Ultratech Cement

HSIE Results Daily: UltraTech Cement

Equity Bottom-Up
107 Views, 19 Jan 2022 17:02
EXECUTIVE SUMMARY

Unitary EBITDA fell 20/17% YoY/QoQ to INR 1,046/MT. The company is hopeful that cost inflation has peaked out and, with demand picking up, all of this should bolster volume growth and lead to margin rebound Q4 onwards. UltraTech Cement : We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 8,775/share (16x Dec'23E consolidated EBITDA). We continue to like the company for its strong growth and margin outlook and balance sheet management.

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