The shares of India\u2019s major cement maker UltraTech Cement touched 52-week high at Rs 4686.30 after the company declared robust earnings for January-March on Wednesday. The Mumbai-based UltraTech Cement profit more than doubled in the March quarter to Rs 1,017 crore, beating the street expectations. It had reported a profit of Rs 448 crore in the same quarter a year ago. \u00a0 The Aditya Birla Group\u2019s company also announced a dividend of Rs 11.50 per share of Rs 10 each for the year ended March 31, 2019. For the financial year 2018-19, UltraTech Cement reported a net profit of Rs 2,431.59 crore as against a net profit of Rs 2,224.46 crore in the previous year. \u00a0The company\u2019s total income stood at Rs 37,817.27 crore in 2018-19, as compared with Rs 32,461.02 crore in the last fiscal 2017-18. According to the brokerage firm Prabhudas Lilladher, UltraTech Cement strong earnings are driven by lower than expected freight and energy costs. The brokerage house has upgraded the stock to accumulate with target price of Rs 4,700 from an earlier price of Rs 3,725. \u201cAdmittedly, the price hike across regions and improved share of high margin trade segment rests our concerns of poor pricing power. We upgrade our EBITDA estimates for FY20e\/FY21e by 15%\/21% to factor in higher realisations coupled with higher capacity utilisation, improved margins and deleveraging of Non-core assets in acquired assets,\u201d Prabhudas lilladher said in a report. Another brokerage firm Reliance Securities has also revised the EBITDA upwardly for by 19%\/21% for FY20E\/FY21E to factor in healthy cost savings, strong volume and recent improvement in realisation. It has upgraded its recommendation to \u201cHold\u201d with a revised SOTP-based Target Price of Rs 4,850 from an earlier target price of Rs 4,050. A significant cost savings exhibited bodes well for UltraTech Cement, which is likely to aid the cement maker to register sustained improvement in operating performance, which is likely to get boost with recent realisation recovery, added Reliance Securities.