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.
HDFC Securities Institutional Equities
We continue to like UltraTech Cement Ltd. for its healthy margin outlook and balance sheet management.
The company’s consolidated Ebitda/adjusted profit after tax in Q4 FY22 fell 17/19% YoY (despite 10% revenue growth), owing to weak demand (till mid-February), which muted cost passthrough amid rising energy costs.
While unitary Ebitda recovered 6% QoQ (on operating-leverage gains), energy inflation pulled it down by 17% YoY to Rs 1,110/million tonne.
UltraTech Cement expects to sustain this margin in Q1 FY23 on account of its low-cost fuel inventory and healthy cost pass-through.
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