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

ICICI Securities Limited

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<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

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Overall industry outlook remains positive and we expect the company to grow its Volume/Revenue/EBITDA/APAT at 10%/10%/22%/31% CAGR over FY23-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>The stock is currently trading at 18x and 15x FY25E/FY26E EV/EBITDA.</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 10%/10%/22%/31% CAGR over FY23-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.The stock is currently trading at 18x and 15x FY25E/FY26E EV/EBITDA.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 - EBITDA Margin Expansion Led By Lower Cost

<ul>
<li>Deal Details: UltraTech will acquire the demerged Cement buisness of Kesoram Industries ltd in all stock deal consists of 2 integrated cement units at Sedam (Karnataka) and Basantnagar (Telangana) with a total installed capacity of 10.75 mtpa, Clinker capacity of 6.3 mtpa and 0.66 mtpa packing plant at Solapur, Maharashtra.</li>
<li>The turnover of the Cement business of the demerged company as on 31st March, 2023, was Rs. 3,517 Cr and forms 99.54% of the total turnover of the Demerged Company.</li>
<li>UltraTech will issue 5.97 mn equity share (1 fully paid-up equity share of Rs. 10each of the company for every 52 fully paid-up equity shares of Rs. 10 each of the demerged company held by equity shareholder, on a proportionate basis).</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.


Deal Details: UltraTech will acquire the demerged Cement buisness of Kesoram Industries ltd in all stock deal consists of 2 integrated cement units at Sedam (Karnataka) and Basantnagar (Telangana) with a total installed capacity of 10.75 mtpa, Clinker capacity of 6.3 mtpa and 0.66 mtpa packing plant at Solapur, Maharashtra.
The turnover of the Cement business of the demerged company as on 31st March, 2023, was Rs. 3,517 Cr and forms 99.54% of the total turnover of the Demerged Company.
UltraTech will issue 5.97 mn equity share (1 fully paid-up equity share of Rs. 10each of the company for every 52 fully paid-up equity shares of Rs. 10 each of the demerged company held by equity shareholder, on a proportionate basis).

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 - Kesoram Deal To Strengthen Southern Footprint & Enhance Market Share.

<ul><li>UltraTech Cement Limited is the cement flagship company of the Aditya Birla Group.</li><li>It is the largest manufacturer of grey cement, ready-mix concrete (RMC),and white cement in India.</li><li>On a consolidated basis its current Cement manufacturing capacity stands at 138 mtpa . </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.

UltraTech Cement Limited is the cement flagship company of the Aditya Birla Group.It is the largest manufacturer of grey cement, ready-mix concrete (RMC),and white cement in India.On a consolidated basis its current Cement manufacturing capacity stands at 138 mtpa . 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.

Pick of the Week:UltraTech Cement Ltd - 30 OCT 2023

<ul><li>UTCL reported a mixed set of numbers during the quarter as its Volume/Revenue grew by 16% and 15% respectively, (better than expectations) driven by better demand YoY.</li><li>EBITDA was below our and consensus estimates by 5% each on account of higher RM and other expenses costs.</li><li>There was a one-off expenditure of Rs 70 Cr owing to higher bonuses and seasonal plant and maintenance expenditure. </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.

UTCL reported a mixed set of numbers during the quarter as its Volume/Revenue grew by 16% and 15% respectively, (better than expectations) driven by better demand YoY.EBITDA was below our and consensus estimates by 5% each on account of higher RM and other expenses costs.There was a one-off expenditure of Rs 70 Cr owing to higher bonuses and seasonal plant and maintenance expenditure. 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 - Robust Volume Growth, Pricing Improves

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 - 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

UltraTech Cement Limited - EBITDA Margin Expansion Led By Lower Cost

Overall industry outlook remains positive and we expect the company to grow its Volume/Revenue/EBITDA/APAT at 10%/10%/22%/31% CAGR over FY23-FY26E.

Axis Direct

Pick of the Week:UltraTech Cement Ltd - 30 OCT 2023

UltraTech Cement Limited is the cement flagship company of the Aditya Birla Group. It is the largest manufacturer of grey cement, ready-mix...

Axis Direct

UltraTech Cement Limited - Robust Volume Growth, Pricing Improves

UTCL reported a mixed set of numbers during the quarter as its Volume/Revenue grew by 16% and 15% respectively, (better than expectations) driven...

Axis Direct

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52-week Range

Market Cap (USDm)

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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

UltraTech Cement Limited - EBITDA Margin Expansion Led By Lower Cost

Overall industry outlook remains positive and we expect the company to grow its Volume/Revenue/EBITDA/APAT at 10%/10%/22%/31% CAGR over FY23-FY26E.

Axis Direct

UltraTech Cement Ltd - Kesoram Deal To Strengthen Southern Footprint & Enhance Market Share.

The turnover of the Cement business of the demerged company as on 31st March, 2023, was Rs. 3,517 Cr and forms 99.54% of the total turnover of the...

Axis Direct

Pick of the Week:UltraTech Cement Ltd - 30 OCT 2023

UltraTech Cement Limited is the cement flagship company of the Aditya Birla Group. It is the largest manufacturer of grey cement, ready-mix...

Axis Direct

UltraTech Cement Limited - Robust Volume Growth, Pricing Improves

UTCL reported a mixed set of numbers during the quarter as its Volume/Revenue grew by 16% and 15% respectively, (better than expectations) driven...

Axis Direct