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Ultratech Cement - Q4FY18 Result Update - Arihant Capital Markets Ltd

Posted On: 2018-04-29 09:42:52

For the quarter Q4 FY18 Ultratech Cement's realizations grew by 5% on a QoQ basis. Domestic sales volume increased by 31% to 18.47 mnt while the total volumes grew by 21% to 60.65 mnt YoY.

On consolidated basis the revenue for the quarter stood at Rs 9298 cr vs. Rs 6922 cr Y-o-Y. EBITDA margins contracted by 100 bps to 19% on Q-o-Q basis. Net profit after tax for the quarter decreased by 2% QoQ on consolidated basis to Rs 446 cr.

Energy cost increased by 25% QoQ and freight costs increased by 22% QoQ. Energy costs is the highest constituent of the total cost, i.e. 25%.

The Net Profit would stand at 677 crores for Q4FY18, if adjusted for one off expenses. A stamp duty of Rs226 crores and Rs 41 crores of deferred tax due to change in tax rates has resulted in PAT of Rs 488 crores.

Conference Call Highlights

1. After the acquisition of JPA assets, capacity has increased by 21.2 MTPA. However utilization has been only 75% of the acquired JPA assets. Rs 109 crores of capital expenditure was incurred after the acquisition to have the plants up to their standards.

2. Capacity utilization has been 88% in North, 88% in Central, 76% in West, 90% in East and South 70%.

3. In the South, the capacity utilization is sustainable in 70s. There is growing demand from Tamil Nadu in Individual Home Builder (IHB) segment.

4. Though there has been a fall in the prices but the management indicated that its only a matter of time till they see prices improving in North.

5. Debt to equity ratio stands at 0.67

6. Domestic petcoke prices have increased more than imported petcoke prices. Domestic petcoke rose by 39% whereas imported petcoke increased by 20%. The rise in petcoke prices is expected to lead to a shift towards domestic coal.


We have valued the stock using EV/EBITDA(x) and have ascribed EV/EBITDA multiple of 20(x) to its FY20E estimates & arrived at fair value of Rs. 4,376 per share. We have 'HOLD' rating on the stock.

Shares of ULTRATECH CEMENT LTD. was last trading in BSE at Rs.4060 as compared to the previous close of Rs. 4079.95. The total number of shares traded during the day was 4185 in over 639 trades.

The stock hit an intraday high of Rs. 4116.2 and intraday low of 4045. The net turnover during the day was Rs. 17088249.

Source: Equity Bulls

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