UltraTech share price declines 3%. Q3 volume numbers fail to lift sentiments
UltraTech Cement share prices declined more than 3% in intraday trades on Tuesday . The Q3 volume growth number failed to lift the street sentiments on a day when benchmark indices also corrected more than half a percent. UltraTech had reported its Q3FY24 consolidated cement volume at 27.3 million tonne on Monday, just after market hours, which reflected a growth of 6% YoY and 2% sequentially.
Company’s India sales volumes at 26.06 mt grew 5% year-on-year. UltraTech’s Cement exports from India witnessed a robust growth of 30% YoY, while overseas grey cement volumes at 1.38 had grown 20%. Analysts say that the volume growth was in line with estimates.
The December quarter sees some impact of festival season on labor availability and thereby some impact on volume growth too. The cement prices too have slightly corrected in some regions. Also Read-HPL Electric and Power share price skyrockets 37% in just five sessions; should you buy? Nevertheless with this, the company has clocked a consolidated nine month volume of 84 million tonne.
Analysts at Systematix Institutional Equities have modeled a sales volume of 118mtpa for FY24, reflecting a growth of 10% in Q4FY24. The keep their estimates unchanged for FY24, FY25 and introduce financials for FY26. They forecast a strong 11%, 20%, 29% CAGR (compound annual growth rate) in revenue, Ebitda and net profit over FY23-26 on the back of 10.2% volume CAGR (compound annual growth rate) reaching 129.5 and 141.5 million tonne in FY25 and FY26.
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