External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<div><div><div><div><ul><li>4QFY22 performance: ASBL’s revenue grew by 12.4% YoY to Rs15.6bn (4% ahead of our estimate), led by strong order execution while absolute EBITDA at Rs1.56bn declined by 22% YoY (in-line with our estimate). EBITDA margin came in at 10%, which was down 448bps YoY and 50bps lower than our expectation.</li></ul><div><div><div><div><ul><li>Highest-ever orderbook at Rs137bn: The total OB as on 31st March’22 stood at Rs137.3bn, which included Rs79bn of road projects.</li></ul><div><div><div><div><ul><li>Update on asset business: The company has already signed SPA for the sale of 5 BOT projects to KKR and 1 BOT project to NIIF, which will be concluded this year.</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>

4QFY22 performance: ASBL’s revenue grew by 12.4% YoY to Rs15.6bn (4% ahead of our estimate), led by strong order execution while absolute EBITDA at Rs1.56bn declined by 22% YoY (in-line with our estimate). EBITDA margin came in at 10%, which was down 448bps YoY and 50bps lower than our expectation.Highest-ever orderbook at Rs137bn: The total OB as on 31st March’22 stood at Rs137.3bn, which included Rs79bn of road projects.Update on asset business: The company has already signed SPA for the sale of 5 BOT projects to KKR and 1 BOT project to NIIF, which will be concluded this year.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.

Ashoka Buildcon Ltd - EPC Business Outlook Robust; Awaiting Further Asset Sale

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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Thematic (Sector/Industry)

<div><div><div><ul><li>Bharat Petroleum Corporation: Our BUY rating on Bharat Petroleum (BPCL), with a target price of INR 375, is premised on (1) recovery in domestic demand for petroleum products,</li></ul><div><div><ul><li>NHPC: NHPC’s revenue increased 12.2% YoY to INR15.1bn in Q4FY22, led by 9.3% YoY rise in generation. PAF for Q4FY22 was 76.7%, vs 74.33% YoY.</li></ul><div><div><div><ul><li>AshokaBuildcon: Ashoka Buildcon (ASBL) reported revenue/ EBITDA/APATof INR 15.6/1.6/1.8bn, an EBITDA miss on our estimate.</li></ul></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>

Bharat Petroleum Corporation: Our BUY rating on Bharat Petroleum (BPCL), with a target price of INR 375, is premised on (1) recovery in domestic demand for petroleum products,NHPC: NHPC’s revenue increased 12.2% YoY to INR15.1bn in Q4FY22, led by 9.3% YoY rise in generation. PAF for Q4FY22 was 76.7%, vs 74.33% YoY.AshokaBuildcon: Ashoka Buildcon (ASBL) reported revenue/ EBITDA/APATof INR 15.6/1.6/1.8bn, an EBITDA miss on our estimate.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.

HSIE Results Daily - Bharat Petroleum Corporation, NHPC, Ashoka Buildcon, Kolte Patil Developers

<ul><li>We expect 4QFY22 to be a moderate quarter for the construction companies as execution is expected to remain moderate whereas higher input costs of cement, steel, bitumen and sand/aggregates are likely to weigh negatively on margins.</li><li>Within our coverage universe, we expect KNR and PNC to continue to report industry-leading revenue growth and better margins whereas for most others, execution is likely to dip on YoY basis.</li><li>Given the sharp uptick in order inflow in March’22 and decent order books, we expect FY23 to be a much better year in terms of execution whereas margins are likely to remain under pressure.</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>

We expect 4QFY22 to be a moderate quarter for the construction companies as execution is expected to remain moderate whereas higher input costs of cement, steel, bitumen and sand/aggregates are likely to weigh negatively on margins.Within our coverage universe, we expect KNR and PNC to continue to report industry-leading revenue growth and better margins whereas for most others, execution is likely to dip on YoY basis.Given the sharp uptick in order inflow in March’22 and decent order books, we expect FY23 to be a much better year in terms of execution whereas margins are likely to remain under pressure.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.

Construction Sector:Execution Likely to Remain Weak; FY23 Looks Promising

<p>We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22 marred by multiple challenges: When the sector was closing in on normalisation, the resurgence of COVID-19 led to a loss of momentum. Labour migration picked up in early part of Q1FY22; although with cases trending down, labour availability has normalised now. Most of the coverage universe lost precious early part of Q1FY22, resulting in execution coming down to 60-100% of Q4FY21 exit.</p>
<div class="content-highlight"><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></div>

We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22 marred by multiple challenges: When the sector was closing in on normalisation, the resurgence of COVID-19 led to a loss of momentum. Labour migration picked up in early part of Q1FY22; although with cases trending down, labour availability has normalised now. Most of the coverage universe lost precious early part of Q1FY22, resulting in execution coming down to 60-100% of Q4FY21 exit.
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.

Industrials (1QFY22 Results Preview): Loss in Momentum Due to Second Wave

<p>Ashoka Buildcon: Ashoka Buildcon (ASBL) reported 4QFY21 revenue/EBITDA/APAT at INR 14/2/1.5bn, beating our estimates by 14/32/43% on execution and margin outperformance. Labour efficiency has recovered to 90-95% after hitting a trough at 70% in April-21. The company expects commodity price impact to be minimal, given the escalation clauses in much of the order book. The company has guided for 20-25% topline growth, 12-12.5% margin and INR 60-70bn order inflow for FY22. We maintain BUY on the stock, given low leverage (net D/E of ~0.1x) and comfortable liquidity position.</p><div class="content-highlight"><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></div>

Ashoka Buildcon: Ashoka Buildcon (ASBL) reported 4QFY21 revenue/EBITDA/APAT at INR 14/2/1.5bn, beating our estimates by 14/32/43% on execution and margin outperformance. Labour efficiency has recovered to 90-95% after hitting a trough at 70% in April-21. The company expects commodity price impact to be minimal, given the escalation clauses in much of the order book. The company has guided for 20-25% topline growth, 12-12.5% margin and INR 60-70bn order inflow for FY22. We maintain BUY on the stock, given low leverage (net D/E of ~0.1x) and comfortable liquidity position.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.

HSIE Results Daily: Oil India, Ashoka Buildcon

India

Ashoka Buildcon Ltd. is a construction company. The Company builds and operates roads and bridges in India on a build, operate and transfer (BOT) basis. Ashoka also engineers and designs, procures the raw materials and equipment for and constructs roads, bridges, commercial buildings, industrial buildings and institutional buildings, and collects tolls on roads and bridges.

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Ashoka Buildcon (ASBL IN)

Ashoka Buildcon Ltd - EPC Business Outlook Robust; Awaiting Further Asset Sale

Ashoka Buildcon Ltd (ASBL) has reported good set of numbers in a difficult quarter, driven by better execution and controlled margins.

Nirmal Bang

HSIE Results Daily - Bharat Petroleum Corporation, NHPC, Ashoka Buildcon, Kolte Patil Developers

NHPC’s revenue increased 12.2% YoY to INR15.1bn in Q4FY22, led by 9.3% YoY rise in generation. PAF for Q4FY22 was 76.7%, vs 74.33% YoY.

HDFC Securities

Construction Sector:Execution Likely to Remain Weak; FY23 Looks Promising

4QFY22 Result Preview Construction Sector Execution likely to remain weak; FY23 looks promising We expect 4QFY22 to be a moderate quarter for the...

Nirmal Bang

Industrials (1QFY22 Results Preview): Loss in Momentum Due to Second Wave

We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22...

HDFC Securities

HSIE Results Daily: Oil India, Ashoka Buildcon

Ashoka Buildcon: Ashoka Buildcon (ASBL) reported 4QFY21 revenue/EBITDA/APAT at INR 14/2/1.5bn, beating our estimates by 14/32/43% on execution and...

HDFC Securities

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