Fitch revises outlook on UltraTechs foreign-currency IDR to stable

13 Jun 2022 , 01:29 PM

The outlook on the local-currency IDR is stable, the credit rating agency said. Fitch Ratings said that the stable outlook on UltraTechs foreign-currency IDR follows the revision of the outlook on Indias long-term foreign- and local-currency IDRs to stable from negative. The stable outlook underscores UltraTechs stronger financial structure following healthy profitability amid the Covid-19 pandemic and significant debt reduction since the financial year ended March 2020 (FY20). This should support comfortable leverage headroom despite higher expansion capex and Fitchs expectation of a moderation in margins after FY22. UltraTech Cement is the third-largest cement producer outside China, and the largest in India by installed capacity. On a consolidated basis, the cement majors normalised net profit declined 18.52% to Rs 1,478 on 9.31% increase in net sales to Rs 15,557 crore in Q4 March 2022 over Q4 March 2021. The scrip fell 2.78% to currently trade at Rs 5357.25 on the BSE. Powered by Capital Market – Live News