Brokerage calls on UltraTech Cement: Credit Suisse, CLSA, Goldman Sachs and more

SUMMARY

UltraTech Cement, the Aditya Birla group cement maker,reported a 45.2 percent decline in consolidated net profit to Rs 1,774.13 crore for the quarter ended March 2021 on account of reversal of deferred tax liabilities. The leading cement producer had posted a net profit of Rs 3,236.85 crore in the January-March quarter a year ago, it said in a BSE filing. Brokerages were mixed on UltraTech Cement. While credit Suisse raised its target, CLSA cut it. Here is what brokerages have to say about UltraTech Cement after the earnings:

By Pranati Deva May 11, 2021 9:08:21 AM IST (Updated)

Credit Suisse: The brokerage maintains 'outperform' call on the stock and raised its target to Rs 7,400 per share from Rs 6,500 earlier. Strong volume outlook, upcoming capacities can drive upside, it said.

CLSA: The brokerage maintains an 'outperform' call on the stock but cut the target to Rs 7,300 from Rs 7,500 earlier. The firm has a strong medium-term outlook but near-term catalysts are missing, said CLSA.

Goldman Sachs: The brokerage maintains a 'buy' call on the stock with a target at Rs 7,700 per share. It added that a steep rise in COVID-19 cases may impact near-term volumes.

Morgan Stanley: The brokerage is 'overweight' on the stock with a target at Rs 8,150 per share. It noted that the March quarter results signify solid, underlying demand and ability to gain market share.