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

Escorts Kubota Limited / Equity Bottom-Up

<ul><li>The growth trend in the domestic tractor industry is likely to continue in Q4FY23 and industry volumes are likely to cross peak volumes of 9 Lc tractors in the fiscal.</li><li>Sales to Kubota's global network are also gradually increasing and in Q3FY23 it contributed more than 35% of the total export volumes.</li><li>As per the management, the company has been steadily regaining its lost market share from 9.1% in Q1FY23 to 9.7% in Q2 and to 10.6% in Q3 (10.4% in Q3FY22).</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 growth trend in the domestic tractor industry is likely to continue in Q4FY23 and industry volumes are likely to cross peak volumes of 9 Lc tractors in the fiscal.Sales to Kubota's global network are also gradually increasing and in Q3FY23 it contributed more than 35% of the total export volumes.As per the management, the company has been steadily regaining its lost market share from 9.1% in Q1FY23 to 9.7% in Q2 and to 10.6% in Q3 (10.4% in Q3FY22).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 - Growth Outlook Intact; Maintain BUY

<ul><li>Escorts Kubota Ltd (EKL) revenues for Q2FY23 were reported at Rs 1,884 Cr (2% beat) which grew by 12.2% YoY but down 6.5% QoQ.</li><li>The company’s EBITDA de-grew 33%/24% YoY/QoQ to Rs 153 Cr and stood significantly below our estimates by 23%.</li><li>The miss was mainly on account of unabsorbed RM inflation, lower operating leverage (volume drop in both tractor and construction equipment business), and lower-than-expected realisations in the tractors business.</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 Q2FY23 were reported at Rs 1,884 Cr (2% beat) which grew by 12.2% YoY but down 6.5% QoQ.The company’s EBITDA de-grew 33%/24% YoY/QoQ to Rs 153 Cr and stood significantly below our estimates by 23%.The miss was mainly on account of unabsorbed RM inflation, lower operating leverage (volume drop in both tractor and construction equipment business), and lower-than-expected realisations in the tractors business.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 - Poised to Gain Global Footprint; Margins Seen Bottoming Out

<div><div><div><div><ul><li>Demand Outlook: The management expects the tractor industry volume to grow by ~20% in Q1FY23E on account of normal monsoon expectations and higher food grain prices.</li></ul><div><div><div><div><ul><li>Margin outlook: To mitigate the impact of higher input cost, company took a price hike of ~2% in Apr’22 and would further take a price hike of ~2% in Q2FY23 as well.</li></ul><div><div><div><div><ul><li>Railway Equipment Division (RED): The segment revenue stood at Rs 173 Cr for the quarter as against Rs 146 Cr in Q4FY21.</li></ul></div></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>

Demand Outlook: The management expects the tractor industry volume to grow by ~20% in Q1FY23E on account of normal monsoon expectations and higher food grain prices.Margin outlook: To mitigate the impact of higher input cost, company took a price hike of ~2% in Apr’22 and would further take a price hike of ~2% in Q2FY23 as well.Railway Equipment Division (RED): The segment revenue stood at Rs 173 Cr for the quarter as against Rs 146 Cr in Q4FY21.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), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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>Resurfaced chip availability concerns amid geopolitical issues Russia is the largest producer (~40% share in global production) of rare earth metal palladium, which is used in manufacturing of semiconductor.</li><li>Further Ukraine is the largest producer of neon gas, which is another important component for semiconductor (chip) manufacturing.</li><li>Therefore, any supply chain disruption of these critical raw materials in this space would impact the availability of chips, resulting in an adverse impact on OEM volumes and associated productivity.</li></ul><div class="content-highlight"><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></div>

Resurfaced chip availability concerns amid geopolitical issues Russia is the largest producer (~40% share in global production) of rare earth metal palladium, which is used in manufacturing of semiconductor.Further Ukraine is the largest producer of neon gas, which is another important component for semiconductor (chip) manufacturing.Therefore, any supply chain disruption of these critical raw materials in this space would impact the availability of chips, resulting in an adverse impact on OEM volumes and associated productivity.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, Margin Concerns Resurface for Auto Sector Amid Prevailing Geopolitical Crises

<ul><li>Escorts Q3FY22 results were broadly in line with our expectations, driven by a richer Tractor mix and a recovery in the Railway business in Q3FY22</li><li>The company reported total revenue of Rs 1,957 Cr (our estimate – Rs 1,911 Cr) against Rs 2,017 Cr in Q3FY21, a marginal de-growth of 3% YoY</li><li>We maintain our HOLD rating on the stock keeping our target price unchanged at Rs 1,900, valuing the company at 19x FY24E P/E</li></ul><div class="content-highlight"><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></div>

Escorts Q3FY22 results were broadly in line with our expectations, driven by a richer Tractor mix and a recovery in the Railway business in Q3FY22The company reported total revenue of Rs 1,957 Cr (our estimate – Rs 1,911 Cr) against Rs 2,017 Cr in Q3FY21, a marginal de-growth of 3% YoYWe maintain our HOLD rating on the stock keeping our target price unchanged at Rs 1,900, valuing the company at 19x FY24E P/EContent 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: Results In Line with Expectations; Muted Outlook On Tractor Industry

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)

Escorts Kubota Ltd - Growth Outlook Intact; Maintain BUY

The growth trend in the domestic tractor industry is likely to continue in Q4FY23 and industry volumes are likely to cross peak volumes of 9 Lc...

Axis Direct

Escorts Kubota Ltd - Poised to Gain Global Footprint; Margins Seen Bottoming Out

Escorts Kubota Ltd (EKL) revenues for Q2FY23 were reported at Rs 1,884 Cr (2% beat) which grew by 12.2% YoY but down 6.5% QoQ.

Axis Direct

Result Update- Escorts

Escorts posted good set of numbers in Q4FY22 driven by a richer Tractor mix and a recovery in the Construction Equipment business. The company...

Axis Direct

Growth, Margin Concerns Resurface for Auto Sector Amid Prevailing Geopolitical Crises

Resurfaced chip availability concerns amid geopolitical issues Russia is the largest producer (~40% share in global production) of rare earth metal...

ICICI Securities Limited

Escorts: Results In Line with Expectations; Muted Outlook On Tractor Industry

We maintain our HOLD rating on the stock keeping our target price unchanged at Rs 1,900, valuing the company at 19x FY24E P/E.

Axis Direct

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