UltraTech Cement Speeding On Organic Expansions


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Ultratech Cement Ltd. has charted out its expansion plans for the next three years, whereby it will increase its grey cement/clinker capacity in India by 19.5/11.4 million metric tonnes, respectively, entailing a total capex of Rs 65.3 billion.

Post this, its cement capacity in India will increase to 130 million metric tonnes by end FY23E/early FY24E. These should support its volume growth visibility FY24E onwards.

The capex rate is low, owing to approximately 50% brownfield expansions and lower clinker expansion needs.

Multiple split grinding units and waste heat recovery systems additions will also help control operating cost, supporting its strong margins.

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HDFC Securities UltraTech Company Update.pdf

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