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>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

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.

Equity Bottom-Up

<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

<ul><li>Encouraging revenue growth: KNR Constructions reported a turnover of Rs 3,744 Cr in FY23 ona standalone basis, posting a growth of 14% over FY22.</li><li>The said growth was of account of robust order book and superior execution.</li><li>Healthy order book: As of 31stMar’23, the company’s outstanding order book is Rs 7,092 Cr. </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.

Encouraging revenue growth: KNR Constructions reported a turnover of Rs 3,744 Cr in FY23 ona standalone basis, posting a growth of 14% over FY22.The said growth was of account of robust order book and superior execution.Healthy order book: As of 31stMar’23, the company’s outstanding order book is Rs 7,092 Cr. 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 - New Order Inflow Key For Growth

<ul><li>NHAI’s H1FY24 awarding activity is muted, expect a pick-up in Q3FY24: With minimal awarding activity in Q2FY24 and just four projects in Q1FY24, the overall H1FY24 awarding activity remained muted</li><li>New NHAI project DPRs are currently under finalisation, which has caused a delay in ordering</li><li>We expect FY24 to be a truncated year for ordering with ~INR 500bn worth of project awards (vs average INR 1.2trn for the previous year)</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 H1FY24 awarding activity is muted, expect a pick-up in Q3FY24: With minimal awarding activity in Q2FY24 and just four projects in Q1FY24, the overall H1FY24 awarding activity remained mutedNew NHAI project DPRs are currently under finalisation, which has caused a delay in orderingWe expect FY24 to be a truncated year for ordering with ~INR 500bn worth of project awards (vs average INR 1.2trn for the previous year)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.

Industrials (Q2FY24 Results Preview): Lacking triggers

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)

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

KNR Constructions Ltd - New Order Inflow Key For Growth

Encouraging revenue growth: KNR Constructions reported a turnover of Rs 3,744 Cr in FY23 ona standalone basis, posting a growth of 14% over FY22.

Axis Direct

Industrials (Q2FY24 Results Preview): Lacking triggers

With minimal awarding activity in Q2FY24 and just four projects in Q1FY24, the overall H1FY24 awarding activity remained muted

HDFC Securities

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