BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
UltraTech Cement Ltd. reported an 8%/7% YoY growth in volume/blended realization.
Ebitda margin declined by 339 basis points YoY to 22.6% due to energy cost inflation, which was further accentuated by higher maintenance and employee costs.
UltraTech Cement's Ebitda remained largely flat YoY at Rs 27.1 billion (down 18% QoQ).
Market share gains should continue, aided by the ongoing 20 million tonne per annum expansion program (1.2 mtpa commissioned in October 2021), which should drive a 10% volume compound annual growth rate over FY21-24E.
We largely maintain our FY22-24E earnings per share estimates and expect 19% earnings per share CAGR over FY21-24E.
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