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. 

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Thematic (Sector/Industry)

<ul><li>The wholesale volumes in Aug’22 picked up in line with our expectations as the OEMs ramped up supply to fill in the inventories ahead of the festive season.</li><li>The easing chip shortage also aided in the broad-based growth in auto supply as against previous quarters.</li><li>Based on the Aug’22 domestic wholesale volume numbers, the CV segment supply growth stood ahead followed by the PV and 2W segments.</li></ul><p><em>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.</em></p>

The wholesale volumes in Aug’22 picked up in line with our expectations as the OEMs ramped up supply to fill in the inventories ahead of the festive season.The easing chip shortage also aided in the broad-based growth in auto supply as against previous quarters.Based on the Aug’22 domestic wholesale volume numbers, the CV segment supply growth stood ahead followed by the PV and 2W segments.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), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>PVs – supply chain constraints to persist; demand holding strong: We expect PV volume to be slightly lower on MoM basis due to supply<br>side issues and higher monthly base.</li></ul><div><div><div><ul><li>2Ws – demand revival remains muted: Domestic 2W dispatches are expected to improve on MoM basis, albeit at a slower pace, led by opening up of schools &amp; offices, beginning of marriage season and improving rural economics.</li></ul><div><div><div><div><ul><li>Tractors – moderating growth on a high base: We expect tractor demand to ease due to a high base.</li></ul></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

PVs – supply chain constraints to persist; demand holding strong: We expect PV volume to be slightly lower on MoM basis due to supply side issues and higher monthly base.2Ws – demand revival remains muted: Domestic 2W dispatches are expected to improve on MoM basis, albeit at a slower pace, led by opening up of schools &amp; offices, beginning of marriage season and improving rural economics.Tractors – moderating growth on a high base: We expect tractor demand to ease due to a high base.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.

Automobile Sales Estimates – 2Ws Rising from Dust; Demand Outlook for PVs and CVs Positive

Equity Bottom-Up

Escorts Kubota Limited / Equity Bottom-Up

<ul><li>Escorts Kubota Ltd. (EKL) reported revenue of Rs 2,059 Cr (up 9% YoY but down 12.6%QoQ) in Q2FY24, a slight miss on our estimates by 2% on lower-than-expected growth in the RED segment.</li><li>The company’s EBITDA stood at Rs 261 Cr (up 75% YoY but down 21% QoQ) and missed our estimates by 4%. EBITDA Margins (up ~476bps YoY but down 140bps QoQ) missed our estimates by 32bps, mainly on account of higher personnel expenses.</li><li>The company reported Adjusted PAT of ~Rs 223 Cr (up 47% YoY but down 23% QoQ), missing our estimates by 8%. </li></ul><p><em>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.</em></p>

Escorts Kubota Ltd. (EKL) reported revenue of Rs 2,059 Cr (up 9% YoY but down 12.6%QoQ) in Q2FY24, a slight miss on our estimates by 2% on lower-than-expected growth in the RED segment.The company’s EBITDA stood at Rs 261 Cr (up 75% YoY but down 21% QoQ) and missed our estimates by 4%. EBITDA Margins (up ~476bps YoY but down 140bps QoQ) missed our estimates by 32bps, mainly on account of higher personnel expenses.The company reported Adjusted PAT of ~Rs 223 Cr (up 47% YoY but down 23% QoQ), missing our estimates by 8%. 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.

Escorts Kubota Ltd - Operational Efficiencies To Drive Bottomline; Maintain BUY

<ul><li>Kubota Ltd (EKL) revenue for Q1FY24 was reported at Rs 2,355 Cr (up 16%/6% YoY/QoQ), which beat our estimates by 2% on higher price realisation in Agri/ECE Business and better than expected growth in the RED segment.</li><li>The company’s EBITDA stood at Rs 331 Cr (up 63%/42% YoY/QoQ) and beat our/consensus estimates by 63%/30% respectively.</li><li>EBITDA Margins (up ~400/350 bps YoY/QoQ) beat estimates by 280 bps mainly on account of the full impact of the price hikes taken in Q4FY23, commodity softening, cost reduction efforts and operating leverage. </li></ul><p><em>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.</em></p>

Kubota Ltd (EKL) revenue for Q1FY24 was reported at Rs 2,355 Cr (up 16%/6% YoY/QoQ), which beat our estimates by 2% on higher price realisation in Agri/ECE Business and better than expected growth in the RED segment.The company’s EBITDA stood at Rs 331 Cr (up 63%/42% YoY/QoQ) and beat our/consensus estimates by 63%/30% respectively.EBITDA Margins (up ~400/350 bps YoY/QoQ) beat estimates by 280 bps mainly on account of the full impact of the price hikes taken in Q4FY23, commodity softening, cost reduction efforts and operating leverage. 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.

Escorts Kubota Ltd - Overall Beat – Focus on Operational Efficiencies

<ul><li>Escorts Kubota Ltd (EKL) revenues for Q4FY23 were reported at Rs 2,214 Cr (up 17% YoY but down 3% QoQ), which was in line with our estimates.</li><li>The sequential revenue growth was led by lower tractor sales (down 12% QoQ/ up 14% YoY ) on account of the advancement of the festive season in Mar’23 as against Apr’23 in the last year, combined with the unseasonal rainfall.</li><li>The company’s EBITDA stood at Rs 233 Cr (down 6% YoY but up 22% QoQ) and beat our/consensus estimates by 14%/21% respectively.</li></ul><p><em>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.</em></p>

Escorts Kubota Ltd (EKL) revenues for Q4FY23 were reported at Rs 2,214 Cr (up 17% YoY but down 3% QoQ), which was in line with our estimates.The sequential revenue growth was led by lower tractor sales (down 12% QoQ/ up 14% YoY ) on account of the advancement of the festive season in Mar’23 as against Apr’23 in the last year, combined with the unseasonal rainfall.The company’s EBITDA stood at Rs 233 Cr (down 6% YoY but up 22% QoQ) and beat our/consensus estimates by 14%/21% respectively.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.

Escorts Kubota Ltd - Long-Term Growth Drivers Intact; Maintain BUY

India

Escorts Kubota Limited is among India's leading engineering conglomerates, operating in the high growth sectors of Agri Machinery, Material Handling, Construction Equipment and Railway Equipment. The Group has earned the trust of over 5 million customers by way of product and process innovations over seven decades.

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Escorts Kubota Limited (ESCORTS IN)

Auto Monthly Volume Update - Aug 2022

The wholesale volumes in Aug’22 picked up in line with our expectations as the OEMs ramped up supply to fill in the inventories ahead of the...

Axis Direct

Automobile Sales Estimates – 2Ws Rising from Dust; Demand Outlook for PVs and CVs Positive

Based on our channel checks, we saw some improvement in 2W demand in April’22 while demand in CV and PV segments continued to remain robust.

Nirmal Bang

Escorts Kubota Ltd - Operational Efficiencies To Drive Bottomline; Maintain BUY

Escorts Kubota Ltd. (EKL) reported revenue of Rs 2,059 Cr (up 9% YoY but down 12.6%QoQ) in Q2FY24, a slight miss on our estimates by 2% on lower...

Axis Direct

Escorts Kubota Ltd - Overall Beat – Focus on Operational Efficiencies

EBITDA Margins (up ~400/350 bps YoY/QoQ) beat estimates by 280 bps mainly on account of the full impact of the price hikes taken in Q4FY23

Axis Direct

Escorts Kubota Ltd - Long-Term Growth Drivers Intact; Maintain BUY

Escorts Kubota Ltd (EKL) revenues for Q4FY23 were reported at Rs 2,214 Cr (up 17% YoY but down 3% QoQ), which was in line with our estimates.

Axis Direct

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