Earnings upgrade drives increase in TP by 11% UTCEM reported strong set of Q4FY21 earnings with 12% beat on our/consensus EBITDA estimates. The beat was largely led by better realisations and lower costs. EBITDA/t increased 9% YoY (+17% QoQ) to Rs1,590 (PLe:Rs1,420). Led by higher realisations and better control on freight cost, we increase our EBITDA/EPS estimates for FY22e and FY23e by 8.3%/12.8% and 7.0%/9.9% respectively. UTCEM successfully integrated acquired operations of Century cement...