External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>In Q2FY25, our coverage universe’s revenue is expected to grow by 4% YoY (volume-driven)</li><li>Pipes demand has weakened in Q2. Pipes channel inventory is low owing to decreasing resin prices</li><li>The tiles and wood panel sectors continue to deliver sub-par volume performance</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.

In Q2FY25, our coverage universe’s revenue is expected to grow by 4% YoY (volume-driven)Pipes demand has weakened in Q2. Pipes channel inventory is low owing to decreasing resin pricesThe tiles and wood panel sectors continue to deliver sub-par volume performanceContent 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.

Building Materials (Q2FY25 Results Preview): Muted Demand Compresses Margins

<ul><li>Siemens: Siemens India Ltd (SIL) delivered weak standalone Q3FY24 revenue/EBITDA/APAT of INR 47.6/6.1/5.3bn, missing our estimates by 13.3/22.1/18.9%</li><li>EBITDA margin was 12.8%(+148bps/-207bps YoY/QoQ) vs our estimate of 14.2%</li><li>SIL received new orders worth INR 62.5bn (+18/+17.1% YoY/QoQ), which is strong, considering the slowdown in bid/order process amid election season</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.

Siemens: Siemens India Ltd (SIL) delivered weak standalone Q3FY24 revenue/EBITDA/APAT of INR 47.6/6.1/5.3bn, missing our estimates by 13.3/22.1/18.9%EBITDA margin was 12.8%(+148bps/-207bps YoY/QoQ) vs our estimate of 14.2%SIL received new orders worth INR 62.5bn (+18/+17.1% YoY/QoQ), which is strong, considering the slowdown in bid/order process amid election seasonContent 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: Siemens, Trent, Infoedge, Balkrishna Industries, Astral, Gujarat State Petronet

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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>The Plumbing division reported volume growth of 16.4% YoY while realisations decreased to Rs 182/kg.</li><li>In Q1FY25, average realisations stood at Rs 182/kg (-7.2% YoY) and EBITDA stood stable at Rs 33/kg (-5.6% YoY). During the quarter, PVC/CPVC raw material prices were volatile.</li><li>The reported PAT of Rs 120 Cr stands below our expectations. Sector Outlook: Positive</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.

The Plumbing division reported volume growth of 16.4% YoY while realisations decreased to Rs 182/kg.In Q1FY25, average realisations stood at Rs 182/kg (-7.2% YoY) and EBITDA stood stable at Rs 33/kg (-5.6% YoY). During the quarter, PVC/CPVC raw material prices were volatile.The reported PAT of Rs 120 Cr stands below our expectations. Sector Outlook: PositiveContent 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>In Q1FY25, our coverage universe’s revenue is expected to grow by 13% YoY (volume-driven)</li><li>Like earlier quarters, volume growth remains healthy in the pipes sector</li><li>The tiles and wood panel sectors continue to deliver muted volume performance</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.

In Q1FY25, our coverage universe’s revenue is expected to grow by 13% YoY (volume-driven)Like earlier quarters, volume growth remains healthy in the pipes sectorThe tiles and wood panel sectors continue to deliver muted volume performanceContent 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.

Building Materials (Q1FY25 Results Preview): Sectoral Dynamics Remain Unchanged

<ul><li>Oil India: Our ADD recommendation on Oil India with a target price of INR 680 is premised on oil production growth at 9% CAGR and gas production growth at 26% CAGR over FY24-26E</li><li>Q4FY24 EBITDA stood at INR 23bn (-1% YoY, +11% QoQ), and PAT at INR 20bn (+14% YoY, +28% QoQ) came in above our estimate, driven by higher-than-expected realisations and higher other income</li><li>Oil and gas production stood at 1.65mmtoe (+5% YoY, -1% QoQ), below our 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.

Oil India: Our ADD recommendation on Oil India with a target price of INR 680 is premised on oil production growth at 9% CAGR and gas production growth at 26% CAGR over FY24-26EQ4FY24 EBITDA stood at INR 23bn (-1% YoY, +11% QoQ), and PAT at INR 20bn (+14% YoY, +28% QoQ) came in above our estimate, driven by higher-than-expected realisations and higher other incomeOil and gas production stood at 1.65mmtoe (+5% YoY, -1% QoQ), below our 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.

HSIE Results Daily: Oil India, Astral, Eris Lifesciences, Aether Industries

India

Astral Polytechnik Limited manufactures and markets CPVC plumbing systems for residential and industrial applications. The Company also manufactures ASTM solvent weld lead free PVC plumbing systems.

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Astral Ltd (ASTRA IN)

Building Materials (Q2FY25 Results Preview): Muted Demand Compresses Margins

In Q2FY25, our coverage universe’s revenue is expected to grow by 4% YoY (volume-driven). Pipes demand has weakened in Q2. Pipes channel inventory...

HDFC Securities

HSIE Results Daily: Siemens, Trent, Infoedge, Balkrishna Industries, Astral, Gujarat State Petronet

Siemens India Ltd (SIL) delivered weak standalone Q3FY24 revenue/EBITDA/APAT of INR 47.6/6.1/5.3bn, missing our estimates by 13.3/22.1/18.9%

HDFC Securities

Astral Ltd - Low Operating Profitability

In Q1FY25, average realisations stood at Rs 182/kg (-7.2% YoY) and EBITDA stood stable at Rs 33/kg (-5.6% YoY). During the quarter, PVC/CPVC raw...

Axis Direct

Building Materials (Q1FY25 Results Preview): Sectoral Dynamics Remain Unchanged

In Q1FY25, our coverage universe’s revenue is expected to grow by 13% YoY (volume-driven). Like earlier quarters, volume growth remains healthy in...

HDFC Securities

HSIE Results Daily: Oil India, Astral, Eris Lifesciences, Aether Industries

Our ADD recommendation on Oil India with a target price of INR 680 is premised on oil production growth at 9% CAGR and gas production growth at 26%...

HDFC Securities

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