External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>UltraTech is the largest cement manufacturer in India with a domestic capacity of 114.5 MT (over 23% of total market) with a leadership position in most regions (excluding east).</li><li>It has grown through organic and inorganic routes and added around ~30 MT of capacity in the last three years.</li><li>It has shown its capability to successfully integrate the acquired assets and ramped up its utilisation in a profitable manner </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

UltraTech is the largest cement manufacturer in India with a domestic capacity of 114.5 MT (over 23% of total market) with a leadership position in most regions (excluding east).It has grown through organic and inorganic routes and added around ~30 MT of capacity in the last three years.It has shown its capability to successfully integrate the acquired assets and ramped up its utilisation in a profitable manner Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement - Margin Trajectory to Improve from Here On…

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>UTCEM reported consol. EBITDA of INR18.7b v/s estimated INR16.8b and EBITDA/t of INR808 v/s estimated INR723, driven by higher ‘other operating income’ (up INR65/t QoQ).</li><li>Profit was at INR7.6b v/s estimated INR5.9b. The management expects demand to recover post the festive season.</li><li>Though energy cost has peaked out in 2Q, petcoke price remains volatile and has increased to USD205/t, after declining to USD165-170/t in Aug/Sep’22.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

UTCEM reported consol. EBITDA of INR18.7b v/s estimated INR16.8b and EBITDA/t of INR808 v/s estimated INR723, driven by higher ‘other operating income’ (up INR65/t QoQ).Profit was at INR7.6b v/s estimated INR5.9b. The management expects demand to recover post the festive season.Though energy cost has peaked out in 2Q, petcoke price remains volatile and has increased to USD205/t, after declining to USD165-170/t in Aug/Sep’22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement - Soft Quarter; Energy Prices Remain Volatile

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><ul><li>Market share gains for Ultratech will be difficult going forward</li><li><p>Sizeable improvement in EBITDA/mt for Adani possible: Holcim group’s aggregate EBITDA/mt is ~Rs200/mt lower than Ultratech’s for the past three years or so.</p></li><li><p><span style="font-size: var(--content-font-size);">Valuation multiples have room to grow for the combined ACC-Ambuja entity</span></p></li></ul></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Market share gains for Ultratech will be difficult going forwardSizeable improvement in EBITDA/mt for Adani possible: Holcim group’s aggregate EBITDA/mt is ~Rs200/mt lower than Ultratech’s for the past three years or so.Valuation multiples have room to grow for the combined ACC-Ambuja entityContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement Ltd - Steep Correction Has Made Valuations Reasonable

<div><ul><li>EBITDA 5% above estimates; Cement prices increase in Apr’22 - <span style="font-size: var(--content-font-size);">UltraTech (UTCEM)’s operating performance was marginally ahead of our estimates led by higher volumes/lower opex.</span></li></ul><div><ul><li>Cost inflation impacts profitability; EBITDA/t fell 16% YoY - <span style="font-size: var(--content-font-size);">Consolidated revenue/EBITDA/adjusted PAT stood at INR157.7b/INR30.7b/ INR14.8b (+9%/-17%/-19% YoY; +1%/+5%/+2% v/s our estimate).</span></li></ul><div><div><div><ul><li>Highlights from the management commentary - <span style="font-size: var(--content-font-size);">Cement demand should improve, led by demand from Infrastructure, rural India, as well as an improvement in urban Real Estate.</span></li></ul></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

EBITDA 5% above estimates; Cement prices increase in Apr’22 - UltraTech (UTCEM)’s operating performance was marginally ahead of our estimates led by higher volumes/lower opex.Cost inflation impacts profitability; EBITDA/t fell 16% YoY - Consolidated revenue/EBITDA/adjusted PAT stood at INR157.7b/INR30.7b/ INR14.8b (+9%/-17%/-19% YoY; +1%/+5%/+2% v/s our estimate).Highlights from the management commentary - Cement demand should improve, led by demand from Infrastructure, rural India, as well as an improvement in urban Real Estate.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement - Cost Inflation Guidance Lower than Estimates

<div><div><div><div><ul><li>4QFY22 performance: UTCEM reported good set of numbers for 4QFY22, with EBITDA at Rs30.7bn coming in 13.6% ahead of our estimate.</li></ul><div><div><div><div><ul><li>Capex update: The management is continuing with its capex plan of 19.5mn mt and the same is expected to be commissioned on time by FY23-end with a marginal delay of up to 3-4 months.</li></ul><div><div><div><div><ul><li>Holcim deal unlikely to impact Ultratech: The management indicated that if Holcim is exiting India and another aggressive domestic player comes in its place, then the competitive scenario is not likely to deteriorate and Ultratech will continue to pursue its growth plans as envisaged.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

4QFY22 performance: UTCEM reported good set of numbers for 4QFY22, with EBITDA at Rs30.7bn coming in 13.6% ahead of our estimate.Capex update: The management is continuing with its capex plan of 19.5mn mt and the same is expected to be commissioned on time by FY23-end with a marginal delay of up to 3-4 months.Holcim deal unlikely to impact Ultratech: The management indicated that if Holcim is exiting India and another aggressive domestic player comes in its place, then the competitive scenario is not likely to deteriorate and Ultratech will continue to pursue its growth plans as envisaged.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement Ltd - Controlled Costs and Rising Prices to Protect Margins

India

UltraTech Cement Limited is an Indian multinational cement company that manufactures, markets, and distributes building materials. It is India's largest manufacturer of grey cement, ready-mix concrete (RMC), and white cement, offering a wide range of products including Ordinary Portland Cement, Portland Pozzolana Cement, and various building solutions. The company is headquartered in Mumbai, India, and was founded in 1983.

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UltraTech Cement (UTCEM IN)

UltraTech Cement - Margin Trajectory to Improve from Here On…

UltraTech is the largest cement manufacturer in India with a domestic capacity of 114.5 MT (over 23% of total market) with a leadership position in...

ICICI Securities Limited

UltraTech Cement - Soft Quarter; Energy Prices Remain Volatile

UTCEM reported consol. EBITDA of INR18.7b v/s estimated INR16.8b and EBITDA/t of INR808 v/s estimated INR723, driven by higher ‘other operating...

Motilal Oswal

UltraTech Cement Ltd - Steep Correction Has Made Valuations Reasonable

Ultratech stock has corrected by ~33% from its 52-week high on concerns about increased competition in the cement industry post the entry of Adani...

Nirmal Bang

UltraTech Cement - Cost Inflation Guidance Lower than Estimates

UltraTech (UTCEM)’s operating performance was marginally ahead of our estimates led by higher volumes/lower opex. EBITDA was at INR30.7b v/s...

Motilal Oswal

UltraTech Cement Ltd - Controlled Costs and Rising Prices to Protect Margins

Ultratech Cement (UTCEM) reported good set of numbers for 4QFY22, with reported EBITDA 14% above our estimate. The EBITDA/mt at Rs1,110 rose by...

Nirmal Bang

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