Prabhudas Lilladher has given Buy recommendation for Ultratech Cement with a target price of Rs. 8600 in its research report issued on Jul 23, 2021

Prabhudas Lilladher’s research report on Ultratech Cement

UTCEM reported strong set of Q4FY21 earnings with 12% beat on our/consensus EBITDA estimates. The beat was largely led by better realisations and lower costs. EBITDA/t increased 9% YoY (+17% QoQ) to Rs1,590 (PLe:Rs1,420). Led by higher realisations and better control on freight cost, we increase our EBITDA/EPS estimates for FY22e and FY23e by 8.3%/12.8% and 7.0%/9.9% respectively.

Outlook

We reiterate BUY with TP of Rs8,600 (earlier Rs7,750), EV/EBITDA of 17.0x FY23e.

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