On consolidated basis
Quarter ended March 2023 compared
with Quarter ended March 2022.
Net sales (including other operating income) of UltraTech Cement has increased
18.36% to Rs 18662.38 crore.
Operating profit margin has declined
from 19.49% to 17.80%, leading to 8.13% rise in operating profit to Rs 3,322.49
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 13.45% to 14.51%. Purchase of finished
goods cost fell from 2.96% to 1.25%. Employee cost decreased from
4.02% to 3.90%. Other expenses rose from 59.88% to 62.28%.
Power and Oil fuel cost rose from 25.43% to 28.87%. Freight
charges rose from 22.30% to 22.82%.
Other income rose 31.52% to Rs
121.51 crore. PBIDT rose 8.81% to Rs 3444
crore. Provision for interest fell 7.23% to Rs 191.4
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 7,276.95 crore as of 31
March 2023 from Rs 6,335.77 crore as of 31 March 2022 .
PBDT rose 9.93% to Rs 3252.6
crore. Provision for depreciation rose 8.29% to Rs 761.66
crore. Fixed assets increased to Rs 57,290.13 crore as of 31 March
2023 from Rs 54,022.03 crore as of 31 March 2022. Intangible assets
increased from Rs 6,250.21 crore to Rs 6,329.26 crore.
Profit before tax grew 10.44% to Rs
2,490.94 crore. Share of profit/loss was 294.59% higher at Rs 1.46
crore. Provision for tax was debit of Rs 822.3 crore, compared to
credit of Rs 197.99 crore. Effective tax rate was 32.99% compared to
negative 8.78%.
Net profit attributable to owners of
the company decreased 32.29% to Rs 1,665.95 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 .
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 7,276.95 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 54,022.03 crore as of 31 March 2022. Intangible assets
increased from Rs 6,250.21 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.
Operation highlights:
UltraTech
achieved the unique distinction of registering 100 million tons of production, dispatches
and sales in FY23. This was backed by an effective capacity utilization of 95%
during this quarter and 84% capacity utilization for the year
Capital
Expenditure:
During the year, the
Company commissioned 12.4 mtpa additional capacity of grey cement. It has
further commissioned a 2.2 mtpa brownfield cement capacity at Patliputra in
April, 23.
Work on its next phase
of growth of 22.6 mtpa has already commenced. Civil work is in full swing at
most sites. Commercial production from these new capacities is expected to go
on stream in a phased manner by FY25/FY26.
Upon completion of these expansions, the Company`s
capacity will grow to 160.45 mtpa.
Scheme
of arrangement:
The
Board of Directors have approved a Scheme of Amalgamation of UltraTech
Nathdwara Cement Limited (UNCL) (a wholly-owned subsidiary of the Company) and
its wholly-owned subsidiaries viz. Swiss Merchandise Infrastructure Limited
(Swiss) and Merit Plaza Limited (Merit) with the Company.
Dividend:
The Board of
Directors have recommended a dividend of Rs. 38/- per equity share of face
value of Rs. 10/- per share.
| UltraTech Cement : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202303 | 202203 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 18,662.38 | 15,767.28 | 18.36 | 63,239.98 | 52,598.83 | 20.23 | | OPM (%) | 17.80 | 19.49 | -169 bps | 16.48 | 21.89 | -542 bps | | OP | 3,322.49 | 3,072.75 | 8.13 | 10,419.05 | 11,514.35 | -9.51 | | Other Inc. | 121.51 | 92.39 | 31.52 | 503.88 | 507.81 | -0.77 | | PBIDT | 3,444.00 | 3,165.14 | 8.81 | 10,922.93 | 12,022.16 | -9.14 | | Interest | 191.40 | 206.31 | -7.23 | 622.72 | 944.71 | -34.08 | | PBDT | 3,252.60 | 2,958.83 | 9.93 | 10,300.21 | 11,077.45 | -7.02 | | Depreciation | 761.66 | 703.36 | 8.29 | 2887.99 | 2714.75 | 6.38 | | PBT | 2,490.94 | 2,255.47 | 10.44 | 7412.22 | 8362.7 | -11.37 | | Share of Profit/(Loss) from Associates | 1.46 | 0.37 | 294.59 | 4.03 | 1.7 | 137.06 | | PBT before EO | 2492.4 | 2255.84 | 10.49 | 7416.25 | 8364.4 | -11.34 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 2492.4 | 2255.84 | 10.49 | 7416.25 | 8364.4 | -11.34 | | Taxation | 822.3 | -197.99 | PL | 2342.85 | 1190.06 | 96.87 | | PAT | 1670.1 | 2453.83 | -31.94 | 5073.4 | 7174.34 | -29.28 | | Minority Interest (MI) | 4.15 | -6.68 | PL | 9.44 | -10.05 | PL | | Net profit | 1665.95 | 2460.51 | -32.29 | 5063.96 | 7184.39 | -29.51 | | P/(L) from discontinued operations net of tax | 0 | 159.92 | - | 0 | 159.92 | - | | Net profit after discontinued operations | 1665.95 | 2620.43 | -36.42 | 5063.96 | 7344.31 | -31.05 | | EPS (Rs)* | 57.71 | 78.35 | -26.35 | 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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