On consolidated basis
Quarter ended March 2024 compared
with Quarter ended March 2023.
Net sales (including other operating income) of UltraTech Cement has increased
9.41% to Rs 20418.94 crore.
Operating profit margin has jumped
from 17.80% to 20.15%, leading to 23.82% rise in operating profit to Rs
4,113.92 crore. Raw material cost as a % of total sales (net of
stock adjustments) decreased from 14.51% to 14.23%. Purchase of
finished goods cost rose from 1.25% to 2.50%. Employee cost decreased
from 3.90% to 3.76%. Other expenses fell from 62.28% to 58.89%.
Power and Oil fuel cost fell from 28.87% to 24.26%.
Freight charges rose from 22.82% to 23.30%.
Other income rose 11.60% to Rs
135.61 crore. PBIDT rose 23.39% to Rs 4249.53
crore. Provision for interest rose 36.44% to Rs 261.15
crore. Loan funds rose to Rs 11,402.95 crore as of 31 March 2024
from Rs 11,057.74 crore as of 31 March 2023. Inventories rose to Rs
8,329.74 crore as of 31 March 2024 from Rs 6,611.83 crore as of 31 March 2023. Sundry
debtors were higher at Rs 4,278.16 crore as of 31 March 2024 compared to Rs
3,867.02 crore as of 31 March 2023. Cash and bank balance declined
from Rs 1,149.59 crore as of 31 March 2023 to Rs 783.21 crore as of 31 March
2024. Investments rose to Rs 8,248.95 crore as of 31 March 2024 from
Rs 7,296.95 crore as of 31 March 2023 .
PBDT rose 22.62% to Rs 3988.38
crore. Provision for depreciation rose 6.99% to Rs 814.92
crore. Fixed assets increased to Rs 63,343.30 crore as of 31 March
2024 from Rs 57,290.13 crore as of 31 March 2023. Intangible assets
increased from Rs 6,329.26 crore to Rs 6,345.49 crore.
Profit before tax grew 27.40% to Rs
3,173.46 crore. Share of profit/loss was 520.55% higher at Rs 9.06
crore. Provision for tax was expense of Rs 851.94 crore, compared to
Rs 822.3 crore. Effective tax rate was 27.39% compared to 32.99%.
Minority interest decreased 88.92%
to Rs 0.46 crore. Net profit attributable to owners of the company
increased 35.55% to Rs 2,258.12 crore.
Equity capital stood at Rs 288.69 crore
as of 31 March 2024 to Rs 288.69 crore as of 31 March 2023. Per
share face Value remained same at Rs 10.00.
Promoters’ stake was 59.95% as of 31
March 2024 ,compared to 59.96% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of UltraTech Cement has increased
12.13% to Rs 70908.14 crore.
Operating profit margin has jumped
from 16.79% to 18.29%, leading to 22.12% rise in operating profit to Rs
12,968.56 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 14.01% to 14.44%. Purchase of
finished goods cost rose from 2.04% to 2.44%. Employee cost
decreased from 4.30% to 4.28%. Other expenses fell from 63.00% to
60.57%. Power and Oil fuel cost fell from 29.00% to 25.75%.
Freight charges rose from 21.97% to 22.37%.
Other income rose 22.63% to Rs
616.95 crore. PBIDT rose 22.14% to Rs 13585.51
crore. Provision for interest rose 17.66% to Rs 968
crore. Loan funds rose to Rs 11,402.95 crore as of 31 March 2024
from Rs 11,057.74 crore as of 31 March 2023. Inventories rose to Rs
8,329.74 crore as of 31 March 2024 from Rs 6,611.83 crore as of 31 March
2023. Sundry debtors were higher at Rs 4,278.16 crore as of 31 March
2024 compared to Rs 3,867.02 crore as of 31 March 2023. Cash and
bank balance declined from Rs 1,149.59 crore as of 31 March 2023 to Rs 783.21
crore as of 31 March 2024. Investments rose to Rs 8,248.95 crore as
of 31 March 2024 from Rs 7,296.95 crore as of 31 March 2023 .
PBDT rose 22.50% to Rs 12617.51
crore. Provision for depreciation rose 8.91% to Rs 3145.3
crore. Fixed assets increased to Rs 63,343.30 crore as of 31 March
2024 from Rs 57,290.13 crore as of 31 March 2023. Intangible assets
increased from Rs 6,329.26 crore to Rs 6,345.49 crore.
Profit before tax grew 27.79% to Rs
9,472.21 crore. Share of profit/loss was 446.15% higher at Rs 22.01
crore. Provision for tax was expense of Rs 2418.26 crore, compared
to Rs 2342.85 crore. Effective tax rate was 25.67% compared to
31.59%.
Net profit attributable to owners of
the company increased 38.33% to Rs 7,005.00 crore.
Equity capital stood at Rs 288.69
crore as of 31 March 2024 to Rs 288.69 crore as of 31 March
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 59.95% as of 31
March 2024 ,compared to 59.96% as of 31 March 2023 .
Cash flow from operating activities
increased to Rs 10,897.54 crore for year ended March 2024 from Rs 9,068.51
crore for year ended March 2023. Cash flow used in acquiring fixed
assets during the year ended March 2024 stood at Rs 9,005.59 crore, compared to
Rs 6,200.11 crore during the year ended March 2023.
Operational highlights:
UltraTech
recorded volume growth of 13%YoY during FY24, backed by 11% YoY during Q4FY24
and achieved full year EBITDA/mt of Rs. 1, 101 .
Expansion:
UltraTech`s
expansion program is progressing as per schedule. Work on the second phase of 22.6
mtpa capacity announced in June, 2022, is under progress with capacities
commissioned across several locations. For the 3rd phase of growth announced in
October 2023, major orders have already been placed to key technology suppliers
and civil work has also commenced at some locations.
During
the year, UltraTech added 13.27 mtpa grey cement capacity across locations. It
further commissioned greenfield cement capacities at Karur, Tamil Nadu and
Kukurdih, Chhattisgarh of 2.7 mtpa each, aggregating to 5.4 mtpa in April,
2024.
UltraTech
acquired a 0.54 mtpa cement grinding asset of Burnpur Cement Limited, located
at Patratu in Jharkhand, marking its entry into the state of Jharkhand. It also
entered into an agreement to purchase a grinding asset with an installed
capacity of 1.1 mtpa in addition to a captive railway siding, at Parli,
Maharashtra from The India Cements Limited. It is also working on a brownfield
capacity expansion of 1.2 mtpa at the Parli grinding unit as well as expanding its
grinding unit at Dhule, Maharashtra from 1.8 mtpa to 3.6 mtpa.
23.6%
of UltraTech`s power requirements are met through green power sources. During
the quarter, the Company commissioned additional 156 MW of solar power taking
its capacity to 612 MW in addition to Waste Heat Recovery Systems of 278 MW.
Dividend: The board of
directors have recommended final dividend of Rs 70 per equity share.
| UltraTech Cement : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 20,418.94 | 18,662.38 | 9.41 | 70,908.14 | 63,239.98 | 12.13 | | OPM (%) | 20.15 | 17.80 | 234 bps | 18.29 | 16.79 | 150 bps | | OP | 4,113.92 | 3,322.49 | 23.82 | 12,968.56 | 10,619.85 | 22.12 | | Other Inc. | 135.61 | 121.51 | 11.60 | 616.95 | 503.08 | 22.63 | | PBIDT | 4,249.53 | 3,444.00 | 23.39 | 13,585.51 | 11,122.93 | 22.14 | | Interest | 261.15 | 191.40 | 36.44 | 968.00 | 822.72 | 17.66 | | PBDT | 3,988.38 | 3,252.60 | 22.62 | 12,617.51 | 10,300.21 | 22.50 | | Depreciation | 814.92 | 761.66 | 6.99 | 3145.3 | 2887.99 | 8.91 | | PBT | 3,173.46 | 2,490.94 | 27.40 | 9472.21 | 7412.22 | 27.79 | | Share of Profit/(Loss) from Associates | 9.06 | 1.46 | 520.55 | 22.01 | 4.03 | 446.15 | | PBT before EO | 3182.52 | 2492.4 | 27.69 | 9494.22 | 7416.25 | 28.02 | | EO Income | -72 | 0 | - | -72 | 0 | - | | PBT after EO | 3110.52 | 2492.4 | 24.80 | 9422.22 | 7416.25 | 27.05 | | Taxation | 851.94 | 822.3 | 3.60 | 2418.26 | 2342.85 | 3.22 | | PAT | 2258.58 | 1670.1 | 35.24 | 7003.96 | 5073.4 | 38.05 | | Minority Interest (MI) | 0.46 | 4.15 | -88.92 | -1.04 | 9.44 | LP | | Net profit | 2258.12 | 1665.95 | 35.55 | 7005 | 5063.96 | 38.33 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 2258.12 | 1665.95 | 35.55 | 7005 | 5063.96 | 38.33 | | EPS (Rs)* | 80.03 | 57.71 | 38.68 | 244.49 | 175.41 | 39.39 | | | * EPS is on current equity of Rs 288.70 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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