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>Encouraging revenue growth: PNC Infratech recorded revenue from operations of Rs 7,060 Cr in FY23, recording an encouraging growth of 12% YoY. The said growth was led by better execution of projects in FY23.</li><li>Improvement in EBITDA margins: The company’s EBITDA margins in FY23 stood at 13.5% vs. 12.5% in FY22 and the increase was led by its much better control over the costs during the year. PAT increased by 36% to Rs 611Cr in FY23 from Rs 448 Cr in FY22 on account of higher sales, lower depreciation, and finance charges.</li><li>Robust order book: The company’s total order book as of 31stMar’23stands overRs20,500 Cr .During the year ,it received an order inflow of over Rs4,800 Cr comprising 4 HAM projects and 1 EPC project in Q4FY23. Out of the total order book, Roads &amp; Highway contributed~67% while Water Supply &amp; Irrigation contributed the remaining 33%.</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: PNC Infratech recorded revenue from operations of Rs 7,060 Cr in FY23, recording an encouraging growth of 12% YoY. The said growth was led by better execution of projects in FY23.Improvement in EBITDA margins: The company’s EBITDA margins in FY23 stood at 13.5% vs. 12.5% in FY22 and the increase was led by its much better control over the costs during the year. PAT increased by 36% to Rs 611Cr in FY23 from Rs 448 Cr in FY22 on account of higher sales, lower depreciation, and finance charges.Robust order book: The company’s total order book as of 31stMar’23stands overRs20,500 Cr .During the year ,it received an order inflow of over Rs4,800 Cr comprising 4 HAM projects and 1 EPC project in Q4FY23. Out of the total order book, Roads &amp; Highway contributed~67% while Water Supply &amp; Irrigation contributed the remaining 33%.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.

PNC Infratech - Robust Order Book & Segment Diversification to Drive Future Growth

Thematic (Sector/Industry)

<ul><li>During the quarter, companies under our coverage reported Revenue/APAT growth of 3%/7%.</li><li>EBITDA growth was flattish against our expectation of 4%/1%/5% YoY backed by better execution.</li><li>On a sequential basis, EBITDA margins improved marginally by 20bps while it remained flattish on YoY basis. Overall performance remained satisfactory during the quarter</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.

During the quarter, companies under our coverage reported Revenue/APAT growth of 3%/7%.EBITDA growth was flattish against our expectation of 4%/1%/5% YoY backed by better execution.On a sequential basis, EBITDA margins improved marginally by 20bps while it remained flattish on YoY basis. Overall performance remained satisfactory during the quarterContent 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), HDFC Securities

HDFC Securities

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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>Berger Paints: BRGR grew 9.8% growth YoY to INR30.3bn (broadly in-line HSIE: INR30bn)</li><li>Decorative business grew 11.4% (~14% volume growth)</li><li>Industrial businesses performed well, aided by improved realization</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.

Berger Paints: BRGR grew 9.8% growth YoY to INR30.3bn (broadly in-line HSIE: INR30bn)Decorative business grew 11.4% (~14% volume growth)Industrial businesses performed well, aided by improved realizationContent 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: Berger Paints, Infoedge, Astral, Fsn E-Commerce Ventures (Nykaa)

<ul><li>The company reported revenue of Rs 1,861 Cr (+6% YoY) and EBITDA of Rs 245 Cr (-5% YoY). It recorded an APAT of Rs 157 Cr (-6% YoY).</li><li>The company posted an EBITDA margin of 13.2% in Q1FY24 (vs. our estimate of 13.6%), compared to 14.7% in Q1FY23. APAT margin was 8.4% vs. 9.4% in Q1FY23.</li><li>In Q1FY23, the company received a bonus of Rs 37 Cr for early completion of a project. Excluding the early completion bonus, PAT was 21% higher YoY. </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 company reported revenue of Rs 1,861 Cr (+6% YoY) and EBITDA of Rs 245 Cr (-5% YoY). It recorded an APAT of Rs 157 Cr (-6% YoY).The company posted an EBITDA margin of 13.2% in Q1FY24 (vs. our estimate of 13.6%), compared to 14.7% in Q1FY23. APAT margin was 8.4% vs. 9.4% in Q1FY23.In Q1FY23, the company received a bonus of Rs 37 Cr for early completion of a project. Excluding the early completion bonus, PAT was 21% higher YoY. 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>The Axis Top Picks Basket returned a solid return of 10% in July’23 against the 3% return posted by Nifty 50, beating the benchmark by a wide margin.</li><li>Over the last one year, the basket has gained 32%. Moreover, we are happy to inform you that our Top Picks Basket has delivered an impressive return of 202% since its inception (May’20), well above the 113% return that NIFTY 50 delivered over the same period.</li><li>In light of this, we continue to believe in our thematic approach to Top Picks selection. </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 Axis Top Picks Basket returned a solid return of 10% in July’23 against the 3% return posted by Nifty 50, beating the benchmark by a wide margin.Over the last one year, the basket has gained 32%. Moreover, we are happy to inform you that our Top Picks Basket has delivered an impressive return of 202% since its inception (May’20), well above the 113% return that NIFTY 50 delivered over the same period.In light of this, we continue to believe in our thematic approach to Top Picks selection. 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

PNC Infratech Limited operates as an infrastructure construction, development, and management company. The Company constructs highways, bridges, fly-overs, power transmission lines, and airport runways. PNC Infratech also provides construction services for waste management and industrial area development projects.

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PNC Infratech Ltd (PNCL IN)

PNC Infratech - Robust Order Book & Segment Diversification to Drive Future Growth

PNC Infratech recorded revenue from operations of Rs 7,060 Cr in FY23, recording an encouraging growth of 12% YoY. The said growth was led by...

Axis Direct

Infra-Road: Q1FY24 Review

During the quarter, companies under our coverage reported Revenue/APAT growth of 3%/7%. EBITDA growth was flattish against our expectation of 4%/1%...

Axis Direct

HSIE Results Daily: Berger Paints, Infoedge, Astral, Fsn E-Commerce Ventures (Nykaa)

Berger Paints: BRGR grew 9.8% growth YoY to INR30.3bn (broadly in-line HSIE: INR30bn). Decorative business grew 11.4% (~14% volume growth)

HDFC Securities

PNC Infratech Ltd - Robust Order Book

The company reported revenue of Rs 1,861 Cr (+6% YoY) and EBITDA of Rs 245 Cr (-5% YoY). It recorded an APAT of Rs 157 Cr (-6% YoY).

Axis Direct

Axis Top Picks - Aug 2023

The Axis Top Picks Basket returned a solid return of 10% in July’23 against the 3% return posted by Nifty 50, beating the benchmark by a wide margin.

Axis Direct

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