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>Cement demand to moderate: After experiencing double-digit volume growth in Q4FY24 driven by strong demand from the infrastructure sector, increased pre-election spending, and seasonally favourable conditions, cement consumption moderated in Q1FY25.</li><li>This moderation was due to factors such as the general election, extreme heat conditions, labour shortages, and unseasonal rain in some regions.</li><li>According to provisional numbers released by the Office of the Economic Adviser, cement demand grew by 9% in FY24</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: After experiencing double-digit volume growth in Q4FY24 driven by strong demand from the infrastructure sector, increased pre-election spending, and seasonally favourable conditions, cement consumption moderated in Q1FY25.This moderation was due to factors such as the general election, extreme heat conditions, labour shortages, and unseasonal rain in some regions.According to provisional numbers released by the Office of the Economic Adviser, cement demand grew by 9% in FY24Content 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 Result Preview: Moderation in Demand, Pricing Weak

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.

Equity Bottom-Up

<ul><li>We maintain our BUY rating on JK Lakshmi (JKLC) with an unchanged target price of INR 1,015/share</li><li>We value the company at 9x Sep-26E consolidated EBITDA. We expect JKLC to fire on all cylinders</li><li>The ramp-up of its north expansion and upcoming east capacities should support ~10% volume CAGR during FY24-27E</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 maintain our BUY rating on JK Lakshmi (JKLC) with an unchanged target price of INR 1,015/shareWe value the company at 9x Sep-26E consolidated EBITDA. We expect JKLC to fire on all cylindersThe ramp-up of its north expansion and upcoming east capacities should support ~10% volume CAGR during FY24-27EContent 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: Firing on All Cylinders. Maintain BUY

<ul><li>JK Lakshmi Cement (JKLC) is a dominant player in the cement industry, particularly in its key markets of North and West India, from which it derives 75% of its revenue.</li><li>The company also has a significant market presence in Eastern India.</li><li>On a consolidated basis, JKLC's total cement capacity stands at over 16 million tonnes per annum (mtpa).</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 Lakshmi Cement (JKLC) is a dominant player in the cement industry, particularly in its key markets of North and West India, from which it derives 75% of its revenue.The company also has a significant market presence in Eastern India.On a consolidated basis, JKLC's total cement capacity stands at over 16 million tonnes per annum (mtpa).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.

Pick of the Week: JK Lakshmi Cement Ltd - 24 JUNE 2024

<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

<ul><li>Century Plyboards India: We maintain our ADD rating on Century Ply with a lower target price of INR 670/sh (35x its Mar’26E consolidated EPS) owing to subdued demand and continued timber price inflation</li><li>Century’s revenue in Q4FY24 grew 10% YoY (at least 5% growth across all segments)</li><li>However, EBITDA fell 9% YoY due to weak MDF realisation and elevated timber prices</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.

Century Plyboards India: We maintain our ADD rating on Century Ply with a lower target price of INR 670/sh (35x its Mar’26E consolidated EPS) owing to subdued demand and continued timber price inflationCentury’s revenue in Q4FY24 grew 10% YoY (at least 5% growth across all segments)However, EBITDA fell 9% YoY due to weak MDF realisation and elevated timber pricesContent 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: Century Plyboards India, JK Lakshmi Cement, Sai Silk (Kalamandir)

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)

Cement Q1fy25 Result Preview: Moderation in Demand, Pricing Weak

This moderation was due to factors such as the general election, extreme heat conditions, labour shortages, and unseasonal rain in some regions.

Axis Direct

JK Lakshmi Cement: Firing on All Cylinders. Maintain BUY

We maintain our BUY rating on JK Lakshmi (JKLC) with an unchanged target price of INR 1,015/share. We value the company at 9x Sep-26E consolidated...

HDFC Securities

Pick of the Week: JK Lakshmi Cement Ltd - 24 JUNE 2024

JK Lakshmi Cement (JKLC) is a dominant player in the cement industry, particularly in its key markets of North and West India, from which it...

Axis Direct

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

HSIE Results Daily: Century Plyboards India, JK Lakshmi Cement, Sai Silk (Kalamandir)

Century Plyboards India: We maintain our ADD rating on Century Ply with a lower target price of INR 670/sh (35x its Mar’26E consolidated EPS)

HDFC Securities

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