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.

Equity Bottom-Up

<ul><li>JKLC reported mixed operating performance during the quarter due to the impact of higher costs and lower realization QoQ.</li><li>Its revenue grew by 5% YoY (in line with expectations), driven by demand and better realization YoY.</li><li>The company’s EBITDA/APAT degrew by 23%/26% impacted by higher costs primarily led by the increase in the purchase of stock in trade and consequently impacted margins which came in at 10.3% against 14% YoY (Our estimate of 12.7%). </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.

JKLC reported mixed operating performance during the quarter due to the impact of higher costs and lower realization QoQ.Its revenue grew by 5% YoY (in line with expectations), driven by demand and better realization YoY.The company’s EBITDA/APAT degrew by 23%/26% impacted by higher costs primarily led by the increase in the purchase of stock in trade and consequently impacted margins which came in at 10.3% against 14% YoY (Our estimate of 12.7%). 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 Lakshmi Cement Limited - Geo Mix & Cost Optimization To Drive Margins

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.

Thematic (Sector/Industry)

<ul><li>Marico: Marico’s consolidated revenue fell by 3% YoY, given a one-off channel inventory adjustment leading to a 5% decline in domestic revenues as four-year volume CAGR was flat (+3% YoY)</li><li>However, healthy offtake along with market share gains indicate an uptick in volume growth in the coming quarter</li><li>The overall demand recovery trend has sustained led by urban markets while rural recovery has been slower than expected</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.

Marico: Marico’s consolidated revenue fell by 3% YoY, given a one-off channel inventory adjustment leading to a 5% decline in domestic revenues as four-year volume CAGR was flat (+3% YoY)However, healthy offtake along with market share gains indicate an uptick in volume growth in the coming quarterThe overall demand recovery trend has sustained led by urban markets while rural recovery has been slower than expectedContent 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: Marico, Macrotech Developers, Mahindra & Mahindra Financial Services

<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><li>TOP RESULT PICK: UltraTech Cement, Ambuja Cement, Dalmia Bharat, Birla Corporation, JK Lakshmi, Star Cement</li><li>After witnessing good volume growth in Q4FY23, momentum in cement demand continued in Q1FY24 as well, primarily driven by the government’s push for infrastructure and housing development along with encouraging private real estate demand.</li><li>Demand momentum began on a good note in Apr’23 and remained strong in May’23 but was followed by some softness in Jun’23 on account of monsoon rain and cyclone in some parts of the country.</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.

TOP RESULT PICK: UltraTech Cement, Ambuja Cement, Dalmia Bharat, Birla Corporation, JK Lakshmi, Star CementAfter witnessing good volume growth in Q4FY23, momentum in cement demand continued in Q1FY24 as well, primarily driven by the government’s push for infrastructure and housing development along with encouraging private real estate demand.Demand momentum began on a good note in Apr’23 and remained strong in May’23 but was followed by some softness in Jun’23 on account of monsoon rain and cyclone in some parts of the country.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.

<ul><li>Bharat Petroleum Corporation: Our ADD rating on Bharat Petroleum (BPCL), with a target price of INR 390, is premised on robust refining and marketing margins, offset by elevated debt, owing to a rise in working capital requirement and capex</li><li>Q4FY23 EBITDA stood at INR 112bn, while APAT was at INR 65bn, coming in well above our estimates, supported by a better-than-expected performance from the marketing segment</li><li>Reported GRMs were at USD 20.6/bbl (+USD 5.3/bbl YoY, +USD 4.7/bbl QoQ, HSIE: USD 19.8/bbl). Gail (India): Our BUY recommendation on GAIL with a target price of INR 125 is based on (1) an increase in gas transmission volume to 123mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segment</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.

Bharat Petroleum Corporation: Our ADD rating on Bharat Petroleum (BPCL), with a target price of INR 390, is premised on robust refining and marketing margins, offset by elevated debt, owing to a rise in working capital requirement and capexQ4FY23 EBITDA stood at INR 112bn, while APAT was at INR 65bn, coming in well above our estimates, supported by a better-than-expected performance from the marketing segmentReported GRMs were at USD 20.6/bbl (+USD 5.3/bbl YoY, +USD 4.7/bbl QoQ, HSIE: USD 19.8/bbl). Gail (India): Our BUY recommendation on GAIL with a target price of INR 125 is based on (1) an increase in gas transmission volume to 123mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segmentContent 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: Bharat Petroleum Corporation, Gail (India), Vinati Organics

India

J.K. Lakshmi Cement Ltd. manufactures cement, which it sells under the brand name JK Lakshmi.

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JK Lakshmi Cement (JKLC IN)

JK Lakshmi Cement Limited - Geo Mix & Cost Optimization To Drive Margins

JKLC reported mixed operating performance during the quarter due to the impact of higher costs and lower realization QoQ.

Axis Direct

HSIE Results Daily: Marico, Macrotech Developers, Mahindra & Mahindra Financial Services

Marico: Marico’s consolidated revenue fell by 3% YoY, given a one-off channel inventory adjustment leading to a 5% decline in domestic revenues as...

HDFC Securities

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

Cement - Q1FY24 Earnings Preview

TOP RESULT PICK: UltraTech Cement, Ambuja Cement, Dalmia Bharat, Birla Corporation, JK Lakshmi, Star Cement. After witnessing good volume growth in...

Axis Direct

HSIE Results Daily: Bharat Petroleum Corporation, Gail (India), Vinati Organics

Our ADD rating on Bharat Petroleum (BPCL), with a target price of INR 390, is premised on robust refining and marketing margins, offset by elevated...

HDFC Securities

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