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Revenue
₹16,294 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
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Quarter read
What the record says.
UltraTech Cement reported a weak Q2 FY25 with capacity utilization at 68% and volume growth of only 3%, impacted by election slowdown and extended monsoons. EBITDA per ton fell to a multi-year low of INR 732, though management expects a sharp recovery in H2 driven by price improvements (current exit price INR 354/ton vs Q2 avg INR 348) and cost tailwinds from lower fuel costs. The company reiterated its long-term growth thesis, targeting 184 MTPA capacity by FY27 and cost savings of INR 300/ton through efficiency programs. Key risks include sustained pricing pressure if demand recovery disappoints and potential delays in Kesoram/India Cements acquisitions.
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Guidance to track
- Management expects UltraTech to deliver double-digit volume growth in H2 FY25, driven by rural demand and infrastructure pick-up.
- UltraTech will commission 8 MTPA in H2, taking total capacity to 157 MTPA by end of FY25.
- Efficiency improvements in WHRS, renewable energy, clinker ratio, fuel mix, and lead distance are expected to deliver INR 300/ton cost savings by FY27.
- NCLT hearings scheduled for Oct 25 and Nov 12; transaction expected to conclude by Q4 FY25.
Risks flagged
- Despite recent price hikes, industry profitability remains low; if demand recovery falters, prices could remain depressed.
- Industry-wide capacity additions of 30 MTPA per year face execution delays, which could impact supply-demand balance.
- Management noted that petcoke sellers are holding inventory, suggesting potential price increases; ocean freight costs could also rise.
- CCI approval for India Cements and NCLT approval for Kesoram are pending; any delay could push closure beyond current fiscal.
Key quotes
- Our game plan, long-term game plan is always profitable growth. I think these two words sum up what we want to do.
- Cement industry, you cannot measure on a quarter-to-quarter basis. It's a long-term play.
- My guess is, whilst we have looked at INR 732 as a bottom this quarter, we'll bounce back. Very confident.
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