Hem Securities has given Buy recommendation for Ultratech Cement with a target price of Rs. 8970 in its research report issued on Dec 02, 2021
Hem Securities report on Ultratech Cement
Consolidated volumes rose 8% YoY to 21.64mt with India volumes up 8% YoY. EBITDA for Q2FY22 stood at ₹2,714.7 Cr, up 0.63% YoY and up -17.9% QoQ. EBITDA margins for Q2FY22 came at 22.6% as compared to 28.0% in Q1FY22 and 26.0% in Q2FY21. PAT for Q2FY22 stood at ₹1,313.5 Cr, up 8% YoY and down -22.85% QoQ.
Outlook
Company B/S continue to remain lean and Net Debt/EBITDA at 0.47x We have maintained BUY rating on stock and value the stock at 35x FY23 earnings to arrive at the target of Rs.8970.