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

HG Infra Engineering Ltd / Equity Bottom-Up

<ul><li>In FY24, H G Infra achieved a standalone turnover of Rs 5,122 Cr, registering a 16% YoY growth.</li><li>This growth was driven by the company’s focused efforts to enhance execution through the deployment of mechanization, automation, and digitization, which improved productivity and elevated the quality of execution.</li><li>Impressive order book: As of 31st Mar'24, the company’s order book stood at Rs 12,340 Cr, with an order inflow of Rs 4,695 Cr during the 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.

In FY24, H G Infra achieved a standalone turnover of Rs 5,122 Cr, registering a 16% YoY growth.This growth was driven by the company’s focused efforts to enhance execution through the deployment of mechanization, automation, and digitization, which improved productivity and elevated the quality of execution.Impressive order book: As of 31st Mar'24, the company’s order book stood at Rs 12,340 Cr, with an order inflow of Rs 4,695 Cr during the 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.

H G Infra Engineering Ltd - Robust Order Book & Efficient Execution To Drive Growth

Thematic (Sector/Industry)

<ul><li>During the quarter, road infrastructure companies under our coverage reported Revenue/EBITDA/PAT growth of 0%/33%/40% YoY, against our expectation of 6%/0%/10% YoY.</li><li>The performance deviation was primarily due to soft execution and exceptional gains accounted for during the quarter by PNC Infratech and KNR Construction.</li><li>EBITDA margins improved by 570bps QoQ and 270bps YoY, driven by the exceptional gain reported.</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 0%/33%/40% YoY, against our expectation of 6%/0%/10% YoY.The performance deviation was primarily due to soft execution and exceptional gains accounted for during the quarter by PNC Infratech and KNR Construction.EBITDA margins improved by 570bps QoQ and 270bps YoY, driven by the exceptional gain reported.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 Sector Ideas - Infra-Road : Q1FY25 Review

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>Cummins: Cummins India Ltd (CIL) reported in-line/below performance vs consensus/our estimates with revenue/EBITDA/APAT missing our estimates by 7/13/12%</li><li>Domestic business grew 12% YoY whilst exports declined 22% on the back of weak overseas demand.</li><li>CPCB 4+ implementation seems to be a game changer as it forces demand to move from commodity players to technology players and opens up service opportunities</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.

Cummins: Cummins India Ltd (CIL) reported in-line/below performance vs consensus/our estimates with revenue/EBITDA/APAT missing our estimates by 7/13/12%Domestic business grew 12% YoY whilst exports declined 22% on the back of weak overseas demand.CPCB 4+ implementation seems to be a game changer as it forces demand to move from commodity players to technology players and opens up service opportunitiesContent 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: Cummins, Lupin, Shree Cement, Gujarat Gas, Aditya Birla Fashion and Retail

<ul><li>Healthy order book: As of 30th Jun’24, the company's total order book stood at Rs 15,642 Cr, equivalent to 3 times the FY24 revenue.</li><li>A significant portion, 91%, of these projects is attributed to the Government of India, with the remaining 9% 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 Jun’24, the company's total order book stood at Rs 15,642 Cr, equivalent to 3 times the FY24 revenue.A significant portion, 91%, of these projects is attributed to the Government of India, with the remaining 9% 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 - Beat On All Fronts; Retain BUY

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>HGIEL‘s makeover from a small subcontractor into a diversified infra play offers best-in-class operating &amp; financial metrics and has supported swift, stress-free growth.</li><li>HGIEL‘s mainstay (roads) saw order slow-down in FY24 in the run up to the elections and due to restrictions on MoRTH-NHAI (cost overrun in Bharatmala, NHAI issues, aggressive past).</li><li>But the GoI‘s new Vision India@2047 plan in a post-election cycle is expected to revive awarding (mgmt.</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.

HGIEL‘s makeover from a small subcontractor into a diversified infra play offers best-in-class operating &amp; financial metrics and has supported swift, stress-free growth.HGIEL‘s mainstay (roads) saw order slow-down in FY24 in the run up to the elections and due to restrictions on MoRTH-NHAI (cost overrun in Bharatmala, NHAI issues, aggressive past).But the GoI‘s new Vision India@2047 plan in a post-election cycle is expected to revive awarding (mgmt.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 - Solid Infra Play in a Post-Election Upcycle

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)

H G Infra Engineering Ltd - Robust Order Book & Efficient Execution To Drive Growth

Impressive order book: As of 31st Mar'24, the company’s order book stood at Rs 12,340 Cr, with an order inflow of Rs 4,695 Cr during the year.

Axis Direct

Top Sector Ideas - Infra-Road : Q1FY25 Review

During the quarter, road infrastructure companies under our coverage reported Revenue/EBITDA/PAT growth of 0%/33%/40% YoY, against our expectation...

Axis Direct

HSIE Results Daily: Cummins, Lupin, Shree Cement, Gujarat Gas, Aditya Birla Fashion and Retail

Cummins India Ltd (CIL) reported in-line/below performance vs consensus/our estimates with revenue/EBITDA/APAT missing our estimates by 7/13/12%

HDFC Securities

HG Infra Engineering Ltd - Beat On All Fronts; Retain BUY

Healthy order book: As of 30th Jun’24, the company's total order book stood at Rs 15,642 Cr, equivalent to 3 times the FY24 revenue.

Axis Direct

HG Infra Engineering - Solid Infra Play in a Post-Election Upcycle

HGIEL‘s makeover from a small subcontractor into a diversified infra play offers best-in-class operating & financial metrics and has supported...

Emkay

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