On consolidated basis
Quarter ended December 2023 compared
with Quarter ended December 2022.
Net sales (including other operating income) of UltraTech Cement has increased
7.85% to Rs 16739.97 crore.
Operating profit margin has jumped
from 15.05% to 19.44%, leading to 39.33% rise in operating profit to Rs
3,254.57 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 14.21% to 14.77%. Purchase of
finished goods cost fell from 2.39% to 2.23%. Employee cost
increased from 4.36% to 4.53%. Other expenses fell from 64.36% to
59.30%. Power and Oil fuel cost fell from 30.61% to 24.62%.
Freight charges fell from 21.85% to 21.34%.
Other income rose 10.97% to Rs
140.48 crore. PBIDT rose 37.87% to Rs 3395.05
crore. Provision for interest rose 21.79% to Rs 262.16
crore.
PBDT rose 39.41% to Rs 3132.89
crore. Provision for depreciation rose 8.33% to Rs 783.48
crore.
Profit before tax grew 54.16% to Rs
2,349.41 crore. Share of profit/loss was 75.61% higher at Rs 5.76
crore. Provision for tax was expense of Rs 580.39 crore, compared to
Rs 464.66 crore. Effective tax rate was 24.64% compared to 30.42%.
Net profit attributable to owners of
the company increased 67.92% to Rs 1,776.98 crore.
Promoters’ stake was 59.96% as of 31
December 2023 ,compared to 59.96% as of 31 December 2022 .
For year-to-date (YTD) results
analysis.
Net sales (including other operating income) of UltraTech Cement has increased
13.26% to Rs 50489.2 crore.
Operating profit margin has jumped
from 16.37% to 17.54%, leading to 21.34% rise in operating profit to Rs
8,854.64 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 13.81% to 14.52%. Purchase of
finished goods cost rose from 2.36% to 2.42%. Employee cost
increased from 4.46% to 4.48%. Other expenses fell from 63.29% to
61.23%. Power and Oil fuel cost fell from 29.06% to 26.34%.
Freight charges rose from 21.63% to 22.01%.
Other income rose 26.15% to Rs
481.34 crore. PBIDT rose 21.58% to Rs 9335.98
crore. Provision for interest rose 11.96% to Rs 706.85
crore.
PBDT rose 22.44% to Rs 8629.13
crore. Provision for depreciation rose 9.60% to Rs 2330.38
crore.
Profit before tax grew 27.99% to Rs
6,298.75 crore. Share of profit/loss was 403.89% higher at Rs 12.95
crore. Provision for tax was expense of Rs 1566.32 crore, compared
to Rs 1520.55 crore. Effective tax rate was 24.82% compared to
30.88%.
Net profit attributable to owners of
the company increased 39.70% to Rs 4,746.88 crore.
Promoters’ stake was 59.96% as of 31
December 2023 ,compared to 59.96% as of 31 December 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 16.79%, leading to 7.77% decline in operating profit to Rs
10,619.85 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
63.00%. Power and Oil fuel cost rose from 22.91% to 29.00%. Freight
charges fell from 22.11% to 21.97%.
Other income fell 0.93% to Rs 503.08
crore. PBIDT fell 7.48% to Rs 11122.93 crore. Provision
for interest fell 12.91% to Rs 822.72 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 5% yoy with capacity utilization of 77% in Q3FY2024.
Operating
EBITDA/Mt for the quarter stood at Rs 1208 a growth of 34.0% YoY.
Trade
sales at 64%. Rural sales at 64% of trade - growing at 5%.
Expansion:
During
the quarter, the Company acquired a 0.54 mtpa cement grinding asset of Burnpur
Cement Limited, located at Patratu in Jharkhand for a consideration of
Rs.169.79 crores, marking its entry in the state of Jharkhand.
Work
on the second phase of 22.6 mtpa announced in June, 2022 is in full swing and
will start commissioning during the current quarter itself, ahead of schedule.
For
the 3rd phase of growth of 21.9 mtpa announced in October 2023, major orders to
key technology suppliers have already been placed and civil work has commenced
on a few locations.
| UltraTech Cement : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202312 | 202212 | Var.(%) | 202312 | 202212 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 16,739.97 | 15,520.93 | 7.85 | 50,489.20 | 44,577.60 | 13.26 | 63,239.98 | 52,598.83 | 20.23 | | OPM (%) | 19.44 | 15.05 | 439 bps | 17.54 | 16.37 | 117 bps | 16.79 | 21.89 | -510 bps | | OP | 3,254.57 | 2,335.85 | 39.33 | 8,854.64 | 7,297.36 | 21.34 | 10,619.85 | 11,514.35 | -7.77 | | Other Inc. | 140.48 | 126.59 | 10.97 | 481.34 | 381.57 | 26.15 | 503.08 | 507.81 | -0.93 | | PBIDT | 3,395.05 | 2,462.44 | 37.87 | 9,335.98 | 7,678.93 | 21.58 | 11,122.93 | 12,022.16 | -7.48 | | Interest | 262.16 | 215.25 | 21.79 | 706.85 | 631.32 | 11.96 | 822.72 | 944.71 | -12.91 | | PBDT | 3,132.89 | 2,247.19 | 39.41 | 8,629.13 | 7,047.61 | 22.44 | 10,300.21 | 11,077.45 | -7.02 | | Depreciation | 783.48 | 723.23 | 8.33 | 2330.38 | 2126.33 | 9.60 | 2887.99 | 2714.75 | 6.38 | | PBT | 2,349.41 | 1,523.96 | 54.16 | 6298.75 | 4921.28 | 27.99 | 7412.22 | 8362.7 | -11.37 | | Share of Profit/(Loss) from Associates | 5.76 | 3.28 | 75.61 | 12.95 | 2.57 | 403.89 | 4.03 | 1.7 | 137.06 | | PBT before EO | 2355.17 | 1527.24 | 54.21 | 6311.7 | 4923.85 | 28.19 | 7416.25 | 8364.4 | -11.34 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 2355.17 | 1527.24 | 54.21 | 6311.7 | 4923.85 | 28.19 | 7416.25 | 8364.4 | -11.34 | | Taxation | 580.39 | 464.66 | 24.91 | 1566.32 | 1520.55 | 3.01 | 2342.85 | 1190.06 | 96.87 | | PAT | 1774.78 | 1062.58 | 67.03 | 4745.38 | 3403.3 | 39.43 | 5073.4 | 7174.34 | -29.28 | | Minority Interest (MI) | -2.2 | 4.38 | LP | -1.5 | 5.29 | LP | 9.44 | -10.05 | PL | | Net profit | 1776.98 | 1058.2 | 67.92 | 4746.88 | 3398.01 | 39.70 | 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 | 1776.98 | 1058.2 | 67.92 | 4746.88 | 3398.01 | 39.70 | 5063.96 | 7344.31 | -31.05 | | EPS (Rs)* | 61.55 | 36.66 | 67.92 | 164.43 | 117.71 | 39.70 | 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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