UltraTech Cement hits record high as decent sales volume growth reflects strong demand

Ultratech Cement’s consolidated sales rose 20% YoY to 29.96 MT in the quarter ended June 2023.

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Shares of UltraTech Cement rose percent on July 3 as the company’s decent sales volume growth enthused investors. At 9:19 am, shares of the company were trading at Rs 8484.2, up 2.3 percent on the BSE.

The consolidated sales of UltraTech Cement rose 20 percent year-on-year (YoY) to 29.96 million tonne (MT) in the quarter ended June 2023. The company produced 25.04 MT of cement in the April-June quarter a year ago, it said in an exchange filing on July 01. This is reflective of a strong demand trend.

Though, the consolidated sales volume declined 5 percent sequentially. The Aditya Birla Group company said total sales volume in India also rose 20 percent YoY but was down 5 percent QoQ to 29.01 MT in Q1 of FY24.

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UltraTech Cement’s capacity utilisation now stood at around 90 percent for the quarter.

While demand has been strong, cement prices have largely been rangebound, highlighted Citi that has a ‘buy’ call on the cement maker’s stock with a a target price of Rs 9,050. Better cost structures could swing near-term profitability dynamics, the foreign brokerage firm pointed out.

Even Axis Securities has initiated coverage on UltraTech Cement with a ‘buy’ recommendation and a target price of Rs 9,350.

UltraTech Cement is the largest manufacturer of grey cement, ready mix concrete, and white cement in India. Excluding China, it is also the third-largest cement producer in the world and commands a robust market share of 22 percent (in terms of industry capacity) in the Indian cement industry.

The domestic brokerage firm said capacity expansion and a positive demand environment will drive growth for the cement manufacturer, while easing input costs along with cost optimisation measures could improve margins, it added.

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