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>DBL reported a good set of numbers during the quarter as its Volume/Revenue/EBITDA/APAT grew by 8%/7%/20%/29 (above expectation), driven by better demand, lower cost and higher realization.</li><li>EBITDA grew by 20% which was above our and consensus expectation by 3% on account of lower power/fuel cost, down 30% on a per tonne basis.</li><li>The company reported a profit of Rs 263 Cr against Rs 204 Cr in Q3FY23. </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.

DBL reported a good set of numbers during the quarter as its Volume/Revenue/EBITDA/APAT grew by 8%/7%/20%/29 (above expectation), driven by better demand, lower cost and higher realization.EBITDA grew by 20% which was above our and consensus expectation by 3% on account of lower power/fuel cost, down 30% on a per tonne basis.The company reported a profit of Rs 263 Cr against Rs 204 Cr in Q3FY23. 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.

Dalmia BharatLtd. - In Line Operating Performance; Volume Growth & Pricing Key Monitorable

<ul><li>DBL reported a good set of numbers during the quarter as its Volume/Revenue/EBITDA/APAT grew by 8%/7%/20%/29 (above expectation), driven by better demand, lower cost and higher realization.</li><li>EBITDA grew by 20% which was above our and consensus expectation by 3% on account of lower power/fuel cost, down 30% on a per tonne basis.</li><li>The company reported a profit of Rs 263 Cr against Rs 204 Cr in Q3FY23.</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.

DBL reported a good set of numbers during the quarter as its Volume/Revenue/EBITDA/APAT grew by 8%/7%/20%/29 (above expectation), driven by better demand, lower cost and higher realization.EBITDA grew by 20% which was above our and consensus expectation by 3% on account of lower power/fuel cost, down 30% on a per tonne basis.The company reported a profit of Rs 263 Cr against Rs 204 Cr in Q3FY23.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.

Dalmia Bharat Limited - In Line Operating Performance; Volume Growth & Pricing Key Monitorable

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>Dalmia Bharat: We maintain our BUY rating on Dalmia Bharat with an unchanged TP of INR 2,560/sh (13x its Sep-25E consolidated EBITDA)</li><li>We continue to like Dalmia for its healthy volume, margin, and comfortable balance sheet outlook</li><li>In Q2FY24, Dalmia reported sub-par volume growth (+7% YoY) on market share loss in the east</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.

Dalmia Bharat: We maintain our BUY rating on Dalmia Bharat with an unchanged TP of INR 2,560/sh (13x its Sep-25E consolidated EBITDA)We continue to like Dalmia for its healthy volume, margin, and comfortable balance sheet outlookIn Q2FY24, Dalmia reported sub-par volume growth (+7% YoY) on market share loss in the eastContent 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: Dalmia Bharat, Karur Vysya Bank

<ul><li>DBLreporteda mixed set of numbers during the quarterasits Volume/Revenue/APATgrew by 7%/6%/157% (below expectation) driven by better demand and lower cost.</li><li>EBITDA grew by 55% which was above our consensus expectation by 1% and 3% on account of lower cost,primarily power/fuel cost which was lower by 27% on a per tonne basis.</li><li>The company reported a profit of Rs 118 Cr against Rs 46 Cr in Q2FY23.</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.

DBLreporteda mixed set of numbers during the quarterasits Volume/Revenue/APATgrew by 7%/6%/157% (below expectation) driven by better demand and lower cost.EBITDA grew by 55% which was above our consensus expectation by 1% and 3% on account of lower cost,primarily power/fuel cost which was lower by 27% on a per tonne basis.The company reported a profit of Rs 118 Cr against Rs 46 Cr in Q2FY23.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.

Dalmia Bharat Limited - Better Operating Performance

India

Dalmia Bharat Limited holds cement and power businesses. The Company's interests include cement, power and refractory businesses.

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Dalmia Bharat (DALBHARA IN)

Dalmia BharatLtd. - In Line Operating Performance; Volume Growth & Pricing Key Monitorable

DBL reported a good set of numbers during the quarter as its Volume/Revenue/EBITDA/APAT grew by 8%/7%/20%/29 (above expectation), driven by better...

Axis Direct

Dalmia Bharat Limited - In Line Operating Performance; Volume Growth & Pricing Key Monitorable

DBL reported a good set of numbers during the quarter as its Volume/Revenue/EBITDA/APAT grew by 8%/7%/20%/29 (above expectation), driven by better...

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

HSIE Results Daily: Dalmia Bharat, Karur Vysya Bank

Dalmia Bharat: We maintain our BUY rating on Dalmia Bharat with an unchanged TP of INR 2,560/sh (13x its Sep-25E consolidated EBITDA)

HDFC Securities

Dalmia Bharat Limited - Better Operating Performance

DBLreporteda mixed set of numbers during the quarterasits Volume/Revenue/APATgrew by 7%/6%/157% (below expectation) driven by better demand and...

Axis Direct

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