Religare Institutional Research has maintained 'Buy' on Ultratech Cement with target price of Rs 3,020 in its report.

Commenting on the investment rationale, the stock broker said, "Ultratech Cement Q1FY15 PAT came in at Rs 6.3 billion on below-par margins, and EBITDA slid Rs 170 YoY/Rs 70 QoQ to Rs 840 due to higher power & fuel/freight costs. We slightly trim estimates on lower margin projections.

While Q1 was weaker than expected, we see strong growth ahead; also, with industry utilization levels bottoming out and capex in place for Ultratech, we remain positive on the stock."

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