Religare Retail Research report on UltraTech Cement
In Q1FY24, UltraTech posted revenue of Rs 17,737cr, wherein it grew by 17% YoY and declined by 5% QoQ. Its volume came in healthy at 30MnT as compared to 25MnT in Q1FY23 (growth of 19.6% YoY) and 31.7MnT in Q4FY23 (decline of 5.3% QoQ). Its realization was down by 2.2% YoY and up by 0.4% QoQ to Rs 5,920/ton.
Outlook
We recommend an Accumulate rating and have assigned an EV/EBITDA multiple of 16x FY25E and have arrived at a revised target price upwards of Rs 9,247.
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