Ultratech Cement Limited · NSE:ULTRACEMCO
Ultratech Cement — Q4 FY25 Earnings Presentation
47 slides from Ultratech Cement's earnings presentation, Apr 28, 2025
Slide 1: Filing cover letter to stock exchanges
28th April, 2025 BSE Limited The National Stock Exchange of India Limited Corporate Relationship Department Listing Department Scrip Code: 532538 Scrip Code: ULTRACEMCO Sub: Investor Presentation for the quarter and year ended 31st March, 2025 Dear Sirs, Attached is an investor’s presentation on the
Slide 2: Results Q4 FY25 – UltraTech Cement Limited
Results Q4 FY25 UltraTech Cement Limited Leading with Scale, Growing in Strength and Winning with Purpose Stock code: BSE: 532538 | NSE: ULTRACEMCO | Reuters: UTCL.NS | Bloomberg: UTCEM IS/UTCEM LX
Slide 3: Macro and Sectoral Update, Business Update, ESG Update, Financial Performance
01 02 03 04 Macro and Business ESG Financial Sectoral Update Update Performance Update
Slide 4: Macro and Sectoral Update
01 Macro and Sectoral Update Kukurdih Cement Works, Chhattisgarh (commissioned in April 24)
Slide 5: Macro Indicators
Macro Indicators RBI estimates real IIP growth stood March CPI Infrastructure GDP growth at at 4.0% in the softened further development remains 6.5% for FY26; fourth quarter to 3.3% yoy key demand driver. 20 bps lower than till February, (lowest since Housing segment will earlier estimates compared
Slide 6: Sectoral Update Q4 FY25
Sectoral Update Q4 FY25 Zone I C H R Key drivers ✓ Housing segment registered growth in both rural and urban areas ✓ Infrastructure segment registered degrowth on account of GRAP IV restrictions in January-February, completion of major North projects and lack of announcement of new projects as well
Slide 7: Business Update
02 Business Update UltraTech: One of the largest cement supplier for the Z-Morh Tunnel in Sonmarg, Jammu and Kashmir.
Slide 8: Highlights: Q4
Highlights : Q4 Overall sales volume grew 17% yoy (Including Kesoram and India Cements). Grey cement realisations improved by 1.6% qoq. Domestic operating EBITDA/Mt of ₹ 1270, higher by ₹ 84/Mt yoy and ₹ 305/Mt qoq. Trade volumes grew 7.2% yoy. Green Power Mix of 35.7%; reached 1.02 GW of renewable
Slide 9: India Cements: Q4 Highlights
India Cements : Q4 Highlights Domestic sales volume grew 9% yoy and 28% qoq. Average capacity utilization at 73% for the quarter. Continuous ramp-up month on month. Operating EBITDA breakeven in the month of March-25. Interest rate dropped by 3.76% post acquisition. Rolled-out SAP systems suite for
Slide 10: India Cements: Key initiatives planned
India Cements: Key initiatives planned Conversion of 4/5 21.8 MW of WHRS Multiple productivity, Implementation of stage preheaters to (to reduce cost of energy efficiency safety standards, 6 stage preheaters; power and increase related capex for safety practices. cooler upgradation; green power). re
Slide 11: Transaction update: Kesoram
Transaction update: Kesoram Scheme has become Cement capacity of UltraTech issued Incremental effective from 1st 10.75 Mtpa and 59,74,301 equity shares Investment plans in March 2025. Clinker capacity of to existing shareholders WHRS of 24.3 MW; Financial 6.30 mtpa. of Kesoram and Renewable energy c
Slide 12: ReadyMix Concrete (RMC): Q4 FY25
ReadyMix Concrete (RMC): Q4 FY25 UltraTech’s RMC 395 155 Footprint 88 YoY 28 YoY Number of Plants Number of Cities 3.98 1,819 19% YoY 17% YoY Volume (Mn m3) Revenue (₹ Crores) 0.87 17% YoY 34% Cement Consumed (Mnt) ROCE% Note: Excluding Kesoram and India Cements 11
Slide 13: Sales Performance Overview: Q4 FY25
Sales Performance Overview : Q4 FY25 33.6% 18.3% 26% 59.5% 72% 40.5% 81.7% 66.4% 2% Trade % Non Trade % Bag Sales % Bulk Sales % Road Rail Sea Direct Sales Depot Sales Domestic operations excluding Kesoram and India Cements 12
Slide 14: Capacity Utilisation and Sales Volume
Capacity Utilisation and Sales Volume Volume in Million tons Growth % Growth % Particulars Q4 FY25 FY25 (YoY) (YoY) Grey Cement Capacity Utilisation 89% 78% Grey Cement – Domestic 36.46 10% 125.06 11% Cement Export 0.15 -10% 0.75 30% White Cement 0.56 6% 1.95 6% Overseas 1.71 30% 6.36 29% India Ceme
Slide 15: UltraTech: marching ahead
UltraTech: marching ahead Grey cement capacity (mtpa) – India Grey Cement Capacity in India (mtpa) FY25 210.5 Zones Mar-24 FY26 FY27 Mar-27 195.8 Organic Inorganic Mar-25 183.4 North 33.3 0.4 1.5 35.2 3.0 2.7 40.9 140.8 Central 28.4 2.7 31.1 1.8 32.9 East 27.6 5.7 33.3 2.5 6.6 42.4 West 31.1 1.2 1.1
Slide 16: Organic growth plans on track
Organic growth plans on track Cement Cement Particulars Unit Project Capacity Particulars Unit Project Capacity (Mtpa) (Mtpa) Capacity as at March-24 140.8 To be commissioned in FY26 Patratu, Jharkhand GU B 2.5 Karur, Tamil Nadu GU G 3.3 Maihar, Madhya Pradesh (Phase II) IU B 1.8 Kukurdih, Chhattisg
Slide 17: ESG Update
03 ESG Update
Slide 18: Sustainability Highlights
Sustainability Highlights Climate and Circular Environment Green Energy Economy Energy ESG Metric CO2 Emission Alternative Water Green Power [kg CO2/t cement] Raw Material Positive Mix and Fuel [Times] [% to total power] [MnT] FY25 545 -2% 39.3 +12% 5.3x 32.7% +38% Performance* FY32 Target- 462 FY30
Slide 19: CO2 Emission Trend
CO2 Emission Trend 632 556 * 545 462 FY17 FY24 FY25 FY32 Target Scope 1 Net CO2 Emission [kg CO2/t cement] *Unaudited Note: Excluding Kesoram and India Cements 18
Slide 20: ESG: Key trends
ESG : Key trends 69.8% 1.46 69.2% 1.44 63.0% 1.30 FY14 FY24 FY25 FY14 FY24 FY25 Blended Cement Mix Clinker to Cement Conversion Factor 6.1% 5.1% 2.1 33.6 37.2 1.6 1.8% 9.7 0.1 FY14 FY24 FY25 FY14 FY24 FY25 Volume (MnT) AFR % Alternative Fuel Alternative Raw Material (Mnt) Note: Excluding Kesoram and
Slide 21: ESG: Green Power Roadmap
ESG : Green Power Roadmap 60% 25% Waste Heat Recovery System Renewable Power 37% 23% 23% 23% 20% 16% 13% 2 500 1.6 GW 431 7% 6% 351* 1% 1.02 GW 278 612 GW 85 10 MW FY19 FY24 FY25 FY26 FY27 FY30 FY19 FY24 FY25 FY26 FY27 FY30 WHRS (MW) WHRS % RE Power RE Power % UltraTech is among the first companies
Slide 22: ESG: UltraTech's Sustainability Goals
ESG : UltraTech’s Sustainability Goals Decarbonization Biodiversity and Land use Net Zero emissions by ‘No net loss’ approach 2050 Circular Economy RE 100 initiative 85% green power in total mix by 2030 and A sustainable solution towards 100% RE by 2050 urban, industrial and agricultural waste manag
Slide 23: ESG: Boosting Circular Economy
ESG: Boosting Circular Economy Sustainable plastic waste management UltraTech deployed sanitation workers and waste plastic collection bins across high-footfall locations in Prayagraj and Maha Kumbh’s designated sectors. The initiative emphasized community engagement and awareness, educating citizen
Slide 24: Ongoing CSR initiatives
Ongoing CSR initiatives Bela Cement Works Awarpur Cement Works Education out-reach to 24,269 students 54,384 people benefitted from various healthcare initiatives conducted Rawan Cement Works Dalla Cement Works 26,497 people benefited through different social reform 8,919 people gained skills at var
Slide 25: Progress on Sustainable Cost improvement Initiatives
Progress on Sustainable Cost improvement Initiatives Q4FY25 Q4FY25 35.7% 1.47 Efficiency gains in FY25 Cost Saving Q4FY24 FY30 Target Q4FY24 FY27 Target Particulars UOM FY24 FY25 1.44 1.54 ₹/Mt 25.7% 85% Green Power mix Clinker Conversion WHRS Capacity MW 278 342 19 Renewable Power MW 612 1,021 12 Q
Slide 26: Financial Performance
ADITYA BIRLA 04 Financial Performance,
Slide 27: Revenues
Revenues ₹ Crores Growth % Growth % Particulars Q4 FY25 FY25 (YoY) (YoY) Grey Cement - Domestic 18,347 7% 62,507 4% Cement Export 54 -12% 277 22% White Cement 697 -3% 2,450 -4% ReadyMix Concrete (RMC) 1,819 17% 6,170 18% Building Products 290 19% 921 21% Overseas 933 38% 3,250 31% India Cements 1,19
Slide 28: Profitability
Profitability EBITDA (₹ Crores) PAT (₹ Crores) +11% YoY +10% YoY 4,721 4,250 2,482 2,258 3,142 1,359 Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25 Q3FY25 numbers has been restated for Kesoram 27
Slide 29: Sales Realisation (Grey Cement)
Sales Realisation (Grey Cement) 5,170 5,052 Realisation Domestic Grey Cement 4,970 Realisation (₹/Mt) ➢ Realisation declined 2.3% yoy and improved 1.6% qoq. Q4FY24 Q3FY25 Q4FY25 Realisation = Selling Price less GST and Discounts * UltraTech excluding Kesoram and India Cements 28
Slide 30: Key Cost Indicators (Grey Cement): Q4 FY25
Key Cost Indicators (Grey Cement): Q4 FY25 Logistics Fuel Power Raw Materials % of total costs 32% 22% 9% 16% ₹ / Mt 1,167 864 354 626 5% decline yoy 16% decline yoy 10% decline yoy 4% increase yoy and and 0.5% increase qoq and 2% qoq and 12% qoq 1% decline qoq Domestic operations excluding Kesoram
Slide 31: Logistics Cost (Grey Cement)
Logistics Cost (Grey Cement) 1,226 1,167 1,161 yoy costs decrease: 5% Logistics cost (₹/Mt) ➢ Primary lead distance reduced to 384 kms in Q4FY25 vs. 400 kms in Q4FY24 ➢ Sustainable improvement in operating efficiencies and new capacities gain Q4FY24 Q3FY25 Q4FY25 Logistics cost v/s Diesel price inde
Slide 32: Fuel Cost (Grey Cement)
Fuel Cost (Grey Cement) 2.03 2.00 1,025 Fuel Rate : ₹ /Kcal * Fuel cost (₹/Mt) 883 864 1.84 1.76 1.73 Q4 24 Q3 25 Q4 25 Q4FY24 Q3FY25 Q4FY25 qoq cost decrease: 2% and yoy cost decrease: 16% 55% Petcoke Consumption Mix % 58% 54% ➢ Blended imported fuel consumption (CV: 7500) at 36% 37% $ 122/t; 3% lo
Slide 33: Power Cost (Grey Cement)
Power Cost (Grey Cement) 395 402 yoy cost decrease: 10% 354 Power cost (₹/Mt) ➢ Green Power Mix has increased to 35.7% vs. 25.7% in Q4FY24 ➢ Efficiency improvement Q4FY24 Q3FY25 Q4FY25 Green Power Mix (%) 35.7% 33.4% qoq cost decrease : 12% 25.7% ➢ Green Power Mix increased to 35.7% vs. 33.4% in 17.
Slide 34: Raw Material Cost (Grey Cement)
Raw Material Cost (Grey Cement) 633 626 Raw Material cost (₹/Mt) 601 qoq cost decrease: 1% and yoy cost increase: 4% Q4FY24 Q3FY25 Q4FY25 ➢ Improvement in clinker conversion 1.47 vs. 1.44 in Raw Material Cost index Q4 FY24 ➢ Increase in share of composite cement 110 113 112 102 105 100 98 100 100 96
Slide 35: Other Costs
Other Costs 784 648 662 Other cost (₹/Mt) qoq cost decrease: 16% and yoy cost increase: 2% Q4FY24 Q3FY25 Q4FY25 ➢ Operating leverage benefit on qoq ➢ Annual inflation impact WPI index 106 105 103 100 Q4 22 Q4 24 Q3 25 Q4 25 Domestic Operations excluding Kesoram and India Cements 34
Slide 36: Operational Performance: Q4 FY25
Operational Performance: Q4 FY25 ₹ Crores Q4FY24 Q4FY25 Particulars Standalone Consolidated* Standalone Consolidated* 19,452 20,069 Net Sales 20,856 22,788 354 350 Operating Income 279 275 154 136 Other Income 115 102 19,960 20,555 Total Income 21,250 23,165 Expenses: 2,663 2,839 Raw Materials Consu
Slide 37: Financial Statement: Q4 FY25
Financial Statement: Q4 FY25 ₹ Crores Q4FY24 Q4FY25 Particulars Standalone Consolidated* Standalone Consolidated* 19,452 20,069 Net Sales 20,856 22,788 4,174 4,250 EBITDA 4,725 4,721 227 261 Finance Costs 400 475 786 815 Depreciation and Amortization 991 1,125 72 72 Exceptional Expense 9 838 852 Tax
Slide 38: Operational Performance: FY25
Operational Performance: FY25 ₹ Crores FY24 FY25 Particulars Standalone Consolidated* Standalone Consolidated* 67,536 69,810 Net Sales 70,857 74,936 1,105 1,099 Operating Income 1,038 1,019 662 617 Other Income 693 744 69,303 71,525 Total Income 72,588 76,699 Expenses: 9,543 10,252 Raw Materials Con
Slide 39: Financial Statement: FY25
Financial Statement: FY25 ₹ Crores FY24 FY25 Particulars Standalone Consolidated* Standalone Consolidated* 67,536 69,810 Net Sales 70,857 74,936 13,282 13,586 EBITDA 12,990 13,302 867 968 Finance Costs 1,465 1,651 3,027 3,145 Depreciation and Amortization 3,739 4,015 72 72 Exceptional Expense 88 97
Slide 40: Financial Position
Financial Position ₹ Crores Standalone Consolidated Particulars Mar-24 Mar-25 Mar-24 Mar-25 68,458 82,881 Net Fixed Assets^ 71,284 1,02,268 2,221 12,999 Non-Current Investments 1,231 1,651 (4,588) (2,997) Net Working Capital (3,010) (2,847) 66,091 92,883 Application of funds 69,506 1,01,073 59,095 6
Slide 41: Cash flow
Cash flow ₹ Crores Particulars FY25 EBITDA 13,302 Less : Interest & lease payments -1,705 Less : Tax paid -1,301 Less : Increase in working capital -858 Operating Cash Flow 9,439 Less : Capex spend -9,428 Less : Strategic Investments -10,806 Free Cash Flow to Firm -10,796 40
Slide 42: Increasing Investments for Growth and Sustainability
Increasing Investments for Growth and Sustainability ₹ Crores ~10,000 9,187 9,428 14% 16% 20% 11% 15% 6,299 10% 21% 14% 75% 70% 69% 65% FY23 FY24 FY25 FY26 Growth Capex ESG Capex Other Capex Capital allocation on growth and ESG 41
Slide 43: India Cements: P&L
India Cements: P&L ₹ Crores Q4FY24 Particulars Q4FY25 1,236 Net Sales 1,197 20 Other Income 26 1,256 Total Income 1,224 Expenses: 226 Raw Materials Consumed 252 0.4 Purchase of Traded Goods 1 -0.1 Changes in Inventory -26 95 Employee Costs 90 449 Power and Fuel 475 252 Logistics Cost 243 176 Other E
Slide 44: India Cements: Financial Position
India Cements: Financial Position ₹ Crores Particulars Mar-25 Net Fixed Assets^ 11,933 Non-Current Investments 119 Net Working Capital -105 Application of funds 11,947 Shareholders Fund (Incl. Minority Interest) 10,196 Net Debt 1,158 Deferred Tax Liability 593 Sources of funds 11,947 ^Includes goodw
Slide 45: India Cements: Cash flow
India Cements: Cash flow ₹ Crores Particulars Q4FY25 EBITDA 23 Less : Interest & lease payments -38 Less : Tax paid -72 Less : Increase in working capital -228 Operating Cash Flow -314 Add : Realisation from Asset Held for Sale 40 Free Cash Flow -275 44
Slide 46: A Force for Good
UltraTech wins at the first RECEIC global UltraTech shines at the Advertising Club symposium organized by FICCI EMVIES 2025 UltraTech has been recognized as the winner in the “Circular UltraTech secured 16 trophies, including three gold and seven silver Business Model -Matured category” within the I
Slide 47: Disclaimer
Disclaimer Statements in this ‘presentation’ describing the Company’s objectives, estimates, expectations or predictions may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Impor