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Motilal Oswal Report
Earnings for UltraTech Cement Ltd. as well as the cement sector is expected to remain under pressure in H1 FY23 and lower than our earlier estimate due to:
sustained cost pressures (we expect a Rs 300-350/tonne increase in energy costs in H1 FY23),
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recent decline in cement prices, which came under pressure in June 2022,
lower than our estimated growth in cement demand in Q1 FY23, and
tendency to increase capacities by different players (UltraTech Cement and Shree Cement Ltd. recently announced capacity expansions).
Earnings recovery for UltraTech Cement in FY21 and H1 FY22 was driven by fixed cost controls as well as a better pricing scenario.
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