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

<p>Unitary EBITDA fell 20/17% YoY/QoQ to INR 1,046/MT. The company is hopeful that cost inflation has peaked out and, with demand picking up, all of this should bolster volume growth and lead to margin rebound Q4 onwards. UltraTech Cement : We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 8,775/share (16x Dec'23E consolidated EBITDA). We continue to like the company for its strong growth and margin outlook and balance sheet management.</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>

Unitary EBITDA fell 20/17% YoY/QoQ to INR 1,046/MT. The company is hopeful that cost inflation has peaked out and, with demand picking up, all of this should bolster volume growth and lead to margin rebound Q4 onwards. UltraTech Cement : We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 8,775/share (16x Dec'23E consolidated EBITDA). We continue to like the company for its strong growth and margin outlook and balance sheet management.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.

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.

<p>We expect UltraTech Cement (UTCEM) to continue to post industry leading growth and profitability over FY21-24E backed by low-cost brownfield expansions and increased cost efficiencies. Its diversified pan-India market mix, premium brand positioning, strong distribution network and large presence in non-trade segment allow it to weather current demand uncertainties much better than peers.</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>

We expect UltraTech Cement (UTCEM) to continue to post industry leading growth and profitability over FY21-24E backed by low-cost brownfield expansions and increased cost efficiencies. Its diversified pan-India market mix, premium brand positioning, strong distribution network and large presence in non-trade segment allow it to weather current demand uncertainties much better than peers.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.

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

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.

<h2>Business Overview</h2><p>Ultratech Cement Limited (UTCL), with pan-India presence, is the market leader in the domestic cement industry. With the acquisition of Binani Cement, JPA’s assets and the recently concluded Century Textiles deal, the company’s current domestic grey cement capacity has been enhanced to ~109mtpa. It is further set to rise to 113mtpa (22% of industry capacity) with commissioning of the proposed 4mtpa plant in UP. The company has 982MW thermal captive power plants that meet ~80% of its requirement. Also, the company operates in the white cement segment with ~1.5mtpa capacity. Grasim, the flagship company of the AV Birla Group, is a majority shareholder in UTCL with 60.3% ownership. Industry leader UltraTech Cement (UTCL) will be the beneficiary of – a) expected recovery in demand; b) rising clinker utilisations amidst tepid capacity additions; c) pan India presence that enables it to benefit from the price hikes across different regions; d) high operating leverage - a 1% rise in prices increases EBIT by 5%; and e) increasing focus on improving cost efficiency and reducing leverage.</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>

Business OverviewUltratech Cement Limited (UTCL), with pan-India presence, is the market leader in the domestic cement industry. With the acquisition of Binani Cement, JPA’s assets and the recently concluded Century Textiles deal, the company’s current domestic grey cement capacity has been enhanced to ~109mtpa. It is further set to rise to 113mtpa (22% of industry capacity) with commissioning of the proposed 4mtpa plant in UP. The company has 982MW thermal captive power plants that meet ~80% of its requirement. Also, the company operates in the white cement segment with ~1.5mtpa capacity. Grasim, the flagship company of the AV Birla Group, is a majority shareholder in UTCL with 60.3% ownership. Industry leader UltraTech Cement (UTCL) will be the beneficiary of – a) expected recovery in demand; b) rising clinker utilisations amidst tepid capacity additions; c) pan India presence that enables it to benefit from the price hikes across different regions; d) high operating leverage - a 1% rise in prices increases EBIT by 5%; and e) increasing focus on improving cost efficiency and reducing leverage.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.

<p>L&amp;T Infotech: We maintain ADD on L&amp;T Infotech (LTI), following a robust Q2 (beat on revenue and margin) and strong growth visibility for H2, based on deal wins. LTI has consistently delivered an industry-leading growth rate and the momentum will continue, based on (1) healthy growth in BFS vertical, supported by Temenos partnership, (2) large deal wins in Europe (TCV of USD 30mn) and a strong large deal pipeline, (3) expected pick-up in insurance and retail &amp; CPG verticals, (4) decade best demand environment, supported by rising discretionary spends by enterprises, which will last for at least three years, (5) scale-up in products (Mosaic and Leni) and partnerships (Snowflake), and (6) aggressive hiring/re-skilling plans, which would help overcome the supply side constraints (hired ~6.4K in H1, planned net hiring ~2x of FY21 adds).</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>

L&amp;T Infotech: We maintain ADD on L&amp;T Infotech (LTI), following a robust Q2 (beat on revenue and margin) and strong growth visibility for H2, based on deal wins. LTI has consistently delivered an industry-leading growth rate and the momentum will continue, based on (1) healthy growth in BFS vertical, supported by Temenos partnership, (2) large deal wins in Europe (TCV of USD 30mn) and a strong large deal pipeline, (3) expected pick-up in insurance and retail &amp; CPG verticals, (4) decade best demand environment, supported by rising discretionary spends by enterprises, which will last for at least three years, (5) scale-up in products (Mosaic and Leni) and partnerships (Snowflake), and (6) aggressive hiring/re-skilling plans, which would help overcome the supply side constraints (hired ~6.4K in H1, planned net hiring ~2x of FY21 adds).
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.

HSIE Results Daily: UltraTech Cement, L&T Infotech

<p>UltraTech Cement’s (UTCEM) Q2FY22 consolidated EBITDA at Rs27.1bn (flat YoY) is broadly in line with consensus estimates. Consolidated volumes grew 8% YoY to 21.6mnte while EBITDA/te declined 7% YoY and 18% QoQ to Rs1,254/te due to various cost escalations. While investor’s concern around sharp cost increases seems valid, industry has demonstrated strong pricing resilience in the past. Our recent channel checks suggest companies have increased prices by Rs15-20/bag across regions.</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>

UltraTech Cement’s (UTCEM) Q2FY22 consolidated EBITDA at Rs27.1bn (flat YoY) is broadly in line with consensus estimates. Consolidated volumes grew 8% YoY to 21.6mnte while EBITDA/te declined 7% YoY and 18% QoQ to Rs1,254/te due to various cost escalations. While investor’s concern around sharp cost increases seems valid, industry has demonstrated strong pricing resilience in the past. Our recent channel checks suggest companies have increased prices by Rs15-20/bag across regions.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.

Margins to sustain despite cost escalations

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)

HSIE Results Daily: UltraTech Cement

Unitary EBITDA fell 20/17% YoY/QoQ to INR 1,046/MT. The company is hopeful that cost inflation has peaked out and, with demand picking up, all of...

HDFC Securities

Better placed vs peers; preferred pick

We expect UltraTech Cement (UTCEM) to continue to post industry leading growth and profitability over FY21-24E backed by low-cost brownfield...

ICICI Securities Limited

Pick of the Week - Ultratech Cement

Ultratech Cement Limited (UTCL), with pan-India presence, is the market leader in the domestic cement industry. With the acquisition of Binani...

Edelweiss

HSIE Results Daily: UltraTech Cement, L&T Infotech

L&T Infotech: We maintain ADD on L&T Infotech (LTI), following a robust Q2 (beat on revenue and margin) and strong growth visibility for H2, based...

HDFC Securities

Margins to sustain despite cost escalations

UltraTech Cement’s (UTCEM) Q2FY22 consolidated EBITDA at Rs27.1bn (flat YoY) is broadly in line with consensus estimates. Consolidated volumes grew...

ICICI Securities Limited

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