Hold UltraTech Cement: Sharekhan
Sharekhan has maintained its hold rating on UltraTech Cement in its April 21, 2009 research report.
“UltraTech Cement (UltraTech) reported a revenue growth of 16.2% year on year (yoy) to Rs 1,860.1 crore during Q4FY2009. The revenue growth was driven by a 12.9% increase in the volume (cement and clinker) to 5.4 million metric tonne (MMT) and a 2.9% year-on-year increase in blended realisation to Rs 3,419 per tonne. The company registered a revenue growth of 15.9% to Rs 6,383.1 crore for FY2009. However, the net profit declined by 3% to Rs 977 crore.”
“We would review our estimates and price target in a detailed update (post interaction with the management). At the current market price of Rs 566 the stock trades at a price earning multiple (PE) of 7.2x, an enterprise value (EV)/EBITDA of 4.9x FY2009 earnings and EV/ tonne of USD 85 on expanded capacities of 21.9 million tonne. We maintain our Hold recommendation on the stock,” says Sharekhan’s research report.
Tags: brokerage calls, HOLD, sharekhan, ultra tech, ultratech cement
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