UltraTech Cement’s (UTCEM) 3QFY25 operating performance was in line with our estimate, with EBITDA standing at INR28.9b (declined 11% YoY). EBITDA/t stood at INR951 (-20% YoY; vs. est.
UltraTech Cement has priced a US$400m 10-year sustainability-linked bond, the first such offering from India. The 2.8% bonds priced at 99.611 to yield 2.845%, equivalent to Treasuries plus 167.5bp.
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