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>Hindalco’s Indian operations delivered robust performance.</li><li>Overall consolidated revenue stood largely inline (flat YoY, up 6% QoQ), while reported EBITDA grew by 24%/14% YoY/QoQ (10% beat vs. our estimates), led by strong upstream Aluminium and copper division.</li><li>NALCO reported a strong set of numbers with EBITDA beating ours and consensus estimates. </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.

Hindalco’s Indian operations delivered robust performance.Overall consolidated revenue stood largely inline (flat YoY, up 6% QoQ), while reported EBITDA grew by 24%/14% YoY/QoQ (10% beat vs. our estimates), led by strong upstream Aluminium and copper division.NALCO reported a strong set of numbers with EBITDA beating ours and consensus estimates. 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.

Top Sector Ideas - Metals and Mining Q4FY24

Equity Bottom-Up

<ul><li>APL Apollo Tubes reported a weak set of numbers in line with expectations, as retail demand was impacted ahead of general elections.</li><li>Sales volume at 679kt grew only by 4% YoY and the company had to offer discounts to push sales higher.</li><li>Revenue at Rs 4,766 Cr (up 8%/14% YoY/QoQ) stood in line with consensus. EBITDA at Rs 280 Cr (down 13% YoY, flat QoQ) missed our and consensus estimate by 10%/14% respectively, led by higher input 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.

APL Apollo Tubes reported a weak set of numbers in line with expectations, as retail demand was impacted ahead of general elections.Sales volume at 679kt grew only by 4% YoY and the company had to offer discounts to push sales higher.Revenue at Rs 4,766 Cr (up 8%/14% YoY/QoQ) stood in line with consensus. EBITDA at Rs 280 Cr (down 13% YoY, flat QoQ) missed our and consensus estimate by 10%/14% respectively, led by higher input 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.

APL Apollo Tubes - Weak Demand Drives EBITDA Miss; Outlook Improving

<ul><li>We anticipate margin contraction for steel companies within our coverage due to decreased steel price realizations (average HRC benchmark prices down 7% YoY and 5% QoQ in Q4FY24) and increased coking coal consumption costs (largely flat YoY but higher QoQ), despite a QoQ recovery in sales volumes driven by seasonally strong performance in Q4 (although volumes remain largely flat YoY).</li><li>We expect another good quarter for base metal stocks under our coverage.</li><li>Both Hindalco and NALCO are expected to report margin expansion YoY/QoQ on higher shipments, stable LME, and lower coal/power 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.

We anticipate margin contraction for steel companies within our coverage due to decreased steel price realizations (average HRC benchmark prices down 7% YoY and 5% QoQ in Q4FY24) and increased coking coal consumption costs (largely flat YoY but higher QoQ), despite a QoQ recovery in sales volumes driven by seasonally strong performance in Q4 (although volumes remain largely flat YoY).We expect another good quarter for base metal stocks under our coverage.Both Hindalco and NALCO are expected to report margin expansion YoY/QoQ on higher shipments, stable LME, and lower coal/power 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.

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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>Motilal Oswal's research report on APL Apollo Tubes APL Apollo Tubes (APAT) ended FY24 with a healthy sales volume growth of ~15% YoY, despite the relatively subdued volume growth of just 2% YoY in 2HFY24.</li><li>In this report, we have highlighted the current demand trend in the domestic structural tubes industry based on our channel checks.</li><li>We have also underscored the company’s strategy to foray into various international geographies.</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.

Motilal Oswal's research report on APL Apollo Tubes APL Apollo Tubes (APAT) ended FY24 with a healthy sales volume growth of ~15% YoY, despite the relatively subdued volume growth of just 2% YoY in 2HFY24.In this report, we have highlighted the current demand trend in the domestic structural tubes industry based on our channel checks.We have also underscored the company’s strategy to foray into various international geographies.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.

APL Apollo Tubes - Navigating Market Challenges

<ul><li>APL Apollo Tubes reported a weak set of numbers, with EBITDA missing our estimate.</li><li>Revenue de-grew by 4%/10% YoY/QoQ, 1% below our estimate, led by a higherthan-expected drop in ASP (1% below our estimate).</li><li>The company had earlier reported sales volume at 604kt, down 11% QoQ and flat YoY. </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.

APL Apollo Tubes reported a weak set of numbers, with EBITDA missing our estimate.Revenue de-grew by 4%/10% YoY/QoQ, 1% below our estimate, led by a higherthan-expected drop in ASP (1% below our estimate).The company had earlier reported sales volume at 604kt, down 11% QoQ and flat YoY. 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.

APL Apollo Tubes  - Macro Headwinds Drive Weak Q3; Outlook Easing

India

APL Apollo Tubes Ltd. manufactures and exports galvanized steel tubes, galvanized steel pipes, and welded black pipes and tubes.

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Apl Apollo Tubes (APAT IN)

Top Sector Ideas - Metals and Mining Q4FY24

Overall consolidated revenue stood largely inline (flat YoY, up 6% QoQ), while reported EBITDA grew by 24%/14% YoY/QoQ (10% beat vs. our estimates)

Axis Direct

APL Apollo Tubes - Weak Demand Drives EBITDA Miss; Outlook Improving

APL Apollo Tubes reported a weak set of numbers in line with expectations, as retail demand was impacted ahead of general elections.

Axis Direct

Metals - Q4FY24 Earnings Preview

Both Hindalco and NALCO are expected to report margin expansion YoY/QoQ on higher shipments, stable LME, and lower coal/power costs.

Axis Direct

APL Apollo Tubes - Navigating Market Challenges

In this report, we have highlighted the current demand trend in the domestic structural tubes industry based on our channel checks.

Motilal Oswal

APL Apollo Tubes - Macro Headwinds Drive Weak Q3; Outlook Easing

Revenue de-grew by 4%/10% YoY/QoQ, 1% below our estimate, led by a higherthan-expected drop in ASP (1% below our estimate).

Axis Direct

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