External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>NMDC’s Q3FY25 was largely in-line led by better than expected NSR on two price increases taken in prior quarter while volumes grew 5% YoY as demand started picking up.</li><li>NSR grew 11% QoQ to Rs5389/t; 5% ahead of PLe.</li><li>Cons EBITDA/t at Rs1,987 was tad weaker than PLe (Rs2,061/t) on higher freight and other expenses.</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.

NMDC’s Q3FY25 was largely in-line led by better than expected NSR on two price increases taken in prior quarter while volumes grew 5% YoY as demand started picking up.NSR grew 11% QoQ to Rs5389/t; 5% ahead of PLe.Cons EBITDA/t at Rs1,987 was tad weaker than PLe (Rs2,061/t) on higher freight and other expenses.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.

Nmdc (Nmdc In) - Strong NSR Benefitted Q3; Uncertainties Ahead

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Revenue of Rs. 4,807 crore (+19.7%/-10.6% y-o-y/q-o-q) was inline with estimates.</li><li>Iron ore sales of 9.7 mt grew by only +1.8%/-3.3% y-o-y/q-o-q.</li><li>Realization of Rs. Rs. 4,935/tonne grew +17.7%/-7.6% y-o-y/q-o-q. EBITDA of Rs. 1,440 crore (+20.7% y-o-y/-39% q-o-q) was below our estimates because of reduction in inventory value. </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.

Revenue of Rs. 4,807 crore (+19.7%/-10.6% y-o-y/q-o-q) was inline with estimates.Iron ore sales of 9.7 mt grew by only +1.8%/-3.3% y-o-y/q-o-q.Realization of Rs. Rs. 4,935/tonne grew +17.7%/-7.6% y-o-y/q-o-q. EBITDA of Rs. 1,440 crore (+20.7% y-o-y/-39% q-o-q) was below our estimates because of reduction in inventory value. 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), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.

<ul><li>In 2QFY25, NMDC reported production volume of 8.3mt, down 10% QoQ and 6% YoY, totaling 17.5mt for 1HFY25 (down 11% YoY).</li><li>Weak volume growth was due to a heavy monsoon.</li><li>NMDC has maintained its production target of 50mt for FY25 and expects volumes to ramp up significantly in 2HFY25.</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.

In 2QFY25, NMDC reported production volume of 8.3mt, down 10% QoQ and 6% YoY, totaling 17.5mt for 1HFY25 (down 11% YoY).Weak volume growth was due to a heavy monsoon.NMDC has maintained its production target of 50mt for FY25 and expects volumes to ramp up significantly in 2HFY25.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.

Nmdc - Rising Steel Demand, Capacity Expansion to Boost Growth

<ul><li>Prabhudas Lilladher's research report onNMDC NMDC 4QFY24 EBITDA grew 5% QoQ to Rs21bn (-3% YoY) on higher-thanexpected increase in other expenses and royalties.</li><li>The revenue growth was led by sharp 11% increase in average realization as the company had announced two price hikes during Jan’24.</li><li>After receiving Kumaraswamy EC extension approvals, NMDC guided for ~50/54mt in FY25/26E.</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.

Prabhudas Lilladher's research report onNMDC NMDC 4QFY24 EBITDA grew 5% QoQ to Rs21bn (-3% YoY) on higher-thanexpected increase in other expenses and royalties.The revenue growth was led by sharp 11% increase in average realization as the company had announced two price hikes during Jan’24.After receiving Kumaraswamy EC extension approvals, NMDC guided for ~50/54mt in FY25/26E.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.

Nmdc (Nmdc In) -Strong Value Led Performance

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.

Thematic (Sector/Industry)

<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.

India

NMDC Limited explores for minerals. The Company is exploring for iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, and beach sands.

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Nmdc Ltd (NMDC IN)

Nmdc (Nmdc In) - Strong NSR Benefitted Q3; Uncertainties Ahead

NMDC’s Q3FY25 was largely in-line led by better than expected NSR on two price increases taken in prior quarter while volumes grew 5% YoY as demand...

Prabhudas Lilladhar

Nmdc - Soft Quarter; Maintain Hold

Revenue of Rs. 4,807 crore (+19.7%/-10.6% y-o-y/q-o-q) was inline with estimates. Iron ore sales of 9.7 mt grew by only +1.8%/-3.3% y-o-y/q-o-q.

Sharekhan

Nmdc - Rising Steel Demand, Capacity Expansion to Boost Growth

In 2QFY25, NMDC reported production volume of 8.3mt, down 10% QoQ and 6% YoY, totaling 17.5mt for 1HFY25 (down 11% YoY).

Motilal Oswal

Nmdc (Nmdc In) -Strong Value Led Performance

Prabhudas Lilladher's research report onNMDC NMDC 4QFY24 EBITDA grew 5% QoQ to Rs21bn (-3% YoY) on higher-thanexpected increase in other expenses...

Prabhudas Lilladhar

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

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