External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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

<div><ul><li>EBITDA 5% above estimates; Cement prices increase in Apr’22 - <span style="font-size: var(--content-font-size);">UltraTech (UTCEM)’s operating performance was marginally ahead of our estimates led by higher volumes/lower opex.</span></li></ul><div><ul><li>Cost inflation impacts profitability; EBITDA/t fell 16% YoY - <span style="font-size: var(--content-font-size);">Consolidated revenue/EBITDA/adjusted PAT stood at INR157.7b/INR30.7b/ INR14.8b (+9%/-17%/-19% YoY; +1%/+5%/+2% v/s our estimate).</span></li></ul><div><div><div><ul><li>Highlights from the management commentary - <span style="font-size: var(--content-font-size);">Cement demand should improve, led by demand from Infrastructure, rural India, as well as an improvement in urban Real Estate.</span></li></ul></div></div></div></div></div><p><em>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.</em></p>

EBITDA 5% above estimates; Cement prices increase in Apr’22 - UltraTech (UTCEM)’s operating performance was marginally ahead of our estimates led by higher volumes/lower opex.Cost inflation impacts profitability; EBITDA/t fell 16% YoY - Consolidated revenue/EBITDA/adjusted PAT stood at INR157.7b/INR30.7b/ INR14.8b (+9%/-17%/-19% YoY; +1%/+5%/+2% v/s our estimate).Highlights from the management commentary - Cement demand should improve, led by demand from Infrastructure, rural India, as well as an improvement in urban Real Estate.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 - Cost Inflation Guidance Lower than Estimates

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

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Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

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<div><div><div><div><ul><li>4QFY22 performance: UTCEM reported good set of numbers for 4QFY22, with EBITDA at Rs30.7bn coming in 13.6% ahead of our estimate.</li></ul><div><div><div><div><ul><li>Capex update: The management is continuing with its capex plan of 19.5mn mt and the same is expected to be commissioned on time by FY23-end with a marginal delay of up to 3-4 months.</li></ul><div><div><div><div><ul><li>Holcim deal unlikely to impact Ultratech: The management indicated that if Holcim is exiting India and another aggressive domestic player comes in its place, then the competitive scenario is not likely to deteriorate and Ultratech will continue to pursue its growth plans as envisaged.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

4QFY22 performance: UTCEM reported good set of numbers for 4QFY22, with EBITDA at Rs30.7bn coming in 13.6% ahead of our estimate.Capex update: The management is continuing with its capex plan of 19.5mn mt and the same is expected to be commissioned on time by FY23-end with a marginal delay of up to 3-4 months.Holcim deal unlikely to impact Ultratech: The management indicated that if Holcim is exiting India and another aggressive domestic player comes in its place, then the competitive scenario is not likely to deteriorate and Ultratech will continue to pursue its growth plans as envisaged.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 - Controlled Costs and Rising Prices to Protect Margins

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

<div><div><div><ul><li>Q4FY22 performance: UTCEM’s revenue and EBITDA came in line with ours and street estimates.</li></ul><div><div><ul><li>FY22 performance: During FY22, volume rose 9% YoY on a low base.</li></ul><div><div><div><ul><li>Outlook and Capex updates: UTCEM noted that they have been able to take price hikes in April to pass on the fuel cost spike and if cement and fuel prices were to hold at current levels, its Q1FY23 margin would remain flattish QoQ.</li></ul></div></div></div></div></div></div></div></div><p><em>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.</em></p>

Q4FY22 performance: UTCEM’s revenue and EBITDA came in line with ours and street estimates.FY22 performance: During FY22, volume rose 9% YoY on a low base.Outlook and Capex updates: UTCEM noted that they have been able to take price hikes in April to pass on the fuel cost spike and if cement and fuel prices were to hold at current levels, its Q1FY23 margin would remain flattish QoQ.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 - Op-Lev Gains Boost Margin QoQ

Thematic (Sector/Industry)

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<li>North: Cement prices increased sharply in North in April’22, driven by higher pricing in Rajasthan (up by Rs40- 50/bag).</li>
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<li>West: Overall, the region saw Rs23/bag (+6.6%) increase in trade prices at Rs367/bag. Institutional demand in cities like Mumbai and Pune was stable.</li>
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<p>South: South India witnessed relatively lower MoM increase in prices at Rs8-10/bag (+1.9%).</p>
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<p><em>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.</em></p>






North: Cement prices increased sharply in North in April’22, driven by higher pricing in Rajasthan (up by Rs40- 50/bag).






West: Overall, the region saw Rs23/bag (+6.6%) increase in trade prices at Rs367/bag. Institutional demand in cities like Mumbai and Pune was stable.




South: South India witnessed relatively lower MoM increase in prices at Rs8-10/bag (+1.9%).













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.

Cement Sector - Prices up Sharply Across India; No Rollbacks Yet

<ul><li>Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid acute inflationary cost environment.</li><li>During the quarter, demand growth was sluggish (on a high base of last year) and companies tried to meet year-end volume targets in a weaker demand scenario, resulting in pressure on pricing.</li><li>While prices increased on QoQ as well as YoY basis, growth was not enough to restore industry margins to optimal levels.</li><li>Given the sharp...(continued).</li></ul><p><em>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.</em></p>

Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid acute inflationary cost environment.During the quarter, demand growth was sluggish (on a high base of last year) and companies tried to meet year-end volume targets in a weaker demand scenario, resulting in pressure on pricing.While prices increased on QoQ as well as YoY basis, growth was not enough to restore industry margins to optimal levels.Given the sharp...(continued).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.

Cement Sector- 4QFY22 Earnings Preview- Steady performance expected amid severe cost inflation

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 - Cost Inflation Guidance Lower than Estimates

UltraTech (UTCEM)’s operating performance was marginally ahead of our estimates led by higher volumes/lower opex. EBITDA was at INR30.7b v/s...

Motilal Oswal

UltraTech Cement Ltd - Controlled Costs and Rising Prices to Protect Margins

Ultratech Cement (UTCEM) reported good set of numbers for 4QFY22, with reported EBITDA 14% above our estimate. The EBITDA/mt at Rs1,110 rose by...

Nirmal Bang

UltraTech Cement - Op-Lev Gains Boost Margin QoQ

We maintain BUY on UltraTech (UTCEM), with an unchanged target price of INR 7,960/share (16x Mar-24E consolidated EBITDA).

HDFC Securities

Cement Sector - Prices up Sharply Across India; No Rollbacks Yet

Prices up sharply across India; no rollbacks yet We interacted with cement dealers across the country to assess demand and pricing trends.

Nirmal Bang

Cement Sector- 4QFY22 Earnings Preview- Steady performance expected amid severe cost inflation

Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid...

Nirmal Bang

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