Ultratech Cement Ltd (Q3 FY14)

India Infoline News Service | Mumbai |

UCL topline de-grow by 1.5% to Rs47.8bn (our estimate Rs51bn).

CMP Rs1,700, Target Rs1,590, Downside 6.5%
  • Flat volume growth coupled with lower realization translates into a 1.5% yoy drop in revenues.
  • A 2.5% yoy drop in realization leads to a margin contraction of ~500bps yoy
  • PAT de-grew by ~39% yoy on back of higher interest outgo and depreciation
  • Lower our earnings estimate and maintain Market Performer 
Result table*
(Rs mn)
Q3 FY14
Q3 FY13
% yoy
Q2 FY14
% qoq
Net sales
47,864
48,574
(1.5)
45,021
6.3
Other operating income
315
256
23.2
198
59.2
Material costs
(8,169)
(6,639)
23.0
(7,568)
7.9
Personnel costs
(2,443)
(2,444)
(0.0)
(2,844)
(14.1)
Power and fuel costs
(10,023)
(10,827)
(7.4)
(9,566)
4.8
Freight cost
(11,193)
(10,587)
5.7
(9,942)
12.6
Other overheads
(8,394)
(7,834)
7.1
(8,504)
(1.3)
Operating profit
7,956
10,498
(24.2)
6,795
17.1
OPM (%)
16.5
21.5
(499 bps)
15.0
149 bps
Depreciation
(2,645)
(2,388)
10.7
(2,573)
2.8
Interest
(905)
(521)
73.6
(888)
1.9
Other income
681
956
(28.7)
376
81.2
PBT
5,088
8,545
(40.5)
3,711
37.1
Tax
(1,391)
(2,537)
(45.2)
(1,070)
30.0
Effective tax rate (%)
27.3
29.7
(236 bps)
28.8
(149 bps)
Adjusted PAT
3,698
6,008
(38.5)
2,641
40.0
Ann. EPS (Rs)
53.9
88
(38%)
BSE 4,348.00 92.20 (2.17%)
NSE 4,311.80 43.60 (1.02%)

***Note: This is a NSE Chart

 

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