External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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

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Equity Bottom-Up

<ul><li>Aarti Industries Q1FY24 numbers surprised on the PAT front with the company utilising its MAT Credit to negate tax outgo.</li><li>Consolidated Revenue missed our estimate by 8% (down 12%/14% YoY/QoQ).</li><li>EBITDA stood lower (down 28%/ 20% YoY/QoQ) on account of lower RM prices and high employee expenses but beat our estimates by 5.2% as we expected a lower gross margin.</li></ul><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>

Aarti Industries Q1FY24 numbers surprised on the PAT front with the company utilising its MAT Credit to negate tax outgo.Consolidated Revenue missed our estimate by 8% (down 12%/14% YoY/QoQ).EBITDA stood lower (down 28%/ 20% YoY/QoQ) on account of lower RM prices and high employee expenses but beat our estimates by 5.2% as we expected a lower gross margin.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 Ltd - Weak Demand Outlook in Near-Term to Persist:

<ul>
<li>Aarti Industries Q4FY23 numbers surprised on the PAT front with the company utilising its MAT Credit to negate tax outgo.</li>
<li>Consolidated Revenue beat our estimate by 6% (down 5.7%/0.7% YoY/QoQ).</li>
<li>EBITDA stood lower on account of operational loss from maintenance shutdown and high employee expenses but beat our estimates by 2% as we expected a lower gross margin.</li>
</ul>
<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>


Aarti Industries Q4FY23 numbers surprised on the PAT front with the company utilising its MAT Credit to negate tax outgo.
Consolidated Revenue beat our estimate by 6% (down 5.7%/0.7% YoY/QoQ).
EBITDA stood lower on account of operational loss from maintenance shutdown and high employee expenses but beat our estimates by 2% as we expected a lower gross margin.

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 Ltd - Weak Outlook in Near-Term; Preparing for Tomorrow

<ul><li>Aarti Industries Ltd (AIL) reported Q1FY23 revenue at Rs 1,972 Cr, up 12%/5 YoY/QoQ.</li><li>The growth was led by price hikes undertaken by the company to pass on elevated RM prices and volume increase with new projects and increasing utilisation level in the existing projects.</li><li>The EBITDA came in at Rs 369 Cr (lower than our estimate of Rs 433 Cr) up 18%/9% on YoY/QoQ basis.</li></ul><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>

Aarti Industries Ltd (AIL) reported Q1FY23 revenue at Rs 1,972 Cr, up 12%/5 YoY/QoQ.The growth was led by price hikes undertaken by the company to pass on elevated RM prices and volume increase with new projects and increasing utilisation level in the existing projects.The EBITDA came in at Rs 369 Cr (lower than our estimate of Rs 433 Cr) up 18%/9% on YoY/QoQ basis.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 - Stable Growth Outlook & Expansion Plans in Value-Added Products

<div><div><div><div><ul><li>Expansion Led Growth: The management has also guided for a Capex of Rs 3,000 Cr for the next 2 years.</li><li>The Capex will be majorly for adding more downstream products in the current benzene chain, new Chloro Toluene chain, and debottlenecking of the existing products.</li><li>All capacities set up during FY22 should ramp up and clock utilisation of ~70-90% by the end of FY24.</li></ul></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>

Expansion Led Growth: The management has also guided for a Capex of Rs 3,000 Cr for the next 2 years.The Capex will be majorly for adding more downstream products in the current benzene chain, new Chloro Toluene chain, and debottlenecking of the existing products.All capacities set up during FY22 should ramp up and clock utilisation of ~70-90% by the end of FY24.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 - Growth Outlook Backed by Expansion Plans in Growing Chemistries

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

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.

<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.

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 Ltd - Weak Demand Outlook in Near-Term to Persist:

Aarti Industries Q1FY24 numbers surprised on the PAT front with the company utilising its MAT Credit to negate tax outgo.

Axis Direct

Aarti Industries Ltd - Weak Outlook in Near-Term; Preparing for Tomorrow

Aarti Industries Q4FY23 numbers surprised on the PAT front with the company utilising its MAT Credit to negate tax outgo.

Axis Direct

Aarti Industries - Stable Growth Outlook & Expansion Plans in Value-Added Products

The growth was led by price hikes undertaken by the company to pass on elevated RM prices and volume increase with new projects and increasing...

Axis Direct

Aarti Industries - Growth Outlook Backed by Expansion Plans in Growing Chemistries

Aarti Industries (AIL) Q4FY22 revenue performance came in line with our estimates while the operating profitability was lower than expected.

Axis Direct

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

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