On consolidated basis
Quarter ended June 2022 compared
with Quarter ended June 2021.
Net sales (including other operating income) of UltraTech Cement has increased
28.18% to Rs 15163.98 crore.
Operating profit margin has declined
from 27.96% to 20.41%, leading to 6.43% decline in operating profit to Rs
3,094.87 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 12.74% to 13.11%. Purchase of finished
goods cost rose from 2.00% to 2.39%. Employee cost decreased from
4.80% to 4.18%. Other expenses rose from 53.29% to 60.02%.
Power and Oil fuel cost rose from 19.94% to 26.33%.
Freight charges fell from 21.75% to 21.59%.
Other income fell 46.93% to Rs
108.72 crore. PBIDT fell 8.79% to Rs 3203.59
crore. Provision for interest fell 33.84% to Rs 215.76
crore.
PBDT fell 6.23% to Rs 2987.83
crore. Provision for depreciation rose 5.36% to Rs 695.19
crore.
Profit before tax down 9.25% to Rs
2,292.64 crore. Share of profit/loss was 59.18% higher at Rs 0.78
crore. Provision for tax was expense of Rs 711.4 crore, compared to
Rs 826.91 crore. Effective tax rate was 31.02% compared to 32.72%.
Minority interest increased 20.77%
to Rs -2.06 crore. Net profit attributable to owners of the company
decreased 6.96% to Rs 1,584.08 crore.
Promoters’ stake was 59.96% as of 30
June 2022 ,compared to 59.96% as of 30 June 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 declined from Rs 50,878.44 crore as of 31 March
2021 to Rs 48,548.04 crore as of 31 March 2022. Intangible assets
increased from Rs 6,219.85 crore to Rs 11,724.20 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 existing expansion
program is on track and estimated to be completed by the end of FY23. WOrk on
further capex announced during the quarter has already commenced and commercial
production from these new capacities is expected to go on stream in a phased
manner b 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 company in the world, outside of China.
Outlook:
While headwinds arising out of
rising cost pressure could put some pressure on the profitability of cement
companies, the strong momentum in housing and given the governments thrust on
infrastructure and industrial development, the cement industry in India is set
to see an upswing in demand in FY23.
| UltraTech Cement : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202206 | 202106 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 15,163.98 | 11,829.84 | 28.18 | 52,598.83 | 44,725.80 | 17.60 | | OPM (%) | 20.41 | 27.96 | -755 bps | 21.89 | 25.86 | -397 bps | | OP | 3,094.87 | 3,307.49 | -6.43 | 11,514.35 | 11,567.91 | -0.46 | | Other Inc. | 108.72 | 204.87 | -46.93 | 507.81 | 734.17 | -30.83 | | PBIDT | 3,203.59 | 3,512.36 | -8.79 | 12,022.16 | 12,302.08 | -2.28 | | Interest | 215.76 | 326.11 | -33.84 | 944.71 | 1,485.65 | -36.41 | | PBDT | 2,987.83 | 3,186.25 | -6.23 | 11,077.45 | 10,816.43 | 2.41 | | Depreciation | 695.19 | 659.8 | 5.36 | 2714.75 | 2700.23 | 0.54 | | PBT | 2,292.64 | 2,526.45 | -9.25 | 8362.7 | 8116.2 | 3.04 | | Share of Profit/(Loss) from Associates | 0.78 | 0.49 | 59.18 | 1.7 | 2.18 | -22.02 | | PBT before EO | 2293.42 | 2526.94 | -9.24 | 8364.4 | 8118.38 | 3.03 | | EO Income | 0 | 0 | - | 0 | -260.74 | - | | PBT after EO | 2293.42 | 2526.94 | -9.24 | 8364.4 | 7857.64 | 6.45 | | Taxation | 711.4 | 826.91 | -13.97 | 1190.06 | 2538.7 | -53.12 | | PAT | 1582.02 | 1700.03 | -6.94 | 7174.34 | 5318.94 | 34.88 | | Minority Interest (MI) | -2.06 | -2.6 | 20.77 | -10.05 | -1.25 | -704.00 | | Net profit | 1584.08 | 1702.63 | -6.96 | 7184.39 | 5320.19 | 35.04 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 159.92 | 142.91 | 11.90 | | Net profit after discontinued operations | 1584.08 | 1702.63 | -6.96 | 7344.31 | 5463.1 | 34.43 | | EPS (Rs)* | 54.87 | 58.98 | -6.96 | 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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