External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Equity Bottom-Up

Cholamandalam Financial Holdings / Equity Bottom-Up

Cholamandalam Financial Holdings Limited operates in India.

Cholamandalam Financial Holdings (CHOLAHLD IN)

<ul><li>Disbursements growth was robust at 18/11% YoY/QoQ – led by LAP (+55/25% YoY/QoQ), Housing Loans (24/10% YoY/QoQ) and New Businesses (+24/15% YoY/QoQ).</li><li>Disbursements in the Vehicle Finance segment was muted at 6/5% YoY/QoQ. AUM growth was strong at 37/9% YoY/QoQ.</li><li>AUM growth was driven by strong growth across segments. NII grew by 33/8% YoY/QoQ, in-line with our expectations. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Disbursements growth was robust at 18/11% YoY/QoQ – led by LAP (+55/25% YoY/QoQ), Housing Loans (24/10% YoY/QoQ) and New Businesses (+24/15% YoY/QoQ).Disbursements in the Vehicle Finance segment was muted at 6/5% YoY/QoQ. AUM growth was strong at 37/9% YoY/QoQ.AUM growth was driven by strong growth across segments. NII grew by 33/8% YoY/QoQ, in-line with our expectations. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cholamandalam Invst. & Finance Company Ltd. - Strong Quarter!

Thematic (Sector/Industry)

<ul><li>Apr’24 Wholesale Volumes: The domestic PV sales (Exhibit-2) grew by low single-digits YoY, largely led by strong SUV volumes across OEMs, which were partly offset by continued weakness in entry-level cars (in Maruti).</li><li>The 2W industry reported strong domestic volume growth of ~31%/19% YoY/MoM and export volume growth of 24% YoY (flat MoM) respectively.</li><li>The domestic CV industry sales grew by ~14% YoY (down 26% MoM). The 3W domestic wholesales for Bajaj grew by 3% while TVS/M&amp;M de-grew by 21%/1% YoY respectively.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apr’24 Wholesale Volumes: The domestic PV sales (Exhibit-2) grew by low single-digits YoY, largely led by strong SUV volumes across OEMs, which were partly offset by continued weakness in entry-level cars (in Maruti).The 2W industry reported strong domestic volume growth of ~31%/19% YoY/MoM and export volume growth of 24% YoY (flat MoM) respectively.The domestic CV industry sales grew by ~14% YoY (down 26% MoM). The 3W domestic wholesales for Bajaj grew by 3% while TVS/M&amp;M de-grew by 21%/1% YoY respectively.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ambuja Cements Limited manufactures cement in India. The Company owns specially designed ships and terminals for bulk transportation of its products. Ambuja Cement sells most of its products domestically, but also has a subsidiary that markets the Group's items in Sri Lanka.

<ul><li>Given the company’s superior positioning in key markets of North, West, and East India and recent acquisition of units in South India along with cost-saving initiatives it has undertaken and synergies with other group companies of Adani, growth momentum is expected to continue moving ahead.</li><li>Furthermore, factoring in the government’s keen focus on developing infrastructure and low-cost affordable housing, increasing private capex and robust real estate damand we expect ACL to improve its performance going forward.</li><li>We expect the company to grow its Volume/Revenue/EBITDA/APAT at a CAGR of 12%/11%/28%/18% over FY23-FY26E</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Given the company’s superior positioning in key markets of North, West, and East India and recent acquisition of units in South India along with cost-saving initiatives it has undertaken and synergies with other group companies of Adani, growth momentum is expected to continue moving ahead.Furthermore, factoring in the government’s keen focus on developing infrastructure and low-cost affordable housing, increasing private capex and robust real estate damand we expect ACL to improve its performance going forward.We expect the company to grow its Volume/Revenue/EBITDA/APAT at a CAGR of 12%/11%/28%/18% over FY23-FY26EContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ambuja Cements Limited - EBITDA Miss on Lower Realization

Orient Cement Limited manufactures and distributes cement.

<ul>
<li>OCL reported numbers that were above consensus estimates but below our estimates. Its Revenue/EBITDA/PAT grew by 1%/6%/1% YoY (below expectations).</li>
<li>The company reported flattish growth in Volume YoY but up 24% QoQ at 1.73 mtpa .It reported a PAT of Rs 68 Cr against Rs 67 Cr last year.</li>
<li>The company recorded an EBITDA margin of 16.7% (vs. expectations of 17.4%) against 15.9% YoY. </li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


OCL reported numbers that were above consensus estimates but below our estimates. Its Revenue/EBITDA/PAT grew by 1%/6%/1% YoY (below expectations).
The company reported flattish growth in Volume YoY but up 24% QoQ at 1.73 mtpa .It reported a PAT of Rs 68 Cr against Rs 67 Cr last year.
The company recorded an EBITDA margin of 16.7% (vs. expectations of 17.4%) against 15.9% YoY. 

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Orient Cement - Volume Growth Flattish; Retain HOLD

Coal India Limited produces and markets coal and coal products, as well as provides related consulting services.

<ul><li>CIL revenue at Rs 37,410 Cr (down 2% YoY, up 3% QoQ) stood largely in line with our and consensus estimates.</li><li>Reported EBITDA at Rs 11,338 Cr (up 21% YoY, down 13% QoQ), beat the consensus by 11%, led by lower RM costs (due to inventory build-up ahead of the peak summer which drove the cost of RM down) and change in the accounting policy for the stripping activity.</li><li>Adj. EBITDA excluding stripping activity missed our estimate by 12% at Rs 9,844 Cr (up 14% YoY, down 18% QoQ), mainly driven by higher employee and contractual expenses. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CIL revenue at Rs 37,410 Cr (down 2% YoY, up 3% QoQ) stood largely in line with our and consensus estimates.Reported EBITDA at Rs 11,338 Cr (up 21% YoY, down 13% QoQ), beat the consensus by 11%, led by lower RM costs (due to inventory build-up ahead of the peak summer which drove the cost of RM down) and change in the accounting policy for the stripping activity.Adj. EBITDA excluding stripping activity missed our estimate by 12% at Rs 9,844 Cr (up 14% YoY, down 18% QoQ), mainly driven by higher employee and contractual expenses. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Coal India - E-Auction Volumes Recover; Premiums Better Than Expected

Axis Direct
External broker reports(aggregated public sources)

Cholamandalam Invst. & Finance Company Ltd. - Strong Quarter!

Disbursements growth was robust at 18/11% YoY/QoQ – led by LAP (+55/25% YoY/QoQ), Housing Loans (24/10% YoY/QoQ) and New Businesses (+24/15% YoY/QoQ).

Axis Direct

Auto Monthly Volume April 2024

The 2W industry reported strong domestic volume growth of ~31%/19% YoY/MoM and export volume growth of 24% YoY (flat MoM) respectively.

Axis Direct

Ambuja Cements Limited - EBITDA Miss on Lower Realization

The stock is currently trading at 25x and 21x FY25E/FY26E EV/EBITDA. We maintain our HOLD rating on the stock with a TP of Rs 590/share, (incl....

Axis Direct

Orient Cement - Volume Growth Flattish; Retain HOLD

OCL reported numbers that were above consensus estimates but below our estimates. Its Revenue/EBITDA/PAT grew by 1%/6%/1% YoY (below expectations).

Axis Direct

Coal India - E-Auction Volumes Recover; Premiums Better Than Expected

CIL revenue at Rs 37,410 Cr (down 2% YoY, up 3% QoQ) stood largely in line with our and consensus estimates. Reported EBITDA at Rs 11,338 Cr (up...

Axis Direct