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. 

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

<ul><li>KNR Constructions Ltd. (KNRCL) reported revenue of Rs 905 Cr (up 9% YoY).</li><li>It posted an EBITDA of Rs 147 Cr (down 6% YoY), and an APAT of Rs 86 Cr (down 47% YoY).</li><li>It registered an EBITDA Margin of 16.3% in Q3FY24 (our estimate: 18%) against 18.8% in Q3FY23. </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.

KNR Constructions Ltd. (KNRCL) reported revenue of Rs 905 Cr (up 9% YoY).It posted an EBITDA of Rs 147 Cr (down 6% YoY), and an APAT of Rs 86 Cr (down 47% YoY).It registered an EBITDA Margin of 16.3% in Q3FY24 (our estimate: 18%) against 18.8% in Q3FY23. 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.

KNR Constructions Ltd - Weak Q3; New Order Inflow Crucial For Future Growth

Thematic (Sector/Industry)

<ul><li>We expect road construction companies under our coverage to report Revenue/EBITDA/APAT growth of 14%11%/13% YoY.</li><li>The expected growth can be attributed to better execution by Infra companies, which in turn, supported higher profitability during the quarter.</li><li>We estimate EBITDA margins to be 15.2% against 14.8%/15.7% QoQ/YoY. H2 is traditionally a better period for project execution for infra companies and profitability tends to improve. </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.

We expect road construction companies under our coverage to report Revenue/EBITDA/APAT growth of 14%11%/13% YoY.The expected growth can be attributed to better execution by Infra companies, which in turn, supported higher profitability during the quarter.We estimate EBITDA margins to be 15.2% against 14.8%/15.7% QoQ/YoY. H2 is traditionally a better period for project execution for infra companies and profitability tends to improve. 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), 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.

<ul><li>KNR Constructions: KNR reported in-line revenue/EBITDA/APAT at INR 9.4/1.7/1bn, beating our estimates by 9.9/4.8/1.0%</li><li>EBITDA margin came in at 17.7%, down 158/98bps YoY/QoQ, owing to volatility in input and raw material prices and higher fixed and other overhead expenses</li><li>KNR maintained its FY24 revenue at INR 40bn+, with the EBITDA margin decreasing by 200-300bps from the FY23 margin (which was 18.6%)</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.

KNR Constructions: KNR reported in-line revenue/EBITDA/APAT at INR 9.4/1.7/1bn, beating our estimates by 9.9/4.8/1.0%EBITDA margin came in at 17.7%, down 158/98bps YoY/QoQ, owing to volatility in input and raw material prices and higher fixed and other overhead expensesKNR maintained its FY24 revenue at INR 40bn+, with the EBITDA margin decreasing by 200-300bps from the FY23 margin (which was 18.6%)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: KNR Constructions, Ahluwalia Contracts

<ul><li>KNR ConstructionsLtd. (KNRCL)reported revenue of Rs 942Cr (up 11% YoY),which stood above our expectations.</li><li>It posted an EBITDA of Rs 166Cr (down12%YoY), and an APAT of Rs 100Cr (down 7% YoY).</li><li>It registered an EBITDA Margin of 17.7%in Q2FY24 (ourestimate: 18.4%) against 22.3% in Q2FY23. </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.

KNR ConstructionsLtd. (KNRCL)reported revenue of Rs 942Cr (up 11% YoY),which stood above our expectations.It posted an EBITDA of Rs 166Cr (down12%YoY), and an APAT of Rs 100Cr (down 7% YoY).It registered an EBITDA Margin of 17.7%in Q2FY24 (ourestimate: 18.4%) against 22.3% in Q2FY23. 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.

KNR Constructions Ltd - In Line Operating Performance; Retain BUY

<ul><li>Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23.</li><li>Calls that successfully achieved their target were Nestle India (~10%), Aptus Value Housing Finance (10%), and Equitas Small Finance Bank (10%).</li><li>ICICI Bank LtdAxis Alpha reported an astounding monthly strike rate of 80% in Oct’23.</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.

Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23.Calls that successfully achieved their target were Nestle India (~10%), Aptus Value Housing Finance (10%), and Equitas Small Finance Bank (10%).ICICI Bank LtdAxis Alpha reported an astounding monthly strike rate of 80% in Oct’23.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.

Axis Research Scorecard Report for Oct 2023

India

KNR Constructions Limited operates an infrastructure project development company. The Company provides engineering procurement and construction services across various sectors, such as roads, bridges, flyovers, highways, and water infrastructure management.

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KNR Constructions (KNRC IN)

KNR Constructions Ltd - Weak Q3; New Order Inflow Crucial For Future Growth

KNR Constructions Ltd. (KNRCL) reported revenue of Rs 905 Cr (up 9% YoY). It posted an EBITDA of Rs 147 Cr (down 6% YoY), and an APAT of Rs 86 Cr...

Axis Direct

Infra-Road Q3FY24 Earnings Preview

We estimate EBITDA margins to be 15.2% against 14.8%/15.7% QoQ/YoY. H2 is traditionally a better period for project execution for infra companies...

Axis Direct

HSIE Results Daily: KNR Constructions, Ahluwalia Contracts

KNR Constructions: KNR reported in-line revenue/EBITDA/APAT at INR 9.4/1.7/1bn, beating our estimates by 9.9/4.8/1.0%EBITDA margin came in at...

HDFC Securities

KNR Constructions Ltd - In Line Operating Performance; Retain BUY

KNR ConstructionsLtd. (KNRCL)reported revenue of Rs 942Cr (up 11% YoY),which stood above our expectations. It posted an EBITDA of Rs 166Cr...

Axis Direct

Axis Research Scorecard Report for Oct 2023

Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23. Calls that successfully achieved their target were Nestle India (~10%),...

Axis Direct

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