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.

Equity Bottom-Up

<ul><li>Strong volume growth: In Q3FY25, the company achieved a 20% YoY increase in volume, reaching 10.7 mtpa, driven by higher trade volumes and an 11% YoY increase in premium product volumes, further strengthening its market leadership.</li><li>It maintained its dominant position across key markets. The company’s capacity expansion plans remain on schedule, and they are expected to support sustained volume growth in the future. I</li><li>t is projected to deliver a volume growth of 14% CAGR 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.

Strong volume growth: In Q3FY25, the company achieved a 20% YoY increase in volume, reaching 10.7 mtpa, driven by higher trade volumes and an 11% YoY increase in premium product volumes, further strengthening its market leadership.It maintained its dominant position across key markets. The company’s capacity expansion plans remain on schedule, and they are expected to support sustained volume growth in the future. It is projected to deliver a volume growth of 14% CAGR over FY23-FY26E. 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 Led By Incentive & Higher Other Income

<ul><li>ACC reported weaker set of numbers led by declining Cement prices in its operating regions.</li><li>The company reported Revenue/EBITDA/APAT de-growth of 1%/12%/22 YoY (below expectations), however it reported Volume growth of 9% owing to higher sale under MSA.</li><li>The company recorded an EBITDA Margin of 13.2% against 14.8% YoY (below estimates), primarily owing to lower realization. </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 weaker set of numbers led by declining Cement prices in its operating regions.The company reported Revenue/EBITDA/APAT de-growth of 1%/12%/22 YoY (below expectations), however it reported Volume growth of 9% owing to higher sale under MSA.The company recorded an EBITDA Margin of 13.2% against 14.8% YoY (below estimates), primarily owing to lower realization. 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 - Weak Quarter; Downgrade To HOLD.

<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

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.

Thematic (Sector/Industry)

<ul><li>Demand fails to pick up in Q2FY25: The slowdown in construction activities during Q1FY25 (general elections, heat waves) continued in Q2FY25 due to demand sluggishness (elections impact and heavy rains all around)</li><li>At the industry level, we estimate demand contracted by 2% YoY in Q2FY25, as against ~4% YoY growth in Q1FY25</li><li>We estimate the aggregate volumes of our coverage universe will decline 1% YoY in Q2, implying a 14% QoQ volume decline</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 fails to pick up in Q2FY25: The slowdown in construction activities during Q1FY25 (general elections, heat waves) continued in Q2FY25 due to demand sluggishness (elections impact and heavy rains all around)At the industry level, we estimate demand contracted by 2% YoY in Q2FY25, as against ~4% YoY growth in Q1FY25We estimate the aggregate volumes of our coverage universe will decline 1% YoY in Q2, implying a 14% QoQ volume declineContent 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 (Q2FY25 Results Preview): Demand Contracts and Pricing Slip Further in Q2

<ul><li>Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement sales in these months</li><li>The scorching heat further dented demand during Q1FY25 and the industry demand growth is expected to slow down to low single digit YoY</li><li>We estimate the aggregate volumes of our coverage universe will deliver 5% YoY volume growth, implying 8% QoQ volume decline.</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 growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement sales in these monthsThe scorching heat further dented demand during Q1FY25 and the industry demand growth is expected to slow down to low single digit YoYWe estimate the aggregate volumes of our coverage universe will deliver 5% YoY volume growth, implying 8% QoQ volume decline.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 (Q1FY25 Results Preview): Weak Pricing Continues to Offset Cost Gains

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)

ACC Limited - Beat Led By Incentive & Higher Other Income

In Q3FY25, the company achieved a 20% YoY increase in volume, reaching 10.7 mtpa, driven by higher trade volumes and an 11% YoY increase in premium...

Axis Direct

ACC Limited - Weak Quarter; Downgrade To HOLD.

The company reported Revenue/EBITDA/APAT de-growth of 1%/12%/22 YoY (below expectations), however it reported Volume growth of 9% owing to higher...

Axis Direct

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 (Q2FY25 Results Preview): Demand Contracts and Pricing Slip Further in Q2

Demand fails to pick up in Q2FY25: The slowdown in construction activities during Q1FY25 (general elections, heat waves) continued in Q2FY25 due to...

HDFC Securities

Cement (Q1FY25 Results Preview): Weak Pricing Continues to Offset Cost Gains

Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement...

HDFC Securities

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