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>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

Thematic (Sector/Industry)

<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.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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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>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

<ul><li>BCL reported a stellar set of numbers with Volume/Revenue/EBITDA growth of 13%/15%/126% YoY (above expectations), driven by better demand, higher realization and lower operating cost EBITDA increased 126% YoY at Rs 379 Cr ( above expectations) and the company reported an APAT of Rs 109 Cr against the loss of Rs 50 Cr last year.</li><li>It is noteworthy that the company’s cost/tonne declined by 9%/4% YoY/QoQ at Rs 4,604.</li><li>BCL’s EBITDA/tonne was Rs 901, up 132%/30% YoY/QoQ, and this trend is expected to continue in Q4FY24.</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.

BCL reported a stellar set of numbers with Volume/Revenue/EBITDA growth of 13%/15%/126% YoY (above expectations), driven by better demand, higher realization and lower operating cost EBITDA increased 126% YoY at Rs 379 Cr ( above expectations) and the company reported an APAT of Rs 109 Cr against the loss of Rs 50 Cr last year.It is noteworthy that the company’s cost/tonne declined by 9%/4% YoY/QoQ at Rs 4,604.BCL’s EBITDA/tonne was Rs 901, up 132%/30% YoY/QoQ, and this trend is expected to continue in Q4FY24.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 - Robust Volume Growth; Margin Profile to Trend Higher

<ul><li>Growth tapers after six consecutive quarters of robust show: We estimate cement demand cooled off to ~7% YoY in Q3FY24, after delivering ~9-16% growth rate (average 12%) in the preceding six quarters</li><li>While demand remained strong in Oct, it slipped off in Nov/Dec—attributable to multiple reasons: elections in four states, flooding in the southern region, sand issues in certain states, and festivals</li><li>Thus, as against general expectations of demand firming up post-monsoon by ~10-15% QoQ, cement sales recovered a modest 4% QoQ, leading to demand tapering.</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.

Growth tapers after six consecutive quarters of robust show: We estimate cement demand cooled off to ~7% YoY in Q3FY24, after delivering ~9-16% growth rate (average 12%) in the preceding six quartersWhile demand remained strong in Oct, it slipped off in Nov/Dec—attributable to multiple reasons: elections in four states, flooding in the southern region, sand issues in certain states, and festivalsThus, as against general expectations of demand firming up post-monsoon by ~10-15% QoQ, cement sales recovered a modest 4% QoQ, leading to demand tapering.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.

Cement (Q3FY24 Results Preview): Industry Margin Surges to a Nine-Quarter High

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)

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

Birla Corporation Limited - Robust Volume Growth; Margin Profile to Trend Higher

It is noteworthy that the company’s cost/tonne declined by 9%/4% YoY/QoQ at Rs 4,604. BCL’s EBITDA/tonne was Rs 901, up 132%/30% YoY/QoQ, and this...

Axis Direct

Cement (Q3FY24 Results Preview): Industry Margin Surges to a Nine-Quarter High

We estimate cement demand cooled off to ~7% YoY in Q3FY24, after delivering ~9-16% growth rate (average 12%) in the preceding six quarters

HDFC Securities

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