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

ICICI Securities Limited

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<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

Ultratech Cement

Margins to sustain despite cost escalations