External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>State Bank of India: SBIN’s earnings were in line with estimates with healthy loan growth (~16% YoY) and stable NIMs, offset by soft deposit growth and elevated credit costs</li><li>Loan growth was strong across segments, offset by a slowdown in the Xpress credit portfolio</li><li>Deposit growth (+8% YoY, -0.3% QoQ) was muted with the CASA ratio dropping to 39% (-45 bps QoQ), in line with industry trends</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.

State Bank of India: SBIN’s earnings were in line with estimates with healthy loan growth (~16% YoY) and stable NIMs, offset by soft deposit growth and elevated credit costsLoan growth was strong across segments, offset by a slowdown in the Xpress credit portfolioDeposit growth (+8% YoY, -0.3% QoQ) was muted with the CASA ratio dropping to 39% (-45 bps QoQ), in line with industry trendsContent 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: State Bank of India, Thermax, Aptus Value Housing Finance 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.

Equity Bottom-Up

<ul><li>PSP Projects Ltd. (PSPPL) reported a strong set of numbers that exceeded expectations across all metrics in Q1FY25.</li><li>The company reported revenue of Rs 623 Cr (up 21% YoY), EBITDA of Rs 74 Cr (up 12% YoY), and APAT of Rs 35 Cr (down 8% YoY).</li><li>EBITDA margins were 11.9% in Q1FY25 (compared to the estimate of 10%), down from 12.9% in Q1FY24. </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.

PSP Projects Ltd. (PSPPL) reported a strong set of numbers that exceeded expectations across all metrics in Q1FY25.The company reported revenue of Rs 623 Cr (up 21% YoY), EBITDA of Rs 74 Cr (up 12% YoY), and APAT of Rs 35 Cr (down 8% YoY).EBITDA margins were 11.9% in Q1FY25 (compared to the estimate of 10%), down from 12.9% in Q1FY24. 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.

PSP Projects Ltd - Performance Set To Improve; Upgrade To BUY

<ul><li>Robust order book: As of 31 st Mar’24, the company’s order book stood at Rs 6,049 Cr..</li><li>The company received an order inflow of Rs 3,498 Cr (excluding GST) during FY24.</li><li>A healthy and robust order book gives revenue visibility for the next 2 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 order book: As of 31 st Mar’24, the company’s order book stood at Rs 6,049 Cr..The company received an order inflow of Rs 3,498 Cr (excluding GST) during FY24.A healthy and robust order book gives revenue visibility for the next 2 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.

PSP Projects Ltd - Miss On All Front; Downgraded to HOLD

<ul><li>PSP Projects Ltd. (PSPPL) Q3FY24 numbers stood above our expectations, thanks to robust project execution by the company.</li><li>It reported revenue of Rs 705 Cr (up 41% YoY), EBITDA of Rs 70 Cr (up 13% YoY), and APAT of Rs 31 Cr (down 12% YoY).</li><li>The company registered EBITDA Margins of 9.9% in Q3FY24 (vs. our estimate of 12.2%) as against 12.4% in Q3FY23. </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.

PSP Projects Ltd. (PSPPL) Q3FY24 numbers stood above our expectations, thanks to robust project execution by the company.It reported revenue of Rs 705 Cr (up 41% YoY), EBITDA of Rs 70 Cr (up 13% YoY), and APAT of Rs 31 Cr (down 12% YoY).The company registered EBITDA Margins of 9.9% in Q3FY24 (vs. our estimate of 12.2%) as against 12.4% in Q3FY23. 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.

PSP Projects - EBITDA Miss on High Operating Costs.

<ul><li>We expect road construction companies under our coverage to report Revenue/EBITDA/APAT growth of 14%11%/13% YoY.</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>We estimate EBITDA margins to be 15.2% against 14.8%/15.7% QoQ/YoY. H2 is traditionally a better period for project execution for infra companies and profitability tends to improve. </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 14%11%/13% YoY.The expected growth can be attributed to better execution by Infra companies, which in turn, supported higher profitability during the quarter.We estimate EBITDA margins to be 15.2% against 14.8%/15.7% QoQ/YoY. H2 is traditionally a better period for project execution for infra companies and profitability tends to improve. 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

PSP Projects Limited operates as a construction company. The Company offers industrial, institutional, government, and residential projects construction, as well as allied services including planning, designing, and post-construction activities. PSP Projects serves the private and public sectors in India.

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PSP Projects (PSPPL IN)

HSIE Results Daily: State Bank of India, Thermax, Aptus Value Housing Finance India

State Bank of India: SBIN’s earnings were in line with estimates with healthy loan growth (~16% YoY) and stable NIMs, offset by soft deposit growth...

HDFC Securities

PSP Projects Ltd - Performance Set To Improve; Upgrade To BUY

PSP Projects Ltd. (PSPPL) reported a strong set of numbers that exceeded expectations across all metrics in Q1FY25. The company reported revenue of...

Axis Direct

PSP Projects Ltd - Miss On All Front; Downgraded to HOLD

Robust order book: As of 31 st Mar’24, the company’s order book stood at Rs 6,049 Cr.. The company received an order inflow of Rs 3,498 Cr...

Axis Direct

PSP Projects - EBITDA Miss on High Operating Costs.

PSP Projects Ltd. (PSPPL) Q3FY24 numbers stood above our expectations, thanks to robust project execution by the company.

Axis Direct

Infra-Road Q3FY24 Earnings Preview

We estimate EBITDA margins to be 15.2% against 14.8%/15.7% QoQ/YoY. H2 is traditionally a better period for project execution for infra companies...

Axis Direct

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