Ultratech Cement Ltd (Q1 FY14)

India Infoline News Service | Mumbai |

UCL revenues dip 2% at Rs49.6bn vis-à-vis our expectation of Rs52bn.

CMP Rs1,880, Target Rs1,720, Downside 8.2%

  • Slowdown in construction activities translated into a flat volume growth

  • Average realization drop 3% yoy but improved by 2.5% qoq due to price surge in South

  • OPM contracts by 420bps (against our expectation of 100bps drop) on back of surge in  RM, Power and Freight cost

  • PAT de-grew by 14%yoy; high other income and lower tax outgo arrest fall

  • Maintain Market Performer rating with 9-12 mth price target of Rs1,720

Result table*

(Rs mn)
Q1 FY14
Q1 FY13
% yoy
Q4 FY13
% qoq
Net sales
49,575
50,748
(2.3)
53,892
(8.0)
Other operating income
227
161
40.7
828
(72.6)
Material costs
(7,803)
(7,444)
4.8
(8,495)
(8.2)
Personnel costs
(2,507)
(2,236)
12.1
(2,609)
(3.9)
Power and fuel costs
(9,896)
(10,862)
(8.9)
(10,559)
(6.3)
Freight cost
(11,018)
(10,363)
6.3
(11,955)
(7.8)
Other overheads
(7,860)
(6,925)
13.5
(8,280)
(5.1)
Operating profit
10,718
13,079
(18.1)
12,821
(16.4)
OPM (%)
21.5
25.7
(417 bps)
23.4
(191 bps)
Depreciation
(2,521)
(2,281)
10.5
(2,460)
2.5
Interest
(660)
(498)
32.6
(478)
38.1
Other income
1,656
688
140.8
1,005
64.8
PBT
9,192
10,988
(16.3)
10,888
(15.6)
Tax
(2,466)
(3,203)
(23.0)
(3,626)
(32.0)
Effective tax rate (%)
26.8
29.2
(232 bps)
33.3
(648 bps)
Adjusted PAT
6,726
7,785
(13.6)
7,262
(7.4)
Ann. EPS (Rs)
98.1
BSE 4,245.00 [28.45] ([0.67]%)
NSE 4,268.20 [6.15] ([0.14]%)

***Note: This is a NSE Chart

 

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