External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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Equity Bottom-Up

<div><div><div><div><ul><li>Eastern region poised to grow: Eastern states are comparatively under-developed and in the last few years, new cement companies have entered these markets and existing players have added capacities to capitalize on the potential boom in the region in the medium to long term.</li><li>SRCM has commissioned a third clinker line at Chhattisgarh (4mn mt), which will supply clinker to the recently commissioned grinding units in the Eastern markets.</li><li>The recent clinker capacity additions by SRCM and UTCEM are likely to result in higher supply in the near term. </li></ul></div></div></div></div><p><em>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.</em></p>

Eastern region poised to grow: Eastern states are comparatively under-developed and in the last few years, new cement companies have entered these markets and existing players have added capacities to capitalize on the potential boom in the region in the medium to long term.SRCM has commissioned a third clinker line at Chhattisgarh (4mn mt), which will supply clinker to the recently commissioned grinding units in the Eastern markets.The recent clinker capacity additions by SRCM and UTCEM are likely to result in higher supply in the near term. 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.

Shree Cements Ltd. - Sluggish Demand in April’22; Cost Inflation Remains an Overhang

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Summary of change in recommendation of our coverage universe: We have cut targets prices for our covered companies by 10-30% on account of reduced earnings expectations as well as lower target multiples.</li></ul><div><div><div><div><ul><li>Near term earnings outlook weak and positive triggers missing: We expect earnings to remain weak for the cement sector for the next two quarters on account of elevated costs and weak realizations amid a seasonally weak demand period.</li></ul><div><div><div><div><ul><li>Reversal in coal and crude prices can offer some solace: We believe that high competitive intensity will subside once the inflationary pressures recede and hence reversal of higher coal and crude prices is important.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

Summary of change in recommendation of our coverage universe: We have cut targets prices for our covered companies by 10-30% on account of reduced earnings expectations as well as lower target multiples.Near term earnings outlook weak and positive triggers missing: We expect earnings to remain weak for the cement sector for the next two quarters on account of elevated costs and weak realizations amid a seasonally weak demand period.Reversal in coal and crude prices can offer some solace: We believe that high competitive intensity will subside once the inflationary pressures recede and hence reversal of higher coal and crude prices is important.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.

Cement Sector - Headwinds Galore; Turning 'neutral' on the Sector

<div><div><div><div><ul><li>4QFY22 performance: SRCM reported revenue of Rs41bn, up 3.6% YoY and 7% below our estimate.</li></ul><div><div><div><div><ul><li>Capex plans: The company has commissioned 3rd clinker line at Chhattisgarh recently, which has total capacity of 4mn mt.</li></ul><div><div><div><div><ul><li>This plant will supply clinker for the recently commissioned grinding units in East. SRCM had earlier announced a capex plan, which includes: (1) Setting up of an integrated cement plant in Nawalgarh tehsil of Rajasthan with clinker capacity of 3.8mn mt and cement grinding capacity of 3.5mn mt (2) Setting up of grinding unit in the Purulia district in West Bengal with 3mn mt capacity and (3) Setting up of 106MW solar power plant at various locations. </li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

4QFY22 performance: SRCM reported revenue of Rs41bn, up 3.6% YoY and 7% below our estimate.Capex plans: The company has commissioned 3rd clinker line at Chhattisgarh recently, which has total capacity of 4mn mt.This plant will supply clinker for the recently commissioned grinding units in East. SRCM had earlier announced a capex plan, which includes: (1) Setting up of an integrated cement plant in Nawalgarh tehsil of Rajasthan with clinker capacity of 3.8mn mt and cement grinding capacity of 3.5mn mt (2) Setting up of grinding unit in the Purulia district in West Bengal with 3mn mt capacity and (3) Setting up of 106MW solar power plant at various locations. 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.

Shree Cements Ltd - Lower Pricing Impacts EBITDA; Costs Remain in Control

External broker reports(aggregated public sources), HDFC Securities

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<div><div><div><ul><li>NTPC: Generation/sales increased 3.0%/2.4%YoYto79.9/73.9bnunitsinQ4FY22 on higher YoY base, led by improved demand.</li></ul><div><div><div><ul><li>Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 22,200/share.</li></ul></div><div><div><div><ul><li>V-GuardIndustries: V-Guard delivered a beat on revenue, with 24 % YoY. growth (12% three-year CAGR), while EBITDA came in line.</li></ul></div></div></div></div></div></div></div></div><p><em>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.</em></p>

NTPC: Generation/sales increased 3.0%/2.4%YoYto79.9/73.9bnunitsinQ4FY22 on higher YoY base, led by improved demand.Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 22,200/share.V-GuardIndustries: V-Guard delivered a beat on revenue, with 24 % YoY. growth (12% three-year CAGR), while EBITDA came in line.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: NTPC, Shree Cement, V-Guard Industries, Sobha

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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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.

<div><div><div><div><ul><li>Raipur Clinkerization unit commercialized: The company on 28th March 2022 commercialized its 4 mntpa Clinkerizations unit at Baloda Bazar, near Raipur, CG.</li></ul><div><div><div><div><ul><li>Setting up of Integrated Cement Plant at Gothra, Nawalgarh (Rajasthan) having clinker capacity of 3.8 mntpa and cement capacity of 3.5 mntpa.</li></ul><div><div><div><div><ul><li>SettingupaClinkerGrindingUnitof3mntpaVillageDigha&amp;Parbatpurin,Purulia(West Bengal) through the company’s wholly-owned subsidiary SCEPL</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

Raipur Clinkerization unit commercialized: The company on 28th March 2022 commercialized its 4 mntpa Clinkerizations unit at Baloda Bazar, near Raipur, CG.Setting up of Integrated Cement Plant at Gothra, Nawalgarh (Rajasthan) having clinker capacity of 3.8 mntpa and cement capacity of 3.5 mntpa.SettingupaClinkerGrindingUnitof3mntpaVillageDigha&amp;Parbatpurin,Purulia(West Bengal) through the company’s wholly-owned subsidiary SCEPLContent 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

Shree Cement Ltd. manufactures cement and cement products. The Company sells its products primarily in Northern India under its own brand names.

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Shree Cement (SRCM IN)

Shree Cements Ltd. - Sluggish Demand in April’22; Cost Inflation Remains an Overhang

We hosted the management of Shree Cements (SRCM) at our Annual Conference to understand the company’s future prospects and industry dynamics in the...

Nirmal Bang

Cement Sector - Headwinds Galore; Turning 'neutral' on the Sector

We are turning ‘neutral’ on the cement sector as we believe that there are multiple headwinds, which will inhibit earnings growth and in turn lead...

Nirmal Bang

Shree Cements Ltd - Lower Pricing Impacts EBITDA; Costs Remain in Control

Shree Cements Ltd (SRCM) reported relatively weak numbers for 4QFY22 with reported EBITDA coming in at Rs9.1bn, down 23% YoY and 14% below our...

Nirmal Bang

HSIE Results Daily: NTPC, Shree Cement, V-Guard Industries, Sobha

NTPC:Generation/salesincreased3.0%/2.4%YoYto79.9/73.9bnunitsinQ4FY22 on higher YoY base, led by improved demand. Coal PAF improved marginally in Q4...

HDFC Securities

Result Update - Shree Cement

Margin Decline Continues; Maintain HOLD; Volume/EBITDA/APAT during the quarter was lower by 3%/23%/16% owing to elevated costs and lower-than...

Axis Direct

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