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>We expect industry volume to grow by ~9% YoY in FY24</li><li>We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24</li><li>So, we expect realisation to fall 1-2% YoY in FY24, as the industry would partially pass on the cost savings</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 industry volume to grow by ~9% YoY in FY24We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24So, we expect realisation to fall 1-2% YoY in FY24, as the industry would partially pass on the cost savingsContent 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.

Cement: Demand stays strong; fuel costs cool off further

<ul><li>Titan: While Titan continued to clock healthy revenue growth of INR 103.6bn (up 33%; 4-year CAGR: 21%; HSIE: INR 98.8bn), the margin fell short of expectations</li><li>Jewellery sales (ex-bullion; standalone) grew 23.5% (4-year CAGR: 18.4%) in Q4FY23 as both the number of buyers and ticket sizes aided growth</li><li>Non-jewellery growth of 31% YoY (4-year CAGR: 13%) remained healthy too (in-line)</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.

Titan: While Titan continued to clock healthy revenue growth of INR 103.6bn (up 33%; 4-year CAGR: 21%; HSIE: INR 98.8bn), the margin fell short of expectationsJewellery sales (ex-bullion; standalone) grew 23.5% (4-year CAGR: 18.4%) in Q4FY23 as both the number of buyers and ticket sizes aided growthNon-jewellery growth of 31% YoY (4-year CAGR: 13%) remained healthy too (in-line)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: Titan, Havells India, Godrej Properties, Petronet LNG, CDSL, Orient Cement

<ul><li>We estimate our coverage universe of 15 companies to deliver strong 9/14% YoY/QoQ volume growth (four-year CAGR: 7%) in Q4FY23</li><li>We expect strong volume offtake by UltraTech Cement, Dalmia Bharat, Nuvoco Vistas, Birla Corp., JK Lakshmi and Star Cement QoQ</li><li>We expect volume decline QoQ by ACC and Ambuja (Himachal plant shutdown)</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 estimate our coverage universe of 15 companies to deliver strong 9/14% YoY/QoQ volume growth (four-year CAGR: 7%) in Q4FY23We expect strong volume offtake by UltraTech Cement, Dalmia Bharat, Nuvoco Vistas, Birla Corp., JK Lakshmi and Star Cement QoQWe expect volume decline QoQ by ACC and Ambuja (Himachal plant shutdown)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.

Cement - Strong Demand, Fuel Pressure Easing Out

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>After witnessing good volume growth in Q3FY23, momentum in cement demand continued in Q4FY23 as well, primarily driven by the government infrastructure and housing push and well-supported by private real estate demand.</li><li>Demand momentum began on a good note in Jan 2023 followed by some softness in Feb’23 and concluded on a higher note despite the higher base of the last year.</li><li>While some softness in demand was witnessed in Mar’23 on account of the Holi festival, the later part of the month witnessed a sharp spike in demand. I</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.

After witnessing good volume growth in Q3FY23, momentum in cement demand continued in Q4FY23 as well, primarily driven by the government infrastructure and housing push and well-supported by private real estate demand.Demand momentum began on a good note in Jan 2023 followed by some softness in Feb’23 and concluded on a higher note despite the higher base of the last year.While some softness in demand was witnessed in Mar’23 on account of the Holi festival, the later part of the month witnessed a sharp spike in demand. IContent 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>Healthy volumes; mixed pricing trend across regions: We estimate that our coverage universe of 15 companies will deliver 10/8% YoY/QoQ volume growth (three-year CAGR: +6%) in Q3FY23</li><li>We expect average utilisation of ~77% vs 72/74% QoQ/YoY. Cement prices increased ~2% QoQ across India in Q3</li><li>Prices increased ~4-6% QoQ each in the east and south regions, there was 1-2% rise in the west, while the north was flattish and the central region witnessed a ~1% correction QoQ</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.

Healthy volumes; mixed pricing trend across regions: We estimate that our coverage universe of 15 companies will deliver 10/8% YoY/QoQ volume growth (three-year CAGR: +6%) in Q3FY23We expect average utilisation of ~77% vs 72/74% QoQ/YoY. Cement prices increased ~2% QoQ across India in Q3Prices increased ~4-6% QoQ each in the east and south regions, there was 1-2% rise in the west, while the north was flattish and the central region witnessed a ~1% correction QoQContent 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.

Cement (Q3FY23 Results Preview): Decent volume offtake, recovery in profitability

India

Orient Cement Limited manufactures and distributes cement.

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Orient Cement (ORCMNT IN)

Cement: Demand stays strong; fuel costs cool off further

We expect industry volume to grow by ~9% YoY in FY24. We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24

HDFC Securities

HSIE Results Daily: Titan, Havells India, Godrej Properties, Petronet LNG, CDSL, Orient Cement

Titan: While Titan continued to clock healthy revenue growth of INR 103.6bn (up 33%; 4-year CAGR: 21%; HSIE: INR 98.8bn), the margin fell short of...

HDFC Securities

Cement - Strong Demand, Fuel Pressure Easing Out

We estimate our coverage universe of 15 companies to deliver strong 9/14% YoY/QoQ volume growth (four-year CAGR: 7%) in Q4FY23

HDFC Securities

Cement - Q4FY23 Earnings Preview

Demand momentum began on a good note in Jan 2023 followed by some softness in Feb’23 and concluded on a higher note despite the higher base of the...

Axis Direct

Cement (Q3FY23 Results Preview): Decent volume offtake, recovery in profitability

We estimate that our coverage universe of 15 companies will deliver 10/8% YoY/QoQ volume growth (three-year CAGR: +6%) in Q3FY23

HDFC Securities

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