UltraTech Cement report consolidated net sales of INR184,360m

UltraTech Cement Ltd has announced its financial results for the quarter and year ended 31 March 2023 with consolidated net sales totalling INR184,360m (US$2.26bn), a rise of 19 per cent compared to INR155,570m in the corresponding period of the previous year. Profit before interest, depreciation and tax in the 4QFY22-23 reached INR34,440m, versus INR31,650m in the corresponding period of the previous year. Profit after tax was INR16,660m compared to a normalised profit INR14,780m (before one-time extraordinary gains) in the corresponding period of the previous year.

For the full year, consolidated net sales jumped 21 per cent from last year to INR623,380m. Profit before interest, depreciation and tax was INR111,230m versus INR120,220m in the corresponding period of the previous year. Profit after tax was INR50,640m compared to a normalised profit of INR56670m (before one-time extraordinary gains) in the corresponding period of the previous year.

UltraTech achieved the unique distinction of registering 100Mt of production, dispatches and sales in FY22-23. This was backed by an effective capacity utilisation of 95 per cent during the 4QFY22-23 and 84 per cent capacity utilisation for the year.

The company saw an increase in energy cost by 17 per cent YoY and four per cent lower QoQ. Prices of petcoke and coal increased 18 per cent YoY. Raw material cost was up nine per cent YoY on account of increase in cost of fly ash, slag and gypsum, etc.

UltraTech’s expansion programme is progressing as per schedule. During the year, the company commissioned 12.4Mta additional capacity of grey cement. It has further commissioned a 2.2Mta brownfield cement capacity at Patliputra in April 2023. 

Work on its next phase of growth of 22.6Mta has already commenced. Civil work is in full swing at most sites. Commercial production from these new capacities is expected to go on stream in a phased manner by FY25-26. 

Upon completion of these expansions, the company’s capacity will grow to 160.45Mta, reinforcing its position as the third-largest cement company in the world, outside of China and the largest in India by far.