The UltraTech Cement report by Religare Retail Research:
In Q1FY24, UltraTech Cement recorded revenue of Rs 17,737 crore, exhibiting a growth of 17% YoY but a decline of 5% QoQ. The company’s volume stood at a healthy 30 million metric tons (MnT), showing a substantial increase from 25 MnT in Q1FY23 (a growth of 19.6% YoY) but a slight decrease from 31.7 MnT in Q4FY23 (a decline of 5.3% QoQ). The realization rate experienced a decline of 2.2% YoY but saw a modest increase of 0.4% QoQ, reaching Rs 5,920 per ton.
Religare Retail Research recommends an “Accumulate” rating for UltraTech Cement. They have assigned an EV/EBITDA multiple of 16x FY25E, resulting in a revised target price of over Rs 9,247.
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