Ultratech - 1QFY2014 Result Review - Angel Broking

For 1QFY2014 Ultratech's bottomline performance was better than estimates. Net profit at Rs. 673cr (down 13.6% yoy) came in higher than estimates due to higher other income. Topline fell by 2.3% yoy to Rs. 4,958cr on account of lower volumes as well as realizations. Domestic clinker and cement sales volume fell by 0.6% yoy to 9.88mn tonnes. OPM fell by 417bp yoy to 21.5% due to lower realization and increase in freight, raw material and other expenses. Further, the benefit of softening in imported coal prices was partly offset by depreciation in INR. Other income stood at Rs. 166cr up 141% on yoy basis.

We maintain a neutral rating on the stock.

Source : Equity Bulls

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