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>The companies under our coverage reported a Revenue/EBITDA/APAT de-growth of 5%/25%/50% YoY, against expectations of 6%/19%/38% de-growth.</li><li>Volume growth during the quarter was higher by 100 bps at 3%, compared to expectations of 2%.</li><li>EBITDA margins declined by 350 bps YoY, driven by lower realization and negative operating leverage, although partially offset by lower costs 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.

The companies under our coverage reported a Revenue/EBITDA/APAT de-growth of 5%/25%/50% YoY, against expectations of 6%/19%/38% de-growth.Volume growth during the quarter was higher by 100 bps at 3%, compared to expectations of 2%.EBITDA margins declined by 350 bps YoY, driven by lower realization and negative operating leverage, although partially offset by lower costs 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.

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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>JK Cement (JKCE)’s 2QFY25 consolidated EBITDA was at INR2.8b (down 39% YoY) and ~22% below our estimates due to lower-than-estimated sales volume (6% miss) and higher-than-estimated opex/t (+5% vs. our estimate).</li><li>Higher opex/t was partly due to: 1) higher branding expenses; 2) clinker purchases for its South plant due to the shutdown; and 3) higher maintenance costs.</li><li>EBITDA/t declined 36% YoY to INR656 (est. INR787) and OPM contracted 6pp YoY to 11% (est. 14%).</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 (JKCE)’s 2QFY25 consolidated EBITDA was at INR2.8b (down 39% YoY) and ~22% below our estimates due to lower-than-estimated sales volume (6% miss) and higher-than-estimated opex/t (+5% vs. our estimate).Higher opex/t was partly due to: 1) higher branding expenses; 2) clinker purchases for its South plant due to the shutdown; and 3) higher maintenance costs.EBITDA/t declined 36% YoY to INR656 (est. INR787) and OPM contracted 6pp YoY to 11% (est. 14%).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 K Cement - Lower Volume and Higher Costs Lead to Missed Earnings

<ul><li>Volume growth visibility remains intact: The company’s capacity expansion program, aiming to add 6 MTPA, is progressing well and will bring its total grey cement capacity to 30 MTPA from the current 24 MTPA, representing a 13% capacity CAGR over FY23-FY26.</li><li>The ramp-up of recently commissioned capacity in Prayagraj (2 MTPA) along with ongoing expansions is anticipated to support robust volume growth in the coming periods.</li><li>Given these developments, the company is expected to achieve a volume CAGR of 13% over FY23- FY26E.</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.

Volume growth visibility remains intact: The company’s capacity expansion program, aiming to add 6 MTPA, is progressing well and will bring its total grey cement capacity to 30 MTPA from the current 24 MTPA, representing a 13% capacity CAGR over FY23-FY26.The ramp-up of recently commissioned capacity in Prayagraj (2 MTPA) along with ongoing expansions is anticipated to support robust volume growth in the coming periods.Given these developments, the company is expected to achieve a volume CAGR of 13% over FY23- FY26E.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 - Higher Cost Led To EBITDA Miss; 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>Demand fails to pick up in Q2FY25: The slowdown in construction activities during Q1FY25 (general elections, heat waves) continued in Q2FY25 due to demand sluggishness (elections impact and heavy rains all around)</li><li>At the industry level, we estimate demand contracted by 2% YoY in Q2FY25, as against ~4% YoY growth in Q1FY25</li><li>We estimate the aggregate volumes of our coverage universe will decline 1% YoY in Q2, implying a 14% QoQ volume decline</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.

Demand fails to pick up in Q2FY25: The slowdown in construction activities during Q1FY25 (general elections, heat waves) continued in Q2FY25 due to demand sluggishness (elections impact and heavy rains all around)At the industry level, we estimate demand contracted by 2% YoY in Q2FY25, as against ~4% YoY growth in Q1FY25We estimate the aggregate volumes of our coverage universe will decline 1% YoY in Q2, implying a 14% QoQ volume declineContent 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 (Q2FY25 Results Preview): Demand Contracts and Pricing Slip Further in Q2

<ul><li>Cement demand to moderate: Cement demand moderation continues in Q2FY25, impacted by seasonality, heavy rainfall, and delays in budgetary allocation of funds for infra-related projects.</li><li>Q1FY25 was affected by factors such as the general election, extreme heat conditions, labour shortages, and unseasonal rain in some regions.</li><li>Historically, moderation in cement demand has been observed during election 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.

Cement demand to moderate: Cement demand moderation continues in Q2FY25, impacted by seasonality, heavy rainfall, and delays in budgetary allocation of funds for infra-related projects.Q1FY25 was affected by factors such as the general election, extreme heat conditions, labour shortages, and unseasonal rain in some regions.Historically, moderation in cement demand has been observed during election 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.

India

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

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JK Cement Ltd (JKCE IN)

Cement Sector: Q2FY25 Review

The companies under our coverage reported a Revenue/EBITDA/APAT de-growth of 5%/25%/50% YoY, against expectations of 6%/19%/38% de-growth.

Axis Direct

J K Cement - Lower Volume and Higher Costs Lead to Missed Earnings

JK Cement (JKCE)’s 2QFY25 consolidated EBITDA was at INR2.8b (down 39% YoY) and ~22% below our estimates due to lower-than-estimated sales volume

Motilal Oswal

JK Cements Limited - Higher Cost Led To EBITDA Miss; Retain BUY

The ramp-up of recently commissioned capacity in Prayagraj (2 MTPA) along with ongoing expansions is anticipated to support robust volume growth in...

Axis Direct

Cement (Q2FY25 Results Preview): Demand Contracts and Pricing Slip Further in Q2

Demand fails to pick up in Q2FY25: The slowdown in construction activities during Q1FY25 (general elections, heat waves) continued in Q2FY25 due to...

HDFC Securities

Q2FY25 Earnings Preview - CEMENT

Cement demand moderation continues in Q2FY25, impacted by seasonality, heavy rainfall, and delays in budgetary allocation of funds for infra...

Axis Direct

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