Resilient performance amid pricing pressure

30 Apr 2024
5 Min read 
  • UltraTech Cement's 4QFY24 operating performance exceeded estimates with EBITDA at INR41.1b.
  •  Management expects cement demand to grow ~7-9% YoY in FY25.
  •  Cost savings of INR200-300/t likely over the next three years.
  •  UTCEM's consolidated revenue/EBITDA/PAT stood at INR204b/INR41.1b/INR23.1b.
  •  The company aims to be net cash positive by FY25-end, excluding Kesoram debt.
  •  The stock is valued at 18x FY26E EV/EBITDA with a TP of INR11,500.
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