Jefferies maintains a ‘Buy’ rating on UltraTech Cement with a target price of ₹13,265. The brokerage highlights an all-round recovery for the company in Q3FY25 and continues to position it as their top cement sector pick. Jefferies attributes UltraTech’s recovery to improved price uptick and operating leverage, which is expected to drive Q4 EBITDA per ton to ₹1,100-1,150. Additionally, the brokerage expects the company to achieve a robust 14% volume CAGR over FY24-FY27.
UltraTech Q3FY25 Performance
UltraTech Cement reported a consolidated net profit of ₹1,058 crore, a 35% YoY decline compared to ₹1,626 crore in Q3FY24, impacted by higher input costs. Revenue rose 16% YoY to ₹17,810 crore from ₹15,520 crore in Q3FY24, driven by a healthy 14% growth in volumes. EBITDA for the quarter stood at ₹2,800 crore, with margins coming in at 15.7%, slightly down from 18.8% a year ago.
