External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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><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

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

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.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

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

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>UltraTech is the largest cement manufacturer in India with a domestic capacity of 114.5 MT</li><li>It has grown through the organic and inorganic routes and added around ~30 MT of capacity in the last three years.</li><li>We remain positive on the company and maintain BUY rating. Valued at Rs 9,300 i.e.19.0x FY23E EV/EBITDA</li></ul><div class="content-highlight"><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></div>

UltraTech is the largest cement manufacturer in India with a domestic capacity of 114.5 MTIt has grown through the organic and inorganic routes and added around ~30 MT of capacity in the last three years.We remain positive on the company and maintain BUY rating. Valued at Rs 9,300 i.e.19.0x FY23E EV/EBITDAContent 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 Pressure to Stay for a While; Outlook Remains Firm

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

Motilal Oswal

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.

<p>UTCEM's 3QFY22 performance was impacted by cost inflation, primarily energy and other costs, leading to a 6.7pp YoY fall in EBITDA margin and 19% YoY fall in EBITDA/t. EBITDA fell 22% YoY, despite higher other operating income (up 2.3x YoY). Adjusted for tax write-backs, profit fell 26% YoY. The industry has seen peak of the fuel cost inflation and imported/domestic petcoke prices have declined 38%/33% from its peak in Nov-21. This should help cost moderate from 1QFY23.</p><div class="content-highlight"><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></div>

UTCEM's 3QFY22 performance was impacted by cost inflation, primarily energy and other costs, leading to a 6.7pp YoY fall in EBITDA margin and 19% YoY fall in EBITDA/t. EBITDA fell 22% YoY, despite higher other operating income (up 2.3x YoY). Adjusted for tax write-backs, profit fell 26% YoY. The industry has seen peak of the fuel cost inflation and imported/domestic petcoke prices have declined 38%/33% from its peak in Nov-21. This should help cost moderate from 1QFY23.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.

Cost inflation behind it, robust outlook intact

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 - 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

UltraTech Cement: Cost Pressure to Stay for a While; Outlook Remains Firm

It is now focusing on the fast growing market of eastern India, which accounts for 10.2 MT of its total 19.6 MT planned expansion over FY21-23E...

ICICI Securities Limited

Cost inflation behind it, robust outlook intact

UTCEM's 3QFY22 performance was impacted by cost inflation, primarily energy and other costs, leading to a 6.7pp YoY fall in EBITDA margin and...

Motilal Oswal

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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

UltraTech Cement: Cost Pressure to Stay for a While; Outlook Remains Firm

It is now focusing on the fast growing market of eastern India, which accounts for 10.2 MT of its total 19.6 MT planned expansion over FY21-23E...

ICICI Securities Limited

Cost inflation behind it, robust outlook intact

UTCEM&#x27;s 3QFY22 performance was impacted by cost inflation, primarily energy and other costs, leading to a 6.7pp YoY fall in EBITDA margin and...

Motilal Oswal

UTCEM's 3QFY22 performance was impacted by cost inflation, primarily energy and other costs, leading to a 6.7pp YoY fall in EBITDA margin and...