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. 

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 road construction companies under our coverage to report Revenue/EBITDA/APAT growth of 13%/9%/9% YoY as growth in the last year was impacted by excessive monsoon rainfall.</li><li>The expected growth can be attributed to better execution by Infra companies, which in turn, supported higher profitability during the quarter.</li><li>H1 is traditionally a slow period for project execution for infra companies and it tends to improve in H2. </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 road construction companies under our coverage to report Revenue/EBITDA/APAT growth of 13%/9%/9% YoY as growth in the last year was impacted by excessive monsoon rainfall.The expected growth can be attributed to better execution by Infra companies, which in turn, supported higher profitability during the quarter.H1 is traditionally a slow period for project execution for infra companies and it tends to improve in H2. 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>We are proud to share that our Axis Top Picks basket delivered impressive returns of 32% in the last one year, beating by a wide margin the 15% return posted by the benchmark Nifty 50 index over this period.</li><li>Moreover, in Sep’23, the basket inched up further by 3.2%, marking an excellent outperformance of 1.2% over the Nifty 50 index which was up only 2% MoM.</li><li>These results strengthen our confidence 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.

We are proud to share that our Axis Top Picks basket delivered impressive returns of 32% in the last one year, beating by a wide margin the 15% return posted by the benchmark Nifty 50 index over this period.Moreover, in Sep’23, the basket inched up further by 3.2%, marking an excellent outperformance of 1.2% over the Nifty 50 index which was up only 2% MoM.These results strengthen our confidence 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.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

Equity Bottom-Up

<ul><li>PNC Infratech (PNC) reported a 23.1% CAGR growth in its top line from FY19 to FY23</li><li>The key takeaways from PNC’s FY23 annual report are: (1) PNC’s OB as of Mar’23 stood at INR 205.3bn (~2.9x FY23 standalone revenue, all-time high), which provides revenue visibility in the medium term</li><li>(2) At the standalone level, the company had gross/net debt of INR 4.5/0.8bn (gross D/E 0.11x) as of Mar’23 vs a net cash position of INR 3.2bn in Mar’22</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 (PNC) reported a 23.1% CAGR growth in its top line from FY19 to FY23The key takeaways from PNC’s FY23 annual report are: (1) PNC’s OB as of Mar’23 stood at INR 205.3bn (~2.9x FY23 standalone revenue, all-time high), which provides revenue visibility in the medium term(2) At the standalone level, the company had gross/net debt of INR 4.5/0.8bn (gross D/E 0.11x) as of Mar’23 vs a net cash position of INR 3.2bn in Mar’22Content 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 - Asset Monetisation Tailwind. Maintain BUY

<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

<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.

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)

Infra-Road Q2FY24 Earnings Preview

We expect road construction companies under our coverage to report Revenue/EBITDA/APAT growth of 13%/9%/9% YoY as growth in the last year was...

Axis Direct

Axis Top Picks - Oct 2023

We are proud to share that our Axis Top Picks basket delivered impressive returns of 32% in the last one year, beating by a wide margin the 15%...

Axis Direct

PNC Infratech - Asset Monetisation Tailwind. Maintain BUY

The key takeaways from PNC’s FY23 annual report are: (1) PNC’s OB as of Mar’23 stood at INR 205.3bn (~2.9x FY23 standalone revenue, all-time high)

HDFC Securities

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

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