Buy UltraTech Cement Ltd For Target Rs. 13,800 by Motilal Oswal Financial Services Ltd
* Sales volume (consolidated) is expected to increase 10% YoY and blended realization is likely to decline 8% YoY.
* RMC revenue is expected to increase 10% YoY, whereas white cement revenue is expected to increase 1% YoY.
* We expect EBITDA/t at INR925 vs. INR1,191/INR725 in 3QFY24/2QFY25.
* Variable cost per ton is estimated to decline 5% YoY and opex/t is likely to dip 4% YoY.
* EBITDA is estimated to decline 14% YoY and OPM is expected to contract 3.1pp YoY to ~16%.
* Depreciation/interest expenses are estimated to increase 16%/25% YoY. Adj. PAT is expected to decline 27% YoY.
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