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UltraTech – Margin guidance casts a shadow on Q1 optimism

The management is optimistic on the demand scenario because of the government’s focus on infrastructure and housing

July 26, 2022 / 10:42 AM IST
UltraTech – Margin guidance casts a shadow on Q1 optimism

Representative image.

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

UltraTech Cement, India’s largest cement manufacturer, has posted better-than-expected results for Q1 FY23. The growth in volumes for the quarter was stronger than its peers — ACC and Ambuja. More importantly, margins exhibited resilience in a challenging cost environment. Quarterly result highlights UltraTech’s revenues in the June quarter benefitted from increased volumes and higher cement prices. Volumes grew across all regions, partly aided by the low base of last year (Covid lockdowns had impacted Apr & May-22). (image) Margins improved somewhat...

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