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.

Equity Bottom-Up

<ul><li>PSPProjects Ltd(PSPPL) Q4FY23 numbers were below our expectations due to majority of the orders being in their initial stages of construction and non completion of EPC projects which lead to lower revenue and margin contraction.</li><li>The company reported revenue of Rs 730 Cr (up32% YoY), EBIDTA of Rs 81Cr (down8% YoY), and APAT of Rs 49Cr (down11% YoY).</li><li>It registered EBITDA Margins of 11.1% in Q4FY23(Our Estimate:12.4%) as against15.9% in Q4FY22.</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.

PSPProjects Ltd(PSPPL) Q4FY23 numbers were below our expectations due to majority of the orders being in their initial stages of construction and non completion of EPC projects which lead to lower revenue and margin contraction.The company reported revenue of Rs 730 Cr (up32% YoY), EBIDTA of Rs 81Cr (down8% YoY), and APAT of Rs 49Cr (down11% YoY).It registered EBITDA Margins of 11.1% in Q4FY23(Our Estimate:12.4%) as against15.9% in Q4FY22.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 - Execution To Improve; Robust Order Book To Drive Growth.

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.

Thematic (Sector/Industry)

<ul><li>The NHAI ordering stayed below the FY23 target, competitive intensity cooling-off, commodities stable: In Q4FY23, the NHAI awarded 74 projects, of which 55 were HAM projects worth INR 455bn and 16 were EPC projects worth INR 215bn</li><li>With this, the NHAI awarded c.3,750 km in FY23 (vs a target of 6,500 km), with 75 HAM projects worth INR 655bn and 31 EPC projects worth INR 361bn</li><li>Competitive intensity cooled off with average L1 costs at a 5.6% premium over the average NHAI costs in Q4FY23</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 NHAI ordering stayed below the FY23 target, competitive intensity cooling-off, commodities stable: In Q4FY23, the NHAI awarded 74 projects, of which 55 were HAM projects worth INR 455bn and 16 were EPC projects worth INR 215bnWith this, the NHAI awarded c.3,750 km in FY23 (vs a target of 6,500 km), with 75 HAM projects worth INR 655bn and 31 EPC projects worth INR 361bnCompetitive intensity cooled off with average L1 costs at a 5.6% premium over the average NHAI costs in Q4FY23Content 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.

Industrials - Stable Awards, Pick-Up in Execution

<ul><li>We expect road construction companies under our coverage to report Revenue/EBITDA/APAT growth of 21%/22%/26% QoQ and 9%/5%/6% YoY,led by superior execution, supporting higher profitability during the quarter.</li><li>Q4 is generally a strong period for project execution.</li><li>Moreover, with bidding &amp; awarding activity accelerating during this period, project awarding by the NHAI gained momentum as it awarded 4,300 km of the project till Feb’23 against 1,550 km in the first 8 months of FY23.</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 21%/22%/26% QoQ and 9%/5%/6% YoY,led by superior execution, supporting higher profitability during the quarter.Q4 is generally a strong period for project execution.Moreover, with bidding &amp; awarding activity accelerating during this period, project awarding by the NHAI gained momentum as it awarded 4,300 km of the project till Feb’23 against 1,550 km in the first 8 months of FY23.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>IndusInd Bank: IndusInd Bank (IIB) reported its highest-ever quarterly earnings, largely on account of steady loan growth (+19% YoY), stable margins, sustained traction in fee income and lower credit costs (1.7% annualised)</li><li>Gross slippages at 2.3% witnessed some deterioration in the CV/CE portfolio and partial fallout from the restructured book, ex of which the back-book appears to be incrementally stabilising</li><li>IIB managed to garner retail deposits in the form of CA and TD from select affluent and NRI pockets, resulting in an overhang on its funding costs</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.

IndusInd Bank: IndusInd Bank (IIB) reported its highest-ever quarterly earnings, largely on account of steady loan growth (+19% YoY), stable margins, sustained traction in fee income and lower credit costs (1.7% annualised)Gross slippages at 2.3% witnessed some deterioration in the CV/CE portfolio and partial fallout from the restructured book, ex of which the back-book appears to be incrementally stabilisingIIB managed to garner retail deposits in the form of CA and TD from select affluent and NRI pockets, resulting in an overhang on its funding costsContent 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 - IndusInd Bank, ICICI Prudential Life, PSP Projects

<ul><li>PSP Projects Ltd (PSPPL) Q3FY23 numbers were below our expectations due to lower sales, an increase in construction expenses and a delay in getting approvals for UP projects.</li><li>The company reported revenue of Rs 500 Cr (up 3% YoY), EBIDTA of Rs 62 Cr (down 19% YoY), and APAT of Rs 35 Cr (down 30% YoY).</li><li>It registered EBITDA Margins of 12.4% in Q3FY23 (Our Estimate: 12.5%) as against 15.6% in Q3FY22.</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) Q3FY23 numbers were below our expectations due to lower sales, an increase in construction expenses and a delay in getting approvals for UP projects.The company reported revenue of Rs 500 Cr (up 3% YoY), EBIDTA of Rs 62 Cr (down 19% YoY), and APAT of Rs 35 Cr (down 30% YoY).It registered EBITDA Margins of 12.4% in Q3FY23 (Our Estimate: 12.5%) as against 15.6% in Q3FY22.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 - Robust Order Book To Drive Growth.

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)

PSP Projects Ltd - Execution To Improve; Robust Order Book To Drive Growth.

The company reported revenue of Rs 730 Cr (up32% YoY), EBIDTA of Rs 81Cr (down8% YoY), and APAT of Rs 49Cr (down11% YoY).

Axis Direct

Industrials - Stable Awards, Pick-Up in Execution

In Q4FY23, the NHAI awarded 74 projects, of which 55 were HAM projects worth INR 455bn and 16 were EPC projects worth INR 215bn

HDFC Securities

Infra-Road Q4FY23 Earnings Preview

We expect road construction companies under our coverage to report Revenue/EBITDA/APAT growth of 21%/22%/26% QoQ and 9%/5%/6% YoY

Axis Direct

HSIE Results Daily - IndusInd Bank, ICICI Prudential Life, PSP Projects

IndusInd Bank (IIB) reported its highest-ever quarterly earnings, largely on account of steady loan growth (+19% YoY), stable margins

HDFC Securities

PSP Projects Ltd - Robust Order Book To Drive Growth.

PSP Projects Ltd (PSPPL) Q3FY23 numbers were below our expectations due to lower sales, an increase in construction expenses and a delay in getting...

Axis Direct

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