The Ultra version of the lineup is usually expected to pack in better hardware than the Redmi K60 Pro or the predecessor that came with Snapdragon 8+ Gen1 SoC and 120W charging. Either the leaked details are not accurate or the moniker of the phone could be different.

Redmi K50 Ultra specifications
The Redmi K50 Ultra sports a 6.67-inch 1.5K AMOLED display with a 120Hz refresh rate, 480Hz touch sampling rate, HDR10+, Dolby Vision, and 1920Hz high-frequency PWM dimming. The phone is powered by the Qualcomm Snapdragon 8+ Gen1 chipset paired with Adreno GPU, 8GB/12GB LPDDR5 RAM with 128GB/256GB UFS 3.1 storage.
The Redmi K50 Ultra runs on Android 12-based MIUI 13 custom skin out of the box. Connectivity options include 5G, Dual 4G VoLTE, Wi-Fi 6E, Bluetooth 5.2, GPS (L1 + L5), NavIC, USB Type-C, and NFC. There is an in-display fingerprint sensor for security, an infrared sensor, USB Type-C audio, Hi-Res audio, Dolby Atmos, and dual speakers.
Moving to optics, the Redmi K50 Ultra comes with a triple camera setup on the back, comprising a 108MP Samsung HM6 primary sensor with OIS and LED flash, an 8MP UW sensor, and a 2MP macro. There is a 20MP Sony IMX596 sensor on the front for selfies and video chats.