Sharekhan's research report on UltraTech Cement
Cement demand bounces back in November 2022 post a weak October, which was impacted by the festive season. Average pan-India cement prices during October-November 2022 were higher by 1% compared to Q2FY2023. International coal prices declined on a q-o-q basis during Q3FY2023 till date, while domestic pet coke prices for December 2022 declined 6% m-o-m, resulting in flat q-o-q trend. Diesel prices remain flat sequentially. The company commissioned 5.5mtpa grinding units, taking total India cement capacity to 121.35mtpa. The company commenced 4LMT wall care putty capacity, reaching overall 13LMT capacity.
Outlook
We maintain Buy on UltraTech Cement (UltraTech) with a revised PT of Rs. 8,500, rolling forward our earnings multiple to September 2024 earnings and considering its long-term growth potential.
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