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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Equity Bottom-Up

Heidelberg Cement India / Equity Bottom-Up

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<li>Heidelberg Cement reported poor operating performance during the quarter, which was impacted by higher costs and lower volume.</li>
<li>Its Volume/Revenue/EBITDA/APAT de-grew by 4%/3%/42%/63% YoY (below expectations).</li>
<li>The company reported an EBITDA margin of 11.5% (vs. the expectation of 15.7%) as overall cost/tonne increased by 11% to Rs 4,493 YoY.</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.


Heidelberg Cement reported poor operating performance during the quarter, which was impacted by higher costs and lower volume.
Its Volume/Revenue/EBITDA/APAT de-grew by 4%/3%/42%/63% YoY (below expectations).
The company reported an EBITDA margin of 11.5% (vs. the expectation of 15.7%) as overall cost/tonne increased by 11% to Rs 4,493 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 - Dissapointing Quarter; Maintain HOLD

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Thematic (Sector/Industry)

<ul><li>We estimate our coverage universe of 15 companies to deliver strong 9/14% YoY/QoQ volume growth (four-year CAGR: 7%) in Q4FY23</li><li>We expect strong volume offtake by UltraTech Cement, Dalmia Bharat, Nuvoco Vistas, Birla Corp., JK Lakshmi and Star Cement QoQ</li><li>We expect volume decline QoQ by ACC and Ambuja (Himachal plant shutdown)</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.

We estimate our coverage universe of 15 companies to deliver strong 9/14% YoY/QoQ volume growth (four-year CAGR: 7%) in Q4FY23We expect strong volume offtake by UltraTech Cement, Dalmia Bharat, Nuvoco Vistas, Birla Corp., JK Lakshmi and Star Cement QoQWe expect volume decline QoQ by ACC and Ambuja (Himachal plant shutdown)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.

Cement - Strong Demand, Fuel Pressure Easing Out

<ul><li>After witnessing good volume growth in Q3FY23, momentum in cement demand continued in Q4FY23 as well, primarily driven by the government infrastructure and housing push and well-supported by private real estate demand.</li><li>Demand momentum began on a good note in Jan 2023 followed by some softness in Feb’23 and concluded on a higher note despite the higher base of the last year.</li><li>While some softness in demand was witnessed in Mar’23 on account of the Holi festival, the later part of the month witnessed a sharp spike in demand. I</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.

After witnessing good volume growth in Q3FY23, momentum in cement demand continued in Q4FY23 as well, primarily driven by the government infrastructure and housing push and well-supported by private real estate demand.Demand momentum began on a good note in Jan 2023 followed by some softness in Feb’23 and concluded on a higher note despite the higher base of the last year.While some softness in demand was witnessed in Mar’23 on account of the Holi festival, the later part of the month witnessed a sharp spike in demand. IContent 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>ONGC: We maintain our BUY recommendation on ONGC with a target price of INR 170, based on (1) an increase in crude price realisation and (2) an improvement in domestic gas price realisation</li><li>Q3FY23 revenue/EBITDA at INR 386/204bn, came in marginally above our estimates but APAT, at INR 110bn, came below estimates due to higher-than-expected DD&amp;A and finance costs and lower-than-expected other income</li><li>Crude oil and gas production came broadly in line</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.

ONGC: We maintain our BUY recommendation on ONGC with a target price of INR 170, based on (1) an increase in crude price realisation and (2) an improvement in domestic gas price realisationQ3FY23 revenue/EBITDA at INR 386/204bn, came in marginally above our estimates but APAT, at INR 110bn, came below estimates due to higher-than-expected DD&amp;A and finance costs and lower-than-expected other incomeCrude oil and gas production came broadly in lineContent 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, Bata India, Prestige Estates, Radico Khaitan

<ul><li>The company’s operational performance remained subdued, impacted by higher cost and volume degrowth of 9% in 9MFY23 YOY despite the industry growing at 9%-10% over the same period.</li><li>The company seems to have lost market share to other players in the Central region which constitutes more than 90% of its overall sales.</li><li>At the current rate of growth, we estimate overall volume growth to be lower by 6% compared to the last year.</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.

The company’s operational performance remained subdued, impacted by higher cost and volume degrowth of 9% in 9MFY23 YOY despite the industry growing at 9%-10% over the same period.The company seems to have lost market share to other players in the Central region which constitutes more than 90% of its overall sales.At the current rate of growth, we estimate overall volume growth to be lower by 6% compared to the last year.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 - Volume Growth Elusive; Maintain HOLD

India

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

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Heidelberg Cement India (HEIM IN)

Heidelberg Cement India Limited - Dissapointing Quarter; Maintain HOLD

Heidelberg Cement reported poor operating performance during the quarter, which was impacted by higher costs and lower volume.

Axis Direct

Cement - Strong Demand, Fuel Pressure Easing Out

We estimate our coverage universe of 15 companies to deliver strong 9/14% YoY/QoQ volume growth (four-year CAGR: 7%) in Q4FY23

HDFC Securities

Cement - Q4FY23 Earnings Preview

Demand momentum began on a good note in Jan 2023 followed by some softness in Feb’23 and concluded on a higher note despite the higher base of the...

Axis Direct

HSIE Results Daily: ONGC, Bata India, Prestige Estates, Radico Khaitan

We maintain our BUY recommendation on ONGC with a target price of INR 170, based on (1) an increase in crude price realisation and (2) an...

HDFC Securities

Heidelberg Cement India Limited - Volume Growth Elusive; Maintain HOLD

The company seems to have lost market share to other players in the Central region which constitutes more than 90% of its overall sales.

Axis Direct

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