UltraTech Cement Limited announced its financial results for the quarter and year ended 31st March, 2023. The Q4FY2022-23 consolidated net sales at Rs. 18,436 crores recorded a growth of 19% vis-à-vis Rs. 15,557 crores in the corresponding period of the previous year. Profit before interest, depreciation and tax was Rs. 3,444 crores vis-à-vis Rs. 3,165 crores in the corresponding period of the previous year. Profit after tax was Rs. 1,666 crores compared to a normalised profit Rs. 1,478 crores (before one-time extraordinary gains) in the corresponding period of the previous year.
For the full year, Consolidated Net Sales jumped 21% to Rs. 62,338 crores from Rs. 51,708 last year. Profit before interest, depreciation and tax was Rs. 11,123 crores vis-à-vis Rs. 12,022 crores in the corresponding period of the previous year. Profit after tax was Rs. 5,064 crores compared to a normalised profit of Rs. 5,667 crores (before one-time extraordinary gains) in the corresponding period of the previous year.
UltraTech achieved the unique distinction of registering 100 million tons of production, dispatches and sales in FY23. This was backed by an effective capacity utilization of 95% during this quarter and 84% capacity utilization for the year.
The company saw an increase in energy cost by 17% YoY and 4% lower QoQ. Prices of pet coke and coal increased 18% YoY. Raw material cost was up 9% YoY on account of increase in cost of fly ash, slag and gypsum etc. The Board of Directors have recommended a dividend of 380% at the rate of Rs. 38/- per equity share of face value of Rs.10/- per share, aggregating Rs.1097.01 crores. In terms of the provisions of the Finance Act, 2020, the dividend shall be taxed in the hands of shareholders at applicable rates of tax and the company shall withhold tax at source appropriately.
UltraTech’s expansion program is progressing as per schedule. During the year, the company commissioned 12.4 mtpa additional capacity of grey cement. It has further commissioned a 2.2 mtpa brownfield cement capacity at Patliputra. Work on its next phase of growth of 22.6 mtpa 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/FY26. Upon completion of these expansions, the company’s capacity will grow to 160.45 mtpa, reinforcing its position as the third largest cement company in the world, outside of China and the largest in India by far.