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>ICICI Securities research report onUltraTech Cement UltraTech Cement’s (UTCEM) exemplary performance in Q4FY24 highlights the virtues of operating leverage – as sales volumes accelerated 11% YoY/28% QoQ (vs 7-8% YoY industry growth).</li><li>While realisation was the obvious casualty (down 6% QoQ), better fixed costs apportioning kicked in ~INR 250/t tailwind (on QoQ basis), driving 15% EBITDA beat.</li><li>That said, the overhang of the underlying weakness in cement prices (and its uncertain outlook) is compelling us to prune FY25E EBITDA by ~9%.</li></ul>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.

ICICI Securities research report onUltraTech Cement UltraTech Cement’s (UTCEM) exemplary performance in Q4FY24 highlights the virtues of operating leverage – as sales volumes accelerated 11% YoY/28% QoQ (vs 7-8% YoY industry growth).While realisation was the obvious casualty (down 6% QoQ), better fixed costs apportioning kicked in ~INR 250/t tailwind (on QoQ basis), driving 15% EBITDA beat.That said, the overhang of the underlying weakness in cement prices (and its uncertain outlook) is compelling us to prune FY25E EBITDA by ~9%.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 - Virtues of Operating Leverage

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.

Thematic (Sector/Industry)

<ul><li>UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 10,820 (16.5x Mar-26E consolidated EBITDA)</li><li>We continue to like UTCEM for its robust growth and margin outlook and balance sheet management</li><li>During Q4FY24, UTCEM reported all-around performance: volumes rose 11/28% YoY/QoQ and the margin remained flattish and strong at INR 1173/MT</li></ul>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: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 10,820 (16.5x Mar-26E consolidated EBITDA)We continue to like UTCEM for its robust growth and margin outlook and balance sheet managementDuring Q4FY24, UTCEM reported all-around performance: volumes rose 11/28% YoY/QoQ and the margin remained flattish and strong at INR 1173/MTContent 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.

HSIE Results Daily: UltraTech Cement, Trent, Supreme Industries

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Overall industry outlook remains positive and we expect the company to grow its Volume/Revenue/EBITDA/APAT at 10%/10%/22%/31% CAGR over FY23-FY26E.</li><li>This will be driven by the robust demand, improvement in prices, upcoming new capacity, ramping up of recently commissioned capacity, benefit of lower commodity prices, higher blending ratio, and increasing share of green energy.</li><li>The stock is currently trading at 18x and 15x FY25E/FY26E EV/EBITDA.</li></ul>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.

Overall industry outlook remains positive and we expect the company to grow its Volume/Revenue/EBITDA/APAT at 10%/10%/22%/31% CAGR over FY23-FY26E.This will be driven by the robust demand, improvement in prices, upcoming new capacity, ramping up of recently commissioned capacity, benefit of lower commodity prices, higher blending ratio, and increasing share of green energy.The stock is currently trading at 18x and 15x FY25E/FY26E EV/EBITDA.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 - EBITDA Margin Expansion Led By Lower Cost

<ul><li>Demand firmed up but at the expense of pricing: In our view, cement demand again firmed up in Q4FY24 on a strong pick-up in non-trades sales</li><li>We estimate aggregate volumes will grow 10% YoY in Q4FY24 (as against 8% YoY in Q3)</li><li>However, owing to aggressive volume push in non-trade segments (channel check suggests major players pushed volumes hard in Q4), cement pricing took a beating during the peak demand quarter</li></ul>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.

Demand firmed up but at the expense of pricing: In our view, cement demand again firmed up in Q4FY24 on a strong pick-up in non-trades salesWe estimate aggregate volumes will grow 10% YoY in Q4FY24 (as against 8% YoY in Q3)However, owing to aggressive volume push in non-trade segments (channel check suggests major players pushed volumes hard in Q4), cement pricing took a beating during the peak demand quarterContent 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.

Cement (Q4FY24 Results Preview): Weak pricing dampens industry margin

<ul><li>Q4FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Robust PMI manufacturing and Services, c) Stronger E-way bill and GST collection, and d) Strong pickup in electricity demand.</li><li>Domestic-facing sectors largely enjoyed the economic recovery backed by these factors and hence, margins may surprise positively.</li><li>Most of the domestic high-frequency indicators have trended higher during the quarter which is likely to translate into good demand momentum for the domestic corporate segment. </li></ul>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.

Q4FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Robust PMI manufacturing and Services, c) Stronger E-way bill and GST collection, and d) Strong pickup in electricity demand.Domestic-facing sectors largely enjoyed the economic recovery backed by these factors and hence, margins may surprise positively.Most of the domestic high-frequency indicators have trended higher during the quarter which is likely to translate into good demand momentum for the domestic corporate segment. 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.

India

Ultra Tech Cement Ltd. produces a wide range of cement products. This Company represents the cement operations of Larsen & Toubro which were spun-off into a separate entity in which Grasim Industries holds a majority interest.

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Ultratech Cement (UTCEM IN)

UltraTech Cement - Virtues of Operating Leverage

While realisation was the obvious casualty (down 6% QoQ), better fixed costs apportioning kicked in ~INR 250/t tailwind (on QoQ basis), driving 15%...

ICICI Securities Limited

HSIE Results Daily: UltraTech Cement, Trent, Supreme Industries

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 10,820 (16.5x Mar-26E consolidated EBITDA)

HDFC Securities

UltraTech Cement Limited - EBITDA Margin Expansion Led By Lower Cost

Overall industry outlook remains positive and we expect the company to grow its Volume/Revenue/EBITDA/APAT at 10%/10%/22%/31% CAGR over FY23-FY26E.

Axis Direct

Cement (Q4FY24 Results Preview): Weak pricing dampens industry margin

Demand firmed up but at the expense of pricing: In our view, cement demand again firmed up in Q4FY24 on a strong pick-up in non-trades sales

HDFC Securities

Q4FY24 Consolidated Earnings Preview

Q4FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Robust PMI manufacturing and Services, c) Stronger E-way bill...

Axis Direct

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