On consolidated basis
Quarter ended December 2022 compared
with Quarter ended December 2021.
Net sales (including other operating income) of UltraTech Cement has increased
19.53% to Rs 15520.93 crore.
Operating profit margin has declined
from 18.63% to 15.05%, leading to 3.45% decline in operating profit to Rs
2,335.85 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 13.22% to 14.21%. Purchase of finished
goods cost fell from 2.56% to 2.39%. Employee cost decreased from
4.96% to 4.36%. Other expenses rose from 60.61% to 64.36%.
Power and Oil fuel cost rose from 24.84% to 30.61%.
Freight charges fell from 22.39% to 21.85%.
Other income rose 79.56% to Rs
126.59 crore. PBIDT fell 1.10% to Rs 2462.44
crore. Provision for interest rose 18.07% to Rs 215.25
crore.
PBDT fell 2.62% to Rs 2247.19
crore. Provision for depreciation rose 7.27% to Rs 723.23
crore.
Profit before tax down 6.70% to Rs
1,523.96 crore. Share of profit/loss was 331.58% higher at Rs 3.28
crore. Provision for tax was debit of Rs 464.66 crore, compared to
credit of Rs 76 crore. Effective tax rate was 30.42% compared to
negative 4.65%.
Minority interest increased 80.99%
to Rs 4.38 crore. Net profit attributable to owners of the company
decreased 38.03% to Rs 1,058.20 crore.
Promoters’ stake was 59.96% as of 31
December 2022 ,compared to 59.96% as of 31 December 2021 .
Year-to-date (YTD) results analysis. Net sales (including other operating income) of UltraTech Cement has increased
21.03% to Rs 44577.6 crore.
Operating profit margin has declined
from 22.92% to 16.37%, leading to 13.55% decline in operating profit to Rs
7,297.36 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 13.37% to 13.81%. Purchase of
finished goods cost rose from 2.11% to 2.36%. Employee cost
decreased from 5.10% to 4.46%. Other expenses rose from 56.83% to
63.29%. Power and Oil fuel cost rose from 21.85% to 29.06%.
Freight charges fell from 22.01% to 21.63%.
Other income fell 8.15% to Rs 381.57
crore. PBIDT fell 13.30% to Rs 7678.93 crore. Provision
for interest fell 14.50% to Rs 631.32 crore.
PBDT fell 13.19% to Rs 7047.61
crore. Provision for depreciation rose 5.71% to Rs 2126.33
crore.
Profit before tax down 19.42% to Rs
4,921.28 crore. Share of profit/loss was 93.23% higher at Rs 2.57
crore. Provision for tax was expense of Rs 1520.55 crore, compared
to Rs 1388.05 crore. Effective tax rate was 30.88% compared to
22.72%.
Net profit attributable to owners of
the company decreased 28.07% to Rs 3,398.01 crore.
Promoters’ stake was 59.96% as of 31
December 2022 ,compared to 59.96% as of 31 December 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:
Grey
cement
Under the first phase of
capacity expansion announced in December 2020, UltraTech commissioned 5.5
mtpa new capacity during Q3FY23:
1.9 mtpa greenfield integrated cement
plant at Pali Rajasthan. The Company along with its subsidiary now has 16.25 mtpa cement capacity in the state of Rajasthan spread over 5 separate
plant locations; 1.8 mtpa greenfield grinding unit at Dhule,
Maharashtra, taking the total capacity in Maharashtra to 19.45 mtpa and 1.8 mpta brownfield 2nd integrated unit at Dhar Madhya Pradesh, taking the total capacity in the state of Madhya Pradesh to 18mtpa.
Work on the second phase of growth of 22.6 mtpa announced during Q1FY23 has already commenced. Main plant orders have been
placed and civil work started at most sites. Commercial production from
these new capacities is expected to go on stream in a phased manner by FY25.
Upon completion of these expansions, 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 and the largest in India by far.
White
cement
The third Birla White
wall care putty plant at Nathdwara, Rajasthan, with a capacity of 4 lac tpa was commissioned
during the quarter. The existing two plants are situated at Kharia in Rajasthan
and Katni in Madhya Pradesh. UltraTech now has a wall care putty capacity of 13 lac tpa, further strengthening
its position in the markets. Along with its existing white cement manufacturing
capacity in India and its investment in Ras Al Khaimah Company for White Cement
and Construction Material, UAE, Ultra Tech is strategically positioned
to cater to the white cement and wall care putty market in the country.
Outlook:
Given the government`s
focus on infrastructure growth and the consequent rising demand for urban
housing, the cement sector is poised for strong growth in the coming years.
| UltraTech Cement : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202212 | 202112 | Var.(%) | 202212 | 202112 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 15,520.93 | 12,984.93 | 19.53 | 44,577.60 | 36,831.55 | 21.03 | 52,598.83 | 44,725.80 | 17.60 | | OPM (%) | 15.05 | 18.63 | -358 bps | 16.37 | 22.92 | -655 bps | 21.89 | 25.86 | -397 bps | | OP | 2,335.85 | 2,419.38 | -3.45 | 7,297.36 | 8,441.60 | -13.55 | 11,514.35 | 11,567.91 | -0.46 | | Other Inc. | 126.59 | 70.50 | 79.56 | 381.57 | 415.42 | -8.15 | 507.81 | 734.17 | -30.83 | | PBIDT | 2,462.44 | 2,489.88 | -1.10 | 7,678.93 | 8,857.02 | -13.30 | 12,022.16 | 12,302.08 | -2.28 | | Interest | 215.25 | 182.31 | 18.07 | 631.32 | 738.40 | -14.50 | 944.71 | 1,485.65 | -36.41 | | PBDT | 2,247.19 | 2,307.57 | -2.62 | 7,047.61 | 8,118.62 | -13.19 | 11,077.45 | 10,816.43 | 2.41 | | Depreciation | 723.23 | 674.19 | 7.27 | 2126.33 | 2011.39 | 5.71 | 2714.75 | 2700.23 | 0.54 | | PBT | 1,523.96 | 1,633.38 | -6.70 | 4921.28 | 6107.23 | -19.42 | 8362.7 | 8116.2 | 3.04 | | Share of Profit/(Loss) from Associates | 3.28 | 0.76 | 331.58 | 2.57 | 1.33 | 93.23 | 1.7 | 2.18 | -22.02 | | PBT before EO | 1527.24 | 1634.14 | -6.54 | 4923.85 | 6108.56 | -19.39 | 8364.4 | 8118.38 | 3.03 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | -260.74 | - | | PBT after EO | 1527.24 | 1634.14 | -6.54 | 4923.85 | 6108.56 | -19.39 | 8364.4 | 7857.64 | 6.45 | | Taxation | 464.66 | -76 | PL | 1520.55 | 1388.05 | 9.55 | 1190.06 | 2538.7 | -53.12 | | PAT | 1062.58 | 1710.14 | -37.87 | 3403.3 | 4720.51 | -27.90 | 7174.34 | 5318.94 | 34.88 | | Minority Interest (MI) | 4.38 | 2.42 | 80.99 | 5.29 | -3.37 | PL | -10.05 | -1.25 | -704.00 | | Net profit | 1058.2 | 1707.72 | -38.03 | 3398.01 | 4723.88 | -28.07 | 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 | 1058.2 | 1707.72 | -38.03 | 3398.01 | 4723.88 | -28.07 | 7344.31 | 5463.1 | 34.43 | | EPS (Rs)* | 36.66 | 56.53 | -35.15 | 117.71 | 163.64 | -28.07 | 248.87 | 190.41 | 30.70 | | | * EPS is on current equity of Rs 288.68 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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