Shares of UltraTech Cement Ltd. fell on Friday despite the third quarter numbers being slightly ahead of expectations. However, while most analysts remain positive, CLSA remains cautious on the stock’s valuation, suggesting a balanced risk-reward profile at current levels.

Despite the decline in profit, the quarter 3 results exceeded Street expectations, with net profit surpassing the estimated Rs 1,195 crore. Revenue also beat forecasts, which had predicted Rs 16,854 crore.

UltraTech Cement shares rose 1% following strong Q3 results, with a 17% YoY profit decline but revenue exceeding estimates. Brokerages remain positive, with target prices ranging from Rs 12,100 to Rs 13,

UltraTech, India's top cement maker by capacity, signalled better core profit in upcoming quarters as the market absorbed price hikes and demand picked up, after it reported an earnings beat on Thursday on strong volumes.

UltraTech Cement reported a 16.5% year-on-year decline in Q3FY25 profit, with a standalone profit after tax of ₹1,434 crore, compared to ₹1,718 crore in the same quarter last year.