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>In the current quarter, NOCIL missed our expectations on all fronts, primarily due to lower-than-anticipated domestic volumes.</li><li>Consolidated revenue stood at Rs 341 Cr, missing our estimates by 11%, although it increased by 5% YoY.</li><li>Volumes for Q3FY24 grew by 14% on a YoY basis but declined by 3% QoQ. EBITDA increased by 30% YoY and 8% QoQ, missing our estimate by 10%. </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 the current quarter, NOCIL missed our expectations on all fronts, primarily due to lower-than-anticipated domestic volumes.Consolidated revenue stood at Rs 341 Cr, missing our estimates by 11%, although it increased by 5% YoY.Volumes for Q3FY24 grew by 14% on a YoY basis but declined by 3% QoQ. EBITDA increased by 30% YoY and 8% QoQ, missing our estimate by 10%. 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.

NOCIL Ltd - Cusp of Volume Recovery, Pricing Pressure Continues

<ul><li>NOCIL Q2FY24 topline declined with our expectations but there was a beat on gross margins which were higher by 218bps.</li><li>Consolidated Revenue missed our estimates by 9% (down 10% YoYand12%QoQ).</li><li>EBITDA also shrunkby 18% QoQ on account of lower realisation and missed our estimate by 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.

NOCIL Q2FY24 topline declined with our expectations but there was a beat on gross margins which were higher by 218bps.Consolidated Revenue missed our estimates by 9% (down 10% YoYand12%QoQ).EBITDA also shrunkby 18% QoQ on account of lower realisation and missed our estimate by 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.

NOCIL Ltd - Don’t See Headwind Receding, Adverse Macro’s to Continue

<ul><li>NOCIL Q1FY24 topline came inline with our expectations but there was a beat on gross margins which were higher by 238bps.</li><li>Consolidated Revenue beat our estimate by 2% (down 22% YoY but up 1%QoQ). EBITDA improved by 12% QoQ on account of higher realisation and beat our estimate by 21%.</li><li>EBITDA Margin came in at 14.% (from 20%/13% in Q1FY23/Q4FY23). </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.

NOCIL Q1FY24 topline came inline with our expectations but there was a beat on gross margins which were higher by 238bps.Consolidated Revenue beat our estimate by 2% (down 22% YoY but up 1%QoQ). EBITDA improved by 12% QoQ on account of higher realisation and beat our estimate by 21%.EBITDA Margin came in at 14.% (from 20%/13% in Q1FY23/Q4FY23). 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.

<ul><li>NOCIL Q4FY23 topline came inline with our expectations but there was a major miss on gross margins which saw a 953bps contraction.</li><li>Consolidated Revenue missed our estimate by 1% (down 15% YoY but up 21 %QoQ).</li><li>EBITDA declined significantly by - 55%/ 32% YoY/QoQ and missed our estimate by 20% led by volume growth and gross margin contraction.</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.

NOCIL Q4FY23 topline came inline with our expectations but there was a major miss on gross margins which saw a 953bps contraction.Consolidated Revenue missed our estimate by 1% (down 15% YoY but up 21 %QoQ).EBITDA declined significantly by - 55%/ 32% YoY/QoQ and missed our estimate by 20% led by volume growth and gross margin contraction.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.

NOCIL Ltd - Global Slowdown Continues to Affect Exports; Maintain HOLD

Thematic (Sector/Industry)

<ul><li>Chemicals &amp; Agrochemicals: In Q4FY24, we expect chemical companies under our coverage to declare sequential revenue improvement, except for commodity player Archean Chemical, as soft demand from end-user industries has led to a drop in prices.</li><li>The meaningful recovery for chemical companies will likely take another 2 quarters.</li><li>Agrochemicals demand continues to be under pressure, but there are green shoots in certain end-user industries such as dyes, pigments, and polymers, which have witnessed growth in demand and minor improvement in prices of final products. </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.

Chemicals &amp; Agrochemicals: In Q4FY24, we expect chemical companies under our coverage to declare sequential revenue improvement, except for commodity player Archean Chemical, as soft demand from end-user industries has led to a drop in prices.The meaningful recovery for chemical companies will likely take another 2 quarters.Agrochemicals demand continues to be under pressure, but there are green shoots in certain end-user industries such as dyes, pigments, and polymers, which have witnessed growth in demand and minor improvement in prices of final products. 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.

Chemicals - Q4FY2024 - Earnings Preview (Agro-Chem SpChem)

India

NOCIL Ltd. manufactures a wide variety of petrochemicals, agrochemicals, rubber chemicals and their intermediates. The Company's products include azodrin, phosphamidon, high density polyethylene, special grade polypropylene and polymer alloys and blends.  NOCIL also manufactures ethyl vinyl acetate, processed polyethylene, oxygen and nitrogen.

Nocil Ltd (NOCIL IN)

NOCIL Ltd - Cusp of Volume Recovery, Pricing Pressure Continues

In the current quarter, NOCIL missed our expectations on all fronts, primarily due to lower-than-anticipated domestic volumes.

Axis Direct

NOCIL Ltd - Don’t See Headwind Receding, Adverse Macro’s to Continue

NOCIL Q2FY24 topline declined with our expectations but there was a beat on gross margins which were higher by 218bps. Consolidated Revenue missed...

Axis Direct

NOCIL Ltd - Weak Demand Outlook

NOCIL Q1FY24 topline came inline with our expectations but there was a beat on gross margins which were higher by 238bps.

Axis Direct

NOCIL Ltd - Global Slowdown Continues to Affect Exports; Maintain HOLD

NOCIL Q4FY23 topline came inline with our expectations but there was a major miss on gross margins which saw a 953bps contraction.

Axis Direct

Chemicals - Q4FY2024 - Earnings Preview (Agro-Chem SpChem)

Chemical companies with strong brands and a consistent track record are seeing traction in CSM/CDMO business opportunities as China +1 and Euro +1...

Axis Direct