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>The companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of 19%/16%/10%/15% YoY against expectation of 13%/11%/17%/15%.</li><li>EBITDA margins contracted by 80bps YoY but improved by 50bps QoQ.</li><li>EBITDA/tonne for the quarter stood at Rs 858, down 7% YoY but up 2% sequentially.</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 companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of 19%/16%/10%/15% YoY against expectation of 13%/11%/17%/15%.EBITDA margins contracted by 80bps YoY but improved by 50bps QoQ.EBITDA/tonne for the quarter stood at Rs 858, down 7% YoY but up 2% sequentially.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

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>JK Cement: We maintain our REDUCE rating on JK Cement (JKCE), with an unchanged TP of INR 2,755 (11x Mar-25E consolidated EBITDA)</li><li>In Q1FY24, JKCE reported strong 29% YoY grey cement volume growth on a healthy ramp of its Panna capacity (75% utilization)</li><li>Fuel cost cooled off by INR 150/MT QoQ in Q1, thus driving grey unit EBITDA recovery by INR 130/MT QoQ in Q1</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.

JK Cement: We maintain our REDUCE rating on JK Cement (JKCE), with an unchanged TP of INR 2,755 (11x Mar-25E consolidated EBITDA)In Q1FY24, JKCE reported strong 29% YoY grey cement volume growth on a healthy ramp of its Panna capacity (75% utilization)Fuel cost cooled off by INR 150/MT QoQ in Q1, thus driving grey unit EBITDA recovery by INR 130/MT QoQ in Q1Content 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, Vinati Organics, KNR Constructions, Ahluwalia Contracts

Equity Bottom-Up

<ul><li>JKCL reported better operating performance during the quarter owing to higher volume and stable realization.</li><li>Its Volume/Revenue grew by 25%/22%YoY (above expectation).</li><li>However, its EBITDA (above expectation), was flattish YoY and APAT (above expectation) de-grew by 30% YoY on the back of higher interest and depreciation costs which were up 67%/28% 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.

JKCL reported better operating performance during the quarter owing to higher volume and stable realization.Its Volume/Revenue grew by 25%/22%YoY (above expectation).However, its EBITDA (above expectation), was flattish YoY and APAT (above expectation) de-grew by 30% YoY on the back of higher interest and depreciation costs which were up 67%/28% 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.

JK Cements Limited - Robust Volume Growth; Retain BUY

<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>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 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 style="list-style-type: disc;"><li>The companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of +9%/+13%/-7%/- 19% YoY against expectation of +8%/+11%/0%/-17%.</li><li>Volume/Revenue/EBITDA/APAT growth of 13%/14%/28%/109% QoQ , driven by higher volume, operating leverage, and lower costs.</li><li>EBITDA margins contracted by 300bps YoY but improved by 200bps QoQ.</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 companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of +9%/+13%/-7%/- 19% YoY against expectation of +8%/+11%/0%/-17%.Volume/Revenue/EBITDA/APAT growth of 13%/14%/28%/109% QoQ , driven by higher volume, operating leverage, and lower costs.EBITDA margins contracted by 300bps YoY but improved by 200bps QoQ.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.

India

JK Cement Limited produces and manufactures Portland and White cement products.

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JK Cement Ltd (JKCE IN)

Cement Sector: Q1FY24 Review

The companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of 19%/16%/10%/15% YoY against expectation of 13%/11%/17%/15%.

Axis Direct

HSIE Results Daily: JK Cement, Vinati Organics, KNR Constructions, Ahluwalia Contracts

We maintain our REDUCE rating on JK Cement (JKCE), with an unchanged TP of INR 2,755 (11x Mar-25E consolidated EBITDA). In Q1FY24, JKCE reported...

HDFC Securities

JK Cements Limited - Robust Volume Growth; Retain BUY

JKCL reported better operating performance during the quarter owing to higher volume and stable realization. Its Volume/Revenue grew by 25%/22%YoY...

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

Top Sector Ideas - Cement Sector

The companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of +9%/+13%/-7%/- 19% YoY against expectation of +8%/+11%/0%/-17%.

Axis Direct

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