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

Amber Enterprises India / Equity Bottom-Up

<ul><li>Amber Enterprises reported consolidated revenue of Rs 1,702 Cr, which stood lower than our estimates of Rs 2,098 Cr.</li><li>This was on account of an adverse impact of weak demand due to unseasonal rains and unfavourable weather patterns.</li><li>The company’s gross margins improved to 17.5% vs. our estimates of 14.7% due to moderation in RM costs.</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.

Amber Enterprises reported consolidated revenue of Rs 1,702 Cr, which stood lower than our estimates of Rs 2,098 Cr.This was on account of an adverse impact of weak demand due to unseasonal rains and unfavourable weather patterns.The company’s gross margins improved to 17.5% vs. our estimates of 14.7% due to moderation in RM costs.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.

Amber Enterprises - Weather Woes Impact RAC Revenues

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Capital Markets

Avalon Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avalon-technologies-pvt-ltd" target="_blank" data-smartkarma-citation="entities:36234:1" rel="noopener">Avalon Technologies (6594468Z IN)</a> has launched its Initial Public Offering.</li>
<li>The company states to have one of the highest ROCEs in the industry, one of the important reasons of high ROCE is unusual accounting treatment of capital reserve.</li>
<li>Other forensic concerns include lack of cash generation and some auditor discomforts.</li>
</ul>



Avalon Technologies (6594468Z IN) has launched its Initial Public Offering.
The company states to have one of the highest ROCEs in the industry, one of the important reasons of high ROCE is unusual accounting treatment of capital reserve.
Other forensic concerns include lack of cash generation and some auditor discomforts.


Avalon Technologies IPO- Forensic Analysis

<ul><li>RAC revenues improvement expected on strong summer season: Thoughthe RAC volumes were subdued during Oct’22 and Nov’22,Dec’22 witnessed a notable pick-up in demand ahead of the strong summer season expected in Q4FY23.</li><li>Strong growth in components aid revenue growth: The company’s revenues were driven by strong growth of components aiding new client acquisitions during the quarter and expansion into new geographies such as Sri City and Chennai.</li><li>Gradual margin improvement in the medium to long term:The EBITDA margins during the quarter were impacted due to product mix and expenses related to new manufacturing units.</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.

RAC revenues improvement expected on strong summer season: Thoughthe RAC volumes were subdued during Oct’22 and Nov’22,Dec’22 witnessed a notable pick-up in demand ahead of the strong summer season expected in Q4FY23.Strong growth in components aid revenue growth: The company’s revenues were driven by strong growth of components aiding new client acquisitions during the quarter and expansion into new geographies such as Sri City and Chennai.Gradual margin improvement in the medium to long term:The EBITDA margins during the quarter were impacted due to product mix and expenses related to new manufacturing units.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.

Amber Enterprises - Strong Growth In Components To Aid Revenue Growth

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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>Amber is a leading solution provider for air conditioner OEM/ODM industry in India.</li><li>The company has a product portfolio including RACs, RAC components and other non AC components</li><li>Derives ~50% of its revenues from RACs and the rest from components and mobility applications.</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.

Amber is a leading solution provider for air conditioner OEM/ODM industry in India.The company has a product portfolio including RACs, RAC components and other non AC componentsDerives ~50% of its revenues from RACs and the rest from components and mobility applications.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.

Amber Enterprises - Higher Operating Cost Drags EBITDA Margin…

Kaynes Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kaynes-technology-india-ltd" target="_blank" data-smartkarma-citation="entities:36436:1" rel="noopener">Kaynes Technology India (7575164Z IN)</a> (KTIL) has received SEBI’s approval for its IPO.</li>
<li>Company is one of the end-to-end and IoT solutions enabled integrated electronics manufacturing player, having capabilities across the entire spectrum of ESDM services.</li>
<li>Key forensics issues that should not be ignored include high liabilities off the books, grey areas surrounding receivables, perplexing churning across CFO and directors posts, etc.</li>
</ul>



Kaynes Technology India (7575164Z IN) (KTIL) has received SEBI’s approval for its IPO.
Company is one of the end-to-end and IoT solutions enabled integrated electronics manufacturing player, having capabilities across the entire spectrum of ESDM services.
Key forensics issues that should not be ignored include high liabilities off the books, grey areas surrounding receivables, perplexing churning across CFO and directors posts, etc.


India

Amber Enterprises India is a prominent solution provider in the consumer durables and electronics manufacturing services (EMS) sectors, operating as a key Original Equipment Manufacturer (OEM) and Original Design Manufacturer (ODM) for the Room Air Conditioner (RAC) industry in India. The company produces both components and finished goods for the heating, ventilation, and air conditioning (HVAC) industry, and has diversified into railway subsystems, defense, and various electronics components. Its product portfolio includes RACs, commercial air conditioners, and components for other consumer durables and automobiles. The company was founded in 1990 and is headquartered in Gurugram, India.

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Amber Enterprises India (AMBER IN)

Amber Enterprises - Weather Woes Impact RAC Revenues

Amber Enterprises reported consolidated revenue of Rs 1,702 Cr, which stood lower than our estimates of Rs 2,098 Cr. This was on account of an...

Axis Direct

Avalon Technologies IPO- Forensic Analysis

Some of the forensic discomforts include high ROCE resulting from accounting, lack of cash generation and some auditor discomforts.

Nitin Mangal

Amber Enterprises - Strong Growth In Components To Aid Revenue Growth

Thoughthe RAC volumes were subdued during Oct’22 and Nov’22,Dec’22 witnessed a notable pick-up in demand ahead of the strong summer season expected...

Axis Direct

Amber Enterprises - Higher Operating Cost Drags EBITDA Margin…

Amber is a leading solution provider for air conditioner OEM/ODM industry in India. The company has a product portfolio including RACs, RAC...

ICICI Securities Limited

Kaynes Technology- Forensic Analysis

Key forensics issues that should not be ignored include high liabilities off the books, grey areas surrounding receivables, perplexing churning...

Nitin Mangal

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