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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<ul><li>Traditionally Q2 is a soft quarter for cement producers from a demand perspective as it nosedives owing to the monsoon season impacting construction activities.</li><li>In Q2FY23, the cement companies witnessed soft demand in Jul’22 and Aug’22 but saw demand reviving strongly in Sep’22, driven by higher retail as well as institutional demand.</li><li>Institutional demand was more robust led by increasing construction activity after the receding monsoon.</li></ul><p><em>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.</em></p>

Traditionally Q2 is a soft quarter for cement producers from a demand perspective as it nosedives owing to the monsoon season impacting construction activities.In Q2FY23, the cement companies witnessed soft demand in Jul’22 and Aug’22 but saw demand reviving strongly in Sep’22, driven by higher retail as well as institutional demand.Institutional demand was more robust led by increasing construction activity after the receding monsoon.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 Q2fy23 Preview - Recovery on Cards Despite a Weak Quarter

Equity Bottom-Up

<div><div><div><div><ul><li>In FY22, JK Cement registered a cement sales volume of 14.04 million tones per annum (mtpa), up 16% YoY from 12.04 mtpa in FY21.</li><li>Grey and White Cement volume grew by 9% and 8% respectively.</li><li>The growth was driven by a superior demand environment in both trade as well as non-trade segments.</li></ul></div></div></div></div><p><em>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.</em></p>

In FY22, JK Cement registered a cement sales volume of 14.04 million tones per annum (mtpa), up 16% YoY from 12.04 mtpa in FY21.Grey and White Cement volume grew by 9% and 8% respectively.The growth was driven by a superior demand environment in both trade as well as non-trade segments.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 Ltd - Upcoming Capacity and Deeper Market Reach to Drive Growth!

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 downgrade our rating on JK Cement (JKCE) with a revised TP of INR 2,475 (11.5x Mar-24E consolidated EBITDA) on expensive valuations</li><li>In Q1FY23, healthy pricing recovery in north regions and subdued fuel cost inflation (low cost inventory benefits) drove up blended unitary EBITDA by 16% QoQ to INR 1,101 per MT as margin rebounded for both grey and white/putty segments</li><li>While consolidated revenue rose 32% YoY, EBITDA came in flat</li></ul><p><em>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.</em></p>

JK Cement: We downgrade our rating on JK Cement (JKCE) with a revised TP of INR 2,475 (11.5x Mar-24E consolidated EBITDA) on expensive valuationsIn Q1FY23, healthy pricing recovery in north regions and subdued fuel cost inflation (low cost inventory benefits) drove up blended unitary EBITDA by 16% QoQ to INR 1,101 per MT as margin rebounded for both grey and white/putty segmentsWhile consolidated revenue rose 32% YoY, EBITDA came in flatContent 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, Apollo Tyres, Ahluwalia Contracts

<div><div><div><div><ul><li>The company is setting up an integrated greenfield grey cement plant of 4 mntpa at Panna, MP with a split grinding unit in UP at an estimated cost outlay of Rs 2,970 Cr.</li></ul><div><div><div><div><ul><li>Execution work for the Hamirpur split grinding unit project commenced on Sep’21 and currently, work is progressing ahead of schedule and the 50% erection of equipment has been completed.</li></ul><div><div><div><div><ul><li>Additional grinding Unit: The company is also looking to set up two additional grinding units of 2 mtpa each in UP and MP as it will have additional clinker after the Panna expansion gets completed.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

The company is setting up an integrated greenfield grey cement plant of 4 mntpa at Panna, MP with a split grinding unit in UP at an estimated cost outlay of Rs 2,970 Cr.Execution work for the Hamirpur split grinding unit project commenced on Sep’21 and currently, work is progressing ahead of schedule and the 50% erection of equipment has been completed.Additional grinding Unit: The company is also looking to set up two additional grinding units of 2 mtpa each in UP and MP as it will have additional clinker after the Panna expansion gets completed.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 Ltd - Strong Quarter. Maintain BUY

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

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<div><div><div><div><ul><li>Weak seasonal demand and decline in prices against the backdrop of high input costs would mean muted realizations</li><li>The trend in cement pricing has been discouraging so far.</li><li>The news regarding CCI’s investigation on cement companies might be a factor for subdued pricing.</li></ul></div></div></div></div><p><em>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.</em></p>

Weak seasonal demand and decline in prices against the backdrop of high input costs would mean muted realizationsThe trend in cement pricing has been discouraging so far.The news regarding CCI’s investigation on cement companies might be a factor for subdued pricing.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 Sector - Elevated Energy Costs to Weigh on Margins

India

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

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JK Cement Ltd (JKCE IN)

Cement Q2fy23 Preview - Recovery on Cards Despite a Weak Quarter

Traditionally Q2 is a soft quarter for cement producers from a demand perspective as it nosedives owing to the monsoon season impacting...

Axis Direct

JK Cement Ltd - Upcoming Capacity and Deeper Market Reach to Drive Growth!

In FY22, JK Cement registered a cement sales volume of 14.04 million tones per annum (mtpa), up 16% YoY from 12.04 mtpa in FY21.

Axis Direct

HSIE Results Daily: JK Cement, Apollo Tyres, Ahluwalia Contracts

JK Cement: We downgrade our rating on JK Cement (JKCE) with a revised TP of INR 2,475 (11.5x Mar-24E consolidated EBITDA) on expensive valuations

HDFC Securities

JK Cements Ltd - Strong Quarter. Maintain BUY

JK Cement reported healthy volume and revenue growth in Q1FY23, supported by better demand and higher realization in its key markets.

Axis Direct

Cement Sector - Elevated Energy Costs to Weigh on Margins

1QFY23 earnings for the cement sector will be muted as we expect margin pressure to continue in the near term due to higher operating costs,...

Nirmal Bang

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