Last Updated on October 20, 2023 by BFSLTeam BFSLTeam
Table of Content
- 1 Introduction
- 2 Key Financial Metrics
- 3 Management Commentary
- 4 UltraTech Cement Limited: H1 Consolidated Financial Figures (YoY)
- 5 UltraTech Cement Limited: Consolidated Financial Figures (QoQ)
- 6 UltraTech Cement Limited: H1 Standalone Financial Figures (YoY)
- 7 UltraTech Cement Limited: Standalone Financial Figures (QoQ)
- 8 Consolidated Statement of Assets and Liabilities
- 9 Stock Performance
Introduction
UltraTech Cement Ltd., the cement flagship company of the Aditya Birla Group, is India’s biggest manufacturer of grey cement, white cement, and RMC. The company is also the world’s third-largest cement producer, not counting China. Moreover, outside of China, UltraTech holds the distinction of being the only cement company today to boast 100+ MTPA of cement manufacturing capacity in a country.
UltraTech Cement Limited announced its financial results for the second quarter of FY 2023-24 on October 19th. The cement major posted a robust volume growth during the September quarter. Here are the key financial metrics, including a quick glimpse at its performance during Q2 FY 2023-24.
Additional Read: Q2 Results Dashboard
Key Financial Metrics
Performance Highlights
- UltraTech Cement Limited reported a net profit of ₹1,280.38 Cr, almost a 69% YoY increase during Q2 of FY 2023-24.
- The company also announced a total income of ₹16,179.26 Cr, a 15.20% jump from its total income during the same period last year.
- The revenue from operations during the second quarter of the fiscal year stood at ₹16,012.13 Cr, posting a 15.3% increase on a YoY basis.
- UltraTech’s consolidated net sales amounted to ₹15,735 Cr compared to ₹13,596 Cr during the same period last year.
During the quarter under review, the company’s net profit increased by almost 69% YoY, while the total income rose 15.2% YoY, signalling a strong performance.
The company’s net profit rose by nearly 69% YoY to ₹1,280.38 Cr from ₹758.70 Cr in the corresponding period last financial year. In terms of H1 FY 2023-24, UltraTech Cement announced a net profit of ₹2,970.60 Cr, clocking a 26.9% increase from ₹2,340.72 Cr during H1 FY 2022-23.
The company’s revenue from operations also grew 15.2% to ₹16,012.13 Cr, which stood at ₹13,892.69 Cr during the corresponding period last year.
Concomitantly, the expenses also shot up during the quarter. For the quarter under review, the company reported a total expense of ₹14,493.01 Cr, a 12.5% increase from ₹12,934.27 Cr the company reported during Q2 of FY 2022-23. Comparing the expenses with the income and performance, UltraTech was successful in improving its margins.
The total comprehensive income for the quarter was reported to be ₹1,290.41 Cr, while its total comprehensive income during Q2 of FY 2022-23 stood at ₹680.58 Cr. This suggests that the company’s total comprehensive income increased by 90% on a YoY basis.
Lastly, the consolidated net sales was reported to be ₹15,735 Cr, compared to ₹13,596 Cr during the same period last year.
Management Commentary
Major Announcements
- In September, UltraTech Cement Limited signed a long-term agreement with the Steel Authority of India to procure 2.4 LMT blast furnace slag per annum.
- The company has partnered with the World Economic Forum’s “Moving India” initiative, which is India’s 1ˢᵗ zero-emissions road freight initiative.
UltraTech Cement Limited: H1 Consolidated Financial Figures (YoY)
| Particulars | H1 FY 2022-23 | H1 FY 2023-24 |
| Total income | ₹29,311.65 Cr | ₹34,090.09 Cr |
| Revenue from operations | ₹29,056.67 Cr | ₹33,749.23 Cr |
| Total Expenses | ₹25,914.33 Cr | ₹30,140.75 Cr |
| Profit before tax | ₹3,396.61 Cr | ₹3,956.53 Cr |
| Profit after tax | ₹2,340.72 Cr | ₹2,970.60 Cr |
| Total comprehensive income | ₹2,216.12 Cr | ₹2,992.20 Cr |
UltraTech Cement Limited: Consolidated Financial Figures (QoQ)
| Particulars | Q1 FY 2023-24 | Q2 FY 2023-24 |
| Total income | ₹17,910.83 Cr | ₹16,179.26 Cr |
| Revenue from operations | ₹17,737.10 Cr | ₹16,012.13 Cr |
| Total Expenses | ₹15,647.74 Cr | ₹14,493.01 Cr |
| Profit before tax | ₹2,266.79 Cr | ₹1,689.74 Cr |
| Profit after tax | ₹1,690.22 Cr | ₹1,280.38 Cr |
| Total comprehensive income | ₹1,701.79 Cr | ₹1,290.41 Cr |
UltraTech Cement Limited: H1 Standalone Financial Figures (YoY)
| Particulars | H1 FY 2022-23 | H1 FY 2023-24 |
| Total income | ₹28,528.13 Cr | ₹33,229.03 Cr |
| Revenue from operations | ₹28,197.46 Cr | ₹32,762.11 Cr |
| Total Expenses | ₹25,209.45 Cr | ₹29,314.24 Cr |
| Profit before tax | ₹3,318.68 Cr | ₹3,914.79 Cr |
| Profit after tax | ₹2,272.39 Cr | ₹2,911.15 Cr |
| Total comprehensive income | ₹2,119.56 Cr | ₹2,855.16 Cr |
UltraTech Cement Limited: Standalone Financial Figures (QoQ)
| Particulars | Q1 FY 2023-24 | Q2 FY 2023-24 |
| Total income | ₹17,503.31 Cr | ₹15,725.72 Cr |
| Revenue from operations | ₹17,245.16 Cr | ₹15,516.95 Cr |
| Total Expenses | ₹15,209.65 Cr | ₹14,104.59 Cr |
| Profit before tax | ₹2,293.66 Cr | ₹1,621.13 Cr |
| Profit after tax | ₹1,705.50 Cr | ₹1,205.65 Cr |
| Total comprehensive income | ₹1,662.41 Cr | ₹1,192.75 Cr |
Consolidated Statement of Assets and Liabilities
| Particulars | As of 30 Sep, 2023 |
| Subtotal non-current assets | ₹73,741.05 Cr |
| Subtotal current assets | ₹20,239.43 Cr |
| Total assets | ₹93,991.36 Cr |
| Total non-current liabilities | ₹13,404.21 Cr |
| Total current liabilities | ₹24,383.32 Cr |
| Total liabilities and equity | ₹93,991.36 Cr |
Stock Performance
Due to its strong performance in the quarter, UltraTech Cement Limited’s shares, which opened at ₹8,264.95 on October 19th, jumped by 2.83% and closed at ₹8,514.80 apiece on the BSE.
Additional Read: UltraTech Cement Share Price
About the Company
UltraTech Cement Limited is the country’s biggest manufacturer of grey cement, white cement, and RMC. A part of the Aditya Birla Group, UltraTech has 23 manufacturing units and 28 grinding units, among others. It is also the founding member of the Global Cement and Concrete Association (GCCA) and is the first company in the country to issue dollar-based sustainability-linked bonds.
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