External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

Thematic (Sector/Industry)

<ul><li>Apollo Hospitals Enterprise: EBITDA grew by 24% YoY, driven by a 14% YoY increase in sales</li><li>The hospital business saw a 13% YoY growth, led by a higher occupancy (of 68% vs 66% in Q3FY24) and ARPOB growth (+8% YoY)</li><li>HealthCo grew by 15% YoY (offline/ online sales up 14%/ 22% YoY) and AHLL grew 15% 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.

Apollo Hospitals Enterprise: EBITDA grew by 24% YoY, driven by a 14% YoY increase in salesThe hospital business saw a 13% YoY growth, led by a higher occupancy (of 68% vs 66% in Q3FY24) and ARPOB growth (+8% YoY)HealthCo grew by 15% YoY (offline/ online sales up 14%/ 22% YoY) and AHLL grew 15% YoYContent 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: Apollo Hospitals Enterprise, Berger Paints, Century Plyboards India...

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>In Q3FY25, the road construction companies under coverage are anticipated to report 3% degrowth YoY in revenue due to a lower executable orderbook in KNR Constructions Ltd and PNC Infratech Ltd.</li><li>EBITDA is expected to decrease by 4%, and APAT is projected to be 10.7% lower on YoY basis.</li><li>EBITDA margins are estimated at 14.2%, compared to 14.6% in the same period last year. </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 Q3FY25, the road construction companies under coverage are anticipated to report 3% degrowth YoY in revenue due to a lower executable orderbook in KNR Constructions Ltd and PNC Infratech Ltd.EBITDA is expected to decrease by 4%, and APAT is projected to be 10.7% lower on YoY basis.EBITDA margins are estimated at 14.2%, compared to 14.6% in the same period last year. 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.

Q3FY25 Earnings Preview - INFRA-ROAD & OTHERS

Equity Bottom-Up

<ul><li>Robust &amp; Diversified Order Book: PNCIL has an order book valued at Rs 19,910 Cr (as of 30th Sep 2024), which is over 2.5 times FY24 revenue.</li><li>In Oct'24, the company received an LOA for one EPC project worth Rs 2,039 Cr from CIDCO and two EPC projects worth Rs 4,630 Cr from MSRDC in Maharashtra.</li><li>The order book is welldiversified between roads and water projects, indicating revenue visibility for the next 2- 2.5 years.</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.

Robust &amp; Diversified Order Book: PNCIL has an order book valued at Rs 19,910 Cr (as of 30th Sep 2024), which is over 2.5 times FY24 revenue.In Oct'24, the company received an LOA for one EPC project worth Rs 2,039 Cr from CIDCO and two EPC projects worth Rs 4,630 Cr from MSRDC in Maharashtra.The order book is welldiversified between roads and water projects, indicating revenue visibility for the next 2- 2.5 years.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 Ltd - Seasonality & Lower Executable Order Book Impacts Performance

<ul><li>Thermax: Thermax Ltd (TMX) reported revenue/EBITDA/APAT of INR 25.5/2.1/1.5bn, a miss on our estimates by 0/10/10%</li><li>During the quarter, TMX received INR 0.66bn as PSI incentive from Maharashtra government towards investment and job creation</li><li>TMX expects this incentive to repeat over next new quarters</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.

Thermax: Thermax Ltd (TMX) reported revenue/EBITDA/APAT of INR 25.5/2.1/1.5bn, a miss on our estimates by 0/10/10%During the quarter, TMX received INR 0.66bn as PSI incentive from Maharashtra government towards investment and job creationTMX expects this incentive to repeat over next new quartersContent 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: Thermax, Deepak Nitrite, Brigade Enterprises, Crompton Consumer

<ul><li>PNC Infratech Limited’s (PNC) management reported on the Ministry of Road Transport and Highways of India’s (MoRTH) recent order that debars the company from tendering for road projects bid by the ministry through agencies like the National Highways Authority of India (NHAI), NHIDCL and MORTH</li><li>The debarment order is for one year beginning 18th October 2024</li><li>PNC highlighted that it intends to bid for other Government/State agency projects ex-Morth to address the shortfall that is likely to be affected in the near to medium term, while continuing to execute its current gross order book of INR 211bn (including three new orders received from MSRDC and CIDCO), providing revenue visibility over the next 2-2.5 years</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.

PNC Infratech Limited’s (PNC) management reported on the Ministry of Road Transport and Highways of India’s (MoRTH) recent order that debars the company from tendering for road projects bid by the ministry through agencies like the National Highways Authority of India (NHAI), NHIDCL and MORTHThe debarment order is for one year beginning 18th October 2024PNC highlighted that it intends to bid for other Government/State agency projects ex-Morth to address the shortfall that is likely to be affected in the near to medium term, while continuing to execute its current gross order book of INR 211bn (including three new orders received from MSRDC and CIDCO), providing revenue visibility over the next 2-2.5 yearsContent 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: MoRTH Order a Near-Term Dampener. Maintain BUY

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)

HSIE Results Daily: Apollo Hospitals Enterprise, Berger Paints, Century Plyboards India...

The hospital business saw a 13% YoY growth, led by a higher occupancy (of 68% vs 66% in Q3FY24) and ARPOB growth (+8% YoY)

HDFC Securities

Q3FY25 Earnings Preview - INFRA-ROAD & OTHERS

In Q3FY25, the road construction companies under coverage are anticipated to report 3% degrowth YoY in revenue due to a lower executable orderbook...

Axis Direct

PNC Infratech Ltd - Seasonality & Lower Executable Order Book Impacts Performance

Robust & Diversified Order Book: PNCIL has an order book valued at Rs 19,910 Cr (as of 30th Sep 2024), which is over 2.5 times FY24 revenue.

Axis Direct

HSIE Results Daily: Thermax, Deepak Nitrite, Brigade Enterprises, Crompton Consumer

During the quarter, TMX received INR 0.66bn as PSI incentive from Maharashtra government towards investment and job creation. TMX expects this...

HDFC Securities

PNC Infratech: MoRTH Order a Near-Term Dampener. Maintain BUY

We cut our target P/E multiple from 16x to 14x, given the strong current order book, robust balance sheet and low probability of asset monetisation...

HDFC Securities

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