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 1%/4%/9% YoY, against expectations of 0%/7%/4% growth.</li><li>Volume growth during the quarter was in line with our expectation of 5%. </li><li>EBITDA margins declined by 50 bps YoY, driven by lower realization, although positively impacted 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 1%/4%/9% YoY, against expectations of 0%/7%/4% growth.Volume growth during the quarter was in line with our expectation of 5%. EBITDA margins declined by 50 bps YoY, driven by lower realization, although positively impacted 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), 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>Oberoi Realty: Oberoi Realty (ORL) registered presales of INR 10.6bn (+124%/-40% YoY/QoQ), it was largely backed by sales from 360 West contributing &gt;40% of presales followed by Elysian and Sky City</li><li>360W saw a good amount of traction in Q1FY25 as six units were sold (vs 3units in the previous quarter totaling INR 4.8bn marking a 118% QoQ growth), we believe that ORL is likely to be able to sell its inventory over the next 24-30 months</li><li>The Pokhran project is set to launch in Q3FY25 during the festive season, with approvals and a ready-show apartment in place</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.

Oberoi Realty: Oberoi Realty (ORL) registered presales of INR 10.6bn (+124%/-40% YoY/QoQ), it was largely backed by sales from 360 West contributing &gt;40% of presales followed by Elysian and Sky City360W saw a good amount of traction in Q1FY25 as six units were sold (vs 3units in the previous quarter totaling INR 4.8bn marking a 118% QoQ growth), we believe that ORL is likely to be able to sell its inventory over the next 24-30 monthsThe Pokhran project is set to launch in Q3FY25 during the festive season, with approvals and a ready-show apartment in placeContent 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: Oberoi Realty, JK Cement, Can Fin Homes, Route Mobile

Equity Bottom-Up

<ul><li>The company’s superior positioning in the key markets of North India and recent expansion in the demand-accretive central region will keep its growth momentum unabated.</li><li>Given the government’s keen focus on infrastructure and low-cost affordable housing, robust real estate demand, and capacity ramp-up of new units, we expect JKCL to improve its market share and deliver industry-leading performance going forward.</li><li>We expect the company to grow its Volume/Revenue/EBITDA/APAT at a CAGR of 13%/13%/29%/40% 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.

The company’s superior positioning in the key markets of North India and recent expansion in the demand-accretive central region will keep its growth momentum unabated.Given the government’s keen focus on infrastructure and low-cost affordable housing, robust real estate demand, and capacity ramp-up of new units, we expect JKCL to improve its market share and deliver industry-leading performance going forward.We expect the company to grow its Volume/Revenue/EBITDA/APAT at a CAGR of 13%/13%/29%/40% 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 - Result Beats Estimates on Lower Costs; Retain BUY

<ul><li>Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement sales in these months</li><li>The scorching heat further dented demand during Q1FY25 and the industry demand growth is expected to slow down to low single digit YoY</li><li>We estimate the aggregate volumes of our coverage universe will deliver 5% YoY volume growth, implying 8% 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 growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement sales in these monthsThe scorching heat further dented demand during Q1FY25 and the industry demand growth is expected to slow down to low single digit YoYWe estimate the aggregate volumes of our coverage universe will deliver 5% YoY volume growth, implying 8% QoQ volume decline.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 (Q1FY25 Results Preview): Weak Pricing Continues to Offset Cost Gains

<ul><li>The companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of 12%/9%/28%/36% YoY against expectations of 9%/8%/24%/20%.</li><li>EBITDA margins improved by 290bps YoY, driven by higher volume, operating leverage and lower power/fuel costs.</li><li>On a QoQ basis, EBITDA margin declined by 80bps as realization/tonne decline by 4% to Rs 5,524 for coverage universe. </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 12%/9%/28%/36% YoY against expectations of 9%/8%/24%/20%.EBITDA margins improved by 290bps YoY, driven by higher volume, operating leverage and lower power/fuel costs.On a QoQ basis, EBITDA margin declined by 80bps as realization/tonne decline by 4% to Rs 5,524 for coverage universe. 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.

Q4FY24 Cement Review – Higher Volume & Easing Cost Pressure Drive EBITDA Growth

India

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

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JK Cement Ltd (JKCE IN)

Top Sector Ideas - Cement (Q1FY25)

The companies under our coverage reported a Revenue/EBITDA/APAT de-growth of 1%/4%/9% YoY, against expectations of 0%/7%/4% growth.

Axis Direct

HSIE Results Daily: Oberoi Realty, JK Cement, Can Fin Homes, Route Mobile

Given the expected robust cash flows from ready-to-move-in inventory in 360W and new launches expected in FY25 along with new BD, we remain...

HDFC Securities

JK Cements Limited - Result Beats Estimates on Lower Costs; Retain BUY

The company’s superior positioning in the key markets of North India and recent expansion in the demand-accretive central region will keep its...

Axis Direct

Cement (Q1FY25 Results Preview): Weak Pricing Continues to Offset Cost Gains

Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement...

HDFC Securities

Q4FY24 Cement Review – Higher Volume & Easing Cost Pressure Drive EBITDA Growth

The companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of 12%/9%/28%/36% YoY against expectations of 9%/8%/24%/20%.

Axis Direct

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