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    UltraTech – Solid execution, but frothy valuation

    Despite lower capacity utilisation, fixed costs declined 21 per cent YoY as UltraTech took stringent cost-saving steps to preserve capital

    Sachin Pal
    July 29, 2020 / 09:47 AM IST
    UltraTech – Solid execution, but frothy valuation

    (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

    The June quarter results of UltraTech Cement (CMP: Rs 4,136; Market cap: Rs 1,19,367 crores) — India’s largest cement manufacturer — were broadly in line with its industry peers. Volumes contracted owing to a simultaneous disruption in demand and supply triggered by the pandemic. The operational performance, however, was solid on the back of stringent cost control measures. Key Result Highlights Revenues fell 33 per cent year-on-year (YoY) as volumes shrank 32 per cent in the domestic market. However, buoyant price...

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