Accumulate UltraTech Cement; target of Rs 1997: KR Choksey

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KR Choksey’s research report on UltraTech Cement

In Q2FY22, NII (Net Interest Income) grew to INR 17,684 Cr from INR 15,776 Cr driven by advances growth of 15.5% YoY. The Core NIMs (Net Interest Margins) stood at 4.1% in Q2FY22. PAT stood at INR 8,834 Cr, up by 17.6% YoY in Q2FY22. PPoP (Pre-Provision Operating Profits) grew 14.4% YoY driven by other income (non- interest income) growth of 21.5% YoY. Provisions for the quarter were at INR 3,925 Cr. Total provision for the quarter includes contingent provisions of INR 1,200 Cr. The credit cost for Q2FY22 stood at 1.30% vs 1.67% in Q1FY22. GNPA/ NNPA stood at 1.35%/ 1.40% in Q2FY22 as against 1.47%/0.48% in Q1FY22. Advances for Q2FY22 stood at INR 11,98,837 Cr, a growth of 15.5% YoY and 4.5% QoQ. Deposit growth for the quarter stood at 14.4% YoY/4.5% QoQ. CAR was at 20.1% which includes Capital Conservation Buffer of 1.87% and an additional requirement of 0.20% on account of the bank being identified as a Domestic Systematically Important Bank. CET-1 ratio stood at 17.4% for Q2FY22.

Outlook

We are optimistic about the company’s growth prospects and have maintained our estimates for FY22/23E. We continue to value the stock using an EV/EBITDA multiple of 17.5x to FY23E EBITDA, which yields a target price of INR 8,128 per share; an upside of 13.4% over the CMP. We maintain our ‘Accumulate’ rating on the stock.

For all recommendations report, click here

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