UltraTech Cement consensus estimates for Q1FY20E:
Revenue – Rs10,522cr, up 18.5% yoy; led by ~16% yoy volume growth (aided by the acquired assets of Binani Cement).
EBITDA – Rs 2,019cr, up 18.6 yoy. Led by higher volume growth and benign fuel cost.
EBITDA Margin –19.2%, flat yoy.
PAT – Rs 858cr, up 20.2% yoy.
Q4FY19 performance highlights:
Revenue – Rs 10,905.2cr, up 17.4% yoy; led by 16% yoy volume growth.
EBITDA – Rs 2,332.5cr, up 31.0% yoy.
EBITDA Margin – 21.4%, expansion of 222bps yoy.
PAT – Rs 1,014.5cr, up 127.4% yoy.
Remarks:
We are expecting a ~16% yoy volume growth in cement volume sales with a ~2% yoy improvement in realisation.
Key things to watch: (a) demand outlook, (b) Century Textile asset amalgamation and (c) performance/utilization level of Binani Cement plants.
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