Sharekhan's research report on UltraTech Cement
Pan-India average cement prices during July-August are marginally up compared to Q1FY2024 led by 1-2% price increase barring East. Cement demand in July affected by heavy rains. Domestic pet coke and international coal prices inch up from August although average July-August prices remain lower compared to Q1FY2024. Strong demand environment to aid in achieving double digit volume growth for FY2024 with improvement in operational profitability driven by lower accrued energy costs from Q3FY2024.
Outlook
We maintain a Buy on UltraTech with a revised PT of Rs. 9,500 as we roll forward our valuation to September 2025 earnings amid strong demand and operational cost tailwinds.
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