Sharekhan's research report on UltraTech Cement
The company announced a 20% y-o-y growth in domestic and consolidated sales volumes for Q1FY2024 indicating sustained strong demand environment and possibility of market share gains. RIL cuts domestic petcoke prices by 10% m-o-m for July 2023 while they are lower by 16% q-o-q in Q1FY2024. International petcoke and Australian coal prices too decline q-o-q. Pan-India average cement prices corrected by just 1.6% q-o-q partially retaining savings from P&F costs. Cement prices become key monitorable in the wake of sustained decline in power & fuel (P&F) costs post Q1FY2024.
Outlook
We maintain a Buy on UltraTech with a revised PT of Rs. 9,400, increasing our valuation multiple, amid strong demand and operational cost tailwinds.
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