Brokerages lift UltraTech Cement targets after June-quarter beat, top call seen as high as ₹15,209
UltraTech Cement, India’s largest cement maker, reported June-quarter revenue of ₹24,648 crore, net profit of ₹2,604 crore and EBITDA of ₹5,016 crore, all above market expectations. Consolidated sales volumes rose 12.2% year on year, while grey cement volumes increased 13.1% to 39.17 million tonnes. Several brokerages reiterated “Buy” ratings and raised target prices, with the highest at ₹15,209. The stock ended 1.5% higher and is up more than 4% so far this year.