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>APL Apollo Tubes’ Revenue/EBITDA/PAT stood largely in line with our estimates. On a consensus basis, it was a slight miss of 4%/3%/5% respectively.</li><li>Revenue grew by 17%/2% YoY/QoQ, led by higher sales volumes, partially offset by a drop in HRC steel prices (down 1.5%/4% YoY/QoQ).</li><li>VAP sales stood largely flat at 55% vs. 54% in Q2FY23. EBITDA grew by 40%/6% YoY/QoQ to Rs 325 Cr, a 3% beat vs. our estimates, which was on account of topline growth. </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’ Revenue/EBITDA/PAT stood largely in line with our estimates. On a consensus basis, it was a slight miss of 4%/3%/5% respectively.Revenue grew by 17%/2% YoY/QoQ, led by higher sales volumes, partially offset by a drop in HRC steel prices (down 1.5%/4% YoY/QoQ).VAP sales stood largely flat at 55% vs. 54% in Q2FY23. EBITDA grew by 40%/6% YoY/QoQ to Rs 325 Cr, a 3% beat vs. our estimates, which was on account of topline growth. 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  - Largely Inline Results; Growth Drivers Remain Intact

<ul><li>APL Apollo Tubes numbers stood below our and the street's estimates.</li><li>Revenue grew by 32%/3% YoY/QoQ but missed ours and consensus estimates by 2% led by lower-than-expected sales realisation.</li><li>EBITDA stood at Rs 307 Cr, up 58% YoY but declined by 5% QoQ, missing our and consensus estimates by 10%/6% respectively. </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 numbers stood below our and the street's estimates.Revenue grew by 32%/3% YoY/QoQ but missed ours and consensus estimates by 2% led by lower-than-expected sales realisation.EBITDA stood at Rs 307 Cr, up 58% YoY but declined by 5% QoQ, missing our and consensus estimates by 10%/6% respectively. 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 - Q1 Misses Our Estimates

<ul><li>APL Apollo Tubes (APAT) is a leading structural steel tube brand, operating with 14 brands in 4 product categories.</li><li>It has 55% market share in structural steel tubes in India with 3.6MTPA structural steel tube capacity.</li><li>The product type includes pre-galvanised tubes, Galvanised tubes, Structural ERW tubes, MS Black pipes and Hollow sections. The Company operates 11 manufacturing facilities.</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 (APAT) is a leading structural steel tube brand, operating with 14 brands in 4 product categories.It has 55% market share in structural steel tubes in India with 3.6MTPA structural steel tube capacity.The product type includes pre-galvanised tubes, Galvanised tubes, Structural ERW tubes, MS Black pipes and Hollow sections. The Company operates 11 manufacturing facilities.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.

<ul><li>APL Apollo tubes delivered a good set of results.</li><li>Despite a higher share of general products (46% vs. 44% QoQ), EBITDA/t improved to Rs 4,970/t (up 3%/10% YoY/QoQ) a 2% beat vs. consensus.</li><li>The beat was driven by 1) Higher EBITDA/t of general products (up 14% QoQ) as primary steel demand for structural tubes improves and channel destocking stops as the HRC prices stabilize</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 delivered a good set of results.Despite a higher share of general products (46% vs. 44% QoQ), EBITDA/t improved to Rs 4,970/t (up 3%/10% YoY/QoQ) a 2% beat vs. consensus.The beat was driven by 1) Higher EBITDA/t of general products (up 14% QoQ) as primary steel demand for structural tubes improves and channel destocking stops as the HRC prices stabilizeContent 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 - Structural Growth Story Continues; Maintain BUY

Thematic (Sector/Industry)

<ul><li>Nalco’s Revenue stood at Rs 3,043 Cr, down 13%/4% YoY/QoQ, led by a drop in the average LME Aluminium prices.</li><li>EBITDA (up 19% YoY, down 33% QoQ) was a negative surprise due to a 29%/39% miss vs. consensus and our estimate, largely due to an unexpected surge in the Power and Fuel costs (up 14% QoQ, 19% higher than our estimates). </li><li>Hindalco’s Consolidated Revenue (down 4% YoY, up 2% QoQ), stood in line with our estimate at Rs 54,169 Cr. </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.

Nalco’s Revenue stood at Rs 3,043 Cr, down 13%/4% YoY/QoQ, led by a drop in the average LME Aluminium prices.EBITDA (up 19% YoY, down 33% QoQ) was a negative surprise due to a 29%/39% miss vs. consensus and our estimate, largely due to an unexpected surge in the Power and Fuel costs (up 14% QoQ, 19% higher than our estimates). Hindalco’s Consolidated Revenue (down 4% YoY, up 2% QoQ), stood in line with our estimate at Rs 54,169 Cr. 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 (Q2FY24)

India

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

Apl Apollo Tubes (APAT IN)

APL Apollo Tubes - Largely Inline Results; Growth Drivers Remain Intact

APL Apollo Tubes’ Revenue/EBITDA/PAT stood largely in line with our estimates. On a consensus basis, it was a slight miss of 4%/3%/5% respectively.

Axis Direct

APL Apollo Tubes - Q1 Misses Our Estimates

Revenue grew by 32%/3% YoY/QoQ but missed ours and consensus estimates by 2% led by lower-than-expected sales realisation.

Axis Direct

Pick of the Week - APL Apollo Tubes

APL Apollo Tubes (APAT) is a leading structural steel tube brand, operating with 14 brands in 4 product categories. It has 55% market share in...

Axis Direct

APL Apollo Tubes - Structural Growth Story Continues; Maintain BUY

Despite a higher share of general products (46% vs. 44% QoQ), EBITDA/t improved to Rs 4,970/t (up 3%/10% YoY/QoQ) a 2% beat vs. consensus.

Axis Direct

Top Sector Ideas - Metals and Mining (Q2FY24)

Nalco’s Revenue stood at Rs 3,043 Cr, down 13%/4% YoY/QoQ, led by a drop in the average LME Aluminium prices. EBITDA (up 19% YoY, down 33% QoQ) was...

Axis Direct