Fuel cost volatility from geopolitical disturbances
Management highlighted that fuel markets are very volatile due to geopolitical issues, making cost predictions difficult.
ULTRACEMCO / Q2-FY24 / risks
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Material risks this quarter
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Pricing sustainability amid competitive pressures
While prices have increased 5-7% from June exit, management noted that if some companies cannot sell at higher prices, they may start pricing differently, threatening price discipline.
Slag and fly ash cost inflation
Analyst raised concern about steep slag inflation, with slag potentially more expensive than clinker. Management confirmed these are key raw material cost items but did not quantify impact.
East region demand slowdown
East India continues to experience slow demand, with industry growth expected at only 4-5% vs. 9-11% all-India, though UltraTech grew faster.