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UltraTech Cement Ltd. volume dipped sequentially by 8% to 23.1 million tonne (up 7% YoY; 24.4 million tonne our estimate) while reported strong net sales realisation of Rs 6014/tonne (down 1% QoQ and Up 8% YoY) translates in revenue of Rs 138.9 billion declined by 8% QoQ (up 16% YoY) in Q2 FY23.
For the quarter, UltraTech Cement reported lower Ebitda/tonne of Rs 808 due to alleviated cost/tonne of Rs 5206 (up 8% QoQ and up 21% YoY) while strong NSR partially offset it.
Ebitda/profit after tax of Rs 18.6/7.5 billion in Q2 FY23, declined by 40/52% QoQ and 31/43% YoY due to alleviated cost coupled muted volumes due to monsoon.
H1 FY23 Ebitda declined to Rs 1,031/tonne (26% YoY) on account of surge in power cost by up 51% YoY causing total cost to go up by up 21% YoY. So, we have trimmed our Ebitda and profit after tax estimate by 13% and 23% for FY23E.
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