as of 30 September
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 59.96% as of 30
September 2023 ,compared to 59.96% as of 30 September 2022 .
Year-to-date (YTD) results analysis.
Net sales (including other operating income) of UltraTech Cement has increased
16.15% to Rs 33749.23 crore.
Operating profit margin has declined
from 17.08% to 16.59%, leading to 12.87% rise in operating profit to Rs
5,600.07 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 13.59% to 14.40%. Purchase of
finished goods cost rose from 2.34% to 2.52%. Employee cost
decreased from 4.51% to 4.46%. Other expenses fell from 62.71% to
62.19%. Power and Oil fuel cost fell from 28.22% to 27.19%.
Freight charges rose from 21.51% to 22.34%.
Other income rose 33.68% to Rs
340.86 crore. PBIDT rose 13.89% to Rs 5940.93
crore. Provision for interest rose 6.88% to Rs 444.69
crore. Loan funds declined from Rs 12,876.22 crore as of 30
September 2022 to Rs 11,459.47 crore as of 30 September
2023. Inventories rose to Rs 7,645.60 crore as of 30 September 2023
from Rs 6,930.48 crore as of 30 September 2022. Sundry debtors were
higher at Rs 3,879.60 crore as of 30 September 2023 compared to Rs 3,305.91
crore as of 30 September 2022. Cash and bank balance declined from
Rs 761.09 crore as of 30 September 2022 to Rs 406.92 crore as of 30 September
2023. Investments rose to Rs 6,341.41 crore as of 30 September 2023
from Rs 3,616.91 crore as of 30 September 2022 .
PBDT rose 14.49% to Rs 5496.24
crore. Provision for depreciation rose 10.25% to Rs 1546.9
crore. Fixed assets declined from Rs 55,670.18 crore as of 30
September 2022 to Rs 54,199.49 crore as of 30 September
2023. Intangible assets increased from Rs 6,318.21 crore to Rs
11,874.47 crore.
Profit before tax grew 16.25% to Rs
3,949.34 crore. Provision for tax was expense of Rs 985.93 crore,
compared to Rs 1055.89 crore. Effective tax rate was 24.92% compared
to 31.09%.
Minority interest decreased 23.08%
to Rs 0.70 crore. Net profit attributable to owners of the company
increased 26.93% to Rs 2,969.90 crore.
Equity capital increased from Rs
288.67 crore as of 30 September 2022 to Rs 288.69 crore as of 30 September
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 59.96% as of 30
September 2023 ,compared to 59.96% as of 30 September 2022 .
Cash flow from operating activities
increased to Rs 3,357.22 crore for YTD ended September 2023 from Rs 829.37
crore for YTD ended September 2022. Cash flow used in acquiring
fixed assets during the YTD ended September 2023 stood at Rs 4,087.76 crore,
compared to Rs 3,123.37 crore during the YTD ended September 2022.
Full year results analysis.
Net sales (including other operating income) of UltraTech Cement has increased
20.23% to Rs 63239.98 crore.
Operating profit margin has declined
from 21.89% to 16.48%, leading to 9.51% decline in operating profit to Rs
10,419.05 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 13.39% to 14.01%. Purchase of
finished goods cost fell from 2.36% to 2.04%. Employee cost
decreased from 4.78% to 4.30%. Other expenses rose from 57.73% to
63.31%. Power and Oil fuel cost rose from 22.91% to 29.00%.
Freight charges fell from 22.11% to 21.97%.
Other income fell 0.77% to Rs 503.88
crore. PBIDT fell 9.14% to Rs 10922.93 crore. Provision
for interest fell 34.08% to Rs 622.72 crore. Loan funds declined
from Rs 11,298.80 crore as of 31 March 2022 to Rs 11,057.74 crore as of 31
March 2023. Inventories rose to Rs 6,611.83 crore as of 31 March
2023 from Rs 5,595.58 crore as of 31 March 2022. Sundry debtors were
higher at Rs 3,867.02 crore as of 31 March 2023 compared to Rs 3,071.61 crore
as of 31 March 2022. Cash and bank balance rose to Rs 1,149.59 crore
as of 31 March 2023 from Rs 359.18 crore as of 31 March
2022. Investments rose to Rs 7,296.95 crore as of 31 March 2023 from
Rs 6,335.77 crore as of 31 March 2022 .
PBDT fell 7.02% to Rs 10300.21
crore. Provision for depreciation rose 6.38% to Rs 2887.99
crore. Fixed assets increased to Rs 57,290.13 crore as of 31 March
2023 from Rs 48,548.04 crore as of 31 March 2022. Intangible assets
declined from Rs 11,724.20 crore to Rs 6,329.26 crore.
Profit before tax down 11.37% to Rs
7,412.22 crore. Share of profit/loss was 137.06% higher at Rs 4.03
crore. Provision for tax was expense of Rs 2342.85 crore, compared
to Rs 1190.06 crore. Effective tax rate was 31.59% compared to
14.23%.
Net profit attributable to owners of
the company decreased 29.51% to Rs 5,063.96 crore.
Equity capital increased from Rs
288.67 crore as of 31 March 2022 to Rs 288.69 crore as of 31 March
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 59.96% as of 31
March 2023 ,compared to 59.96% as of 31 March 2022 .
Cash flow from operating activities
decreased to Rs 9,068.51 crore for year ended March 2023 from Rs 9,283.24 crore
for year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 6,200.11 crore, compared to Rs
5,613.41 crore during the year ended March 2022.
Operational highlights:
Domestic
sales volume grew 15% yoy with capacity utilization of 75% in Q2FY2024.
Operating
EBITDA/Mt for the quarter stood at Rs 955 a growth of 17.6% YoY.
Blended
cement at 70%, clinker conversion ratio improved to 1.44.
Trade
sales at 67%. Rural sales at 63% of trade - growing at 15%.
Expansion:
The
company’s on-going expansion program is progressing as per schedule. 5.5 mtpa
capacity has already been commissioned during this financial year following a
12.4 mtpa capacity addition during FY23. The Company also commissioned 30 MW of
WHRS capacity during the quarter.
Green
power now contributes 22% of the total power requirement with 262 MW of WHRS
and 429 MW of renewable energy.
Work
on the second phase of growth of 22.6 mtpa is in full swing. As part of this
project, the company is adding another 1.8 mtpa of slag grinding capacity
taking total of phase 2 to 24.4 mtpa. Commercial production from all these new
capacities is expected to go on stream in a phased manner by FY25/FY26.
| UltraTech Cement : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202309 | 202209 | Var.(%) | 202309 | 202209 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 16,012.13 | 13,892.69 | 15.26 | 33,749.23 | 29,056.67 | 16.15 | 63,239.98 | 52,598.83 | 20.23 | | OPM (%) | 15.93 | 13.44 | 249 bps | 16.59 | 17.08 | -48 bps | 16.48 | 21.89 | -542 bps | | OP | 2,550.89 | 1,866.64 | 36.66 | 5,600.07 | 4,961.51 | 12.87 | 10,419.05 | 11,514.35 | -9.51 | | Other Inc. | 167.13 | 146.26 | 14.27 | 340.86 | 254.98 | 33.68 | 503.88 | 507.81 | -0.77 | | PBIDT | 2,718.02 | 2,012.90 | 35.03 | 5,940.93 | 5,216.49 | 13.89 | 10,922.93 | 12,022.16 | -9.14 | | Interest | 233.94 | 200.31 | 16.79 | 444.69 | 416.07 | 6.88 | 622.72 | 944.71 | -34.08 | | PBDT | 2,484.08 | 1,812.59 | 37.05 | 5,496.24 | 4,800.42 | 14.49 | 10,300.21 | 11,077.45 | -7.02 | | Depreciation | 797.83 | 707.91 | 12.70 | 1546.9 | 1403.1 | 10.25 | 2887.99 | 2714.75 | 6.38 | | PBT | 1,686.25 | 1,104.68 | 52.65 | 3949.34 | 3397.32 | 16.25 | 7412.22 | 8362.7 | -11.37 | | Share of Profit/(Loss) from Associates | 3.49 | -1.49 | LP | 7.19 | -0.71 | LP | 4.03 | 1.7 | 137.06 | | PBT before EO | 1689.74 | 1103.19 | 53.17 | 3956.53 | 3396.61 | 16.48 | 7416.25 | 8364.4 | -11.34 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 1689.74 | 1103.19 | 53.17 | 3956.53 | 3396.61 | 16.48 | 7416.25 | 8364.4 | -11.34 | | Taxation | 409.36 | 344.49 | 18.83 | 985.93 | 1055.89 | -6.63 | 2342.85 | 1190.06 | 96.87 | | PAT | 1280.38 | 758.7 | 68.76 | 2970.6 | 2340.72 | 26.91 | 5073.4 | 7174.34 | -29.28 | | Minority Interest (MI) | -1.07 | 2.97 | LP | 0.7 | 0.91 | -23.08 | 9.44 | -10.05 | PL | | Net profit | 1281.45 | 755.73 | 69.56 | 2969.9 | 2339.81 | 26.93 | 5063.96 | 7184.39 | -29.51 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 159.92 | - | | Net profit after discontinued operations | 1281.45 | 755.73 | 69.56 | 2969.9 | 2339.81 | 26.93 | 5063.96 | 7344.31 | -31.05 | | EPS (Rs)* | 44.39 | 26.18 | 69.56 | 102.88 | 81.05 | 26.93 | 175.41 | 248.86 | -29.51 | | | * EPS is on current equity of Rs 288.69 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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