UltraTech Cement Ltd

About

UltraTech Cement is engaged in the manufacturing and sale of Cement and Cement related product primarily in India.[1]

Key Points

Manufacturing Capabilities
Presently, the company has an installed capacity of ~117 MnTPA of cement which is ~24% of total installed cement capacity in India.[1]
Its manufacturing facilities are present across India with no region accounting for more than 25% of sales.[2] It has ~50 integrated plants spread across India.[3]
Presently, it has a capacity utilization rate of ~80%[4]

See full details
  • Market Cap 213,478 Cr.
  • Current Price 7,396
  • High / Low 8,073 / 4,440
  • Stock P/E 32.5
  • Book Value 1,530
  • Dividend Yield 0.50 %
  • ROCE 15.1 %
  • ROE 13.1 %
  • Face Value 10.0

Pros

Cons

  • Stock is trading at 4.83 times its book value
  • Company has a low return on equity of 13.27% for last 3 years.

Peer comparison

Sector: Cement Industry: Cement - North India

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
9,249 10,444 12,371 11,420 9,620 10,439 10,854 7,671 10,387 12,262 14,406 11,830
7,828 8,869 9,830 8,470 7,703 8,461 8,411 5,594 7,689 9,160 10,715 8,522
Operating Profit 1,421 1,575 2,541 2,949 1,918 1,978 2,444 2,077 2,698 3,102 3,690 3,307
OPM % 15% 15% 21% 26% 20% 19% 23% 27% 26% 25% 26% 28%
Other Income 143 113 150 135 148 169 200 121 214 260 24 205
Interest 416 478 505 503 507 472 506 394 358 356 377 326
Depreciation 624 638 641 688 668 678 678 651 677 674 698 660
Profit before tax 524 571 1,546 1,893 890 997 1,459 1,153 1,876 2,332 2,639 2,527
Tax % 32% 34% 30% 32% 35% 29% -122% 31% 30% 32% 33% 33%
Net Profit 357 377 1,084 1,281 579 712 3,240 794 1,309 1,584 1,775 1,703
EPS in Rs 13.00 13.72 39.47 46.64 21.08 24.66 112.26 27.52 45.36 54.89 61.50 58.99

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
7,106 13,646 18,551 20,514 20,730 23,306 25,153 25,375 30,979 41,462 42,430 44,726 48,885
5,124 10,950 14,357 15,674 16,695 18,881 20,252 20,162 24,834 34,115 33,184 33,158 36,087
Operating Profit 1,982 2,696 4,194 4,839 4,035 4,425 4,901 5,212 6,145 7,347 9,246 11,568 12,798
OPM % 28% 20% 23% 24% 19% 19% 19% 21% 20% 18% 22% 26% 26%
Other Income 123 154 371 304 322 350 464 648 242 350 651 619 703
Interest 118 292 256 252 361 587 566 640 1,238 1,778 1,992 1,486 1,417
Depreciation 390 813 963 1,023 1,139 1,203 1,377 1,348 1,848 2,451 2,723 2,700 2,709
Profit before tax 1,598 1,745 3,345 3,867 2,858 2,986 3,421 3,872 3,301 3,468 5,183 8,001 9,374
Tax % 31% 22% 28% 30% 23% 30% 28% 30% 33% 31% -11% 32%
Net Profit 1,095 1,367 2,403 2,678 2,206 2,098 2,478 2,715 2,222 2,404 5,755 5,463 6,372
EPS in Rs 49.90 87.69 97.66 80.44 76.47 90.30 98.90 80.92 87.51 199.40 189.26 220.74
Dividend Payout % 7% 12% 9% 9% 11% 12% 11% 10% 13% 13% 7% 20%
Compounded Sales Growth
10 Years:13%
5 Years:12%
3 Years:13%
TTM:27%
Compounded Profit Growth
10 Years:15%
5 Years:18%
3 Years:32%
TTM:24%
Stock Price CAGR
10 Years:21%
5 Years:13%
3 Years:26%
1 Year:65%
Return on Equity
10 Years:13%
5 Years:12%
3 Years:13%
Last Year:13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
124 274 274 274 274 274 274 275 275 275 289 289
Reserves 4,493 10,373 12,550 14,955 16,908 18,767 21,671 24,117 26,107 28,088 38,755 43,886
Borrowings 1,607 5,541 5,891 7,342 7,332 9,829 10,616 8,474 19,480 25,337 23,019 20,488
2,150 5,439 6,181 7,010 7,671 9,183 8,631 9,343 11,280 22,826 17,151 21,514
Total Liabilities 8,375 21,626 24,896 29,582 32,185 38,053 41,193 42,209 57,141 76,525 79,214 86,176
4,964 12,775 13,314 15,050 18,100 23,343 25,309 25,904 39,715 56,645 57,151 55,412
CWIP 260 760 1,940 3,601 2,186 2,250 1,469 921 1,511 1,153 920 1,687
Investments 1,637 3,514 3,547 4,709 4,862 4,500 5,095 6,691 5,447 2,921 5,929 12,178
1,513 4,577 6,095 6,222 7,037 7,961 9,319 8,693 10,468 15,806 15,215 16,900
Total Assets 8,375 21,626 24,896 29,582 32,185 38,053 41,193 42,209 57,141 76,525 79,214 86,176

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
1,590 1,993 3,427 3,618 3,455 4,190 4,526 5,005 3,888 5,956 8,972 12,503
-843 -2,168 -3,050 -4,362 -2,342 -2,144 -3,673 -2,501 1,866 1,165 -4,192 -8,859
-740 253 -353 715 -949 -2,110 -844 -2,535 -5,735 -6,757 -5,076 -4,356
Net Cash Flow 7 79 24 -30 164 -63 8 -31 18 364 -295 -712

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 11 22 21 24 29 26 28 25 26 25 20 21
Inventory Days 271 371 279 284 251 266 203 195 226 214 234 207
Days Payable 224 324 281 258 252 154 142 150 165 165 188 242
Cash Conversion Cycle 58 69 20 50 28 138 89 70 87 74 66 -14
Working Capital Days 5 7 1 1 4 -7 0 -8 -7 -7 -12 -27
ROCE % 29% 18% 19% 19% 13% 12% 13% 14% 12% 11% 12% 15%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
61.69 61.69 61.68 61.68 60.19 60.04 60.04 59.91 59.97 59.96 59.96 59.96
20.38 20.00 18.59 17.86 17.60 16.48 16.10 15.30 16.80 17.28 16.58 16.48
7.58 7.79 8.68 11.93 12.99 14.15 14.59 15.38 14.10 13.74 14.39 14.51
0.04 0.04 0.04 0.07 0.07 0.07 0.07 0.08 0.08 0.08 0.05 0.05
10.24 10.41 10.93 8.38 9.08 9.18 9.12 9.26 8.98 8.87 8.95 8.91
0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.09

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