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. 

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>Cement demand to moderate: After experiencing double-digit volume growth in Q4FY24 driven by strong demand from the infrastructure sector, increased pre-election spending, and seasonally favourable conditions, cement consumption moderated in Q1FY25.</li><li>This moderation was due to factors such as the general election, extreme heat conditions, labour shortages, and unseasonal rain in some regions.</li><li>According to provisional numbers released by the Office of the Economic Adviser, cement demand grew by 9% in FY24</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.

Cement demand to moderate: After experiencing double-digit volume growth in Q4FY24 driven by strong demand from the infrastructure sector, increased pre-election spending, and seasonally favourable conditions, cement consumption moderated in Q1FY25.This moderation was due to factors such as the general election, extreme heat conditions, labour shortages, and unseasonal rain in some regions.According to provisional numbers released by the Office of the Economic Adviser, cement demand grew by 9% in FY24Content 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.

Cement Q1fy25 Result Preview: Moderation in Demand, Pricing Weak

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>Ambuja Cement: We maintain ADD with an unchanged TP of INR 620/share (16.5x its consolidated FY26E EBITDA)</li><li>During Q4FY24, consolidated volumes rose 17% YoY owing to the low base and ramp-up of recently acquired Sanghi plants</li><li>Weak pricing across markets drove down NSR by INR 394/MT QoQ (-7%)</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.

Ambuja Cement: We maintain ADD with an unchanged TP of INR 620/share (16.5x its consolidated FY26E EBITDA)During Q4FY24, consolidated volumes rose 17% YoY owing to the low base and ramp-up of recently acquired Sanghi plantsWeak pricing across markets drove down NSR by INR 394/MT QoQ (-7%)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: Ambuja Cement, Havells India, Dabur, ACC

Equity Bottom-Up

<ul><li>ACC reported a stellar set of numbers as its Volume/Revenue/EBITDA/APAT grew by 22%/13%/79%/301% YoY (above expectations), driven by better demand and lower cost.</li><li>The company recorded an EBITDA Margin of 15.5% against 9.8% YoY (above estimates), primarily owing to the lower fuel/freight and fixed cost on a YoY basis.</li><li>ACC’s blended EBITDA/tonne stood at Rs 805, up 46% YoY and it reported blended realization/tonne of Rs 5,201 against Rs 5,636, down 8%/6% YoY/ QoQ. </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.

ACC reported a stellar set of numbers as its Volume/Revenue/EBITDA/APAT grew by 22%/13%/79%/301% YoY (above expectations), driven by better demand and lower cost.The company recorded an EBITDA Margin of 15.5% against 9.8% YoY (above estimates), primarily owing to the lower fuel/freight and fixed cost on a YoY basis.ACC’s blended EBITDA/tonne stood at Rs 805, up 46% YoY and it reported blended realization/tonne of Rs 5,201 against Rs 5,636, down 8%/6% YoY/ QoQ. 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.

ACC Limited - Volume Growth Momentum Continues; Retain BUY

<ul><li>Demand firmed up but at the expense of pricing: In our view, cement demand again firmed up in Q4FY24 on a strong pick-up in non-trades sales</li><li>We estimate aggregate volumes will grow 10% YoY in Q4FY24 (as against 8% YoY in Q3)</li><li>However, owing to aggressive volume push in non-trade segments (channel check suggests major players pushed volumes hard in Q4), cement pricing took a beating during the peak demand quarter</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.

Demand firmed up but at the expense of pricing: In our view, cement demand again firmed up in Q4FY24 on a strong pick-up in non-trades salesWe estimate aggregate volumes will grow 10% YoY in Q4FY24 (as against 8% YoY in Q3)However, owing to aggressive volume push in non-trade segments (channel check suggests major players pushed volumes hard in Q4), cement pricing took a beating during the peak demand quarterContent 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.

Cement (Q4FY24 Results Preview): Weak pricing dampens industry margin

<ul><li>ACC reported a steller set of numbers as its Volume/Revenue/EBITDA/APAT grew by 16%/8%/139%/375% YoY (above expectations), driven by better demand, higher realization and lower cost.</li><li>The company recorded an EBITDA Margin of 18.4% against 8.4% YoY (above estimates), primarily owing to the lower fuel/freight and fixed cost on a YoY basis.</li><li>ACC’s blended EBITDA/tonne stood at Rs 1,017, up 106% YoY and it reported blended realization/tonne of Rs 5,522 against Rs 5,475 up 4% QoQ. </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.

ACC reported a steller set of numbers as its Volume/Revenue/EBITDA/APAT grew by 16%/8%/139%/375% YoY (above expectations), driven by better demand, higher realization and lower cost.The company recorded an EBITDA Margin of 18.4% against 8.4% YoY (above estimates), primarily owing to the lower fuel/freight and fixed cost on a YoY basis.ACC’s blended EBITDA/tonne stood at Rs 1,017, up 106% YoY and it reported blended realization/tonne of Rs 5,522 against Rs 5,475 up 4% QoQ. 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.

ACC Limited - Beat On All Fronts; Retain BUY

India

ACC Limited  manufactures a range of cements and blended cements. The Company also manufactures gypsum and refractory products such as Brown Tabular Alumina. The Company provides turnkey and application consulting services for setting up and operating cement plants and refractories. The Company owns cement plants throughout India.

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ACC Ltd (ACC IN)

Cement Q1fy25 Result Preview: Moderation in Demand, Pricing Weak

This moderation was due to factors such as the general election, extreme heat conditions, labour shortages, and unseasonal rain in some regions.

Axis Direct

HSIE Results Daily: Ambuja Cement, Havells India, Dabur, ACC

During Q4FY24, consolidated volumes rose 17% YoY owing to the low base and ramp-up of recently acquired Sanghi plants. Weak pricing across markets...

HDFC Securities

ACC Limited - Volume Growth Momentum Continues; Retain BUY

ACC reported a stellar set of numbers as its Volume/Revenue/EBITDA/APAT grew by 22%/13%/79%/301% YoY (above expectations), driven by better demand...

Axis Direct

Cement (Q4FY24 Results Preview): Weak pricing dampens industry margin

Demand firmed up but at the expense of pricing: In our view, cement demand again firmed up in Q4FY24 on a strong pick-up in non-trades sales

HDFC Securities

ACC Limited - Beat On All Fronts; Retain BUY

ACC’s blended EBITDA/tonne stood at Rs 1,017, up 106% YoY and it reported blended realization/tonne of Rs 5,522 against Rs 5,475 up 4% QoQ.

Axis Direct

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