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>Axis New Year Picks: We are proud to announce our exclusive report: Axis New Year Picks 2023 – Focus on 6 Golden Themes.</li><li>The report contains deeply-researched 9 stocks that are best-placed to deliver excellent performance in 2023 and thereby strengthen your investment portfolio.</li><li>Axis Alpha: Axis Alpha reported an excellent monthly strike rate of 78% in Dec’22. It continued to deliver robust returns with absolute profits of over 5.4 Lc since its inception in May’20.</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.

Axis New Year Picks: We are proud to announce our exclusive report: Axis New Year Picks 2023 – Focus on 6 Golden Themes.The report contains deeply-researched 9 stocks that are best-placed to deliver excellent performance in 2023 and thereby strengthen your investment portfolio.Axis Alpha: Axis Alpha reported an excellent monthly strike rate of 78% in Dec’22. It continued to deliver robust returns with absolute profits of over 5.4 Lc since its inception in May’20.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), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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

<ul><li>KNR Constructions is one of the leading companies in the roads and highways sector having executed 6,000+ lane km of projects across 12 states in India.</li><li>The company also has an established presence in irrigation and urban water infrastructure management.</li><li>Reported 16.3% revenue CAGR over FY17-22 and has consistently delivered industry-leading operating margin of ~20% throughout past three years </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 is one of the leading companies in the roads and highways sector having executed 6,000+ lane km of projects across 12 states in India.The company also has an established presence in irrigation and urban water infrastructure management.Reported 16.3% revenue CAGR over FY17-22 and has consistently delivered industry-leading operating margin of ~20% throughout past three years 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 - Decent Show; Irrigation Receivables Key Monitorable…

<ul><li>KNR ConstructionsLtd (KNRCL)reported a healthyset ofQ2FY23numbers owning to better project execution.</li><li>The company reported revenue of Rs847Cr,up12% YoY, EBIDTA of Rs189Cr,up13% YoY, and APAT of Rs108Cr,up13% YoY.</li><li>It registered an EBITDA Margin of 22.3%in Q2FY23(our estimate: 18.6%) against 22.2% in Q2FY22.</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 a healthyset ofQ2FY23numbers owning to better project execution.The company reported revenue of Rs847Cr,up12% YoY, EBIDTA of Rs189Cr,up13% YoY, and APAT of Rs108Cr,up13% YoY.It registered an EBITDA Margin of 22.3%in Q2FY23(our estimate: 18.6%) against 22.2% in Q2FY22.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 - Robust Execution, Healthy Order Book to Drive Growth

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)

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

Axis Research Scorecard Report - Dec 22

Axis New Year Picks: We are proud to announce our exclusive report: Axis New Year Picks 2023 – Focus on 6 Golden Themes.

Axis Direct

KNR Constructions - Decent Show; Irrigation Receivables Key Monitorable…

KNR Constructions is one of the leading companies in the roads and highways sector having executed 6,000+ lane km of projects across 12 states in...

ICICI Securities Limited

KNR Constructions Ltd - Robust Execution, Healthy Order Book to Drive Growth

KNR ConstructionsLtd (KNRCL)reported a healthyset ofQ2FY23numbers owning to better project execution. The company reported revenue of Rs847Cr,up12%...

Axis Direct

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