ULTRACEMCO · Construction Materials
UltraTech Cement Ltd. reported revenue of ₹17,779 cr for October to December 2024, +6.2% on the year and +9.1% on the quarter.
Operating profit (EBITDA) was ₹2,893 cr, a margin of 16.3%, −317 bps on the year and +384 bps on the quarter. Over the last 7 quarters the margin has ranged from 12.4% to 20.1%, averaging 16.8%. Operating costs grew +10.4%, faster than revenue at +6.2%, so operating profit grew less than sales.
Net profit was ₹1,363 cr, −23.2% on the year and +92.5% on the quarter, with earnings per share of ₹47.09. Profit before other income, one-offs and tax fell 34.6%, so 11 points of the headline growth came from outside the core business. The tax rate was 19% against an average of 23% over the previous 6 quarters, which lifted profit this quarter.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹201.43 over the last four quarters, the stock at ₹10,922.00 trades at 54.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹457 cr, +74.4% on the year; 16% of EBITDA.
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 16.3%, −317 bps on the year (+384 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹16,012 cr | ₹16,740 cr | ₹20,419 cr | ₹18,819 cr | ₹16,294 cr | ₹17,779 cr | ₹23,063 cr | ₹21,275 cr | ₹19,607 cr | ₹21,830 cr | ₹25,799 cr | ₹24,648 cr |
| YoY | — | — | — | +6% | +2% | +6% | +13% | +13% | +20% | +23% | +12% | +16% |
| EBITDA margin | 15.9% | 19.4% | 20.1% | 16.0% | 12.4% | 16.3% | 20.0% | 20.7% | 15.8% | 17.9% | 21.7% | 20.3% |
| Other income, % of PBT | 10% | 6% | 2% | 4% | 26% | 15% | 3% | 5% | 11% | 2% | 2% | 3% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 25% | 27% | 20% | 19% | 19% | 20% | 26% | 25% | 24% | 25% | 25% |
| Net profit | ₹1,280 cr | ₹1,775 cr | ₹2,259 cr | ₹1,493 cr | ₹708 cr | ₹1,363 cr | ₹2,475 cr | ₹2,221 cr | ₹1,238 cr | ₹1,729 cr | ₹3,000 cr | ₹2,604 cr |
| YoY | — | — | — | −12% | −45% | −23% | +10% | +49% | +75% | +27% | +21% | +17% |
| Core profit YoY | — | — | — | −15% | −57% | −35% | −1% | +62% | +127% | +55% | +30% | +17% |
| EPS | ₹44.39 | ₹61.55 | ₹78.22 | ₹51.78 | ₹24.34 | ₹47.09 | ₹84.23 | ₹75.54 | ₹41.79 | ₹58.55 | ₹101.22 | ₹88.21 |
| Flags | · | · | · | ✓ | 2 | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
UltraTech Cement Ltd. reported revenue of ₹17,779 cr (+6.2% on the year) and net profit of ₹1,363 cr (−23.2% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −34.6% on the year, against −23.2% for reported profit.
2 checks raised a question: Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
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