Equity Analysis /
India

IN : UltraTech Cement Ltd - In-line 4QFY22; stock remains our top pick

    Satish Kumar
    Nishant Bagrecha
    CGS-CIMB
    30 April 2022
    Published by

    4QFY22 consolidated EBITDA stood at Rs30.7bn, largely in line with our estimate (down 17% yoy but up 27% qoq) driven by better realization. We slash our FY23F-24F EBITDA estimates by ~16%-27% mainly to factor in the current cost scenario. Recent price hikes are likely to maintain profitability. We retain our Add rating on the stock with a lower target price of Rs8,009.