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.
Outlook:
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.
Disclaimer: The views and investment tips expressed by investment experts, broking houses, or rating agencies on moneycontrol.com belong solely to them and do not represent the views of the website or its management. Moneycontrol.com advises users to seek advice from certified experts before making any investment decisions.
