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>Pitti Engineering Ltd. (PITTIENG), established in 1983, is engaged in manufacturing a wide range of engineering products made of iron and steel.</li><li>These include electrical steel laminations, sub-assemblies for motor and generator cores, die-cast rotors, as well as machined cast and fabricated parts and shafts.</li><li>Its rotating electrical equipment portfolio consists of products like loose laminations, pole laminations, assembled stator cores, and RTU Stators, among others. </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.

Pitti Engineering Ltd. (PITTIENG), established in 1983, is engaged in manufacturing a wide range of engineering products made of iron and steel.These include electrical steel laminations, sub-assemblies for motor and generator cores, die-cast rotors, as well as machined cast and fabricated parts and shafts.Its rotating electrical equipment portfolio consists of products like loose laminations, pole laminations, assembled stator cores, and RTU Stators, among others. 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.

Pick of the Week - Pitti Engineering Ltd - 21 October 2024

Thematic (Sector/Industry)

<ul><li>The Q2FY25 earnings season was marked by a) Good rainfall across the country 2) Stronger E-way bill, GST collection and cargo traffic, 3) Resilient macro-economic outlook, 4) Full-year Union Budget, 5) Moderation in power demand, PMI manufacturing and Services and 6) Volatile Oil prices.</li><li>Based on the normal monsoon, higher reservoir levels, government budgetary allocations are indicating green shoots in the rural recovery for the second half of FY25.</li><li>Earnings growth for the quarter will be driven by Financials, IT, Telecom, Healthcare and Utilities while earnings for cyclical sectors like Oil &amp; Gas and Metals is likely to see some decline. </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.

The Q2FY25 earnings season was marked by a) Good rainfall across the country 2) Stronger E-way bill, GST collection and cargo traffic, 3) Resilient macro-economic outlook, 4) Full-year Union Budget, 5) Moderation in power demand, PMI manufacturing and Services and 6) Volatile Oil prices.Based on the normal monsoon, higher reservoir levels, government budgetary allocations are indicating green shoots in the rural recovery for the second half of FY25.Earnings growth for the quarter will be driven by Financials, IT, Telecom, Healthcare and Utilities while earnings for cyclical sectors like Oil &amp; Gas and Metals is likely to see some decline. 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>Chemicals &amp; Agrochemicals: In Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains subdued and weak pricing persists.</li><li>Volume growth is anticipated compared to the previous quarter, which was affected by several headwinds, including weak demand (with exceptions in a few segments), logistical challenges at ports, and adverse weather conditions.</li><li>Growth prospects remain uncertain as a clear upward trend has yet to emerge.</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 Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains subdued and weak pricing persists.Volume growth is anticipated compared to the previous quarter, which was affected by several headwinds, including weak demand (with exceptions in a few segments), logistical challenges at ports, and adverse weather conditions.Growth prospects remain uncertain as a clear upward trend has yet to emerge.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.

Q2FY25 Earnings Preview - Chemicals, Capital Goods and Midcaps

<ul><li>We recently visited the plant of Pitti Engineering Ltd (PEL) at Aurangabad.</li><li>The company is increasing its production capacities to support the anticipated growth in volumes.</li><li>The company believes that the expansion will not only enhance the PEL’s ability to serve and support its clients more effectively but will also allow it to adopt smarter and eco-friendly practices.</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 recently visited the plant of Pitti Engineering Ltd (PEL) at Aurangabad.The company is increasing its production capacities to support the anticipated growth in volumes.The company believes that the expansion will not only enhance the PEL’s ability to serve and support its clients more effectively but will also allow it to adopt smarter and eco-friendly practices.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.

Pitti Engineering Ltd. - Aurangabad Plant Visit; Expansion on Track

<ul><li>Strong volume growth during the quarter:Volumes of rotating electrical equipment (Laminations and Assemblies) in existing business (PEL excluding BCIPL) increased by over 24% YoY during the quarter.</li><li>While machining components volumes declined, blended EBITDA/Tonne on a standalone basis increased by 2.77% YoY to Rs 43,785.</li><li>BCIPL volumes increased by 13.2% YoY. Even though EBITDA for BCIPL was impacted due to certain onetime factors, the management remains positive about reaching targeted EBIDTA levels. </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.

Strong volume growth during the quarter:Volumes of rotating electrical equipment (Laminations and Assemblies) in existing business (PEL excluding BCIPL) increased by over 24% YoY during the quarter.While machining components volumes declined, blended EBITDA/Tonne on a standalone basis increased by 2.77% YoY to Rs 43,785.BCIPL volumes increased by 13.2% YoY. Even though EBITDA for BCIPL was impacted due to certain onetime factors, the management remains positive about reaching targeted EBIDTA levels. 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.

Pitti Engineering Ltd. - Continued Growth Momentum, AcquisitionsStart Contributing;

India

Pitti Engineering Limited manufactures and distributes industrial machinery products. The Company provides electrical steel laminations, motor cores, sub-assemblies, die-cast rotors, and press tools. Pitti Engineering serves customers globally.

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Pitti Engineering (PITTIENG IN)

Pick of the Week - Pitti Engineering Ltd - 21 October 2024

Pitti Engineering Ltd. (PITTIENG), established in 1983, is engaged in manufacturing a wide range of engineering products made of iron and steel.

Axis Direct

Q2FY25 - Consolidated Earnings Preview

Based on our and consensus estimates, we forecast Nifty to deliver a Revenue/EBITDA/PAT growth of 4.5%/6%/4.1% respectively for the quarter.

Axis Direct

Q2FY25 Earnings Preview - Chemicals, Capital Goods and Midcaps

In Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains...

Axis Direct

Pitti Engineering Ltd. - Aurangabad Plant Visit; Expansion on Track

We recently visited the plant of Pitti Engineering Ltd (PEL) at Aurangabad. The company is increasing its production capacities to support the...

Axis Direct

Pitti Engineering Ltd. - Continued Growth Momentum, AcquisitionsStart Contributing;

Volumes of rotating electrical equipment (Laminations and Assemblies) in existing business (PEL excluding BCIPL) increased by over 24% YoY during...

Axis Direct

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