Ultracemco / Q3-FY24

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Watch2024-01-19Back to ULTRACEMCO

Revenue

₹16,740 Cr

verified against source

Revenue YoY

—

reported change

EBITDA

Pending

latest reported figure

Source

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record provenance

Actual signal trajectory

Where this quarter sits.

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Revenue (₹ Cr)PositiveWatchNegative
12 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 17,737 · Positive source sentiment · 2023-07-20Q1 FY24Q2 FY24: 16,012 · Positive source sentiment · 2023-10-19Q2 FY24Q3 FY24: 16,740 · Watch source sentiment · 2024-01-19Q3 FY24Q4 FY24: 20,419 · Positive source sentiment · 2024-04-30Q4 FY24Q1 FY25: 18,819 · Watch source sentiment · 2024-07-19Q1 FY25Q2 FY25: 16,294 · Negative source sentiment · 2024-10-21Q2 FY25Q3 FY25: 17,779 · Positive source sentiment · 2025-01-24Q3 FY25Q4 FY25: 23,063 · Positive source sentiment · 2025-04-28Q4 FY25Q1 FY26: 21,275 · Positive source sentiment · 2025-07-15Q1 FY26Q2 FY26: 19,607 · Positive source sentiment · 2025-10-25Q2 FY26Q3 FY26: 21,830 · Positive source sentiment · 2026-01-24Q3 FY26Q4 FY26: 25,799 · Positive source sentiment · 2026-04-15Q4 FY2625,79916,012
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

UltraTech reported a steady Q3 FY24 with industry demand growth of 3%-4%, impacted by elections, floods, and seasonal slowdown. Management highlighted that demand improved from mid-December and expects Q4 utilization to cross 80%-85%. Fuel costs declined to INR 2.048 per kcal, with further 6%-8% reduction expected over two quarters. The company maintained its expansion trajectory, with Phase 3 orders placed and CapEx of ~INR 9,000 crore for FY24 and FY25 each. The Kesoram acquisition (effective April 2024) adds ~10.75 MTPA capacity. Net debt target by March 2025 remains zero, excluding Kesoram debt. Key risk: election-related disruptions could temper Q4 demand recovery.

Colored figures show movement against the previous available record.

Guidance to track

  • Management expects capacity utilization to exceed 80%-85% in Q4 FY24, driven by demand recovery from mid-December.
  • Fuel costs are expected to decline 6%-8% over the next two quarters (Q4 FY24 and Q1 FY25) from current levels.
  • Capital expenditure will be around INR 9,000 crore each in FY24 and FY25, including growth and maintenance CapEx.
  • The company aims to achieve zero net debt by end of FY25, excluding the INR 2,000 crore debt from Kesoram acquisition.

Risks flagged

  • General elections in 2024 could slow construction activity and impact Q4 demand recovery, as noted by management.
  • Prices corrected towards end of Q3; if demand does not pick up, pricing pressure may persist, affecting margins.
  • The Kesoram acquisition requires CCI and NCLT approvals; delays could postpone expected synergies and capacity benefits.
  • Ocean freight flare-ups due to war issues could reverse recent fuel cost declines, impacting cost savings.

Key quotes

  • We believe that this quarter, the industry should grow somewhere around 3%-4%, not more than that, and there are several reasons around it.
  • We are working towards reaching a 0 net debt position by the end of March 2025.
  • Inorganic is always opportunistic, and each transaction has to be examined on its fitment with UltraTech.

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