Outlook and Valuation: We are positive on the long term prospects of the
Company given ramp up from acquired capacities, pricing discipline in the
industry and benign energy & freight costs. Synergy benefit is yet to play out for
the inorganic expansion of JP associates, Binani & Century cement. We maintain
our “Buy” recommendation on Ultratech by valuing it at 15x FY21E EV/EBIDTA to
arrive at a target price of `4984.

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