External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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>UTCL reporteda mixed set of numbers during the quarter as its Volume/ Revenue grew by 20% and 17% respectively, (In line with expectations) driven by better demand YoY while EBITDA was below our and consensus estimates by 15% and 5% respectively, on the back of higher variable cost.</li><li>The company reported a profit of Rs 1,688 Cr against Rs 1,584 Cr in Q1FY23 (below expectation)</li><li>It recorded an EBITDA margin of 17.2% (vs. our estimates of 20%)against 20.4% YoY.</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>

UTCL reporteda mixed set of numbers during the quarter as its Volume/ Revenue grew by 20% and 17% respectively, (In line with expectations) driven by better demand YoY while EBITDA was below our and consensus estimates by 15% and 5% respectively, on the back of higher variable cost.The company reported a profit of Rs 1,688 Cr against Rs 1,584 Cr in Q1FY23 (below expectation)It recorded an EBITDA margin of 17.2% (vs. our estimates of 20%)against 20.4% YoY.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 Limited - Well Aligned To Capture Demand Tailwind

<div><div><div><div><ul><li>We initiate coverage on UltraTech Ltd. with a BUY recommendation and a Target Price of Rs 9,350/share, which implies an upside of 13% from the current levels.</li><li>UltraTech Cement is the cement flagship company of the Aditya Birla Group and is the largest manufacturer of grey cement, ready mix concrete (RMC), and white cement in India.</li><li>Excluding China, it is also the third-largest cement producer in the world and commands a robust market share of 22% (in terms of industry capacity) in the Indian cement industry. </li></ul></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>

We initiate coverage on UltraTech Ltd. with a BUY recommendation and a Target Price of Rs 9,350/share, which implies an upside of 13% from the current levels.UltraTech Cement is the cement flagship company of the Aditya Birla Group and is the largest manufacturer of grey cement, ready mix concrete (RMC), and white cement in India.Excluding China, it is also the third-largest cement producer in the world and commands a robust market share of 22% (in terms of industry capacity) in the Indian cement industry. 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 Cem - Lucrative Play on Positive Demand Outlook

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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>We maintain BUY on UltraTech Cement (UTCEM) with a revised target price of INR 9,305/share (16.5x Mar-23E consolidated EBITDA)</li><li>Post our recent interaction with the management, we remain convinced of the company’s growth prospects along with superior margin and healthy balance sheet</li><li>UTCEM is targeting strong growth across both its cement and non-cement businesses (white/putty, RMC and construction chemicals)</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>

We maintain BUY on UltraTech Cement (UTCEM) with a revised target price of INR 9,305/share (16.5x Mar-23E consolidated EBITDA)Post our recent interaction with the management, we remain convinced of the company’s growth prospects along with superior margin and healthy balance sheetUTCEM is targeting strong growth across both its cement and non-cement businesses (white/putty, RMC and construction chemicals)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 - Concrete Outlook! Maintain BUY

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

ICICI Securities Limited

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.

<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

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 Limited - Well Aligned To Capture Demand Tailwind

UTCL reporteda mixed set of numbers during the quarter as its Volume/ Revenue grew by 20% and 17% respectively, (In line with expectations) driven...

Axis Direct

UltraTech Cem - Lucrative Play on Positive Demand Outlook

We initiate coverage on UltraTech Ltd. with a BUY recommendation and a Target Price of Rs 9,350/share, which implies an upside of 13% from the...

Axis Direct

UltraTech Cement - Concrete Outlook! Maintain BUY

We maintain BUY on UltraTech Cement (UTCEM) with a revised target price of INR 9,305/share (16.5x Mar-23E consolidated EBITDA)

HDFC Securities

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

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