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Last Updated : May 21, 2020 12:07 PM IST | Source:

UltraTech Cement share price up on Q4 show; CLSA maintains outperform

The Aditya Birla group company announced a consolidated net profit of Rs 3,243 crore for the quarter.

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UltraTech Cement share price rose more than a percent in the morning trade on BSE on May 21, a day after the company came out with its March quarter results.

UltraTech Cement, an Aditya Birla group company, announced a consolidated net profit of Rs 3,243 crore for the quarter. A CNBC-TV18 poll had estimated the consolidated net profit to the tune of Rs 850 crore. The same in the corresponding period of last year stood at Rs 1,064 crore.

Read more: UltraTech Cement posts net profit of Rs 3,243 crore; announces dividend of Rs 13


As per CNBC-TV18, global brokerage CLSA said the earnings showed weak volume drives while cash conservation takes the centre stage.

Q4 EBITDA was below forecast due to lower volume but profitability was in-line, CLSA said.

"Costs surprised positively despite the weak volume. The highlight of Q4 results was the company's focus on cash conservation and debt reduction. We maintain outperform with a target price at Rs 3,925," CLSA said.

The scrip was trading 0.86 percent up at Rs 3560 on BSE around at 1120 hours.

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First Published on May 21, 2020 11:48 am
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