Brokerages have reacted to the third-quarter financial results of UltraTech Cement Ltd., Dr. Reddy’s Ltd. and Hindustan Petroleum Corporation Ltd.

UltraTech remains a strong pick due to its solid balance sheet, ongoing cost savings initiatives, timely capacity expansions, and superior pricing power compared to competitors, says Goldman Sachs.

Jefferies has maintained underperform rating for Dr. Reddy’s and reduced target price to Rs 1,170 from Rs 1,210.

NDTV Profit tracks what analysts are saying about various stocks and sectors. Here are the analyst calls to keep an eye out for on Friday:

Brokerages On UltraTech Cement

Goldman Sachs

  • Maintain ‘Buy’ and increase the target price to Rs 12,580 from Rs 12,460.

  • Volume growth recovery and lower costs contribute to a margin beat.

  • UltraTech remains a strong pick due to its solid balance sheet, ongoing cost savings initiatives, timely capacity expansions, and superior pricing power compared to competitors.

  • These factors position UltraTech favorably, particularly in a market that could see further consolidation.

  • Successful execution in turning around India Cement and Kesoram will be critical to monitor.

JPMorgan

  • Maintain ‘Overweight’ with a target price of Rs 13,470.

  • Volumes were in line, but flat realisations quarter-on-quarter led to a miss compared to JPM’s expectations.

  • Cement demand and pricing are expected to improve sequentially in the near term.

  • Industry consolidation should provide structural support to Ebitda per metric ton over the medium term.

Jefferies On Dr. Reddy’s Laboratories

  • Maintain ‘underperform’ and reduce the target price to Rs 1,170 from Rs 1,210.

  • Third-quarter performance missed expectations due to weak core revenue and high SG&A expenses.

  • Underlying revenue growth moderated to 7.5% year-on-year.

  • Weak performance in the US and core India sales was offset by strong results in Russia and the UK.

  • SG&A spend is expected to remain high in the near term.

Jefferies On HPCL

  • Maintain ‘Underperform’ and reduce the target price to Rs 295 from Rs 320.

  • Ebitda was 9% below expectations, mainly due to weakness in refining.

  • Marketing performance was in line, but LPG losses are widening.

  • LPG subsidy relief could provide potential upside to earnings.

  • The outlook for refining in 2025 is more positive, with refinery closures likely to surpass demand growth.

Investec On Adani Energy Solutions

  • Maintain ‘Buy’ with a target price of Rs 1,352, offering a potential upside of 67%.

  • Growth is driven by new projects, higher energy sales, and increased capital expenditure.

  • Ebitda growth is supported by strong revenue expansion, treasury income, and stable regulated Ebitda in AEML.

  • Distribution loss at AEML has shown consistent improvement.

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