Sharekhan's research report on UltraTech Cement
In Q3FY2021, we expect UltraTech to report 10% y-o-y volume growth outperforming industry growth. Higher cement prices y-o-y to further aid revenue growth. Impact of rise in pet coke and diesel prices to be limited through operational efficiencies maintaining healthy operational profitability during Q3FY2021. The company’s 19.5MTPA expansion plan at a cost of Rs. 6,527 crore (without affecting de-leveraging plan) to ensure industry outperformance over the next four to five years.
Outlook
We maintain Buy on UltraTech Cement (UltraTech) with a revised PT of Rs. 6,000.
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