UltraTechs consolidated sales for the quarter were at ₹16,487 crore, up nearly 8% on year, while earnings before interest, tax, depreciation, and amortization rose by around 38% to ₹3,395 crore. On a sequential basis, sales rose by 5% while the operating profit was 25% higher.
In Q3FY23, the company s domestic grey cement sales volume rose 13% YoY and 12% QoQ, respectively. Energy and raw material costs were up 33% and 13% YoY, while they remained flat on a sequential basis. Also, the company achieved capacity utilisation of 83% as against 75% during Q3FY22.
UltraTech’s sizzling Q3 makes analysts project strong stock gains
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Analysts expect the cement giant to benefit the most from the rebound in domestic demand given that the effects of COVID-19 pandemic are steadily fading to the background.
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Goldman Sachs, DAM Capital and Haitong Securities have raised their price targets by 10-14 per cent for UltraTech Cement.
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MUMBAI: Analysts were enthusiastic about the prospects for UltraTech Cement’s stock after the company reported strong earnings growth for the quarter ended December. Analysts expect the cement giant to benefit the most from the rebound in domestic demand given that the effects of COVID-19 pandemic are steadily fading to the background.