External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>Samvardhana Motherson International: SAMIL’s Q4 revenue was marginally above our estimate, led by the modules and polymer products division</li><li>PAT at INR 13.7bn was higher than our estimates (INR 7.2bn) due to lower finance costs and ETR</li><li>Our faith in the company is undeterred given its well-diversified presence across components, geographies and customers</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.

Samvardhana Motherson International: SAMIL’s Q4 revenue was marginally above our estimate, led by the modules and polymer products divisionPAT at INR 13.7bn was higher than our estimates (INR 7.2bn) due to lower finance costs and ETROur faith in the company is undeterred given its well-diversified presence across components, geographies and customersContent 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: Samvardhana Motherson International

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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

<ul><li>Robust order book to drive revenue growth: As of 31 st Mar’24, the company’s order book stood at Rs 21,011 Cr, including L1 of Rs 4,700 (Virar Alibaug Multi Modal Corridor &amp; Hari nagar building ) total order book now stands at Rs 25,711 cr which is 5x FY24 revenue.</li><li>The company received an order inflow of Rs 11,810 Cr (excluding GST) during FY24.</li><li>A healthy and robust order book gives revenue visibility for the next 3-4 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.

Robust order book to drive revenue growth: As of 31 st Mar’24, the company’s order book stood at Rs 21,011 Cr, including L1 of Rs 4,700 (Virar Alibaug Multi Modal Corridor &amp; Hari nagar building ) total order book now stands at Rs 25,711 cr which is 5x FY24 revenue.The company received an order inflow of Rs 11,810 Cr (excluding GST) during FY24.A healthy and robust order book gives revenue visibility for the next 3-4 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.

J Kumar Infraprojects Ltd - Strong Operating Performance; Robust Order Book To Drive Growth.

<ul><li>We initiate coverage on J Kumar Infraprojects Limited (JKIL) with a BUY recommendation and a Target Price (TP) of Rs 800/share, implying an upside of 25% from the CMP.</li><li>We believe JKIL, with its substantial order book, formidable market position, experienced management team, and sound financial standing, is poised to capitalize on the long-term structural changes in the infrastructure sector.</li><li>These changes are being driven by the government's emphasis on infrastructure development and the emergence of new opportunities in the construction space.</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 initiate coverage on J Kumar Infraprojects Limited (JKIL) with a BUY recommendation and a Target Price (TP) of Rs 800/share, implying an upside of 25% from the CMP.We believe JKIL, with its substantial order book, formidable market position, experienced management team, and sound financial standing, is poised to capitalize on the long-term structural changes in the infrastructure sector.These changes are being driven by the government's emphasis on infrastructure development and the emergence of new opportunities in the construction space.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.

J Kumar Infraprojects Ltd - An Important Player to Ride on Indian Urban Infrastructure Landscape

<ul><li>Tata Motors: TTMT posted weak performance in Q2, both at JLR and in the India business</li><li>While JLR margin lagged expectations, domestic PV and CV margins also declined QoQ due to high input costs</li><li>Despite management’s best efforts, JLR debt has further increased to GBP8.2bn, from GBP7.6bn in Q4</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.

Tata Motors: TTMT posted weak performance in Q2, both at JLR and in the India businessWhile JLR margin lagged expectations, domestic PV and CV margins also declined QoQ due to high input costsDespite management’s best efforts, JLR debt has further increased to GBP8.2bn, from GBP7.6bn in Q4Content 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: Tata Motors, Godrej Properties, Phoenix Mills, APL Apollo,

<ul><li>Gujarat Gas: Our BUY recommendation on Gujarat Gas (GGL), with a price target of INR 575, is premised on (1) margin improvement; (2) portfolio of mature, semi-mature, and new geographical areas (GAs); and (3) compelling valuation, given superior return ratios among the city gas distribution players</li><li>Q1FY23 EBITDA/PAT at INR 6.1/3.8bn came in above our estimate, owing to lower-than-expected costs</li><li>Margin beat was driven by lower-than-expected gas cost due to lower offtake of expensive spot LNG gas by industrial/commercial customers, lower employee cost, and depreciation</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.

Gujarat Gas: Our BUY recommendation on Gujarat Gas (GGL), with a price target of INR 575, is premised on (1) margin improvement; (2) portfolio of mature, semi-mature, and new geographical areas (GAs); and (3) compelling valuation, given superior return ratios among the city gas distribution playersQ1FY23 EBITDA/PAT at INR 6.1/3.8bn came in above our estimate, owing to lower-than-expected costsMargin beat was driven by lower-than-expected gas cost due to lower offtake of expensive spot LNG gas by industrial/commercial customers, lower employee cost, and depreciationContent 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: Gujarat Gas, Aditya Birla Capital, Brigade Enterprises

India

J. Kumar Infraprojects Limited operates as a civil engineering and infrastructure development company. The Company focuses on the development of roads, flyovers, bridges, railway buildings, sports complexes and airport runways. J. Kumar also undertakes foundation work using hydraulic piling for major projects.

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J.Kumar Infraprojects (JKIL IN)

HSIE Results Daily: Samvardhana Motherson International

Samvardhana Motherson International: SAMIL’s Q4 revenue was marginally above our estimate, led by the modules and polymer products division

HDFC Securities

J Kumar Infraprojects Ltd - Strong Operating Performance; Robust Order Book To Drive Growth.

Robust order book to drive revenue growth: As of 31 st Mar’24, the company’s order book stood at Rs 21,011 Cr, including L1 of Rs 4,700

Axis Direct

J Kumar Infraprojects Ltd - An Important Player to Ride on Indian Urban Infrastructure Landscape

We initiate coverage on J Kumar Infraprojects Limited (JKIL) with a BUY recommendation and a Target Price (TP) of Rs 800/share, implying an upside...

Axis Direct

HSIE Results Daily: Tata Motors, Godrej Properties, Phoenix Mills, APL Apollo,

Tata Motors: TTMT posted weak performance in Q2, both at JLR and in the India business. While JLR margin lagged expectations, domestic PV and CV...

HDFC Securities

HSIE Results Daily: Gujarat Gas, Aditya Birla Capital, Brigade Enterprises

Margin beat was driven by lower-than-expected gas cost due to lower offtake of expensive spot LNG gas by industrial/commercial customers, lower...

HDFC Securities

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