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>Outlook: The ramping up of the greenfield unit in Mukutban, Maharashtra, is poised to significantly bolster the company's revenue and volume growth in the future.</li><li>Additionally, the implementation of various cost optimization initiatives, improvements in capacity utilization, and realization through a balanced brand portfolio—placing equal emphasis on premium and value segments, geo-mix, and go-to-market supply chain optimization—are expected to positively impact the overall performance of the company moving forward.</li><li>We expect the company to grow Sales/EBITDA/APAT at a CAGR of 9%18/%/41% during FY24-FY26E. Cement pricing remains key monitorable.</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.

Outlook: The ramping up of the greenfield unit in Mukutban, Maharashtra, is poised to significantly bolster the company's revenue and volume growth in the future.Additionally, the implementation of various cost optimization initiatives, improvements in capacity utilization, and realization through a balanced brand portfolio—placing equal emphasis on premium and value segments, geo-mix, and go-to-market supply chain optimization—are expected to positively impact the overall performance of the company moving forward.We expect the company to grow Sales/EBITDA/APAT at a CAGR of 9%18/%/41% during FY24-FY26E. Cement pricing remains key monitorable.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 Limited - Better Operating Performance Delivered; Retain BUY

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>Demand firmed up but at the expense of pricing: In our view, cement demand again firmed up in Q4FY24 on a strong pick-up in non-trades sales</li><li>We estimate aggregate volumes will grow 10% YoY in Q4FY24 (as against 8% YoY in Q3)</li><li>However, owing to aggressive volume push in non-trade segments (channel check suggests major players pushed volumes hard in Q4), cement pricing took a beating during the peak demand quarter</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 firmed up but at the expense of pricing: In our view, cement demand again firmed up in Q4FY24 on a strong pick-up in non-trades salesWe estimate aggregate volumes will grow 10% YoY in Q4FY24 (as against 8% YoY in Q3)However, owing to aggressive volume push in non-trade segments (channel check suggests major players pushed volumes hard in Q4), cement pricing took a beating during the peak demand quarterContent 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 (Q4FY24 Results Preview): Weak pricing dampens industry margin

<ul><li>Birla Corporation Limited (BCL), the flagship company of the M.P. Birla Group, primarily operates in cement manufacturing, which constitutes its core business activity.</li><li>The company's cement division encompasses 11 plants located at 8 different locations.</li><li>Currently, BCL boasts a total cement manufacturing capacity of 20 million tonnes per annum (mtpa), positioning itself as one of the leading players in the Central India region with an estimated market share of 12%. </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.

Birla Corporation Limited (BCL), the flagship company of the M.P. Birla Group, primarily operates in cement manufacturing, which constitutes its core business activity.The company's cement division encompasses 11 plants located at 8 different locations.Currently, BCL boasts a total cement manufacturing capacity of 20 million tonnes per annum (mtpa), positioning itself as one of the leading players in the Central India region with an estimated market share of 12%. 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.

Pick of the Week: Birla Corporation Ltd - 08 APRIL 2024

<ul><li>After observing a slowdown in demand growth during Q3FY24, the momentum in cement demand accelerated in Q4FY24, despite facing a higher base from the previous year, which had seen growth rates of 11-13% in Q4FY23.</li><li>This surge in demand was predominantly fueled by government-led initiatives in infrastructure and housing development, alongside an uptick in real estate demand.</li><li>Following a lacklustre performance in Jan’24, cement demand gained traction in Feb’24 and concluded on a high note in Mar’24.</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.

After observing a slowdown in demand growth during Q3FY24, the momentum in cement demand accelerated in Q4FY24, despite facing a higher base from the previous year, which had seen growth rates of 11-13% in Q4FY23.This surge in demand was predominantly fueled by government-led initiatives in infrastructure and housing development, alongside an uptick in real estate demand.Following a lacklustre performance in Jan’24, cement demand gained traction in Feb’24 and concluded on a high note in Mar’24.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>Nestle India: Nestle posted a resilient operating performance with EBITDA growing by 14% (HSIE: +10%) due to a 370bps GM expansion to 58.6% (the highest in the last 20 quarters)</li><li>Domestic revenue grew by 9% YoY (HSIE 12%) on the back of pricing and mix growth (around low to mid-single-digit volume growth)</li><li>Coffee prices remain volatile while healthy milk flush in winter is expected to keep milk prices stable</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.

Nestle India: Nestle posted a resilient operating performance with EBITDA growing by 14% (HSIE: +10%) due to a 370bps GM expansion to 58.6% (the highest in the last 20 quarters)Domestic revenue grew by 9% YoY (HSIE 12%) on the back of pricing and mix growth (around low to mid-single-digit volume growth)Coffee prices remain volatile while healthy milk flush in winter is expected to keep milk prices stableContent 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: Nestle India, Trent, Britannia Industries, Endurance Technologies

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 Limited - Better Operating Performance Delivered; Retain BUY

The ramping up of the greenfield unit in Mukutban, Maharashtra, is poised to significantly bolster the company's revenue and volume growth in the...

Axis Direct

Cement (Q4FY24 Results Preview): Weak pricing dampens industry margin

Demand firmed up but at the expense of pricing: In our view, cement demand again firmed up in Q4FY24 on a strong pick-up in non-trades sales

HDFC Securities

Pick of the Week: Birla Corporation Ltd - 08 APRIL 2024

Birla Corporation Limited (BCL), the flagship company of the M.P. Birla Group, primarily operates in cement manufacturing, which constitutes its...

Axis Direct

Cement - Q4FY24 Earnings Preview

After observing a slowdown in demand growth during Q3FY24, the momentum in cement demand accelerated in Q4FY24, despite facing a higher base from...

Axis Direct

HSIE Results Daily: Nestle India, Trent, Britannia Industries, Endurance Technologies

Nestle India: Nestle posted a resilient operating performance with EBITDA growing by 14% (HSIE: +10%) due to a 370bps GM expansion to 58.6% (the...

HDFC Securities

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