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>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

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>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

<ul><li>Cement demand momentum moderated in Q3FY24: After witnessing double-digit volume growth in H1FY24, cement demand momentum moderated in Q3FY24.</li><li>This was on account of Diwali festivity, labour shortage, construction ban in NCR, and Assembly election in key States of MP, CG, Rajasthan, and Telangana.</li><li>After witnessing double-digit growth in Oct’23, cement demand moderated sharply in Nov’23 and remained subdued in Dec’23, though a slight pick-up towards the end of the month was observed. </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.

Cement demand momentum moderated in Q3FY24: After witnessing double-digit volume growth in H1FY24, cement demand momentum moderated in Q3FY24.This was on account of Diwali festivity, labour shortage, construction ban in NCR, and Assembly election in key States of MP, CG, Rajasthan, and Telangana.After witnessing double-digit growth in Oct’23, cement demand moderated sharply in Nov’23 and remained subdued in Dec’23, though a slight pick-up towards the end of the month was observed. 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>BCL reported Revenue/Volume growth of 14%/15% YoY (above expectations), driven by better demand.</li><li>EBITDA increased 207% YoY (below expectations) and the company reported an APAT of Rs 59 Cr against the loss of Rs 56 Cr last year.</li><li>However, it was below our expectations owing to flat realization. It is noteworthy that the company’s cost/tonne declined by 9% YoY but stood flat QoQ at Rs 4,777. </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 Revenue/Volume growth of 14%/15% YoY (above expectations), driven by better demand.EBITDA increased 207% YoY (below expectations) and the company reported an APAT of Rs 59 Cr against the loss of Rs 56 Cr last year.However, it was below our expectations owing to flat realization. It is noteworthy that the company’s cost/tonne declined by 9% YoY but stood flat QoQ at Rs 4,777. 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 Improve

<ul><li>Demand momentum remains robust: We estimate our coverage universe of 15 companies will deliver strong 12% YoY volume growth (four-year CAGR: 9%) in Q2FY24</li><li>On a QoQ basis, we estimate sales volume will reduce 11% on seasonal demand weakness</li><li>Aggregate utilisation should expand ~350bps YoY to 76%, in our view</li><li>We expect industry-leading volume offtake (13% and more) by UltraTech, Birla Corp, JK Cement, Ramco Cements, and Sagar Cement.</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 momentum remains robust: We estimate our coverage universe of 15 companies will deliver strong 12% YoY volume growth (four-year CAGR: 9%) in Q2FY24On a QoQ basis, we estimate sales volume will reduce 11% on seasonal demand weaknessAggregate utilisation should expand ~350bps YoY to 76%, in our viewWe expect industry-leading volume offtake (13% and more) by UltraTech, Birla Corp, JK Cement, Ramco Cements, and Sagar Cement.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 (Q2FY24 Results Preview): Robust demand for sixth consecutive quarter

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 - 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

Cement - Q3FY24 Earnings Preview

Cement demand momentum moderated in Q3FY24: After witnessing double-digit volume growth in H1FY24, cement demand momentum moderated in Q3FY24.

Axis Direct

Birla Corporation Limited - Robust Volume Growth; Margin Profile To Improve

EBITDA increased 207% YoY (below expectations) and the company reported an APAT of Rs 59 Cr against the loss of Rs 56 Cr last year.

Axis Direct

Cement (Q2FY24 Results Preview): Robust demand for sixth consecutive quarter

Demand momentum remains robust: We estimate our coverage universe of 15 companies will deliver strong 12% YoY volume growth (four-year CAGR: 9%) in...

HDFC Securities

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