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UltraTech: Excess supply impacts growth
Jul 30, 2010

UltraTech Cement has announced its 1QFY11 results. The company has reported a decline of 8.1% YoY and 41.9% YoY decline in sales and net profits respectively. Here is our analysis of the results

Performance summary
  • Topline declined by 8.1% YoY during the quarter. The growth was impacted by the oversupply scenario in the cement industry.
  • Costs were up by 12% YoY. This led to a 13.7% contraction in operating margins.
  • Bottomline declines by 41.9% YoY due to lower operating income. The decline in operating income was partially offset by lower interest costs and taxes and higher other income during the quarter.
Financial performance snapshot
(Rs m) 1QFY10 1QFY11 Change
Sales 19,689 18,097 -8.1%
Expenditure 12,360 13,841 12.0%
Operating profit (EBITDA) 7,328 4,255 -41.9%
Operating profit margin (%) 37.2% 23.5%  
Other income 181 285 57.2%
Depreciation 936 1,016 8.5%
Interest 330 279 -15.5%
Profit before tax 6,244 3,246 -48.0%
Tax 2,067 819 -60.4%
Profit after tax/(loss) 4,178 2,427 -41.9%
Net profit margin (%) 21.2% 13.4%  
No. of shares (m) 124.5 124.5  
Diluted EPS (Rs)*   73.8  
P/E*   11.8  

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