UltraTech announces financial results for the year ended 31st March, 2021

7th May, 2021














Net Sales


















Normalised PAT










*Note: One time gain on account of reversal of deferred tax liabilities of Rs. 2,112 crores in consolidated performance and Rs. 1,805 crores in standalone performance for FY20 has been eliminated to derive the Normalised PAT for FY20 for a correct comparison with FY21 


UltraTech Cement Limited, today announced its financial results for the quarter and year ended 31st March, 2021.




UltraTech’s recovery from the Covid-19 led disruption of the economy during FY21 has been rapid.


The ‘overheads control programme’, prudent working capital management and control on cash flows were the main drivers, aided by quick revival of demand and supply side restoration. All of these have resulted in your Company’s superlative performance, even during such trying times. It achieved an effective capacity utilisation of 93 % during the quarter.


As part of its commitment to society, UltraTech spent Rs.120 crores towards various initiatives undertaken during the year to support the country in its fight against the pandemic. The Company continues to give primacy to the safety and well-being of its employees and business partners. It has also undertaken a vaccination program for more than 1,00,000 employees and their dependents.






Consolidated Net Sales at Rs. 14,232 crores vis-à-vis Rs. 10,689 crores over the corresponding period of the previous year. Profit before interest, depreciation and tax was Rs. 3,751 crores vis-à-vis Rs. 2,645 crores in the corresponding period of the previous year. Profit after tax was Rs. 1,775 crores compared to Rs. 1,129 crores in the corresponding period of the previous year.




For the full year, Consolidated Net Sales at Rs. 44,239 crores vis-à-vis Rs. 41,781 crores over the previous year. Profit before interest, depreciation and tax was Rs. 12,302 crores vis-à-vis Rs. 9,898 crores in the corresponding period of the previous year. Profit after tax was Rs. 5,463 crores compared to Rs. 3,644 crores in the corresponding period of the previous year.




The Board of Directors at their meeting held today have recommended dividend of 370 % at the rate of Rs. 37/- per equity share of face value of Rs.10/- per share, aggregating Rs. 1,068.02 crores. In terms of the provisions of the Finance Act, 2020, dividend shall be taxed in the hands of shareholders at applicable rates of tax and the Company shall withhold tax at source appropriately.




UltraTech, with its prudence and deft financial management has successfully reduced Net Debt / EBITDA ratio to 0.55x from 1.72x as on 31st March, 2020, which is in line with its endeavour to maintain optimal capital structure.


The loan repayments have been made through free cash flows that the Company has generated during the year, despite the challenging circumstances and severe business interruptions during Q1FY21.




UltraTech successfully raised USD 400 million, corresponding to approximately Rs.2,900 crores by way of issuance of unconditional, unsubordinated and unsecured USD denominated notes (in the form of “Sustainability Linked Bonds”), due 16th February, 2031 @ 2.80% per annum, payable semi-annually on 16th August and 16th February of each year, commencing from16th August, 2021 as per applicable laws. The Bonds are listed on the Singapore Exchange Securities Trading Limited.


UltraTech is the first company in India and the second company in Asia to issue sustainability linked bonds.




The Board had earlier sanctioned capacity expansion plans of 19.5 million tons through a mix of brown field and green field expansion covering 5 integrated cement plants and 12 grinding units. The additional capacity is being created in the fast-growing markets of the east, central and north regions of the country. Most of the orders for equipment have been placed and civil work has also commenced at these locations. Commercial production from these capacities is expected to go on stream in a phased manner, during FY22 and FY23.


Upon completion of the latest round of expansion, the Company’s capacity will grow to 136.25 mtpa, reinforcing its position as the third largest cement company in the world, outside of China.




In line with its continuing endeavour towards enhancing environment conservation measures, the Company commenced 7 MW of WHRS capacity during the year. With this, the Company’s total WHRS capacity stands augmented to 125 MW covering nearly 10% of its current power needs. This is expected to increase to 302 MW by the end of FY23, after completion of the other on-going expansions.


The Science Based Targets Initiative (SBTi) has validated UltraTech’s carbon dioxide (CO2) emissions reduction targets. In July 2020, the Company had committed to set ‘science-based targets’ to reduce its greenhouse gas (GHG) emissions. UltraTech has also committed to reduce Scope 1 GHG intensity by 27% by 2032 from the base year of 2017 and Scope 2 GHG intensity by 69% within the same time frame. The Science-Based Target initiative (SBTi) has validated UltraTech’s GHG reduction targets which covers the target to lower its CO2 intensity in cement to 462 kg net CO2 per ton of cementitious material (net CO2/t.cem.) by 2032. As per SBTi, UltraTech’s targets are acceptable and consistent with the global effort to limit temperature rise below the ‘2 °C’ threshold in line with the Paris Agreement.




UltraTech’s capital and financial resources remain fully protected and its liquidity position is adequately covered. Most importantly, it continues to remain committed to all its business associates.


While rural and semi-urban housing continue to drive growth, pick-up in government led infrastructure aided incremental cement demand. Pent-up urban demand is also expected to improve.

The Company is closely monitoring the impact of the second wave of the pandemic on its operations. With its focus on operational efficiencies and cost control, UltraTech is better prepared for any resulting slowdown in the economy.

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