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>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>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. (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>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.

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>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 (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

Thematic (Sector/Industry)

<ul><li>Auto OEMs: We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 17%/41%/50% YoY in Q2FY24.</li><li>This will be led by YoY growth in 1) The PV segment (up ~5% YoY in domestic sales), 7% growth in CV domestic sales, 59% growth in domestic 3W sales being partly offset by a 2% marginal drop in overall 2W sales volumes (domestic + exports),</li><li>2) Higher average selling price (ASP) on a YoY basis, led by price hikes taken by OEMs and improved product mix,</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.

Auto OEMs: We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 17%/41%/50% YoY in Q2FY24.This will be led by YoY growth in 1) The PV segment (up ~5% YoY in domestic sales), 7% growth in CV domestic sales, 59% growth in domestic 3W sales being partly offset by a 2% marginal drop in overall 2W sales volumes (domestic + exports),2) Higher average selling price (ASP) on a YoY basis, led by price hikes taken by OEMs and improved product mix,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>Sep’23 Wholesale Volumes: The PV domestic sales were led by higher SUV dispatches while entry-level car sales remained under pressure.</li><li>Domestic 2W sales grew by 13% MoM (up 2% YoY, excluding HMSI) as OEMs filled the channel inventory ahead of the festive season.</li><li>2W exports showed early signs of strength (needs monitoring) with industry (excl HMSI) growing 4%/1% on a YoY/QoQ basis. </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.

Sep’23 Wholesale Volumes: The PV domestic sales were led by higher SUV dispatches while entry-level car sales remained under pressure.Domestic 2W sales grew by 13% MoM (up 2% YoY, excluding HMSI) as OEMs filled the channel inventory ahead of the festive season.2W exports showed early signs of strength (needs monitoring) with industry (excl HMSI) growing 4%/1% on a YoY/QoQ basis. 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

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.

Escorts Kubota Limited (ESCORTS IN)

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

Auto Q2FY24 Results Preview

Auto OEMs: We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 17%/41%/50% YoY in Q2FY24. This will be led by YoY growth in 1)...

Axis Direct

Auto Monthly Volume Sep 2023

Sep’23 Wholesale Volumes: The PV domestic sales were led by higher SUV dispatches while entry-level car sales remained under pressure.

Axis Direct