UltraTech Cement (ULTRACEMCO) Q4 18/19 earnings summary

Executive summary

• FY19 consolidated net turnover reached ₹36,775 crore and EBITDA ₹7,226 crore; standalone PAT rose 10% YoY to ₹2,456 crore.

• Sales volume increased 20% YoY to 72.52 MMT; India cement capacity reached 94.75 MTPA after the Manavar commissioning and Binani acquisition.

Financial highlights

• Standalone net revenue was ₹35,704 crore vs ₹29,358 crore; EBITDA was ₹6,992 crore vs ₹6,483 crore, up 8% YoY.

• Standalone PAT was ₹2,456 crore vs ₹2,231 crore; EPS was ₹89.48 vs ₹81.27.

• Consolidated revenue from operations was ₹37,379 crore vs ₹31,872 crore; EBITDA was ₹7,226 crore vs ₹6,734 crore.

• Consolidated profit from continuing operations was ₹2,432 crore vs ₹2,224 crore; continuing-operations EPS was ₹88.72 vs ₹80.94.

Outlook and guidance

• FY20 cement-industry growth was expected at 7–8%, supported by infrastructure, housing and government-led construction demand.

• FY20 capex was planned at ₹2,000 crore for Bara, WHRS, Bicharpur coal block development, Mumbai packaging terminal, wall-care putty projects and maintenance.

• The 4.0 MTPA Bara grinding unit was expected to commission by Q2FY20; India capacity was projected to rise to 98.8 MTPA afterward.

• Pending Century cement-business demerger approval, capacity was projected to reach 113.35 MTPA.