Buy Ultratech Cement; target of Rs 8970: Hem Securities

Trading Calls - Equity F&O

Hem Securities is bullish on Ultratech Cement has recommended buy rating on the stock with a target price of Rs 8970 in its research report dated December 02, 2021.

Broker Research

December 06, 2021 / 02:00 PM IST

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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.

For all recommendations report, click here

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