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

<div><ul><li>Amber is a one-stop solution provider for major brands (OEMs^) in the RAC industry.</li><li>It is a leader in the room air conditioners (RAC) outsourced manufacturing space.</li><li>The company has diversified portfolio which includes RAC, RAC components and non AC components. </li></ul></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>

Amber is a one-stop solution provider for major brands (OEMs^) in the RAC industry.It is a leader in the room air conditioners (RAC) outsourced manufacturing space.The company has diversified portfolio which includes RAC, RAC components and non AC components. 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.

Pick of the Week - Amber Enterprises India

<div><ul><li>Strong overall performance across segments: RAC revenues stood at Rs 1,053 Cr, contributing 58% to the company’s total revenues during the quarter.</li><li>Margins decline due to higher RM cost, gradual improvement expected in the medium to long term</li><li>Plans to augment components revenues: The management expects the Motors division (PICL) to grow more than 35% for FY23, while it expects the Electronics division by 35%+ for FY23.</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></div>

Strong overall performance across segments: RAC revenues stood at Rs 1,053 Cr, contributing 58% to the company’s total revenues during the quarter.Margins decline due to higher RM cost, gradual improvement expected in the medium to long termPlans to augment components revenues: The management expects the Motors division (PICL) to grow more than 35% for FY23, while it expects the Electronics division by 35%+ for FY23.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 Performance Across Segments

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

Forensic Accounting

Amber Enterprises India / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amber-enterprises-india-ltd" target="_blank" data-smartkarma-citation="entities:32202:1" rel="noopener">Amber Enterprises India (AMBER IN)</a>  is one of the key ODM players in the RAC and related industry.</li>
<li>However, there are couple of puzzling forensic takeaways, especially in F22 where company had reported high growth in numbers.</li>
<li>These primarily include the rationale behind debt increase, puzzling subsidiary numbers, discrepancy in inventory verification, etc.</li>
</ul>



Amber Enterprises India (AMBER IN)  is one of the key ODM players in the RAC and related industry.
However, there are couple of puzzling forensic takeaways, especially in F22 where company had reported high growth in numbers.
These primarily include the rationale behind debt increase, puzzling subsidiary numbers, discrepancy in inventory verification, etc.


Amber Enterprises India Ltd: Forensic Analysis

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharat-fih" target="_blank" data-smartkarma-citation="entities:36101:1" rel="noopener">Bharat FIH (BFIH IN)</a> is India's largest Electronic Manufacturing Services (EMS) provider and the largest mobile phone manufacturing and assembly services provider to <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>. </li>
<li>It has received Sebi approval for an IPO to raise Rs50,038 million (US$625 million), split equally between a primary and secondary raise. The offer will launch in August. </li>
<li>The fundamentals are challenged due to its reliance on Xiaomi, market share pressure, glacial revenue diversification, low margin and cash burn. We would pass on the IPO.</li>
</ul>



Bharat FIH (BFIH IN) is India's largest Electronic Manufacturing Services (EMS) provider and the largest mobile phone manufacturing and assembly services provider to Xiaomi Corp (1810 HK). 
It has received Sebi approval for an IPO to raise Rs50,038 million (US$625 million), split equally between a primary and secondary raise. The offer will launch in August. 
The fundamentals are challenged due to its reliance on Xiaomi, market share pressure, glacial revenue diversification, low margin and cash burn. We would pass on the IPO.


<div><div><div><div><div><ul><li>Strong overall performance,however RAC volumes impacted due to supply chain constraints : RAC revenues stood at Rs 1,002 Cr, contributing 52% to the company’s total revenues during the quarter.</li></ul><div><div><div><div><ul><li>The RAC volumes stood at ~15 Lc/26 Lc for Q4FY22 /FY22 which were impacted due to supply chain issues.</li></ul><div><div><div><div><ul><li>Thus volume impact , due to supply chain issues, are expected to recover in Q1FY23.</li></ul></div></div></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>

Strong overall performance,however RAC volumes impacted due to supply chain constraints : RAC revenues stood at Rs 1,002 Cr, contributing 52% to the company’s total revenues during the quarter.The RAC volumes stood at ~15 Lc/26 Lc for Q4FY22 /FY22 which were impacted due to supply chain issues.Thus volume impact , due to supply chain issues, are expected to recover in Q1FY23.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

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)

Pick of the Week - Amber Enterprises India

Amber is a one-stop solution provider for major brands (OEMs^) in the RAC industry. It is a leader in the room air conditioners (RAC) outsourced...

Axis Direct

Amber Enterprises - Strong Performance Across Segments

Strong overall performance across segments: RAC revenues stood at Rs 1,053 Cr, contributing 58% to the company’s total revenues during the quarter.

Axis Direct

Amber Enterprises India Ltd: Forensic Analysis

Key forensic takeaways include the rationale behind debt increase, puzzling subsidiary numbers, discrepancy in inventory verification.

Nitin Mangal

Bharat FIH IPO: Rife with Bottlenecks

The fundamentals are challenged due to its reliance on Xiaomi, market share pressure, glacial revenue diversification, low margin and cash burn. We...

Arun George

Result Update - Amber Enterprises

Amber Enterprises reported revenues of Rs 1,937 Cr (up 21% YoY/99% QoQ), lower than our estimates of Rs 2,273 Cr. The revenues grew led by...

Axis Direct

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