External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>Q2FY23 flat for infrastructure; mixed competitive intensity, commodities stable: In Q2FY23, the NHAI awarded just six projects, of which, two were HAM projects worth INR 30.7bn and four were EPC projects worth INR 41.2bn</li><li>With this, the NHAI awarded c.613 kms in H1FY23, with eleven HAM projects worth INR 128.8bn and five EPC projects worth INR 48.9bn</li><li>H1FY23 witnessed mixed competitive intensity, with eight projects won at 8% below the NHAI cost and eight projects at 10% above the NHAI cost</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>

Q2FY23 flat for infrastructure; mixed competitive intensity, commodities stable: In Q2FY23, the NHAI awarded just six projects, of which, two were HAM projects worth INR 30.7bn and four were EPC projects worth INR 41.2bnWith this, the NHAI awarded c.613 kms in H1FY23, with eleven HAM projects worth INR 128.8bn and five EPC projects worth INR 48.9bnH1FY23 witnessed mixed competitive intensity, with eight projects won at 8% below the NHAI cost and eight projects at 10% above the NHAI costContent 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.

Industrials (Q2FY23 Results Preview): Headwinds receding

<ul><li>Despite strong ordering momentum, we are seeing emergence of headwinds to the Indian highways program</li><li>Substantial dilution of bid qualification has exposed the sector to low quality, inadequately funded developers taking large order inflow market share</li><li>This has the potential of de-railing the NH program, creation of sub quality infrastructure, time and cost overruns and eventually higher cost to completion and defaults</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>

Despite strong ordering momentum, we are seeing emergence of headwinds to the Indian highways programSubstantial dilution of bid qualification has exposed the sector to low quality, inadequately funded developers taking large order inflow market shareThis has the potential of de-railing the NH program, creation of sub quality infrastructure, time and cost overruns and eventually higher cost to completion and defaultsContent 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>Mahindra &amp; Mahindra: Mahindra &amp; Mahindra Q1 PAT, at INR 14.7bn, was below our estimate of INR 16.5bn due to lower-than-expected margin in the FES segment</li><li>FES margin remained under pressure due to the inability to pass on rising costs and an adverse mix impact</li><li>We remain optimistic about M&amp;M’s aggressive future roadmap for its core auto and FES segments (target of 15-20% revenue growth CAGR over 2025 and 18% RoCE)</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>

Mahindra &amp; Mahindra: Mahindra &amp; Mahindra Q1 PAT, at INR 14.7bn, was below our estimate of INR 16.5bn due to lower-than-expected margin in the FES segmentFES margin remained under pressure due to the inability to pass on rising costs and an adverse mix impactWe remain optimistic about M&amp;M’s aggressive future roadmap for its core auto and FES segments (target of 15-20% revenue growth CAGR over 2025 and 18% RoCE)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.

HSIE Results Daily: Mahindra & Mahindra, Petronet LNG

<ul><li>Q1 starts on a good note for infrastructure; competitive intensity cools off, commodities correct: In Q1FY23, NHAI awarded ten projects, of which, nine were HAM projects worth INR 98.1bn and one was an EPC project worth INR 7.7bn</li><li>Capital goods sector to benefit from reviving private Capex and realignment of global supply chains; strong case for PE multiple expansion</li><li>Earnings trend YoY/QoQ: We expect EPC/infra universe revenue/EBITDA/PAT to degrow 11.5/6.9/26.5% sequentially and grow 15.7/4.1/10.9% YoY, with EBITDA margin expanding by 72/(163)bps QoQ/YoY.</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>

Q1 starts on a good note for infrastructure; competitive intensity cools off, commodities correct: In Q1FY23, NHAI awarded ten projects, of which, nine were HAM projects worth INR 98.1bn and one was an EPC project worth INR 7.7bnCapital goods sector to benefit from reviving private Capex and realignment of global supply chains; strong case for PE multiple expansionEarnings trend YoY/QoQ: We expect EPC/infra universe revenue/EBITDA/PAT to degrow 11.5/6.9/26.5% sequentially and grow 15.7/4.1/10.9% YoY, with EBITDA margin expanding by 72/(163)bps QoQ/YoY.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), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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

Kalpataru Power Transmission / Equity Bottom-Up

<div><div><div><div><ul><li>KPTL results highlights: A lower order book and delays in dispatch led to an 8% revenue decline in FY22, with a margin decline of ~130bps.</li></ul><div><div><div><div><ul><li>JMC Projects results highlights: JMC Projects delivered 45% revenue growth on the back of a very strong order book (Book-to-bill of ~4x), better than management’s guidance of 20% growth.</li></ul><div><div><div><div><ul><li>Large projects: KPTL has been bidding for large projects in the recent past and recently bagged a large HVDC order worth Rs32bn.</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>

KPTL results highlights: A lower order book and delays in dispatch led to an 8% revenue decline in FY22, with a margin decline of ~130bps.JMC Projects results highlights: JMC Projects delivered 45% revenue growth on the back of a very strong order book (Book-to-bill of ~4x), better than management’s guidance of 20% growth.Large projects: KPTL has been bidding for large projects in the recent past and recently bagged a large HVDC order worth Rs32bn.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

Kalpataru Power Transmission Limited manufactures transmission line towers for power distribution which are sold to The Power Grid Corporation of India and State Electricity Boards. The Company also exports its products to various countries and it also develops real estate.

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Kalpataru Power Transmission (KPP IN)

Industrials (Q2FY23 Results Preview): Headwinds receding

In Q2FY23, the NHAI awarded just six projects, of which, two were HAM projects worth INR 30.7bn and four were EPC projects worth INR 41.2bn

HDFC Securities

Infrastructure - Betting on Conservatism

Substantial dilution of bid qualification has exposed the sector to low quality, inadequately funded developers taking large order inflow market share

HDFC Securities

HSIE Results Daily: Mahindra & Mahindra, Petronet LNG

Mahindra & Mahindra: Mahindra & Mahindra Q1 PAT, at INR 14.7bn, was below our estimate of INR 16.5bn due to lower-than-expected margin in the FES...

HDFC Securities

Industrials - Bracing for Recovery

In Q1FY23, NHAI awarded ten projects, of which, nine were HAM projects worth INR 98.1bn and one was an EPC project worth INR 7.7bn.

HDFC Securities

Kalpataru Power - All Eyes on Merger

KPTL (Standalone) reported a 14% YoY decline in revenue in Q4FY22 and a ~200bps correction in EBITDAM, due to lower dispatch in T&D

Emkay

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