Ultratech Cemco is India’s largest cement company with an aggressive organic and inorganic strategy. All recent acquisitions have been integrated and are earnings accretive. Post lifting of lockdown, cement demand has picked up across all markets driven by higher rural consumption increased infra spending. Although second lockdown will have a transient impact, the company’s performance was only mildly impacted. With real estate cycle picking up, another growth engine has started to kick in and should lead to higher volumes. We have a over weight due to positive management outlook on long term cement consumption, steady increase in installed capacity and sustenance of cost savings. Main risk factor is rising input and logistics cost – 26-07-2021 Price: 7623.35 Rating: Over Weight Recommendation: Buy
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