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.

Thematic (Sector/Industry)

<ul><li>During the quarter, road infrastructure companies under our coverage reported Revenue/EBITDA/PAT growth of -11%/- 12%/42% YoY, against our expectation of 0%/-2%/2% YoY.</li><li>The performance deviation was primarily due to slower execution due to extended monsoons and delays in receiving AD.</li><li>PAT was higher owing to higher other income and exceptional gain reported by KNR construction during the quarter.</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.

During the quarter, road infrastructure companies under our coverage reported Revenue/EBITDA/PAT growth of -11%/- 12%/42% YoY, against our expectation of 0%/-2%/2% YoY.The performance deviation was primarily due to slower execution due to extended monsoons and delays in receiving AD.PAT was higher owing to higher other income and exceptional gain reported by KNR construction during the quarter.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.

Top Conviction Ideas – “Road Infra and Others”

Equity Bottom-Up

HG Infra Engineering Ltd / Equity Bottom-Up

<ul><li>Healthy order book: As of 30th Sep’24, the company's total order book stood at Rs 16,624 Cr, equivalent to 3 times the FY24 revenue.</li><li>A significant portion, 92%, of these projects is attributed to the Government of India, with the remaining 8% coming from the private sector.</li><li>This distribution provides revenue visibility for the next 2-3 years. </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.

Healthy order book: As of 30th Sep’24, the company's total order book stood at Rs 16,624 Cr, equivalent to 3 times the FY24 revenue.A significant portion, 92%, of these projects is attributed to the Government of India, with the remaining 8% coming from the private sector.This distribution provides revenue visibility for the next 2-3 years. 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.

HG Infra Engineering Ltd - Robust Operating Performance; Retain BUY

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.

<ul><li>Alkem Laboratories: EBITDA (+1% YoY) below consensus estimates due to 1% YoY sales decline (+6% YoY India, -7% QoQ in the US), which was offset by higher gross margin (+330 bps YoY) and cost controls (staff/SG&amp;A +10%/+1%YoY)</li><li>ALKEM guidance (1) lowered overall revenue growth to mid-single digit in FY25 vs ~10% earlier</li><li>(2) India business to see growth at par with the IPM growth of 8-9% in FY25 as it expects strong growth H2FY25 (~6% YoY in H1)</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.

Alkem Laboratories: EBITDA (+1% YoY) below consensus estimates due to 1% YoY sales decline (+6% YoY India, -7% QoQ in the US), which was offset by higher gross margin (+330 bps YoY) and cost controls (staff/SG&amp;A +10%/+1%YoY)ALKEM guidance (1) lowered overall revenue growth to mid-single digit in FY25 vs ~10% earlier(2) India business to see growth at par with the IPM growth of 8-9% in FY25 as it expects strong growth H2FY25 (~6% YoY in H1)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: Alkem Laboratories, Galaxy Surfactants, KNR Constructions

<ul><li>Samvat 2080 has proven to be a remarkable period for the Indian equity market, marked by the continuous achievement of new milestones each quarter.</li><li>Notably, our benchmark index, the Nifty 50, reached the historic milestone of 26,216 on September 26, 2024, for the first time ever.</li><li>This achievement has propelled the Indian market capitalization to surpass the $5 Trillion mark, positioning it as the fourth largest market globally. </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.

Samvat 2080 has proven to be a remarkable period for the Indian equity market, marked by the continuous achievement of new milestones each quarter.Notably, our benchmark index, the Nifty 50, reached the historic milestone of 26,216 on September 26, 2024, for the first time ever.This achievement has propelled the Indian market capitalization to surpass the $5 Trillion mark, positioning it as the fourth largest market globally. 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>H G Infra Engineering Ltd began its journey in 2003 and has since established itself as a prominent name in the Indian road infrastructure sector.</li><li>Primarily engaged in road construction, the company is a major player in EPC and is increasingly focusing on HAM projects.</li><li>The company boasts a diverse portfolio of projects across 12 states, contributing significantly to India's progress toward advanced and efficient infrastructure</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.

H G Infra Engineering Ltd began its journey in 2003 and has since established itself as a prominent name in the Indian road infrastructure sector.Primarily engaged in road construction, the company is a major player in EPC and is increasingly focusing on HAM projects.The company boasts a diverse portfolio of projects across 12 states, contributing significantly to India's progress toward advanced and efficient infrastructureContent 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.

Pick of the Week: H G Infra Engineering Ltd - 09 SEPTEMBER 2024

India

H.G. Infra Engineering Limited (HGIEL) provides infrastructure construction services. The Company offers highways, roads, bridges, runways, and civil construction, as well as land development, water pipelines, and rehabilitation and upgradation services. HGIEL serves customers in India.

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HG Infra Engineering Ltd (HGINFRA IN)

Top Conviction Ideas – “Road Infra and Others”

During the quarter, road infrastructure companies under our coverage reported Revenue/EBITDA/PAT growth of -11%/- 12%/42% YoY, against our...

Axis Direct

HG Infra Engineering Ltd - Robust Operating Performance; Retain BUY

Healthy order book: As of 30th Sep’24, the company's total order book stood at Rs 16,624 Cr, equivalent to 3 times the FY24 revenue.

Axis Direct

HSIE Results Daily: Alkem Laboratories, Galaxy Surfactants, KNR Constructions

Alkem Laboratories: EBITDA (+1% YoY) below consensus estimates due to 1% YoY sales decline (+6% YoY India, -7% QoQ in the US), which was offset by...

HDFC Securities

Diamonds In The Dust - Samvat 2081

Samvat 2080 has proven to be a remarkable period for the Indian equity market, marked by the continuous achievement of new milestones each quarter.

Axis Direct

Pick of the Week: H G Infra Engineering Ltd - 09 SEPTEMBER 2024

H G Infra Engineering Ltd began its journey in 2003 and has since established itself as a prominent name in the Indian road infrastructure sector.

Axis Direct

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