Sharekhan's research report on UltraTech Cement
In Q4FY2022, UltraTech reported broadly in-line performance as marginally lower-than-expected volumes were offset by higher realisation. Consolidated net debt reduced sequentially by ~Rs. 2,400 crore. Management expects healthy demand environment to sustain, led by infrastructure, rural housing, and urban housing. Price hikes undertaken during April cover increased key input costs. White cement expansion plans have been put to rest with RAKWCT’s acquisition. Balance grey cement capacity expansion of 16.3 mtpa remains on track, while another round of expansion is to be announced by FY2023-end.
We maintain Buy on UltraTech with a revised PT of Rs. 8,600, factoring downward revision in estimates.
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