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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