UltraTech Cement's Q1FY24 Earnings Soar, Gujarat Capacity Expanded

03 Aug 2023 CW Team

UltraTech Cement Ltd., India's largest cement producer, revealed the successful commencement of a 1.2 million tonnes per annum (mtpa) brownfield cement capacity at Magdalla, Gujarat. This new addition has increased the unit's total capacity to 1.93 mtpa. Furthermore, UltraTech Cement reported that its total grey cement manufacturing capacity in India now stands at 132.45 mtpa.

In the last quarter, which ended in June 2023, UltraTech Cement experienced robust growth in both revenue and profit, surpassing analyst estimates. The company recorded a net profit of Rs 16.90 billion for the quarter, representing a 7 percent increase compared to the same quarter the previous year. Additionally, the revenue for the quarter jumped by 17 percent, reaching Rs 177.37 billion as opposed to Rs 151.63 billion reported in Q1 FY23. During the June quarter, the domestic sales volume of UltraTech Cement rose by 20 percent year-on-year, with a capacity utilization rate of 89 percent. The company highlighted that the demand for cement across all sectors remained strong, which is favorable for its performance. Moreover, the anticipation of higher infrastructure spending leading up to the general elections in 2024 is expected to further drive cement demand throughout this fiscal year.

Following the announcement of UltraTech Cement's Q1FY24 earnings, brokerage firm Motilal Oswal expressed a bullish outlook on the company's stock. They cited UltraTech Cement's leadership position in the industry, robust expansion plans without excessive leveraging, and measures to improve cost structure as the reasons for their positive recommendation. Motilal Oswal recommended a 'buy' rating on UltraTech Cement stock, setting a price target of Rs 9,085.

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