UltraTech Cement Limited · NSE:ULTRACEMCO
UltraTech Cement — Q3 FY2025 Earnings Presentation
54 slides from UltraTech Cement's earnings presentation, February 2025
Slide 1: UltraTech Cement Limited – A Force for Good
UltraTech Cement Limited A FORCE FOR GOOD STOCK CODE: BSE: 532538 NSE: ULTRACEMCO REUTERS: UTCL.NS BLOOMBERG: UTCEM IS / UTCEM LX
Slide 2: Contents
Contents Aditya Birla Group Indian UltraTech Operational and Overview Cement Sector Landscape Financial Performance 2
Slide 3: Aditya Birla Group - Overview
Aditya Birla Group - Overview
Slide 4: Aditya Birla Group - Overview
Aditya Birla Group - Overview ◼ # 1 cement player in India ◼ 3rd largest cement player globally (ex - China) A PREMIUM GLOBAL CONGLOMERATE ◼ #2 Manufacturing decorative paints^ ◼ 2nd Largest carbon black producer globally ◼ Leading producer of cellulosic fibres, USD ~66 billion* Corporation ◼ Presen
Slide 5: UltraTech Cement
UltraTech Cement India’s Largest Selling Cement Brand Largest RMC manufacturer Market Capof FY24 ConsolidatedRevenue 3rd largest cement player in India with 348 plants ~USD 39bn* ~USD 8.4 bn globally (ex - China) Different Products to provide complete Leading Player of White ~2.4 bn bags of cement ~
Slide 6: Building the Sustainable Future: Vision and Mission
Building the Sustainable Future Enhanced Stakeholder Value VISION To be The Leader in Building Solutions Socially responsible Profitable growth Strong financials Premium brand Market leader Innovation Sustainability MISSION To deliver superior valueto stakeholders on the four pillars of Customer Tea
Slide 7: Diversified product portfolio catering a full suite of building solutions
Diversified product portfolio catering a full suite of building solutions Conventional: Positioning cement at Contemporary: Providing an umbrella the core of all construction Building solutions of related construction products and services Capacity * Capacity White Cement 1.3 MTPA 348 RMC plants in
Slide 8: Grey Cement: Balanced growth through organic and inorganic expansion
Grey Cement: Balanced growth through organic and inorganic expansion Acquisition of : India Cements 214.7 mtpa^ Commissioned (14.45 mtpa) capacity of 188.2 mtpa ^ 29.4 mtpa Acquisition of : 171.1 mtpa Binani Cement (6.25 mtpa), 146.2mtpa Century Cement 95.7 (14.6 mtpa) Acquisition of Jaypee Cement 1
Slide 9: Birla White: Building a Robust Portfolio
Birla White: Building a Robust Portfolio Products Range 2001 2002-2006 1988 Launch of VAPs, White Cement White Putty Textura, Levelplast 2018-2022 2012-2014 9 Launch of VAPs Launch of Pre-cote, Fragrance Putty Waterproof/Bioshield putty New Putty Facility White cement based liquid primer 2024 Entry
Slide 10: UltraTech RMC
UltraTech RMC Product offering based on the requirement Performance Usage based Decorative Green based Concrete Concrete Concrete Concrete ◼ UltraTech is the first commercial RMC manufacturer in the country to adopt concrete recycling technology. ◼ UltraTech is India’s first company to meet the requ
Slide 11: UltraTech Building Solutions
UltraTech Building Solutions One-stop building solution for the retail customer 4,432 UltraTech Helps to increase the share of Building Solutions outlets customer wallet to 60% + Benefits for Home Builders ◼ Convenience, trust empowerment Benefits for Dealers ◼ Increase in earning capacity ◼ Better
Slide 12: UltraTech Building Products
UltraTech Building Products Dry Mix Environment Synergy friendly ◼ In line with our vision ◼ Environment (M-Sand helping ‘To be THE LEADER in conserve sand beds; less water Building Solutions’ needed in curing) ◼ Forward integration of ◼ Society (Homogenous end product; the cement business batchwise
Slide 13: Board of Directors
Board of Directors ◼ Chairman of the Aditya Birla Group since 1995 Kumar Mangalam Birla ◼ Chairs the Boards of all the Aditya Birla Group’s major companies in India (Hindalco, Grasim, Aditya Birla Capital and UltraTech Cement) and globally; Global companies include Novelis, Birla Carbon, Aditya Birl
Slide 14: Board of Directors (Independent Directors)
Board of Directors (Independent Directors) ◼ Masters in Law from the University of Bombay and University of London and Solicitor High Court Mumbai and Supreme Court of England and Wales Alka Bharucha Independent Director ◼ Co-founded Bharucha & Partners in 2008 ◼ Core areas of expertise are mergers
Slide 15: Management Team
Management Team ◼ Chartered Accountant with over 33 years experience, of which over 28 years have been with the Aditya Birla Group Atul Daga ◼ Key responsibilities include risk management, audit and compliance, planning, treasury, capital structuring and capital allocation. Chief Financial Officer ◼
Slide 16: Shareholding Pattern
Shareholding Pattern 7 1 Promoter Group 16 Foreign Portfolio Investors (FPI) As on Mutual Fund (MF), Institutions, Insurance and 31st Dec, 2024 Bodies Corporate 59 Other Public Holding 17 GDRs Key Foreign Portfolio Investors (FPI) Key Domestic Mutual Funds, Insurance and Institutional Investors Fund
Slide 17: Indian Cement Sector
Indian Cement Sector
Slide 18: Global Cement: per capita consumption among the lowest
Global Cement…. Per capita consumption one of the lowest in-spite of higher growth India is the second largest cement …but remains a highly underpenetrated market producer in the world… Global cementproduction Per capita Consumption (kg) 1,410-1,420 1,110-1,130 32.2% 950-970 51.1% 750-770 1.6% World
Slide 19: Cement Industry growth
Cement Industry growth 11.0% 9.3% 9.3% CAGR ~7-8% 8.7% 6.3% 7.3% 4.2% 7.1% 7.7% 7.2% 8.2% ~640 5.7% 4.5% 2.1% -5.8% 424 -7.3% 388 336 350 317 324 255 214 FY11 FY15 FY19 FY20 FY21 FY22 FY23 FY24 FY30 P Cement demand (MnT) Cement demand growth Avg GDP growth Cement demand expected to cross 640 Mtpa by
Slide 20: All segments indicating a positive long term demand environment
All segments indicating a positive long term demand environment Rural Urban Infrastructure Industrial & Demand Drivers Housing Housing Commercial ~8% ~9% ~6% ~6% ~6% ~6% ~5% ~1% Segmental CAGR FY19-24 FY24-30 FY19-24 FY24-30 FY19-24 FY24-30 FY19-24 FY24-30 Demand Mix (%) 37% 35% 30% 30% 24% 26% 9% 9
Slide 21: UltraTech Landscape
UltraTech Landscape
Slide 22: UltraTech – Contributing to build a strong nation
UltraTech – Contributing to build a strong nation Grey cement capacity (Mtpa) – India Grey Cement Capacity in India (mtpa) Added till Further Zones FY24 Kesoram* FY26 FY27 Total 209.3 Dec’24 Plan FY25 194.6 182.8 North 33.3 1.5 3.0 2.7 40.5 140.8 Central 28.4 4.5 32.9 East 27.6 3.7 1.2 2.5 6.6 41.6
Slide 23: UltraTech - India Footprint
UltraTech - India Footprint ◼ 35 Integrated Units1 (IU) ◼ 34 Grinding Units2 (GU) ◼ 9 Bulk Packaging Terminals3 (Sea + Rail) ◼ 2 White Cement 4 & 3 Putty Units ◼ 5 Jetties Grey Cement Capacity (mtpa) UTCL UTCL Industry Zones UTCL Capacity* Share in Mix Capacity Industry North 34.8 20% ~129.4 27% Cen
Slide 24: End-to-end capabilities with integrated operations
End-to-end capabilities with integrated operations Strong manufacturing capability with control over supply chain Raw material Captive power generation Production Capacity Limestone ◼ Captive power plant generates 1,120 MW of Particulars UOM Current ◼ Key input for manufacturing cement power ◼ WHRS1
Slide 25: Nationwide reach with strong logistics presence across India
Nationwide reach with strong logistics presence across India ~6.5 mn bags dispatched per day in India (FY24) > 30,000 destinations ~61% lifting by GPS enabled fleet Integratedmodel ~30,000+ orders processed daily Integrated Unit Grinding Unit Bulk Terminals Jetty Jetty Inland water transport One of
Slide 26: Extensive Technical Support to the Distribution Network
Extensive Technical Support to the Distribution Network ◼ Over 1,600 personnel deployed to provide technical advisory & testing Services along with value-added solutions to home builders, engineers, architects and contractors ◼ Mobile concrete vans providing on-site testing for concrete, water, aggr
Slide 27: Digitally connected
Digitally connected UltraTech Trade Connect ◼ Customer Connect: Order scheduling, ◼ Platform to engage with dealers, acknowledgement and real time tracking for Non- retailers, masons, contractors, trade and Key customers. architects ◼ UltraTech - Prashikshan Pahal: To provide basic knowledge about c
Slide 28: ESG at UltraTech
ESG at UltraTech
Slide 29: Progressing towards our sustainability targets
Progressing towards our sustainability targets Climate and Circular Environment Green Energy Economy Energy Scope 1 Net Alternative Raw WATER Green Power ESG Metric CO2 Emission material and Fuel Positive Mix [kg CO2/t cement] [MnT] [Times] [% of Total Power] H1FY25 550 -1.8% 21.53 +20% 5.5x +21% 30
Slide 30: Carbon Emission reduction
Carbon Emission reduction Scope 1 Target Achieved Key Steps leading to reduction in emissions Carbon 2032 till 2024 Emission reduction 27% 12% Increase in alternative fuel and clean energy Specific Net Direct GHG emissions Adoption of emerging technologies FY17 FY21 FY22 FY23 FY24 FY32 12% 27% Incre
Slide 31: ESG: Green Power Roadmap
ESG : Green Power Roadmap 60% 25% Waste Heat Recovery System 24% Renewable Power 38% 21% 26% 19% 20% 16% 13% 2 13% 468 500 1.6 GW 7% 6% 358 1% 1 GW 278 324 752 612 GW 85 10 MW MW FY19 FY24 Dec'24 FY25 FY26 FY27 FY30 FY19 FY24 Dec'24 FY25 FY26 FY27 FY30 RE Power RE Power % WHRS (MW) WHRS % 31
Slide 32: ESG: UltraTech's Sustainability Goals
ESG : UltraTech’s Sustainability Goals Decarbonization EP 100 initiative Net Zero emissions by UltraTech has doubled its energy productivity 2050 from base year of 2010, way ahead of its target year 2035 Water Stewardship Biodiversity and Land use 5 times water positive ‘No net loss’ approach RE 100
Slide 33: ESG Ratings
ESG Ratings S&P Global CSA Score 75 (2023) S&P Global CSA Rank (2023) 6th (DJSI, Sector: Construction Materials) Climate (2023) B Water (2023) A- ESG Score (2023) 57 ESG Rating (2024) B 33
Slide 34: Board Structure and Compliance
Board Structure and Compliance Shareholders Independent Directors 50% Board of Directors Nomination, Remuneration and Stakeholders Woman Directors 30% Audit Relationship Compensation Risk Management Corporate Social Board Attendance >90% Finance and Sustainability Responsibility Executive Management
Slide 35: Policies governing our business
Policies governing our business 1. Sustainability Policy 11. Anti-Harassment and Anti-Discrimination Policy Sustainable supply chain framework and code of 2. Code of Conduct 12. conduct policy 3. Tax Policy 13. Human Rights Policy 4. Policy on Related Party Transaction 14. Safety Policy 5. Whistlebl
Slide 36: Financial Statistics
Financial Statistics
Slide 37: Key Performance Trends - Consolidated
Key Performance Trends - Consolidated Grey Cement Sales (Million Tonnes) and Net Sales (Rs Crs) Capacity Utilisation (%) 140.00 90% 73,301 73,154 73,007 72,861 72,714 72,567 72,421 72,274 72,128 71,981 71,834 71,688 71,541 71,395 71,248 71,101 70,955 70,808 70,662 70,515 70,368 70,222 70,075 69,929
Slide 38: Key Performance Trends - Consolidated
Key Performance Trends - Consolidated EBIDTA (Rs Crs) Normalised PAT (Rs Crs) 14265.30 14236.77 14208.24 14179.71 14151.18 14122.65 14094.12 14065.59 14037.06 14008.52 13979.99 13951.46 13922.93 13894.40 7355.25 7340.54 7325.83 7311.12 7296.41 7281.70 7266.99 7252.28 7237.57 7222.86 7208.15 7193.43
Slide 39: Grey Cement Cost Trends – India Operations
Grey Cement Cost Trends – India Operations Energy Cost (Rs / Mt) Comparative Cost (TPP / WHRS ) 8.00 7.50 7.20 7.24 1750.00 1740.00 1730.00 7.00 1720.00 1710.00 1700.00 1690.00 6.50 1680.00 1670.00 1660.00 1650.00 1640.00 1630.00 1620.00 1610.00 1,692 6.00 5.80 1600.00 1590.00 1580.00 1570.00 1560.0
Slide 40: Grey Cement Cost Trends – India Operations
Grey Cement Cost Trends – India Operations Raw Materials Cost (Rs/ Mt) Logistics Cost (Rs / Mt) 650.00 1280.00 1270.00 1260.00 1250.00 1240.00 1230.00 600.00 617 1220.00 1210.00 1,248 600 1200.00 1190.00 1,233 550.00 1180.00 1170.00 1,214 1160.00 1150.00 1,187 1140.00 1130.00 500.00 531 1120.00 1110
Slide 41: Key Inputs: Historical Price Trends
Key Inputs: Historical Price Trends Blended Fuel Price Trend 2.800 2.49 2.60 2.51 300 2.21 2.35 2.18 2.300 2.00 2.05 2.03 2.00 250 1.77 1.84 1.76 1.800 1.28 1.34 1.43 200 1.16 184 200 200 194 1.300 120 164 162 150 101 151 178 150 0.800 67 80 152 149 133 100 125 0.300 50 -0.200 0 Q3FY21 Q4FY21 Q1FY22
Slide 42: EBITDA PMT Trend
EBITDA PMT Trend 1,651 1,689 99 1,478 198 1,460 1,449 1,438 1,387 1,394 65 68 108 88 1,324 1,299 31 70 1,262 1,231 1,262 1,251 1,178 58 51 1,158 54 1,159 103 82 1,110 1,061 1,106 46 1,090 1,094 40 89 1,016 58 1,023 1,036 32 50 72 70 50 945 62 58 72 866 45 800 54 69 1453 1413 1101 1169 1034 1381 1266
Slide 43: Quarterly Performance Trends – UltraTech Operations
Quarterly Performance Trends – UltraTech Operations Rs Crs Particulars Q3FY25 Q2FY25 Q1FY25 Q4FY24 Q3FY24 Q2FY24 Q1FY24 Q4FY23 Q3FY23 Q2FY23 Q1FY23 Q4FY22 Q3FY22 Capacity (MTPA) 151.3* 149.5 149.5 140.8 133.0 132.5 130.0 127.0 121.4 115.9 114.6 114.6 112.6 Total Sales Volume (MnT) 28.8 26.4 30.9 33.
Slide 44: Annual Performance Trends – UltraTech Operations
Annual Performance Trends – UltraTech Operations Rs Crs Particulars FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16 FY15 Capacity (MTPA) 140.8 127.0 114.6 111.4 111.4 109.4 85.0 66.3 64.7 60.2 Total Cement Volume (MnT) 114.6 101.7 89.5 82.6 78.8 82.4 60.6 50.2 49.3 46.1 Net Sales 67,536 60,360 49,615 4
Slide 45: Annual Performance Trends – UltraTech Operations
Annual Performance Trends – UltraTech Operations Rs Crs Financial Position FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16 FY15 Net Fixed Assets (Incl. Goodwill) 68,445 62,123 59,008 56,161 57,681 58,613 40,782 24,387 24,499 23,632 Investments in Subs/Associates/JVs 2,221 3,187 2,183 2,118 772 759 751
Slide 46: Quarterly Performance Trends - Consolidated
Quarterly Performance Trends - Consolidated Rs Crs Particulars Q3FY25 Q2FY25 Q1FY25 Q4FY24 Q3FY24 Q2FY24 Q1FY24 Q4FY23 Q3FY23 Q2FY23 Q1FY23 Q4FY22 Q3FY22 Capacity (MTPA) 171.1 154.9 154.9 146.2 138.4 137.9 135.4 132.4 126.8 121.3 120.0 120.0 118.0 Total Sales Volume (MnT) 30.4 27.8 31.9 35.1 27.3 26
Slide 47: Annual Performance Trends - Consolidated
Annual Performance Trends - Consolidated Rs Crs Particulars FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16 FY15 Capacity (MTPA) 146.2 132.4 120 116.8 116.8 115.4 89.0 70.3 67.7 63.2 Total Cement Volume (MnT) 119.0 105.7 94.0 86.4 83.1 86.0 64.6 53.7 52.6 49.4 Net Sales 69,810 62,338 51,708 44,239 41,7
Slide 48: Annual Performance Trends – Consolidated
Annual Performance Trends – Consolidated Rs Crs Financial Position FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16 FY15 Net Fixed Assets (Incl. Goodwill) 71,269 64,987 61,606 58,775 60,258 61,200 43,332 27,124 27,233 26,239 Investments in Subs/Associates/JVs 1,231 1,017 101 74 47 44 34 23 15 21 Net wor
Slide 49: Cash Flow Position – Consolidated
Cash Flow Position – Consolidated Rs Crs Particulars FY24 FY23 FY22 FY21 FY20 EBITDA 13,586 11,123 12,022 12,302 9,898 Less : Interest & lease payments -1,074 -873 -1,119 -1,596 -1895 Less : Tax paid -1,651 -1,124 -1,561 -1,291 -891 Less : Increase in working capital -313 52 -86 2,296 225 Operating
Slide 50: Annual Performance Trends - Consolidated (USD)
Annual Performance Trends - Consolidated USD Mn Particulars FY24 FY23 FY22 FY21 FY20 Capacity (MTPA) 146.2 132.4 120 116.8 116.8 Total Cement Volume (MnT) 119 105.7 94 86.4 83.1 Net Sales 8,432 7,753 6,955 5,961 5,893 EBITDA 1,641 1,383 1,617 1,658 1,396 EBIT 1,261 1,024 1,252 1,294 1,012 Profit Bef
Slide 51: Annual Performance Trends – Consolidated (USD)
Annual Performance Trends – Consolidated USD Mn Financial Position FY24 FY23 FY22 FY21 FY20 Net Fixed Assets (Incl. Goodwill) 8,608 8,083 8,287 7,920 8,499 Investments in Subs/Associates/JVs 149 126 14 10 7 Net working Capital -362 -381 -183 -258 89 Capital Employed 8,395 7,828 8,118 7,671 8,595 Sha
Slide 52: Cash Flow Position – Consolidated (USD)
Cash Flow Position – Consolidated USD Mn Cash Flow Position FY24 FY23 FY22 FY21 FY20 EBITDA 1,641 1,383 1,617 1,658 1,396 Less : Interest & lease payments -130 -109 -150 -215 -267 Less : Tax paid -199 -140 -210 -174 -126 Less : Increase in working capital -38 6 -12 309 32 Operating Cash Flow 1,274 1
Slide 53: Glossary
Glossary ➢ MNT - Million Metric Tons ➢ WHRS - Waste Heat Recovery System ➢ LMT - Lakh Metric Tons ➢ Green power Mix includes WHRS, captive renewable power and ➢ MTPA - Million Tons Per Annum renewable power mix in grid power consumption ➢ LTPA - Lacs Tons Per Annum ➢ EBITDA = Profit Before Tax plus
Slide 54: 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