External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Overall industry outlook remains positive and we expect the company to grow its Volume/Revenue/EBITDA/APAT at 11%/11%/20%/23% CAGR over FY24-FY26E.</li><li>This will be driven by the robust demand, improvement in prices, upcoming new capacity, ramping up of recently commissioned capacity, benefit of lower commodity prices, higher blending ratio, and increasing share of green energy.</li><li>We increase our target multiple considering higher growth visibility and further improvement in market share and effeciency gains.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Overall industry outlook remains positive and we expect the company to grow its Volume/Revenue/EBITDA/APAT at 11%/11%/20%/23% CAGR over FY24-FY26E.This will be driven by the robust demand, improvement in prices, upcoming new capacity, ramping up of recently commissioned capacity, benefit of lower commodity prices, higher blending ratio, and increasing share of green energy.We increase our target multiple considering higher growth visibility and further improvement in market share and effeciency gains.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement Limited - Increasing Scale Efficiently; Maintain BUY

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We maintain a Buy on UltraTech with a revised PT of Rs. 13,000, considering long-term growth potential led by structural demand drivers.</li><li>The company makes financial investment in India Cements acquiring ~23% stake for Rs. 1885 crore, valuing India Cements at ~$90/tonne.</li><li>Further, stake acquisition could not be ruled out at this stage. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain a Buy on UltraTech with a revised PT of Rs. 13,000, considering long-term growth potential led by structural demand drivers.The company makes financial investment in India Cements acquiring ~23% stake for Rs. 1885 crore, valuing India Cements at ~$90/tonne.Further, stake acquisition could not be ruled out at this stage. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement Ltd - Strategic Move to Secure Regional & Pan-India Leadership

<ul><li>Sharekhan's research report onUltraTech Cement The company reported strong standalone operational beat for Q4FY2024, aided by higher than expected volume growth and lower opex per tonne.</li><li>It is poised to outpace industry demand growth rates during FY2025 while opex cost curve is expected to tread lower over the next three years.</li><li>Capacity expansion plans remain on track to achieve almost 200 mtpa global capacities by FY2027 end.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sharekhan's research report onUltraTech Cement The company reported strong standalone operational beat for Q4FY2024, aided by higher than expected volume growth and lower opex per tonne.It is poised to outpace industry demand growth rates during FY2025 while opex cost curve is expected to tread lower over the next three years.Capacity expansion plans remain on track to achieve almost 200 mtpa global capacities by FY2027 end.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement Ltd - Strong Q4; Focus Stays on Profitable Growth

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Prabhudas Lilladher's research report onUltratech Cement Ultratech Cement (UTCEM) reported strong operating performance in 4Q, led by 11% YoY volume growth.</li><li>EBITDA per ton of Rs1,185 was higher than PLe of Rs1,007/t led by lower P&amp;F and other expenses.</li><li>UTCEM expects some moderation in industry demand in FY25 and expects industry to witness high single digit growth led by an improved momentum in private sector housing.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prabhudas Lilladher's research report onUltratech Cement Ultratech Cement (UTCEM) reported strong operating performance in 4Q, led by 11% YoY volume growth.EBITDA per ton of Rs1,185 was higher than PLe of Rs1,007/t led by lower P&amp;F and other expenses.UTCEM expects some moderation in industry demand in FY25 and expects industry to witness high single digit growth led by an improved momentum in private sector housing.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ultratech Cement - Strong Operating Leverage Drives EBITDA

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>ICICI Securities research report onUltraTech Cement UltraTech Cement’s (UTCEM) exemplary performance in Q4FY24 highlights the virtues of operating leverage – as sales volumes accelerated 11% YoY/28% QoQ (vs 7-8% YoY industry growth).</li><li>While realisation was the obvious casualty (down 6% QoQ), better fixed costs apportioning kicked in ~INR 250/t tailwind (on QoQ basis), driving 15% EBITDA beat.</li><li>That said, the overhang of the underlying weakness in cement prices (and its uncertain outlook) is compelling us to prune FY25E EBITDA by ~9%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Securities research report onUltraTech Cement UltraTech Cement’s (UTCEM) exemplary performance in Q4FY24 highlights the virtues of operating leverage – as sales volumes accelerated 11% YoY/28% QoQ (vs 7-8% YoY industry growth).While realisation was the obvious casualty (down 6% QoQ), better fixed costs apportioning kicked in ~INR 250/t tailwind (on QoQ basis), driving 15% EBITDA beat.That said, the overhang of the underlying weakness in cement prices (and its uncertain outlook) is compelling us to prune FY25E EBITDA by ~9%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement - Virtues of Operating Leverage

India

Ultra Tech Cement Ltd. produces a wide range of cement products. This Company represents the cement operations of Larsen & Toubro which were spun-off into a separate entity in which Grasim Industries holds a majority interest.

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Ultratech Cement (UTCEM IN)

UltraTech Cement Limited - Increasing Scale Efficiently; Maintain BUY

Overall industry outlook remains positive and we expect the company to grow its Volume/Revenue/EBITDA/APAT at 11%/11%/20%/23% CAGR over FY24-FY26E.

Axis Direct

UltraTech Cement Ltd - Strategic Move to Secure Regional & Pan-India Leadership

We maintain a Buy on UltraTech with a revised PT of Rs. 13,000, considering long-term growth potential led by structural demand drivers.

Sharekhan

UltraTech Cement Ltd - Strong Q4; Focus Stays on Profitable Growth

Sharekhan's research report onUltraTech Cement The company reported strong standalone operational beat for Q4FY2024, aided by higher than expected...

Sharekhan

Ultratech Cement - Strong Operating Leverage Drives EBITDA

Prabhudas Lilladher's research report onUltratech Cement Ultratech Cement (UTCEM) reported strong operating performance in 4Q, led by 11% YoY...

Prabhudas Lilladhar

UltraTech Cement - Virtues of Operating Leverage

While realisation was the obvious casualty (down 6% QoQ), better fixed costs apportioning kicked in ~INR 250/t tailwind (on QoQ basis), driving 15%...

ICICI Securities Limited

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