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>Motilal Oswal's research report on Kalpataru Projects KPIL, in its annual report, emphasized its strategy to strengthen its presence in existing geographies by tapping into large and complex EPC projects, diversify into newer geographies and foray into newer businesses such as data centers, airports, tunneling, urban mobility, hydrocarbons, etc.</li><li>The company continues to be a key beneficiary of the domestic and global upswing in upgradation and expansion of the T&amp;D network, driven by increasing urbanization, electrification, and the shift toward cleaner sources of energy.</li><li>Outlook KPIL is currently trading at 21.5x/15.7x FY25E/FY26E EPS.</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.

Motilal Oswal's research report on Kalpataru Projects KPIL, in its annual report, emphasized its strategy to strengthen its presence in existing geographies by tapping into large and complex EPC projects, diversify into newer geographies and foray into newer businesses such as data centers, airports, tunneling, urban mobility, hydrocarbons, etc.The company continues to be a key beneficiary of the domestic and global upswing in upgradation and expansion of the T&amp;D network, driven by increasing urbanization, electrification, and the shift toward cleaner sources of energy.Outlook KPIL is currently trading at 21.5x/15.7x FY25E/FY26E EPS.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 - Pipeline Remains Strong Across Segments

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>State Bank of India: SBIN reported its best-ever quarterly profits on the back of strong fee income traction, healthy loan growth, and stable NIMs</li><li>Strong loan growth (15.8%YOY) came in across asset classes with corporate book also gaining traction</li><li>Deposit growth (~11% YoY) lagged loan growth with CASA% (39.5%) being stable on the back of seasonal pick-up in current accounts</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.

State Bank of India: SBIN reported its best-ever quarterly profits on the back of strong fee income traction, healthy loan growth, and stable NIMsStrong loan growth (15.8%YOY) came in across asset classes with corporate book also gaining tractionDeposit growth (~11% YoY) lagged loan growth with CASA% (39.5%) being stable on the back of seasonal pick-up in current accountsContent 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: State Bank of India, Asian Paints, SRF, Kalpataru Projects International

<ul><li>NHAI’s FY24 awarding activity is muted, expect pick-up from H2FY25: With minimal awarding activity in Q4FY24, the overall FY24 awarding activity remained muted</li><li>FY24 was a truncated year for ordering with ~INR 330bn worth of project awards (vs average INR 1.2trn for the previous year)</li><li>NHAI is re-modelling the award mix towards BOT toll with INR 2trn worth of projects being envisaged to be bid out under this model, which seems to be a tall ask</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.

NHAI’s FY24 awarding activity is muted, expect pick-up from H2FY25: With minimal awarding activity in Q4FY24, the overall FY24 awarding activity remained mutedFY24 was a truncated year for ordering with ~INR 330bn worth of project awards (vs average INR 1.2trn for the previous year)NHAI is re-modelling the award mix towards BOT toll with INR 2trn worth of projects being envisaged to be bid out under this model, which seems to be a tall askContent 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 (Q4FY24 Results Preview): Strong Ordering Ex-Roads

<ul><li>Lupin: EBITDA growth (+98% YoY and +11% QoQ) was led by 20% YoY sales growth (US: flat QoQ, India +13% YoY, EMEA: +36% YoY and +71% RoW), higher GM (+629 bps YoY), but it was partly offset by higher costs (staff/R&amp;D/SG&amp;A up +16/ 23/ 15% YoY)</li><li>LPC expects the US business to see single-digit growth on traction in gSpiriva (targets ~40% market share in FY25) and new launches (opthal, injectable, respiratory, etc.)</li><li>It expects its India business to see double-digit growth as slower growth in anti-diabetic (patent expiry of in-licensing products in FY25) is expected to be offset by traction in key therapies and new launches</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.

Lupin: EBITDA growth (+98% YoY and +11% QoQ) was led by 20% YoY sales growth (US: flat QoQ, India +13% YoY, EMEA: +36% YoY and +71% RoW), higher GM (+629 bps YoY), but it was partly offset by higher costs (staff/R&amp;D/SG&amp;A up +16/ 23/ 15% YoY)LPC expects the US business to see single-digit growth on traction in gSpiriva (targets ~40% market share in FY25) and new launches (opthal, injectable, respiratory, etc.)It expects its India business to see double-digit growth as slower growth in anti-diabetic (patent expiry of in-licensing products in FY25) is expected to be offset by traction in key therapies and new launchesContent 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: Lupin, Cummins, Apollo Tyres, Kalpataru Projects International

<ul><li>NHAI has delivered a very successful highway program, following the advent of Bharatmala (BM-1)</li><li>The huge scaling up of the NH program in terms of getting the model right, awarding, executing, financing, creating a highly competitive vendor ecosystem, and monetizing assets is no mean task and involves significant execution complexities that could have only been handled by the N’HAI’ Way</li><li>We have done an in-depth analysis of the NHAI financial model and believe that concerns about debt may get tackled from FY31 onwards as NHAI is capable of meeting its debt commitments on its own and solely relying on budgetary support for additional NH capex</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.

NHAI has delivered a very successful highway program, following the advent of Bharatmala (BM-1)The huge scaling up of the NH program in terms of getting the model right, awarding, executing, financing, creating a highly competitive vendor ecosystem, and monetizing assets is no mean task and involves significant execution complexities that could have only been handled by the N’HAI’ WayWe have done an in-depth analysis of the NHAI financial model and believe that concerns about debt may get tackled from FY31 onwards as NHAI is capable of meeting its debt commitments on its own and solely relying on budgetary support for additional NH capexContent 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 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 - Pipeline Remains Strong Across Segments

The company continues to be a key beneficiary of the domestic and global upswing in upgradation and expansion of the T&D network, driven by...

Motilal Oswal

HSIE Results Daily: State Bank of India, Asian Paints, SRF, Kalpataru Projects International

State Bank of India: SBIN reported its best-ever quarterly profits on the back of strong fee income traction, healthy loan growth, and stable NIMs

HDFC Securities

Industrials (Q4FY24 Results Preview): Strong Ordering Ex-Roads

NHAI’s FY24 awarding activity is muted, expect pick-up from H2FY25: With minimal awarding activity in Q4FY24, the overall FY24 awarding activity...

HDFC Securities

HSIE Results Daily: Lupin, Cummins, Apollo Tyres, Kalpataru Projects International

Lupin: EBITDA growth (+98% YoY and +11% QoQ) was led by 20% YoY sales growth (US: flat QoQ, India +13% YoY, EMEA: +36% YoY and +71% RoW),

HDFC Securities

Industrials: N’HAI’ Way

We have done an in-depth analysis of the NHAI financial model and believe that concerns about debt may get tackled from FY31 onwards

HDFC Securities

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