External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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>NHAI ordering to pick up in Q4FY23; high competitive intensity continues, commodities stable: In Q3FY23, the NHAI awarded 19 projects, of which nine were HAM projects worth INR 70.3bn and ten were EPC projects worth INR 97.1bn</li><li>With this, the NHAI awarded c.1,381 kms in 9MFY23, with twenty HAM projects worth INR 199.2bn and fifteen EPC projects worth INR 146bn</li><li>Competitive intensity continued to be higher during 9MFY23, with 12 project bids at 13% above the NHAI cost whereas 23 project bids at 17% lower than the NHAI cost</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 ordering to pick up in Q4FY23; high competitive intensity continues, commodities stable: In Q3FY23, the NHAI awarded 19 projects, of which nine were HAM projects worth INR 70.3bn and ten were EPC projects worth INR 97.1bnWith this, the NHAI awarded c.1,381 kms in 9MFY23, with twenty HAM projects worth INR 199.2bn and fifteen EPC projects worth INR 146bnCompetitive intensity continued to be higher during 9MFY23, with 12 project bids at 13% above the NHAI cost whereas 23 project bids at 17% lower than 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 (Q3FY23 Results Preview): All set for a robust Q3FY23

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>For road construction companies under our coverage universe, we expect Revenue/EBITDA/APAT growth of 14%/19%/27% YoY as better execution and softening in commodity prices support higher profitability during the quarter.</li><li>H2 (the second half of the year) is normally a strong period in terms of project execution along with bidding &amp; awarding activity accelerating and gaining pace during the period.</li><li>During Q3FY23, project awarding by the NHAI gained momentum and it awarded 1550 km of the project in Oct-Nov’22 against 810 km in H1FY23.</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.

For road construction companies under our coverage universe, we expect Revenue/EBITDA/APAT growth of 14%/19%/27% YoY as better execution and softening in commodity prices support higher profitability during the quarter.H2 (the second half of the year) is normally a strong period in terms of project execution along with bidding &amp; awarding activity accelerating and gaining pace during the period.During Q3FY23, project awarding by the NHAI gained momentum and it awarded 1550 km of the project in Oct-Nov’22 against 810 km in H1FY23.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.

Infra-Road - Q2fy23 Result Preview: Execution Drives Growth

<ul><li>Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)</li><li>The Indian business continued to be led mainly by a high share of price hike (13% YoY), with domestic volume contracting by 5% YoY (three-year CAGR at 1% vs HUL’s 3%), impacted by HI</li><li>Personal care sustained 18% growth (price hike-led), while home care was up 2%, with a delayed monsoon-led weak season (expect a recovery in Q3)</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.

Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)The Indian business continued to be led mainly by a high share of price hike (13% YoY), with domestic volume contracting by 5% YoY (three-year CAGR at 1% vs HUL’s 3%), impacted by HIPersonal care sustained 18% growth (price hike-led), while home care was up 2%, with a delayed monsoon-led weak season (expect a recovery in Q3)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: Godrej Consumers, Bharat Petroleum Corporation, Jubilant FoodWorks

Equity Bottom-Up

<ul><li>KEC International (KEC Int) reported a mixed set of numbers in Q2FY23 with revenues at Rs 4,064Cr (up13% YoY, above expectations), EBIDTA of Rs 178 Cr (down 30% YoY, below expectations), and PAT of Rs 55 Cr (down 31% YoY, above expectations).</li><li>The company’s EBIDTA Margins declined to 4.4% in Q2FY23 from 5.1% in Q1FY23 and 7.1% in Q2FY22, primarily owing to elevated logistic costs, execution of legacy projects having adverse commodity prices, and costs of completion of EPC project in Brazil.</li><li>The company’s order intake stood at Rs 10,465 Cr led by orders from Civil and T&amp;D, followed by Railways, Cables, and Oil &amp; Gas segments.</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.

KEC International (KEC Int) reported a mixed set of numbers in Q2FY23 with revenues at Rs 4,064Cr (up13% YoY, above expectations), EBIDTA of Rs 178 Cr (down 30% YoY, below expectations), and PAT of Rs 55 Cr (down 31% YoY, above expectations).The company’s EBIDTA Margins declined to 4.4% in Q2FY23 from 5.1% in Q1FY23 and 7.1% in Q2FY22, primarily owing to elevated logistic costs, execution of legacy projects having adverse commodity prices, and costs of completion of EPC project in Brazil.The company’s order intake stood at Rs 10,465 Cr led by orders from Civil and T&amp;D, followed by Railways, Cables, and Oil &amp; Gas segments.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.

KEC International - Margins Decline Continues But Order Book Robust

<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>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.

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

India

KEC International Limited is a power transmission company which is involved in the design, manufacture, supply and construction of turnkey projects of power transmission lines. The company also installs fiber optical cable and provides services for Satellite/GPRS surveys.

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KEC International (KECI IN)

Industrials (Q3FY23 Results Preview): All set for a robust Q3FY23

In Q3FY23, the NHAI awarded 19 projects, of which nine were HAM projects worth INR 70.3bn and ten were EPC projects worth INR 97.1bn

HDFC Securities

Infra-Road - Q2fy23 Result Preview: Execution Drives Growth

H2 (the second half of the year) is normally a strong period in terms of project execution along with bidding & awarding activity accelerating and...

Axis Direct

HSIE Results Daily: Godrej Consumers, Bharat Petroleum Corporation, Jubilant FoodWorks

Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)

HDFC Securities

KEC International - Margins Decline Continues But Order Book Robust

The company’s order intake stood at Rs 10,465 Cr led by orders from Civil and T&D, followed by Railways, Cables, and Oil & Gas segments.

Axis Direct

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

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