External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>Despite strong ordering momentum, we are seeing emergence of headwinds to the Indian highways program</li><li>Substantial dilution of bid qualification has exposed the sector to low quality, inadequately funded developers taking large order inflow market share</li><li>This has the potential of de-railing the NH program, creation of sub quality infrastructure, time and cost overruns and eventually higher cost to completion and defaults</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.

Despite strong ordering momentum, we are seeing emergence of headwinds to the Indian highways programSubstantial dilution of bid qualification has exposed the sector to low quality, inadequately funded developers taking large order inflow market shareThis has the potential of de-railing the NH program, creation of sub quality infrastructure, time and cost overruns and eventually higher cost to completion and defaultsContent 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.

<ul><li>PGCIL: PGCIL’s consolidated asset capitalisation in Q1FY23 declined 76.2% YoY to INR13.5bn, on a high YoY base, while consolidated Capex went up 33.5% YoY to INR14.8bn</li><li>On a standalone basis, capitalisation/Capex came in at INR13.3bn/INR7.6bn</li><li>Q1FY23 revenue increased 6.8% YoY, led by moderate growth in transmission segment (+5.5% YoY) and strong growth in the telecom (+60.1% YoY) and consultancy (+53.2% YoY) segments</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.

PGCIL: PGCIL’s consolidated asset capitalisation in Q1FY23 declined 76.2% YoY to INR13.5bn, on a high YoY base, while consolidated Capex went up 33.5% YoY to INR14.8bnOn a standalone basis, capitalisation/Capex came in at INR13.3bn/INR7.6bnQ1FY23 revenue increased 6.8% YoY, led by moderate growth in transmission segment (+5.5% YoY) and strong growth in the telecom (+60.1% YoY) and consultancy (+53.2% YoY) segmentsContent 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: PGCIL, ABB India, Cummins, Bharat Forge

<ul><li>Q1 starts on a good note for infrastructure; competitive intensity cools off, commodities correct: In Q1FY23, NHAI awarded ten projects, of which, nine were HAM projects worth INR 98.1bn and one was an EPC project worth INR 7.7bn</li><li>Capital goods sector to benefit from reviving private Capex and realignment of global supply chains; strong case for PE multiple expansion</li><li>Earnings trend YoY/QoQ: We expect EPC/infra universe revenue/EBITDA/PAT to degrow 11.5/6.9/26.5% sequentially and grow 15.7/4.1/10.9% YoY, with EBITDA margin expanding by 72/(163)bps QoQ/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.

Q1 starts on a good note for infrastructure; competitive intensity cools off, commodities correct: In Q1FY23, NHAI awarded ten projects, of which, nine were HAM projects worth INR 98.1bn and one was an EPC project worth INR 7.7bnCapital goods sector to benefit from reviving private Capex and realignment of global supply chains; strong case for PE multiple expansionEarnings trend YoY/QoQ: We expect EPC/infra universe revenue/EBITDA/PAT to degrow 11.5/6.9/26.5% sequentially and grow 15.7/4.1/10.9% YoY, with EBITDA margin expanding by 72/(163)bps QoQ/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.

We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22 marred by multiple challenges: When the sector was closing in on normalisation, the resurgence of COVID-19 led to a loss of momentum. Labour migration picked up in early part of Q1FY22; although with cases trending down, labour availability has normalised now. Most of the coverage universe lost precious early part of Q1FY22, resulting in execution coming down to 60-100% of Q4FY21 exit.
<div class="content-highlight">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.</div>

We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22 marred by multiple challenges: When the sector was closing in on normalisation, the resurgence of COVID-19 led to a loss of momentum. Labour migration picked up in early part of Q1FY22; although with cases trending down, labour availability has normalised now. Most of the coverage universe lost precious early part of Q1FY22, resulting in execution coming down to 60-100% of Q4FY21 exit.
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.

Industrials (1QFY22 Results Preview): Loss in Momentum Due to Second Wave

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.

Equity Bottom-Up

<ul><li>AIL reported revenue growth of 7.0% YoY in Q4FY23 (vs. our expectations of 10.7% YoY), which stood below the IPM growth of 11.0% (IPM: Indian Pharma Industry, Source: AIOCD).</li><li>A product mix change, higher proportion towards Anti Diabetic segment, Mixtard and Novomix reported growth of 4.0% and -1.1% on YoY respctively led to lower topline growth.</li><li>Further, growth in other key therapies like Gasteroinsteinal (+11.4% YoY) and Hormones (+27.4% YoY) similar to IPM growth.</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.

AIL reported revenue growth of 7.0% YoY in Q4FY23 (vs. our expectations of 10.7% YoY), which stood below the IPM growth of 11.0% (IPM: Indian Pharma Industry, Source: AIOCD).A product mix change, higher proportion towards Anti Diabetic segment, Mixtard and Novomix reported growth of 4.0% and -1.1% on YoY respctively led to lower topline growth.Further, growth in other key therapies like Gasteroinsteinal (+11.4% YoY) and Hormones (+27.4% YoY) similar to IPM growth.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.

Abbott India Ltd - Missed on Topline Growth

India

ABB India Limited is a leading technology company specializing in electrification, motion, process automation, and robotics. It provides industrial systems and solutions that optimize power, enhance industrial productivity, and enable a more sustainable future across factories, utilities, rail, and infrastructure. The company was incorporated in 1949 and is headquartered in Bengaluru, Karnataka, India.

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ABB India (ABB IN)

Infrastructure - Betting on Conservatism

Substantial dilution of bid qualification has exposed the sector to low quality, inadequately funded developers taking large order inflow market share

HDFC Securities

HSIE Results Daily: PGCIL, ABB India, Cummins, Bharat Forge

PGCIL: PGCIL’s consolidated asset capitalisation in Q1FY23 declined 76.2% YoY to INR13.5bn, on a high YoY base, while consolidated Capex went up...

HDFC Securities

Industrials - Bracing for Recovery

In Q1FY23, NHAI awarded ten projects, of which, nine were HAM projects worth INR 98.1bn and one was an EPC project worth INR 7.7bn.

HDFC Securities

Industrials (1QFY22 Results Preview): Loss in Momentum Due to Second Wave

We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22...

HDFC Securities

Abbott India Ltd - Missed on Topline Growth

AIL reported revenue growth of 7.0% YoY in Q4FY23 (vs. our expectations of 10.7% YoY), which stood below the IPM growth of 11.0% (IPM: Indian...

Axis Direct

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