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

Motilal Oswal

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>BCORP’s 2QFY25 EBITDA declined 39% YoY to INR1.8b (in line) and EBITDA/t fell 35% YoY to INR446 (est. INR436).</li><li>OPM dipped 3.6pp YoY to 9%. The company reported a net loss of INR252m vs. PAT of INR586m in 2QFY24.</li><li>The management is not much optimistic about the near-term outlook as the festive season and upcoming state elections could delay the expected recovery until Nov’24-end. </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.

BCORP’s 2QFY25 EBITDA declined 39% YoY to INR1.8b (in line) and EBITDA/t fell 35% YoY to INR446 (est. INR436).OPM dipped 3.6pp YoY to 9%. The company reported a net loss of INR252m vs. PAT of INR586m in 2QFY24.The management is not much optimistic about the near-term outlook as the festive season and upcoming state elections could delay the expected recovery until Nov’24-end. 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.

Birla Corporation - In-Line Performance; Near-Term Headwinds Hurt Margins

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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>TVS Motor: TVS Motors’ Q2 PAT at INR 6.6bn (+24% YoY/+12% QoQ) was marginally lower than our estimates</li><li>Higher investments in digital, brand building and R&amp;D led to higher other expenses YoY and higher depreciation</li><li>Q2 was a subdued quarter, in line with expectations</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.

TVS Motor: TVS Motors’ Q2 PAT at INR 6.6bn (+24% YoY/+12% QoQ) was marginally lower than our estimatesHigher investments in digital, brand building and R&amp;D led to higher other expenses YoY and higher depreciationQ2 was a subdued quarter, in line with expectationsContent 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: TVS Motor, IndusInd Bank, Dixon Technologies, Petronet LNG, Metro Brands

<ul><li>Demand fails to pick up in Q2FY25: The slowdown in construction activities during Q1FY25 (general elections, heat waves) continued in Q2FY25 due to demand sluggishness (elections impact and heavy rains all around)</li><li>At the industry level, we estimate demand contracted by 2% YoY in Q2FY25, as against ~4% YoY growth in Q1FY25</li><li>We estimate the aggregate volumes of our coverage universe will decline 1% YoY in Q2, implying a 14% QoQ volume decline</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.

Demand fails to pick up in Q2FY25: The slowdown in construction activities during Q1FY25 (general elections, heat waves) continued in Q2FY25 due to demand sluggishness (elections impact and heavy rains all around)At the industry level, we estimate demand contracted by 2% YoY in Q2FY25, as against ~4% YoY growth in Q1FY25We estimate the aggregate volumes of our coverage universe will decline 1% YoY in Q2, implying a 14% QoQ volume declineContent 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.

Cement (Q2FY25 Results Preview): Demand Contracts and Pricing Slip Further in Q2

<ul><li>We maintain a BUY rating on Birla Corporation (BCORP) with an unchanged target price of INR 1,685/share (9x its Sep-26E consolidated EBITDA)</li><li>We interacted with the management to understand market dynamics and BCORP’s growth plans</li><li>The management noted that Q2FY25 has been a tough quarter for the industry as a whole, as demand has been poor and cement prices continue to drift lower</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 maintain a BUY rating on Birla Corporation (BCORP) with an unchanged target price of INR 1,685/share (9x its Sep-26E consolidated EBITDA)We interacted with the management to understand market dynamics and BCORP’s growth plansThe management noted that Q2FY25 has been a tough quarter for the industry as a whole, as demand has been poor and cement prices continue to drift lowerContent 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.

Birla Corporation: Near-Term Headwinds. Maintain BUY

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.

<ul><li>The company is scaling up its cement production capacity to 25 mtpa from the existing 20 mtpa, considering the projected growth in the economy and cement consumption over the next two years.</li><li>The company delivered consistent sales growth and maintained its strong market share in the premium segment.</li><li>Premium cement accounted for 53.70% of sales through the trade channel.</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 company is scaling up its cement production capacity to 25 mtpa from the existing 20 mtpa, considering the projected growth in the economy and cement consumption over the next two years.The company delivered consistent sales growth and maintained its strong market share in the premium segment.Premium cement accounted for 53.70% of sales through the trade channel.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.

Birla Corporation Ltd - Long Term Outlook Remains Positive; Retain BUY

India

Birla Corporation Limited is a manufacturing company that produces and sells cement, automobile trim parts, jute goods, synthetic and cotton yarns, and PVC floor coverings and coated fabrics. The Group also manufactures calcium carbide, ferromanganese, silico manganese, oxygen and iron and steel castings.

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Birla Corp Ltd (BCORP IN)

Birla Corporation - In-Line Performance; Near-Term Headwinds Hurt Margins

BCORP’s 2QFY25 EBITDA declined 39% YoY to INR1.8b (in line) and EBITDA/t fell 35% YoY to INR446 (est. INR436). OPM dipped 3.6pp YoY to 9%.

Motilal Oswal

HSIE Results Daily: TVS Motor, IndusInd Bank, Dixon Technologies, Petronet LNG, Metro Brands

TVS Motor: TVS Motors’ Q2 PAT at INR 6.6bn (+24% YoY/+12% QoQ) was marginally lower than our estimates. Higher investments in digital, brand...

HDFC Securities

Cement (Q2FY25 Results Preview): Demand Contracts and Pricing Slip Further in Q2

Demand fails to pick up in Q2FY25: The slowdown in construction activities during Q1FY25 (general elections, heat waves) continued in Q2FY25 due to...

HDFC Securities

Birla Corporation: Near-Term Headwinds. Maintain BUY

We maintain a BUY rating on Birla Corporation (BCORP) with an unchanged target price of INR 1,685/share (9x its Sep-26E consolidated EBITDA)

HDFC Securities

Birla Corporation Ltd - Long Term Outlook Remains Positive; Retain BUY

The company is scaling up its cement production capacity to 25 mtpa from the existing 20 mtpa, considering the projected growth in the economy and...

Axis Direct

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