Sharekhan has given Buy recommendation for UltraTech Cement with a target price of Rs. 7700 in its research report issued on Oct 19, 2022

Sharekhan’s research report on UltraTech Cement

Q2FY2023 standalone revenues were better than estimates while operational and net profitability came in a tad lower than estimate on account of higher-than-expected increase in power & fuel costs. The company remains on track to reach domestic cement capacity of 131.25mtpa and 153.85mtpa by FY2023 and FY2026 respectively. It remains opportunistic on any inorganic expansion. It would revert to negative working capital by FY2023 end while net cash positive status would be achieved by FY2024 end.

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