External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

Thematic (Sector/Industry)

<ul><li>Bharat Forge: Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas subsidiaries</li><li>Performance beat was largely driven by better-than-expected revenue growth at the standalone entity and break-even at the Europe subsidiary</li><li>We continue to highlight that BHFC has multiple growth levers to offset any potential slowdown from US Class8 which include: (1) defence orders that are likely to see this segment’s revenue ramp-up to INR 17bn by FY25E, from INR 3.5bn in FY23, (2) strong growth expected in PV and industrial exports, (3) huge ramp-up potential at JS-Auto Cast, given its capacity is expected to increase by 2x and there is a huge demand for castings, both in India and abroad, (4) strong order backlog in aerospace, which would help boost revenue to INR 5bn over next the four years, from INR 1.7bn</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.

Bharat Forge: Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas subsidiariesPerformance beat was largely driven by better-than-expected revenue growth at the standalone entity and break-even at the Europe subsidiaryWe continue to highlight that BHFC has multiple growth levers to offset any potential slowdown from US Class8 which include: (1) defence orders that are likely to see this segment’s revenue ramp-up to INR 17bn by FY25E, from INR 3.5bn in FY23, (2) strong growth expected in PV and industrial exports, (3) huge ramp-up potential at JS-Auto Cast, given its capacity is expected to increase by 2x and there is a huge demand for castings, both in India and abroad, (4) strong order backlog in aerospace, which would help boost revenue to INR 5bn over next the four years, from INR 1.7bnContent 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: Bharat Forge, Phoenix Mills, Oil India, Prestige Estates

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>BCL reported Revenue/Volume growth of 9%/12% YoY (above expectations), driven by better demand.</li><li>EBITDA increased 15% YoY (below expectations) and APAT decreased 4% YoY (below expectations) due to lower realization, higher RM costs and higher depreciation and interest expense.</li><li>It is noteworthy that the company’s cost/tonne declined 3% YoY/ QoQ to Rs 4,786. BCL’s EBITDA/tonne was Rs 675, up 2%/9% YoY/QoQ, and this trend is expected to continue in FY24. </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 9%/12% YoY (above expectations), driven by better demand.EBITDA increased 15% YoY (below expectations) and APAT decreased 4% YoY (below expectations) due to lower realization, higher RM costs and higher depreciation and interest expense.It is noteworthy that the company’s cost/tonne declined 3% YoY/ QoQ to Rs 4,786. BCL’s EBITDA/tonne was Rs 675, up 2%/9% YoY/QoQ, and this trend is expected to continue in FY24. 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 - Operating Performance Continues to Improve

<ul><li>We expect industry volume to grow by ~9% YoY in FY24</li><li>We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24</li><li>So, we expect realisation to fall 1-2% YoY in FY24, as the industry would partially pass on the cost savings</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 expect industry volume to grow by ~9% YoY in FY24We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24So, we expect realisation to fall 1-2% YoY in FY24, as the industry would partially pass on the cost savingsContent 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 stays strong; fuel costs cool off further

<ul><li>TOP RESULT PICK: UltraTech Cement, Ambuja Cement, Dalmia Bharat, Birla Corporation, JK Lakshmi, Star Cement</li><li>After witnessing good volume growth in Q4FY23, momentum in cement demand continued in Q1FY24 as well, primarily driven by the government’s push for infrastructure and housing development along with encouraging private real estate demand.</li><li>Demand momentum began on a good note in Apr’23 and remained strong in May’23 but was followed by some softness in Jun’23 on account of monsoon rain and cyclone in some parts of the country.</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.

TOP RESULT PICK: UltraTech Cement, Ambuja Cement, Dalmia Bharat, Birla Corporation, JK Lakshmi, Star CementAfter witnessing good volume growth in Q4FY23, momentum in cement demand continued in Q1FY24 as well, primarily driven by the government’s push for infrastructure and housing development along with encouraging private real estate demand.Demand momentum began on a good note in Apr’23 and remained strong in May’23 but was followed by some softness in Jun’23 on account of monsoon rain and cyclone in some parts of the country.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 style="list-style-type: disc;"><li>The companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of +9%/+13%/-7%/- 19% YoY against expectation of +8%/+11%/0%/-17%.</li><li>Volume/Revenue/EBITDA/APAT growth of 13%/14%/28%/109% QoQ , driven by higher volume, operating leverage, and lower costs.</li><li>EBITDA margins contracted by 300bps YoY but improved by 200bps QoQ.</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 companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of +9%/+13%/-7%/- 19% YoY against expectation of +8%/+11%/0%/-17%.Volume/Revenue/EBITDA/APAT growth of 13%/14%/28%/109% QoQ , driven by higher volume, operating leverage, and lower costs.EBITDA margins contracted by 300bps YoY but improved by 200bps QoQ.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.

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)

HSIE Results Daily: Bharat Forge, Phoenix Mills, Oil India, Prestige Estates

Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas...

HDFC Securities

Birla Corporation Limited - Operating Performance Continues to Improve

EBITDA increased 15% YoY (below expectations) and APAT decreased 4% YoY (below expectations) due to lower realization, higher RM costs and higher...

Axis Direct

Cement: Demand stays strong; fuel costs cool off further

We expect industry volume to grow by ~9% YoY in FY24. We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24

HDFC Securities

Cement - Q1FY24 Earnings Preview

TOP RESULT PICK: UltraTech Cement, Ambuja Cement, Dalmia Bharat, Birla Corporation, JK Lakshmi, Star Cement. After witnessing good volume growth in...

Axis Direct

Top Sector Ideas - Cement Sector

The companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of +9%/+13%/-7%/- 19% YoY against expectation of +8%/+11%/0%/-17%.

Axis Direct

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