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>Infoedge: Infoedge posted a strong quarter, with both revenue (+11.4% QoQ) and margin coming ahead of estimate</li><li>The growth was led by the core recruitment segment (+12.4% QoQ) while Shiksha/99acres posted ~29/8% QoQ growth</li><li>The growth in recruitment (Naukri) for the last 4-5 quarters was powered by strong hiring in the IT sector; this quarter, it was led by the non-IT sectors (BFSI, travel, infra, and hospitality)</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.

Infoedge: Infoedge posted a strong quarter, with both revenue (+11.4% QoQ) and margin coming ahead of estimateThe growth was led by the core recruitment segment (+12.4% QoQ) while Shiksha/99acres posted ~29/8% QoQ growthThe growth in recruitment (Naukri) for the last 4-5 quarters was powered by strong hiring in the IT sector; this quarter, it was led by the non-IT sectors (BFSI, travel, infra, and hospitality)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: Infoedge, Hero Motocorp, Astral, Bata India

<ul>
<li>In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base</li>
<li>Despite earlier cost pass-through, we estimate margin compression YoY amid elevated gas prices for tiles companies, higher resin prices, and absence of inventory gains for plastic pipe companies</li>
<li>Hence, we expect aggregate revenue for our coverage universe to firm up 19% 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.


In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base
Despite earlier cost pass-through, we estimate margin compression YoY amid elevated gas prices for tiles companies, higher resin prices, and absence of inventory gains for plastic pipe companies
Hence, we expect aggregate revenue for our coverage universe to firm up 19% 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.

Building Materials (Q4FY22 Results Preview): Healthy demand

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>Astral posted consolidated revenue growth of 16.3% YoY in Q2FY24, majorly led by growth in Plastic (+17.3% YoY) and Adhesive segment (+14% YoY).</li><li>The Plumbing division reported strong volume growth of 27.8% YoY while realisations decresed due to high volatility in PVC prices to Rs 188/kg. In Q2FY24, average realisations stood at Rs 196 (-8.2% YoY) and EBITDA stood stable at Rs 34/kg (-1.5% QoQ) which includes losses Rs 4.1 Cr in Sanitaryware and Faucets segments.</li><li>The company’s full-year volume growth guidance has been increased to 20% YoY (vs. 15% YoY earlier). </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.

Astral posted consolidated revenue growth of 16.3% YoY in Q2FY24, majorly led by growth in Plastic (+17.3% YoY) and Adhesive segment (+14% YoY).The Plumbing division reported strong volume growth of 27.8% YoY while realisations decresed due to high volatility in PVC prices to Rs 188/kg. In Q2FY24, average realisations stood at Rs 196 (-8.2% YoY) and EBITDA stood stable at Rs 34/kg (-1.5% QoQ) which includes losses Rs 4.1 Cr in Sanitaryware and Faucets segments.The company’s full-year volume growth guidance has been increased to 20% YoY (vs. 15% YoY earlier). 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>Astral posted consolidated revenue growth of 15.4% YoY.</li><li>In the Plastic segment (95% Plumbing revenue), the company reported volume growth of 30% YoY which indicates the company is gaining market share.</li><li>The company’s Gross Margins fell by 164bps YoY due to a fall in PVC prices, leading to an inventory loss of ~Rs 25 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.

Astral posted consolidated revenue growth of 15.4% YoY.In the Plastic segment (95% Plumbing revenue), the company reported volume growth of 30% YoY which indicates the company is gaining market share.The company’s Gross Margins fell by 164bps YoY due to a fall in PVC prices, leading to an inventory loss of ~Rs 25 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.

Astral Ltd - Strong Volume Growth Led by Channel Restocking and Improved Demand

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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>Astral is the leader in the CPVC piping segment and expanding into other building material business like adhesive, paints and sanitary ware.</li><li>Astral is the third largest piping company with a value market share of 9%.</li><li>In FY22, piping, adhesive contributed 77%, 23%, respectively, to its topline</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.

Astral is the leader in the CPVC piping segment and expanding into other building material business like adhesive, paints and sanitary ware.Astral is the third largest piping company with a value market share of 9%.In FY22, piping, adhesive contributed 77%, 23%, respectively, to its toplineContent 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.

Astral - Inventory Losses, Higher A&P Spend Drag Margin…

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)

HSIE Results Daily: Infoedge, Hero Motocorp, Astral, Bata India

Infoedge: Infoedge posted a strong quarter, with both revenue (+11.4% QoQ) and margin coming ahead of estimate. The growth was led by the core...

HDFC Securities

Building Materials (Q4FY22 Results Preview): Healthy demand

In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base Despite earlier cost pass-through, we...

HDFC Securities

Astral Ltd - Revenue Guidance Increased

Astral posted consolidated revenue growth of 16.3% YoY in Q2FY24, majorly led by growth in Plastic (+17.3% YoY) and Adhesive segment (+14% YoY).

Axis Direct

Astral Ltd - Strong Volume Growth Led by Channel Restocking and Improved Demand

In the Plastic segment (95% Plumbing revenue), the company reported volume growth of 30% YoY which indicates the company is gaining market share.

Axis Direct

Astral - Inventory Losses, Higher A&P Spend Drag Margin…

Astral is the leader in the CPVC piping segment and expanding into other building material business like adhesive, paints and sanitary ware.

ICICI Securities Limited

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