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Revenue
₹17,737 Cr
verified against source
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EBITDA
Pending
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What the record says.
UltraTech Cement reported strong operational performance in Q1 FY24, with capacity utilization reaching 90% and volumes growing double-digits. The company commissioned 4.3 million tons of capacity, taking total capacity to 131.25 million tons, and identified debottlenecking opportunities for an additional 4 million tons by year-end. Fuel costs declined to $178/ton (from $194/ton QoQ), and management expects further improvement as lower petcoke prices flow through. Green energy initiatives are on track, targeting 60% green energy by FY26. Demand remains robust across regions, with price increases seen in North and West. Risks include potential price pressure in Eastern India due to new capacity and volatile fuel costs. Management is confident of continued market share gains and margin expansion.
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Guidance to track
- Debottlenecking will add 4 million tons of grinding capacity, taking total capacity from 131.25 to 135.25 million tons by end of FY24.
- Board approval for next growth phase expected next quarter, targeting 200 million tons by 2030.
- Renewable energy capacity to reach 1.2 GW and WHRS to 425 MW by FY26, with 100 MW solar/wind and 68 MW WHRS additions in FY24.
- Investment of INR 250 crore in shredders and feeding systems to increase alternate fuel usage from 5% to 9-10% by FY25.
Risks flagged
- New capacity additions in Eastern India may keep prices under pressure, as management acknowledged the region will remain a tight market.
- Petcoke prices are volatile; management noted a $15/ton spike in 10 days and uncertainty due to potential Chinese imports.
- Analyst raised concern about potential demand softening after general elections, similar to FY20 pattern. Management acknowledged it's possible but too early to assess.
- With cement utilization at 90%, clinker utilization is also above 90%, which could limit ability to meet demand if grinding capacity expands faster than clinker.
Key quotes
- We will not lose a single customer.
- The undercurrent is very strong... Markets will be very strong, which will entail price improvements.
- We are not going by what peers are doing. We are, this plan is very clear. We see India as a growth market, and we are investing behind growth.
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