External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Thematic (Sector/Industry)

<ul><li>Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid acute inflationary cost environment.</li><li>During the quarter, demand growth was sluggish (on a high base of last year) and companies tried to meet year-end volume targets in a weaker demand scenario, resulting in pressure on pricing.</li><li>While prices increased on QoQ as well as YoY basis, growth was not enough to restore industry margins to optimal levels.</li><li>Given the sharp...(continued).</li></ul><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>

Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid acute inflationary cost environment.During the quarter, demand growth was sluggish (on a high base of last year) and companies tried to meet year-end volume targets in a weaker demand scenario, resulting in pressure on pricing.While prices increased on QoQ as well as YoY basis, growth was not enough to restore industry margins to optimal levels.Given the sharp...(continued).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- 4QFY22 Earnings Preview- Steady performance expected amid severe cost inflation

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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>Shree Cement is the third largest cement group in India with domestic cement capacity of 43.4 MT as of FY21.</li><li>In the past four years, it has diversified itself from a 100% north player to one with capacities now in Rajasthan, Uttarakhand, Bihar, Chhattisgarh, Haryana, Uttar Pradesh, Karnataka and Odisha</li><li>Target Price &amp; Valuation: We value Shree at Rs 28,700 i.e. 21.5x FY23E EV/EBITDA</li></ul><div class="content-highlight"><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></div>

Shree Cement is the third largest cement group in India with domestic cement capacity of 43.4 MT as of FY21.In the past four years, it has diversified itself from a 100% north player to one with capacities now in Rajasthan, Uttarakhand, Bihar, Chhattisgarh, Haryana, Uttar Pradesh, Karnataka and OdishaTarget Price &amp; Valuation: We value Shree at Rs 28,700 i.e. 21.5x FY23E EV/EBITDAContent 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 Cement: Stable Outlook; Trading at Premium Valuations

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.

<p>Torrent Power: Torrent Power (TPW) reported strong Q3FY22 result, surpassing consensus estimate. Consolidated revenue increased 27.6% YoY to INR 37.7bn, largely led by higher merchant sales, lower T&amp;D losses, and gain from sale of LNG. This led to EBITDA rising 7.3% YoY to INR9.3bn. Deleveraging and a fall in interest rates have led to lower interest expenses. PAT increased by 14.8% YoY to INR3.7bn, surpassing ours and consensus estimates. While PLF across its gas-based stations has declined due to rise in LNG prices, TPW has managed to maintain its PAF, ensuring recovery of fixed charges.</p><div><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></div>

Torrent Power: Torrent Power (TPW) reported strong Q3FY22 result, surpassing consensus estimate. Consolidated revenue increased 27.6% YoY to INR 37.7bn, largely led by higher merchant sales, lower T&amp;D losses, and gain from sale of LNG. This led to EBITDA rising 7.3% YoY to INR9.3bn. Deleveraging and a fall in interest rates have led to lower interest expenses. PAT increased by 14.8% YoY to INR3.7bn, surpassing ours and consensus estimates. While PLF across its gas-based stations has declined due to rise in LNG prices, TPW has managed to maintain its PAF, ensuring recovery of fixed charges.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: Shree Cement, Siemens, Alkem Labs, Godrej Properties, Lupin, Torrent Power,...

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>Shree Cement Ltd (SCL) commissioned a new 3 million tonnes per annum (mtpa) cement unit in Cuttack, taking the total capacity to 43.4 mtpa. Its 3 mtpa new grinding capacity is coming up in Patas, near Pune and is expected to be operational in Q2FY22. With this capacity addition, SCL’s total cement grinding capacity will increase to 46.4 mtpa on a standalone basis.</p><p>We value SCL at 19x FY23E EV/EBITDA and assign a HOLD rating to the company.</p><div class="content-highlight"><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></div>

Shree Cement Ltd (SCL) commissioned a new 3 million tonnes per annum (mtpa) cement unit in Cuttack, taking the total capacity to 43.4 mtpa. Its 3 mtpa new grinding capacity is coming up in Patas, near Pune and is expected to be operational in Q2FY22. With this capacity addition, SCL’s total cement grinding capacity will increase to 46.4 mtpa on a standalone basis.We value SCL at 19x FY23E EV/EBITDA and assign a HOLD rating to the company.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 Cement: Capacity Expansion, Product Mix and New Markets To Drive Growth

<p>Shree Cement reported healthy Q1FY22 Revenue/EBITDA/APAT growth of 48%/45%/78% on a YoY basis led by better cement demand and higher realization during the quarter. The volume for the quarter was 6.84 mntpa, up 39% YoY. The blended realization during the quarter was Rs 5,043/tonne which was higher by 7%/5% on YoY and QoQ basis. The company reported EBITDA/tonne of Rs 1,482 (Rs 1,421/tonne in Q1FY21) and was up 4.3% YoY owing to higher volume and realization. The company reported an EBITDA margin of 29.4% (slightly below our expectation) against 30.1% YoY. APAT was higher due to higher realization, lower depreciation, and interest cost. Cost/tonne increased by 8% to Rs 3,561 YoY.</p><p>We maintain our HOLD rating on the stock with TP of Rs.29000/share implying an upside of 3% from CMP.</p><div class="content-highlight"><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></div>

Shree Cement reported healthy Q1FY22 Revenue/EBITDA/APAT growth of 48%/45%/78% on a YoY basis led by better cement demand and higher realization during the quarter. The volume for the quarter was 6.84 mntpa, up 39% YoY. The blended realization during the quarter was Rs 5,043/tonne which was higher by 7%/5% on YoY and QoQ basis. The company reported EBITDA/tonne of Rs 1,482 (Rs 1,421/tonne in Q1FY21) and was up 4.3% YoY owing to higher volume and realization. The company reported an EBITDA margin of 29.4% (slightly below our expectation) against 30.1% YoY. APAT was higher due to higher realization, lower depreciation, and interest cost. Cost/tonne increased by 8% to Rs 3,561 YoY.We maintain our HOLD rating on the stock with TP of Rs.29000/share implying an upside of 3% from CMP.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 Cement: Operating Performance In-Line but Upside Capped

India

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Shree Cement (SRCM IN)

Cement Sector- 4QFY22 Earnings Preview- Steady performance expected amid severe cost inflation

Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid...

Nirmal Bang

Shree Cement: Stable Outlook; Trading at Premium Valuations

Other new capex includes 1) setting up of new integrated unit with 3.5 MT GU and 3.8 MT clinker unit in Rajasthan by Q4FY24E, 2) 3 MT grinding unit...

ICICI Securities Limited

HSIE Results Daily: Shree Cement, Siemens, Alkem Labs, Godrej Properties, Lupin, Torrent Power,...

Torrent Power: Torrent Power (TPW) reported strong Q3FY22 result, surpassing consensus estimate. Consolidated revenue increased 27.6% YoY to INR...

HDFC Securities

Shree Cement: Capacity Expansion, Product Mix and New Markets To Drive Growth

We value SCL at 19x FY23E EV/EBITDA and assign a HOLD rating to the company. Shree Cement Ltd (SCL) commissioned a new 3 million tonnes per annum...

Axis Direct

Shree Cement: Operating Performance In-Line but Upside Capped

We maintain our HOLD rating on the stock with TP of Rs.29000/share implying an upside of 3% from CMP. Shree Cement reported healthy Q1FY22 Revenue...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)