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Thematic (Sector/Industry)

<ul><li>ONGC: We maintain our BUY recommendation on ONGC with a target price of INR 178, based on (1) increase in crude price realisation and (2) improvement in domestic gas price realisation</li><li>Q1FY23 revenue/EBITDA/APAT stood at INR 423/259/152bn, below our estimates, owing to higher other expenses, depreciation and interest cost, partially offset by higher-than-expected other income</li><li>Crude oil and gas production were broadly in line, but total crude oil sales, including JV share, came below estimates. Trent: Trent reported a stellar Q1 print</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>

ONGC: We maintain our BUY recommendation on ONGC with a target price of INR 178, based on (1) increase in crude price realisation and (2) improvement in domestic gas price realisationQ1FY23 revenue/EBITDA/APAT stood at INR 423/259/152bn, below our estimates, owing to higher other expenses, depreciation and interest cost, partially offset by higher-than-expected other incomeCrude oil and gas production were broadly in line, but total crude oil sales, including JV share, came below estimates. Trent: Trent reported a stellar Q1 printContent 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: ONGC, Trent, Phoenix Mills, Fine Organic Industries

Equity Bottom-Up

Fine Organic Industries Ltd / Equity Bottom-Up

<div><div><div><ul><li>Financial performance: Revenue grew 33/91% QoQ/YoY to INR 6.2bn in Q4 on the back of higher realisations, courtesy full pass-through of input cost price hikes, on boarding of new customers, repeat orders, better product mix, foreign exchange gains, and inability of competitors to supply their products, owing to non-availability of raw materials.</li><li>The contribution of exports to total revenue was 60% in FY22. EBITDA came in at INR 1.6bn, +100/+230% QoQ/YoY, with EBITDA margin improving significantly to 26% (+868/+1,090bps QoQ/YoY), owing to shift in the product mix towards high- margin value-added products, new customers, and new approvals in Q4.</li><li>APAT came in at INR 1.2bn (+135/+283% QoQ/YoY).</li></ul></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>

Financial performance: Revenue grew 33/91% QoQ/YoY to INR 6.2bn in Q4 on the back of higher realisations, courtesy full pass-through of input cost price hikes, on boarding of new customers, repeat orders, better product mix, foreign exchange gains, and inability of competitors to supply their products, owing to non-availability of raw materials.The contribution of exports to total revenue was 60% in FY22. EBITDA came in at INR 1.6bn, +100/+230% QoQ/YoY, with EBITDA margin improving significantly to 26% (+868/+1,090bps QoQ/YoY), owing to shift in the product mix towards high- margin value-added products, new customers, and new approvals in Q4.APAT came in at INR 1.2bn (+135/+283% QoQ/YoY).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.

Fine Organic Industries (4QFY22): Blockbuster Quarter!

<div><div><div><ul><li>Financial performance: Revenue grew 33/91% QoQ/YoY to INR 6.2bn in Q4 on the back of higher realisations, courtesy full pass-through of input cost price hikes, on boarding of new customers, repeat orders, better product mix, foreign exchange gains, and inability of competitors to supply their products, owing to non-availability of raw materials.</li></ul><div><div><div><ul><li>Con call highlights: (1) Currently, all plants are running at their optimum capacities.</li></ul><div><div><div><ul><li>Change in estimates: We raise our FY23/24 EPS estimates by 30.4/24.9% to INR 112.5/124.3, to factor in higher realisations and better margins, owing to a better product mix, new customers, and capacity ramp-up.</li></ul></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>

Financial performance: Revenue grew 33/91% QoQ/YoY to INR 6.2bn in Q4 on the back of higher realisations, courtesy full pass-through of input cost price hikes, on boarding of new customers, repeat orders, better product mix, foreign exchange gains, and inability of competitors to supply their products, owing to non-availability of raw materials.Con call highlights: (1) Currently, all plants are running at their optimum capacities.Change in estimates: We raise our FY23/24 EPS estimates by 30.4/24.9% to INR 112.5/124.3, to factor in higher realisations and better margins, owing to a better product mix, new customers, and capacity ramp-up.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.

Fine Organic Industries - Blockbuster Quarter!

<p>Sadbhav Engineering: Sadbhav Engineering (SEL) continued its weak operating performance in Q2 as revenue/EBITDA, at INR 2.6/0.35bn, were a (miss)/beat of (6.3)/31%. It reported an exceptional loss of INR 50mn on the sale of fixed assets. SEL has been caught in a tightened liquidity conundrum and is in the midst of deleveraging through asset monetisation (INR17-18bn). Execution pick-up is contingent on the same. We await progress on monetisation of Ahmedabad ring road and three HAM assets along with the remaining 2.5% stake sale in Indinfravit trust.</p><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>

Sadbhav Engineering: Sadbhav Engineering (SEL) continued its weak operating performance in Q2 as revenue/EBITDA, at INR 2.6/0.35bn, were a (miss)/beat of (6.3)/31%. It reported an exceptional loss of INR 50mn on the sale of fixed assets. SEL has been caught in a tightened liquidity conundrum and is in the midst of deleveraging through asset monetisation (INR17-18bn). Execution pick-up is contingent on the same. We await progress on monetisation of Ahmedabad ring road and three HAM assets along with the remaining 2.5% stake sale in Indinfravit trust.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.

HSIE Results Daily: Fine Organic Industries, Sadbhav Engineering

<p>The constant focus on R&amp;D and availability of capacity will enable the company to remain competitive and expand its customer base. Given the capacity expansion-led growth, FOIL's capability to generate 20%+ returns on reinvested profits, and unique business model with high entry barriers, its PER of 42.9/31.0x FY23/24E looks contextually low. Our BUY recommendation on Fine Organic Industries (FOIL) with a target price of INR 3,910 is premised on (1) constant focus on R&amp;D;, (2) diversified product portfolio, (3) capacity-led expansion growth opportunity, and (4) leadership in oleo-chemical based additives in the domestic and global markets with a loyal customer base.</p><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>

The constant focus on R&amp;D and availability of capacity will enable the company to remain competitive and expand its customer base. Given the capacity expansion-led growth, FOIL's capability to generate 20%+ returns on reinvested profits, and unique business model with high entry barriers, its PER of 42.9/31.0x FY23/24E looks contextually low. Our BUY recommendation on Fine Organic Industries (FOIL) with a target price of INR 3,910 is premised on (1) constant focus on R&amp;D;, (2) diversified product portfolio, (3) capacity-led expansion growth opportunity, and (4) leadership in oleo-chemical based additives in the domestic and global markets with a loyal customer 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.

Fine Organic Industries (Update): Fine-tastic future. Maintain BUY

India

Fine Organic Industries Limited manufactures specialty chemicals. The Company offers additives for foods, plastics, rubbers, paints, inks, cosmetics, coatings, textile auxiliaries, and other applications. Fine Organic Industries serves customers worldwide.

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Fine Organic Industries Ltd (FINEORG IN)

HSIE Results Daily: ONGC, Trent, Phoenix Mills, Fine Organic Industries

Crude oil and gas production were broadly in line, but total crude oil sales, including JV share, came below estimates. Trent: Trent reported a...

HDFC Securities

Fine Organic Industries (4QFY22): Blockbuster Quarter!

We downgrade Fine Organics from BUY to ADD, with a revised target price of INR 5,290. The downgrade is largely owing to 22% increase in the stock...

HDFC Securities

Fine Organic Industries - Blockbuster Quarter!

We downgrade Fine Organics from BUY to ADD, with a revised target price of INR 5,290. The downgrade is largely owing to 22% increase in the stock...

HDFC Securities

HSIE Results Daily: Fine Organic Industries, Sadbhav Engineering

Sadbhav Engineering: Sadbhav Engineering (SEL) continued its weak operating performance in Q2 as revenue/EBITDA, at INR 2.6/0.35bn, were a (miss)...

HDFC Securities

Fine Organic Industries (Update): Fine-tastic future. Maintain BUY

The constant focus on R&D and availability of capacity will enable the company to remain competitive and expand its customer base. Given the...

HDFC Securities

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