External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<div><div><div><div><ul><li>4QFY22 performance highlights: ARTO’s consolidated adjusted revenue grew by ~45% YoY in 3QFY22 wherein Specialty Chemicals and Pharma segments grew by ~45% YoY and ~73% YoY, respectively.</li></ul><div><div><div><ul><li>Growth guidance: ARTO incurred ~Rs13bn capex in FY22 and management has guided for &gt;Rs30bn capex over the next 2 years.</li></ul><div><div><div><div><ul><li>Update on long term contracts, Pharma demerger: Capacity for 1st long term contract, which got terminated, is expected to ramp up over the next 2 years and management is mulling a fresh capex of ~Rs10bn in order to offer the complete Dicamba chain.</li></ul></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

4QFY22 performance highlights: ARTO’s consolidated adjusted revenue grew by ~45% YoY in 3QFY22 wherein Specialty Chemicals and Pharma segments grew by ~45% YoY and ~73% YoY, respectively.Growth guidance: ARTO incurred ~Rs13bn capex in FY22 and management has guided for &gt;Rs30bn capex over the next 2 years.Update on long term contracts, Pharma demerger: Capacity for 1st long term contract, which got terminated, is expected to ramp up over the next 2 years and management is mulling a fresh capex of ~Rs10bn in order to offer the complete Dicamba chain.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.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Astral: We maintain our REDUCE rating on Astral with a revised TP of INR 2,180/sh (34x its Dec-23E consolidated EBITDA, implying 53x P/E)</li><li>Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL) with a target price of INR 1,380/share</li><li>Aditya Birla Capital: We maintain BUY on ABCL with a revised SOTP-based TP of INR157 and initiate coverage on ABSLAMC with a target price of INR720</li></ul><div class="content-highlight"><em>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.</em></div>

Astral: We maintain our REDUCE rating on Astral with a revised TP of INR 2,180/sh (34x its Dec-23E consolidated EBITDA, implying 53x P/E)Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL) with a target price of INR 1,380/shareAditya Birla Capital: We maintain BUY on ABCL with a revised SOTP-based TP of INR157 and initiate coverage on ABSLAMC with a target price of INR720Content 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.

HSIE Results Daily: Astral, Aarti Industries , Aditya Birla Capital, Narayana Health, Radico...

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul>
<li>Aarti Industries Limited (AIL) is a leading Indian manufacturer of specialty chemicals and pharmaceuticals with a global footprint.</li>
<li>Over the last decade, AIL has transformed from an Indian company servicing global markets to a global entity with state-of-the-art manufacturing facilities in India</li>
<li>We recommend BUY with a TP of Rs 1,080/share.</li>
</ul>
<div class="content-highlight"><em>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.</em></div>


Aarti Industries Limited (AIL) is a leading Indian manufacturer of specialty chemicals and pharmaceuticals with a global footprint.
Over the last decade, AIL has transformed from an Indian company servicing global markets to a global entity with state-of-the-art manufacturing facilities in India
We recommend BUY with a TP of Rs 1,080/share.

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.

<p>Owing to strong growth guidance over FY21-24E, we maintain our estimates and recommendation a BUY with a revised TP of Rs 1,080/share and multiple of 35x to its FY24E EPS.</p><div class="content-highlight"><em>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.</em></div>

Owing to strong growth guidance over FY21-24E, we maintain our estimates and recommendation a BUY with a revised TP of Rs 1,080/share and multiple of 35x to its FY24E EPS.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.

Aarti Industries: Strong Growth Outlook Backed By Aggressive Expansion Plans

<p>Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL) with a target price of INR 1,330/share. We expect the company's PAT to grow at a 31% CAGR over FY22-24E. AIL's constant focus on Capex and R&amp;D will enable it to remain competitive and expand its customer base. The toluene segment in India is mainly untapped and catered to through imports; AIL will benefit in the long term by entering this segment. Q2 EBITDA/APAT were 4/2% below our estimates, attributable to significantly higher-than-expected raw material cost, higher-than-expected opex, offset by a 16% rise in revenue, lower-than-expected depreciation, and finance cost.</p>
<div class="content-highlight"><em>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.</em></div>

Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL) with a target price of INR 1,330/share. We expect the company's PAT to grow at a 31% CAGR over FY22-24E. AIL's constant focus on Capex and R&amp;D will enable it to remain competitive and expand its customer base. The toluene segment in India is mainly untapped and catered to through imports; AIL will benefit in the long term by entering this segment. Q2 EBITDA/APAT were 4/2% below our estimates, attributable to significantly higher-than-expected raw material cost, higher-than-expected opex, offset by a 16% rise in revenue, lower-than-expected depreciation, and finance cost.
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.

HSIE Results Daily: Aditya Birla Capital, Indian Oil Corporation, BPCL, Cholamandalam, Voltas,...

India

Aarti Industries Limited develops and manufactures basic bulk chemicals, dyes and pigment intermediates, pharmaceuticals and agrochemicals, rubber chemicals, surfactant intermediates, and specialty chemicals. The company sells its products in India and elsewhere throughout the world.

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Aarti Industries (ARTO IN)

Aarti Industries - In-Line Quarter

Aarti Industries’ (ARTO) 4QFY22 operating performance came in line with our estimates. Both the segments namely, Specialty Chemicals and Pharma...

Nirmal Bang

HSIE Results Daily: Astral, Aarti Industries , Aditya Birla Capital, Narayana Health, Radico...

Prince Pipes: We maintain our BUY rating on Prince Pipes, with an unchanged target price of INR 940/sh (18.5x its Dec-23E EBITDA, implying 31x P...

HDFC Securities

Pick of the Week: Aarti Industries

Aarti Industries Limited (AIL) is a leading Indian manufacturer of specialty chemicals and pharmaceuticals with a global footprint.

Axis Direct

Aarti Industries: Strong Growth Outlook Backed By Aggressive Expansion Plans

Owing to strong growth guidance over FY21-24E, we maintain our estimates and recommendation a BUY with a revised TP of Rs 1,080/share and multiple...

Axis Direct

HSIE Results Daily: Aditya Birla Capital, Indian Oil Corporation, BPCL, Cholamandalam, Voltas,...

Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL) with a target price of INR 1,330/share. We expect the company's PAT...

HDFC Securities

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