External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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Equity Bottom-Up

<ul><li>Prabhudas Lilladher's research report onApar Industries We revise our FY25/26E EPS estimates by +5.1%/+3.3%, factoring in strong outlook in the Conductors segment.</li><li>Apar Industries (APR) reported revenue growth of 9.0% YoY, while EBITDA margin contracted by 91bps YoY vs a high base in Q4FY23.</li><li>Despite sluggish US demand caused by inventory destocking, there has been an uptick in order intake, with improvement anticipated in FY25.</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>

Prabhudas Lilladher's research report onApar Industries We revise our FY25/26E EPS estimates by +5.1%/+3.3%, factoring in strong outlook in the Conductors segment.Apar Industries (APR) reported revenue growth of 9.0% YoY, while EBITDA margin contracted by 91bps YoY vs a high base in Q4FY23.Despite sluggish US demand caused by inventory destocking, there has been an uptick in order intake, with improvement anticipated in FY25.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.

Apar Industries (APR IN) - Healthy Quarter; Strong Outlook Across Segments

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Conductors segment update: The Conductors segment’s revenue increased by 28% YoY to Rs15.03bn (48.3% of total sales)</li></ul><div><div><div><div><ul><li>Oil segment update: Oil segment’s revenue grew by 29.2% YoY to Rs9.28bn (29.8% of total sales).</li></ul><div><div><div><div><ul><li>Outlook: We expect 8.1%/2.6% revenue/earnings CAGR over FY22-FY24E.</li></ul></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>

Conductors segment update: The Conductors segment’s revenue increased by 28% YoY to Rs15.03bn (48.3% of total sales)Oil segment update: Oil segment’s revenue grew by 29.2% YoY to Rs9.28bn (29.8% of total sales).Outlook: We expect 8.1%/2.6% revenue/earnings CAGR over FY22-FY24E.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.

Apar Industries - Strong Quarter; Outlook Mixed

India

Apar Industries Ltd. manufactures aluminum conductors for power transmission. The Company also manufactures polymers, synthetic rubbers, latexes, transformer oils, pharmaceutical oils and other specialty oils.

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Apar Industries (APR IN)