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Revenue
₹18,819 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
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Quarter read
What the record says.
UltraTech Cement reported a mixed Q1 FY25 with volume growth of ~6% YoY, outperforming industry growth of ~3-3.5%. Realizations declined 2.4% YoY, with July prices further softening 1.5% sequentially. The company maintained 85% capacity utilization despite industry headwinds. Key cost initiatives are gaining traction: lead distance reduced by 15 km to 385 km, saving ~₹45/ton, and WHRS capacity reached 301 MW. Management reiterated a ₹300+ per ton cost reduction target over three years. Guidance includes double-digit volume growth for FY25 and industry growth of 7-8%. Risks include sustained price weakness and elevated other expenses (₹755/ton vs normalized ~₹675/ton) due to one-time marketing spends. The India Cements stake (23%) remains a non-controlling financial investment.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects UltraTech to achieve double-digit volume growth in FY25, outpacing industry growth of 7-8%.
- Management raised the cost reduction target from ₹200-300 to ₹300+ per ton, driven by logistics and WHRS improvements.
- Other expenses per ton should normalize to ~₹675 from ₹755 in Q1, as one-time marketing spends subside.
- Petcoke mix in fuel will ramp up from 37% to over 45% for the full year, reducing fuel costs.
Risks flagged
- Realizations declined 2.4% YoY and July prices are 1.5% softer sequentially, with no near-term recovery expected.
- Other expenses at ₹755/ton were above normal due to one-time marketing spends; normalization to ₹675/ton is expected but not guaranteed.
- Industry capacity utilization is ~70-76%, and 41 million tons were added in FY24, potentially pressuring pricing power.
- The 23% stake in India Cements is a non-controlling financial investment; management deflected questions on strategic intent, raising uncertainty.
Key quotes
- Incremental supply will always chase incremental demand in the country. That's a very good sign.
- I would leave INR 200 behind, and I would start marching above INR 300.
- It's a non-controlling financial investment. Can't go beyond that at the moment.
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