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. 

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Equity Bottom-Up

<ul><li>Improving Margin Trajectory: KBL reported a significant improvement in gross margins and EBITDA during the quarter.</li><li>This margin improvement was primarily driven by strong performance in the domestic segment, which led to operating leverage from higher volumes, cost control initiatives, and the softening of raw material prices.</li><li>The company is also strategically focusing on increasing the share of value-added products, significantly reducing its exposure to low-margin and lumpy EPC orders. </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.

Improving Margin Trajectory: KBL reported a significant improvement in gross margins and EBITDA during the quarter.This margin improvement was primarily driven by strong performance in the domestic segment, which led to operating leverage from higher volumes, cost control initiatives, and the softening of raw material prices.The company is also strategically focusing on increasing the share of value-added products, significantly reducing its exposure to low-margin and lumpy EPC orders. 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.

Kirloskar Brothers Ltd. - Robust Revenue & Margin Visibility; Upgrade to BUY

Kirloskar Brothers Ltd - Robust Revenue & Margin Visibility; Upgrade to BUY

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>Re-Introducing our weekly Namaste India 2.0. This iteration builds on our earlier version and is designed for investors keen to track developments in India.</li>
<li>Nuclear power currently contributes less than 2% of India's total electricity generation, indicating significant room for growth.</li>
<li>Going ahead, with earnings taking center stage, the high valuations commanded by <a href="https://www.smartkarma.com/entities/ishares-msci-india-etf" target="_blank" data-smartkarma-citation="entities:282:1" rel="noopener">iShares MSCI India ETF (INDA US)</a> are likely to get challenged.  </li>
</ul>


Re-Introducing our weekly Namaste India 2.0. This iteration builds on our earlier version and is designed for investors keen to track developments in India.
Nuclear power currently contributes less than 2% of India's total electricity generation, indicating significant room for growth.
Going ahead, with earnings taking center stage, the high valuations commanded by iShares MSCI India ETF (INDA US) are likely to get challenged.  


Namaste India 🙏 | India’s Atomic Ambitions

<ul><li>Kirloskar Brothers Ltd. reported a mixed set of Q1FY25 numbers.</li><li>Revenue reached Rs. 1,031 Cr, increasing 15% YoY in line with our estimates but declining 16% QoQ.</li><li>Gross margins stood at 49.5%, down by 200 bps compared to the previous quarter. </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.

Kirloskar Brothers Ltd. reported a mixed set of Q1FY25 numbers.Revenue reached Rs. 1,031 Cr, increasing 15% YoY in line with our estimates but declining 16% QoQ.Gross margins stood at 49.5%, down by 200 bps compared to the previous quarter. 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.

Kirloskar Brothers Ltd. - Weaker Margins in the Quarter, Revenue Visibility Remains Strong

<ul><li>Focus on improving profitability paying off: KBL's strategic focus on increasing the share of value-added product mix has significantly reduced exposure to low-margin and lumpy EPC orders, accounting for approximately 3% in FY24 compared to 75% in FY10.</li><li>Additionally, the company has implemented initiatives to enhance operational efficiencies and allocated resources towards debottlenecking, aimed at optimizing capacity utilization.</li><li>These efforts have directly contributed to improving KBL's profitability. </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.

Focus on improving profitability paying off: KBL's strategic focus on increasing the share of value-added product mix has significantly reduced exposure to low-margin and lumpy EPC orders, accounting for approximately 3% in FY24 compared to 75% in FY10.Additionally, the company has implemented initiatives to enhance operational efficiencies and allocated resources towards debottlenecking, aimed at optimizing capacity utilization.These efforts have directly contributed to improving KBL's profitability. 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.

Kirloskar Brothers Ltd. - Robust Margins Pumping Up The Profitability Ladder

India

Kirloskar Brothers Limited manufactures agricultural implements, power-driven pumps, sugarcane crushers, sluice valves, concrete mixers, ploughs, turbines, iron and steel castings and machine tools. The Group provides its customers with Finite Element Modelling and Computational Fluid Dynamics packages for Hydraulic analysis.  Kirloskar also supplies several turnkey Mini-Hydel power projects.

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Kirloskar Brothers (KKB IN)

Kirloskar Brothers Ltd. - Robust Revenue & Margin Visibility; Upgrade to BUY

Improving Margin Trajectory: KBL reported a significant improvement in gross margins and EBITDA during the quarter. This margin improvement was...

Axis Direct

Kirloskar Brothers Ltd - Robust Revenue & Margin Visibility; Upgrade to BUY

This margin improvement was primarily driven by strong performance in the domestic segment, which led to operating leverage from higher volumes,...

Axis Direct

Namaste India 🙏 | India’s Atomic Ambitions

Weekly Namaste India 2.0 for investors tracking India; nuclear power at 2% of electricity generation, room for growth; high valuations of iShares...

Pranav Bhavsar

Kirloskar Brothers Ltd. - Weaker Margins in the Quarter, Revenue Visibility Remains Strong

Kirloskar Brothers Ltd. reported a mixed set of Q1FY25 numbers. Revenue reached Rs. 1,031 Cr, increasing 15% YoY in line with our estimates but...

Axis Direct

Kirloskar Brothers Ltd. - Robust Margins Pumping Up The Profitability Ladder

Additionally, the company has implemented initiatives to enhance operational efficiencies and allocated resources towards debottlenecking, aimed at...

Axis Direct

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Kirloskar Brothers Ltd. - Robust Revenue & Margin Visibility; Upgrade to BUY

Improving Margin Trajectory: KBL reported a significant improvement in gross margins and EBITDA during the quarter. This margin improvement was...

Axis Direct

Kirloskar Brothers Ltd - Robust Revenue & Margin Visibility; Upgrade to BUY

This margin improvement was primarily driven by strong performance in the domestic segment, which led to operating leverage from higher volumes,...

Axis Direct

Namaste India 🙏 | India’s Atomic Ambitions

​Weekly Namaste India 2.0 for investors tracking India; nuclear power at 2% of electricity generation, room for growth; high valuations of iShares...

Pranav Bhavsar

Kirloskar Brothers Ltd. - Weaker Margins in the Quarter, Revenue Visibility Remains Strong

Kirloskar Brothers Ltd. reported a mixed set of Q1FY25 numbers. Revenue reached Rs. 1,031 Cr, increasing 15% YoY in line with our estimates but...

Axis Direct

Kirloskar Brothers Ltd. - Robust Margins Pumping Up The Profitability Ladder

Additionally, the company has implemented initiatives to enhance operational efficiencies and allocated resources towards debottlenecking, aimed at...

Axis Direct

Weekly Namaste India 2.0 for investors tracking India; nuclear power at 2% of electricity generation, room for growth; high valuations of iShares...