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>Cement demand momentum continued in Q2FY24: Following robust volume growth in Q1FY24, cement demand momentum continued in Q2FY24, although Q2 is typically impacted by seasonal fluctuations due to the monsoon.</li><li>Demand momentum was primarily driven by government-led infrastructure and housing development, as well as encouraging real estate demand.</li><li>Demand momentum had slowed in Jul'23 due to monsoon rains, but strengthened in Aug’23 and continued in Sep’23, albeit with some moderation due to monsoon rains.</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>

Cement demand momentum continued in Q2FY24: Following robust volume growth in Q1FY24, cement demand momentum continued in Q2FY24, although Q2 is typically impacted by seasonal fluctuations due to the monsoon.Demand momentum was primarily driven by government-led infrastructure and housing development, as well as encouraging real estate demand.Demand momentum had slowed in Jul'23 due to monsoon rains, but strengthened in Aug’23 and continued in Sep’23, albeit with some moderation due to monsoon rains.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), HDFC Securities

HDFC Securities

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<ul><li>Hindustan Unilever: HUL’s revenue growth of 6% YoY was below our expectations (HSIE: 9%), as inventory de-stocking by trade (1-3 days) in anticipation of price cuts led to a 3% volume growth (2% four-year CAGR, HSIE 6%)</li><li>Home care &amp; BPC saw mid-single-digit volume growth while F&amp;R volumes were flat</li><li>Benefits of GM expansion (+255bps YoY) were largely offset by (1) higher A&amp;P spends (2) capability building (restructuring in HFD portfolio) and (3) an increase in royalty rate which limited EBITDAM expansion to 55bps</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>

Hindustan Unilever: HUL’s revenue growth of 6% YoY was below our expectations (HSIE: 9%), as inventory de-stocking by trade (1-3 days) in anticipation of price cuts led to a 3% volume growth (2% four-year CAGR, HSIE 6%)Home care &amp; BPC saw mid-single-digit volume growth while F&amp;R volumes were flatBenefits of GM expansion (+255bps YoY) were largely offset by (1) higher A&amp;P spends (2) capability building (restructuring in HFD portfolio) and (3) an increase in royalty rate which limited EBITDAM expansion to 55bpsContent 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: Hindustan Unilever, Infosys

Equity Bottom-Up

Heidelberg Cement India / Equity Bottom-Up

<div><div><div><div><ul><li><p>Heidelberg Cement’s operating performance stood in line with our estimates and was supported by volume growth and lower costs during the quarter.</p></li><li><p>Its Volume/Revenue/APAT grew by 8%/1%/1% YoY while EBITDA de-grew by 2%.YoY (marginally below our expectations).</p></li><li><p>The company reported an EBITDA margin of 15.6% (vs. the expectation of 16%) as overall cost/tonne reduced by 6% to Rs 4,179 YoY.</p></li></ul></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>

Heidelberg Cement’s operating performance stood in line with our estimates and was supported by volume growth and lower costs during the quarter.Its Volume/Revenue/APAT grew by 8%/1%/1% YoY while EBITDA de-grew by 2%.YoY (marginally below our expectations).The company reported an EBITDA margin of 15.6% (vs. the expectation of 16%) as overall cost/tonne reduced by 6% to Rs 4,179 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.

Heidelberg Cement India Limited - Inline Performance; Maintain HOLD

<ul><li>We expect industry volume to grow by ~9% YoY in FY24</li><li>We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24</li><li>So, we expect realisation to fall 1-2% YoY in FY24, as the industry would partially pass on the cost savings</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>

We expect industry volume to grow by ~9% YoY in FY24We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24So, we expect realisation to fall 1-2% YoY in FY24, as the industry would partially pass on the cost savingsContent 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: Demand stays strong; fuel costs cool off further

<ul>
<li>JK Cement: We maintain our REDUCE rating on JK Cement (JKCE), with a revised TP of INR 2,755 (11x Mar-25E consolidated EBITDA)</li>
<li>In Q4FY23, JKCE reported 16% YoY consolidated volume growth led by the fast ramp-up of Panna IU in the central region</li>
<li>Consolidated unitary EBITDA recovered ~INR 150/MT QoQ on fuel cost reduction and op-lev gains</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>


JK Cement: We maintain our REDUCE rating on JK Cement (JKCE), with a revised TP of INR 2,755 (11x Mar-25E consolidated EBITDA)
In Q4FY23, JKCE reported 16% YoY consolidated volume growth led by the fast ramp-up of Panna IU in the central region
Consolidated unitary EBITDA recovered ~INR 150/MT QoQ on fuel cost reduction and op-lev gains

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: JK Cement, KNR Constructions, NOCIL, Heidelberg Cement, Deccan Cements

India

Heidelbergcement India Ltd. manufactures portland slag cement and portland pozzolana cement.

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Heidelberg Cement India (HEIM IN)

Cement - Q2FY24 Earnings Preview

Following robust volume growth in Q1FY24, cement demand momentum continued in Q2FY24, although Q2 is typically impacted by seasonal fluctuations...

Axis Direct

HSIE Results Daily: Hindustan Unilever, Infosys

HUL’s revenue growth of 6% YoY was below our expectations (HSIE: 9%), as inventory de-stocking by trade (1-3 days) in anticipation of price cuts...

HDFC Securities

Heidelberg Cement India Limited - Inline Performance; Maintain HOLD

Heidelberg Cement’s operating performance stood in line with our estimates and was supported by volume growth and lower costs during the quarter.

Axis Direct

Cement: Demand stays strong; fuel costs cool off further

We expect industry volume to grow by ~9% YoY in FY24. We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24

HDFC Securities

HSIE Results Daily: JK Cement, KNR Constructions, NOCIL, Heidelberg Cement, Deccan Cements

JK Cement: We maintain our REDUCE rating on JK Cement (JKCE), with a revised TP of INR 2,755 (11x Mar-25E consolidated EBITDA)

HDFC Securities

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