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UltraTech Cement
During 2QFY2012, UltraTech Cement’s net sales rose by 21.6% yoy to
`3,910cr, primarily on account of higher realization. The company’s blended
realization improved by 19.2% yoy to `4,125/tonne (down 5% sequentially). Its
domestic dispatches for the quarter (including clinker sales) stood at 8.94mn
tonnes, up 2% yoy. The company has a significant presence in South and was
affected due to Telengana Agitation. It faced margin pressure during the
quarter on account of increased raw-material costs, power and fuel costs and
freight costs. OPM for the quarter stood at 16.4%, up 290bp yoy, on account
of higher realization, which negated the effect of higher operating costs.
However, on a sequential basis, OPM declined by 1,147bp due to a 5% qoq
fall in realization per tonne and higher input and other costs. On the bottomline
front, the company’s net profit stood at `279cr, up 140.9% yoy, primarily
because of better operating performance. 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 �� ��
UltraTech Cement
During 2QFY2012, UltraTech Cement’s net sales rose by 21.6% yoy to
`3,910cr, primarily on account of higher realization. The company’s blended
realization improved by 19.2% yoy to `4,125/tonne (down 5% sequentially). Its
domestic dispatches for the quarter (including clinker sales) stood at 8.94mn
tonnes, up 2% yoy. The company has a significant presence in South and was
affected due to Telengana Agitation. It faced margin pressure during the
quarter on account of increased raw-material costs, power and fuel costs and
freight costs. OPM for the quarter stood at 16.4%, up 290bp yoy, on account
of higher realization, which negated the effect of higher operating costs.
However, on a sequential basis, OPM declined by 1,147bp due to a 5% qoq
fall in realization per tonne and higher input and other costs. On the bottomline
front, the company’s net profit stood at `279cr, up 140.9% yoy, primarily
because of better operating performance. We remain Neutral on the stock, as
we believe it is fairly priced.
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