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Result Reviews
UltraTech Cement
For 4QFY2011, UltraTech’s like-for-like net sales (considering Samruddhi merger) rose by
6.8% yoy, primarily on account of higher realisation. Realisation improved by 6.3% yoy to
`3,828/tonne on account of price hikes of `30–40 per bag carried out by cement
manufacturers across the country. The company’s like-for-like domestic dispatches for the
quarter (including clinker sales) stood at 10.37mn tonnes, up marginally by 0.7% yoy.
However, the company faced margin pressure during the quarter on account of increased
power and fuel costs, freight costs and raw-material costs. During the quarter, UltraTech’s
variable costs rose by 14%. Higher input costs neutralised the improvement in realisations
to a considerable extent. OPM for the quarter stood at 24.2%, up 459bp qoq. On the
bottom-line front, the company’s net profit stood at `727cr, up 127.9% qoq. We remain
Neutral on the stock as we believe it is fairly priced.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Result Reviews
UltraTech Cement
For 4QFY2011, UltraTech’s like-for-like net sales (considering Samruddhi merger) rose by
6.8% yoy, primarily on account of higher realisation. Realisation improved by 6.3% yoy to
`3,828/tonne on account of price hikes of `30–40 per bag carried out by cement
manufacturers across the country. The company’s like-for-like domestic dispatches for the
quarter (including clinker sales) stood at 10.37mn tonnes, up marginally by 0.7% yoy.
However, the company faced margin pressure during the quarter on account of increased
power and fuel costs, freight costs and raw-material costs. During the quarter, UltraTech’s
variable costs rose by 14%. Higher input costs neutralised the improvement in realisations
to a considerable extent. OPM for the quarter stood at 24.2%, up 459bp qoq. On the
bottom-line front, the company’s net profit stood at `727cr, up 127.9% qoq. We remain
Neutral on the stock as we believe it is fairly priced.
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