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.

Equity Bottom-Up

<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

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.

Thematic (Sector/Industry)

<ul><li>The road construction companies under coverage are anticipated to report flattish revenue as the execution was affected by extreme rainfall.</li><li>EBITDA is expected to decline by 2.5%, while APAT is projected to be 1.5% higher YoY.</li><li>EBITDA margins are estimated at 14.2%, compared to 14.8% 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.

The road construction companies under coverage are anticipated to report flattish revenue as the execution was affected by extreme rainfall.EBITDA is expected to decline by 2.5%, while APAT is projected to be 1.5% higher YoY.EBITDA margins are estimated at 14.2%, compared to 14.8% 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.

<ul><li>Aurobindo Pharma: EBITDA (+41% YoY) was in line with our/consensus estimates as 10% sales growth (-3% QoQ US, +8% EU, and +53% YoY in growth markets), higher gross margin (+544 bps YoY), was offset by higher staff (+13%) and SG&amp;A (+22% ex-R&amp;D – remediation cost of USD 9 mn and Pen-G plant opex, R&amp;D was -13% YoY)</li><li>ARBP expects (1) steady growth in the US oral solid, led by new launches and volume gain, (2) specialty/injectable to improve QoQ and it targets reach USD 600 mn sales globally in FY25 (~USD 141 mn in Q1FY25), (3) EU sales at Euro 880-900 mn on new launch visibility, (4) EBITDA margin of 21-22% in FY25 (21.4% in Q1) on reduction in remediation spend and Pen-G plant scale-up led leverage, and (5) tax rate at 27-28% in FY25</li><li>Factoring Q1, we have raised our EPS by 3/2% for FY25/26E and revise the TP to INR 1,520 (20x Q1FY27E from 18x)</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.

Aurobindo Pharma: EBITDA (+41% YoY) was in line with our/consensus estimates as 10% sales growth (-3% QoQ US, +8% EU, and +53% YoY in growth markets), higher gross margin (+544 bps YoY), was offset by higher staff (+13%) and SG&amp;A (+22% ex-R&amp;D – remediation cost of USD 9 mn and Pen-G plant opex, R&amp;D was -13% YoY)ARBP expects (1) steady growth in the US oral solid, led by new launches and volume gain, (2) specialty/injectable to improve QoQ and it targets reach USD 600 mn sales globally in FY25 (~USD 141 mn in Q1FY25), (3) EU sales at Euro 880-900 mn on new launch visibility, (4) EBITDA margin of 21-22% in FY25 (21.4% in Q1) on reduction in remediation spend and Pen-G plant scale-up led leverage, and (5) tax rate at 27-28% in FY25Factoring Q1, we have raised our EPS by 3/2% for FY25/26E and revise the TP to INR 1,520 (20x Q1FY27E from 18x)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: Aurobindo Pharma, Berger Paints, Metro Brands

HSIE Results Daily: Aurobindo Pharma, Berger Paints, Metro Brands, Aarti Industries

<ul><li>Robust &amp; Diversified Order Book: PNCIL has an order book valued at Rs 14,100 Cr (as of 30th June 2024), indicating revenue visibility for the next 2-2.5 years.</li><li>The total value of contracts, including a contract worth Rs 4,994 Cr where the company is L1, exceeds Rs 19,000 Cr, which is over 2.5 times FY24 revenue.</li><li>The order book is well-diversified between roads and water projects..</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 14,100 Cr (as of 30th June 2024), indicating revenue visibility for the next 2-2.5 years.The total value of contracts, including a contract worth Rs 4,994 Cr where the company is L1, exceeds Rs 19,000 Cr, which is over 2.5 times FY24 revenue.The order book is well-diversified between roads and water projects..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 - Project Execution to Pick Up & Margins To Be Maintained.

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: 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

Q2FY25 Earnings Preview - INFRA-ROAD

The road construction companies under coverage are anticipated to report flattish revenue as the execution was affected by extreme rainfall.

Axis Direct

HSIE Results Daily: Aurobindo Pharma, Berger Paints, Metro Brands

EBITDA (+41% YoY) was in line with our/consensus estimates as 10% sales growth (-3% QoQ US, +8% EU, and +53% YoY in growth markets)

HDFC Securities

HSIE Results Daily: Aurobindo Pharma, Berger Paints, Metro Brands, Aarti Industries

EBITDA (+41% YoY) was in line with our/consensus estimates as 10% sales growth (-3% QoQ US, +8% EU, and +53% YoY in growth markets), higher gross...

HDFC Securities

PNC Infratech Ltd - Project Execution to Pick Up & Margins To Be Maintained.

Robust & Diversified Order Book: PNCIL has an order book valued at Rs 14,100 Cr (as of 30th June 2024), indicating revenue visibility for the next...

Axis Direct

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