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

Motilal Oswal

External broker reports(aggregated public sources)

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

Kalpataru Projects International / Equity Bottom-Up

<ul><li>Kalpataru Projects’ (KPIL) 2QFY25 revenue was in line with our estimate.</li><li>KPIL reported a revenue growth of 8% YoY, while EBITDA/PAT grew 13%/17% YoY.</li><li>Execution growth was adversely impacted by delayed collections from water projects, which is likely to improve following the state elections.</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.

Kalpataru Projects’ (KPIL) 2QFY25 revenue was in line with our estimate.KPIL reported a revenue growth of 8% YoY, while EBITDA/PAT grew 13%/17% YoY.Execution growth was adversely impacted by delayed collections from water projects, which is likely to improve following the state elections.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.

Kalpataru Projects  - Second Half Poised to See a Healthy Uptick

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Afcons Infrastructure Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/afcons-infrastructure-limited" target="_blank" data-smartkarma-citation="entities:41288:1" rel="noopener">Afcons Infrastructure Limited (6595396Z IN)</a> is looking to raise around US$650m in its India IPO.</li>
<li>Afcons Infrastructure Limited (Afcons) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group.</li>
<li>In a previous note, we looked at the firm’s past performance. In this note, we look at the updates since, and discuss valuation.</li>
</ul>



Afcons Infrastructure Limited (6595396Z IN) is looking to raise around US$650m in its India IPO.
Afcons Infrastructure Limited (Afcons) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group.
In a previous note, we looked at the firm’s past performance. In this note, we look at the updates since, and discuss valuation.


Afcons Infrastructure IPO - Decent Upside from the Price Range

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>Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 163, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing margins</li><li>IOCL’s Q1FY25 reported EBITDA at INR 86bn (-61% YoY, -17% QoQ) and APAT at INR 26bn (-81% YoY, -45% QoQ) came in below our estimates</li><li>Earnings were impacted by weak performance from lower refining &amp; marketing margins and absorption of under-recovery on LPG</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.

Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 163, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing marginsIOCL’s Q1FY25 reported EBITDA at INR 86bn (-61% YoY, -17% QoQ) and APAT at INR 26bn (-81% YoY, -45% QoQ) came in below our estimatesEarnings were impacted by weak performance from lower refining &amp; marketing margins and absorption of under-recovery on LPGContent 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: Indian Oil Corporation, Dixon Technologies, Kalpataru Projects International

<ul><li>Budget a big signalling event, though we expect investment continuity: In the interim FY25 union budget, allocation towards capex saw an increase of 7% YoY, with Roads, Railways, Defence and Water as key beneficiaries</li><li>As the final FY25 union budget gets tabled in Jul-24, we expect continued investment in these segments</li><li>Whilst questions have emerged on cut in capex with the expectation of some allocation moving towards social infra, we believe that allocation may remain similar or marginally increase to high single-digit YoY growth</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.

Budget a big signalling event, though we expect investment continuity: In the interim FY25 union budget, allocation towards capex saw an increase of 7% YoY, with Roads, Railways, Defence and Water as key beneficiariesAs the final FY25 union budget gets tabled in Jul-24, we expect continued investment in these segmentsWhilst questions have emerged on cut in capex with the expectation of some allocation moving towards social infra, we believe that allocation may remain similar or marginally increase to high single-digit YoY growthContent 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 (Q1FY25 Results Preview): All eyes on the budget

<ul><li>Key takeaways from KPTL’s FY24 AR are as follows: (1) geographically a well-diversified order book and robust bid pipeline, (2) strong balance sheet with robust order pipeline to aid margin improvement, (3) exploring new business avenues to diversify its portfolio further, and (4) the increase in net debt was mainly due to higher working capital requirements which will come down in coming quarters as the Saudi Aramco deal is less WC intensive</li><li>On the monetisation of BOOT assets, KPIL is looking for prospective buyers and is in the advanced stages of a non-binding offer for VEPL by Q1FY25</li><li>Moreover, it has guided NWC days as of FY25 to be below 100 and a capex of INR 5bn for FY25</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.

Key takeaways from KPTL’s FY24 AR are as follows: (1) geographically a well-diversified order book and robust bid pipeline, (2) strong balance sheet with robust order pipeline to aid margin improvement, (3) exploring new business avenues to diversify its portfolio further, and (4) the increase in net debt was mainly due to higher working capital requirements which will come down in coming quarters as the Saudi Aramco deal is less WC intensiveOn the monetisation of BOOT assets, KPIL is looking for prospective buyers and is in the advanced stages of a non-binding offer for VEPL by Q1FY25Moreover, it has guided NWC days as of FY25 to be below 100 and a capex of INR 5bn for FY25Content 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.

Kalpataru Projects: Growth Triggers Intact. Maintain Buy

India

Kalpataru Projects International Limited provides engineering, procurement, and construction services. The Company offers complete solutions covering design, testing, fabrication, erection, and construction of transmission lines, oil and gas infrastructure, and railways projects on a turnkey basis. Kalpataru Projects International serves customers globally.

Kalpataru Projects International (KPIL IN)

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Kalpataru Projects International (KPIL IN)

Kalpataru Projects - Second Half Poised to See a Healthy Uptick

Motilal Oswal's research report onKalpataru Projects Kalpataru Projects’ (KPIL) 2QFY25 revenue was in line with our estimate.

Motilal Oswal

Afcons Infrastructure IPO - Decent Upside from the Price Range

Afcons Infrastructure Limited (6595396Z IN) is looking to raise around US$650m in its India IPO. In this note, we look at the updates since, and...

Clarence Chu

HSIE Results Daily: Indian Oil Corporation, Dixon Technologies, Kalpataru Projects International

Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 163, is premised on margin pressure due to increasing petchem...

HDFC Securities

Industrials (Q1FY25 Results Preview): All eyes on the budget

In the interim FY25 union budget, allocation towards capex saw an increase of 7% YoY, with Roads, Railways, Defence and Water as key beneficiaries

HDFC Securities

Kalpataru Projects: Growth Triggers Intact. Maintain Buy

On the monetisation of BOOT assets, KPIL is looking for prospective buyers and is in the advanced stages of a non-binding offer for VEPL by Q1FY25

HDFC Securities

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