External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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

<div><ul><li>SRCM, as expected, reported a weak 2QFY23, led by higher variable costs and weak realization.</li><li>EBITDA fell 42% YoY to INR5.2b (est. INR5.4b) and EBITDA/t came in at a 28-quarter low at INR701 (est. INR770), down 51% YoY and 36% QoQ). Profit fell 67% YoY to INR1.9b (est. INR2.1b).</li><li>We have kept our earnings estimates largely intact. Valuations, at 17.7x FY24E EV/EBITDA, appears rich considering the narrowing of cost benefits v/s its peers</li></ul></div>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.

SRCM, as expected, reported a weak 2QFY23, led by higher variable costs and weak realization.EBITDA fell 42% YoY to INR5.2b (est. INR5.4b) and EBITDA/t came in at a 28-quarter low at INR701 (est. INR770), down 51% YoY and 36% QoQ). Profit fell 67% YoY to INR1.9b (est. INR2.1b).We have kept our earnings estimates largely intact. Valuations, at 17.7x FY24E EV/EBITDA, appears rich considering the narrowing of cost benefits v/s its peersContent 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 - Cost Pressures and Weak Realization Hurt

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.

<div><ul><li>SCL reported revenue growth of 18%YoYinQ2FY23, which stood above our expectations.</li><li>The growth was led by higher volumes posted by the company during the quarter.</li><li>Its EBITDA/APAT during the quarter was lower by 42%/67% YoY (below expectation)owing to the elevated costsand higher depreciation YoY.</li></ul></div>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.

SCL reported revenue growth of 18%YoYinQ2FY23, which stood above our expectations.The growth was led by higher volumes posted by the company during the quarter.Its EBITDA/APAT during the quarter was lower by 42%/67% YoY (below expectation)owing to the elevated costsand higher depreciation YoY.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 Ltd - Margin Hit Continues; Recovery Expected in H2FY23

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>Bajaj Auto: BAL’s Q2 earnings were ahead of estimates, led by better-than-expected margin (17.2% vs estimate of 15.5%), and was driven by improved mix within exports, favorable currency, and lower staff costs</li><li>Domestic 2W demand has failed to revive in H1 and the outlook for H2 remains weak, given the erratic rainfall which has hurt rural sentiment</li><li>Also, while inventory destocking with distributors in key export markets is now over, demand from Africa is likely to remain tepid, given: 1) sharp devaluation of Naira relative to USD; 2) lack of adequate availability of USD in some markets; 3) government’s proposal of putting a blanket ban on motorcycles in Nigeria</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.

Bajaj Auto: BAL’s Q2 earnings were ahead of estimates, led by better-than-expected margin (17.2% vs estimate of 15.5%), and was driven by improved mix within exports, favorable currency, and lower staff costsDomestic 2W demand has failed to revive in H1 and the outlook for H2 remains weak, given the erratic rainfall which has hurt rural sentimentAlso, while inventory destocking with distributors in key export markets is now over, demand from Africa is likely to remain tepid, given: 1) sharp devaluation of Naira relative to USD; 2) lack of adequate availability of USD in some markets; 3) government’s proposal of putting a blanket ban on motorcycles in NigeriaContent 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: Bajaj Auto, Shree Cement, Tata Elxsi, Federal Bank

<ul><li>Healthy volumes; mixed pricing trend across regions: We estimate our coverage universe of 15 companies to deliver 8% YoY volume growth (three-year CAGR: 8%) in Q2FY23</li><li>We estimate average utilisation of ~71% vs 78/70% QoQ/YoY. In our view, cement prices fell ~3% QoQ on pan-India basis in Q2</li><li>Prices fell 5-6% QoQ each in north and central regions, 3-4% each in east and west regions and ~1-2% in south</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.

Healthy volumes; mixed pricing trend across regions: We estimate our coverage universe of 15 companies to deliver 8% YoY volume growth (three-year CAGR: 8%) in Q2FY23We estimate average utilisation of ~71% vs 78/70% QoQ/YoY. In our view, cement prices fell ~3% QoQ on pan-India basis in Q2Prices fell 5-6% QoQ each in north and central regions, 3-4% each in east and west regions and ~1-2% in southContent 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 (Q2FY23 Results Preview): Healthy offtake; costs to peak out in Q2

<ul><li>Traditionally Q2 is a soft quarter for cement producers from a demand perspective as it nosedives owing to the monsoon season impacting construction activities.</li><li>In Q2FY23, the cement companies witnessed soft demand in Jul’22 and Aug’22 but saw demand reviving strongly in Sep’22, driven by higher retail as well as institutional demand.</li><li>Institutional demand was more robust led by increasing construction activity after the receding monsoon.</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.

Traditionally Q2 is a soft quarter for cement producers from a demand perspective as it nosedives owing to the monsoon season impacting construction activities.In Q2FY23, the cement companies witnessed soft demand in Jul’22 and Aug’22 but saw demand reviving strongly in Sep’22, driven by higher retail as well as institutional demand.Institutional demand was more robust led by increasing construction activity after the receding monsoon.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 Q2fy23 Preview - Recovery on Cards Despite a Weak Quarter

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 Cement - Cost Pressures and Weak Realization Hurt

We have kept our earnings estimates largely intact. Valuations, at 17.7x FY24E EV/EBITDA, appears rich considering the narrowing of cost benefits v...

Motilal Oswal

Shree Cement Ltd - Margin Hit Continues; Recovery Expected in H2FY23

SCL reported revenue growth of 18%YoYinQ2FY23, which stood above our expectations. The growth was led by higher volumes posted by the company...

Axis Direct

HSIE Results Daily: Bajaj Auto, Shree Cement, Tata Elxsi, Federal Bank

BAL’s Q2 earnings were ahead of estimates, led by better-than-expected margin (17.2% vs estimate of 15.5%), and was driven by improved mix within...

HDFC Securities

Cement (Q2FY23 Results Preview): Healthy offtake; costs to peak out in Q2

Healthy volumes; mixed pricing trend across regions: We estimate our coverage universe of 15 companies to deliver 8% YoY volume growth (three-year...

HDFC Securities

Cement Q2fy23 Preview - Recovery on Cards Despite a Weak Quarter

Traditionally Q2 is a soft quarter for cement producers from a demand perspective as it nosedives owing to the monsoon season impacting...

Axis Direct

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