Ultratech Cement

UltraTech Cement: Cost Pressure to Stay for a While; Outlook Remains Firm

Equity Bottom-Up
104 Views, 19 Jan 2022 18:22
EXECUTIVE SUMMARY
  • UltraTech is the largest cement manufacturer in India with a domestic capacity of 114.5 MT
  • It has grown through the organic and inorganic routes and added around ~30 MT of capacity in the last three years.
  • We remain positive on the company and maintain BUY rating. Valued at Rs 9,300 i.e.19.0x FY23E EV/EBITDA
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