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.

Thematic (Sector/Industry)

<ul><li>The Q4FY25 earnings season was marked by 1) Sequential improvement in capex spending, 2) A Series of positive measures in the domestic economy taken by the RBI and the government, 3) Volatile Currency, 4) Volatile Trade dynamics, and 5) Volatile Crude prices. All these developments indicate that the Q4FY25 earnings would show a mixed trend, similar to the previous quarters.</li><li>Some breather is expected in Q4FY25 numbers, led by sequential improvement in some of the pockets of high-frequency indicators.</li><li>However, the broader consumption demand could still take 1-2 quarters to get back on track. Overall, the improvement in earnings is expected in certain pockets like BFSI, IT, Healthcare, Telecom, and Industrials, while Consumer Staples, Retail, and cyclical sectors like Oil &amp; Gas remain under pressure. </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 Q4FY25 earnings season was marked by 1) Sequential improvement in capex spending, 2) A Series of positive measures in the domestic economy taken by the RBI and the government, 3) Volatile Currency, 4) Volatile Trade dynamics, and 5) Volatile Crude prices. All these developments indicate that the Q4FY25 earnings would show a mixed trend, similar to the previous quarters.Some breather is expected in Q4FY25 numbers, led by sequential improvement in some of the pockets of high-frequency indicators.However, the broader consumption demand could still take 1-2 quarters to get back on track. Overall, the improvement in earnings is expected in certain pockets like BFSI, IT, Healthcare, Telecom, and Industrials, while Consumer Staples, Retail, and cyclical sectors like Oil &amp; Gas remain under pressure. 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>Cumulative all-India electricity demand over Jan-Mar'25 stood at 416 BU as compared to 400 BU for the same period last year.</li><li>For Q4FY25, electricity demand has improved with the early onset of summer and peak demand reaching up to 238 GW during Q4FY25 in Feb’25 (vs. 224 GW during Q4FY24 in Jan '24).</li><li>Improvement in demand is also reflected in improved merchant prices, as IEX DAM prices in Q4FY25 stood at Rs 4.4/KWH vs 3.7/KWH during Q3FY25. </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.

Cumulative all-India electricity demand over Jan-Mar'25 stood at 416 BU as compared to 400 BU for the same period last year.For Q4FY25, electricity demand has improved with the early onset of summer and peak demand reaching up to 238 GW during Q4FY25 in Feb’25 (vs. 224 GW during Q4FY24 in Jan '24).Improvement in demand is also reflected in improved merchant prices, as IEX DAM prices in Q4FY25 stood at Rs 4.4/KWH vs 3.7/KWH during Q3FY25. 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.

Q4FY25 Earnings Preview - Power & Ancillaries

Equity Bottom-Up

<ul><li>Strong Order Book: Skipper received new orders totalling Rs 1,660 Cr in Q2FY25 including substantial domestic orders from PowerGrid Corporation of India and various State Electricity Boards.</li><li>It now has its largest ever orderbook of Rs 6,590 Cr with 62% domestic T&amp;D orders, 23% Non-T&amp;D orders (Telecom, Railways, Solar, Water EPC, and other Steel Structural items) and 15% export orders.</li><li>All export orders pertain to T&amp;D. The Infrastructure segment contributes to ~30% of the total domestic orderbook. </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.

Strong Order Book: Skipper received new orders totalling Rs 1,660 Cr in Q2FY25 including substantial domestic orders from PowerGrid Corporation of India and various State Electricity Boards.It now has its largest ever orderbook of Rs 6,590 Cr with 62% domestic T&amp;D orders, 23% Non-T&amp;D orders (Telecom, Railways, Solar, Water EPC, and other Steel Structural items) and 15% export orders.All export orders pertain to T&amp;D. The Infrastructure segment contributes to ~30% of the total domestic orderbook. 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.

Skipper Limited - Strong Orderbook & Macro Tailwinds Provide Growth Visibility

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.

<ul><li>Skipper’s performance in last 1-2 years reflects pick up in domestic and international T&amp;D capex cycle, enhanced EPC capabilities in infra and T&amp;D and strong volume growth in PVC pipes.</li><li>This largest Indian manufacturer of T&amp;D structures is set to ride on multi-year opportunity (INR 4.75trn over FY23-27 of domestic T&amp;D capex, INR 9.2trn over FY23-32, according to NEP) and plans to double its engineering capacity to 0.6mn TPA over the next 4-5 years.</li><li>In addition, the company’s export business may also benefit from its expansion in developed markets.</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.

Skipper’s performance in last 1-2 years reflects pick up in domestic and international T&amp;D capex cycle, enhanced EPC capabilities in infra and T&amp;D and strong volume growth in PVC pipes.This largest Indian manufacturer of T&amp;D structures is set to ride on multi-year opportunity (INR 4.75trn over FY23-27 of domestic T&amp;D capex, INR 9.2trn over FY23-32, according to NEP) and plans to double its engineering capacity to 0.6mn TPA over the next 4-5 years.In addition, the company’s export business may also benefit from its expansion in developed markets.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>We initiate coverage of Skipper Limited (Skipper) with a BUY recommendation and a target price of Rs 600/share, implying an upside potential of 44% from the CMP.</li><li>Skipper is India’s largest and the world’s only integrated Transmission &amp; Distribution (T&amp;D) company present across the entire transmission chain.</li><li>The company has its own Structure Rolling, Manufacturing, Tower Load Testing Station, and Transmission Line EPC. </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 initiate coverage of Skipper Limited (Skipper) with a BUY recommendation and a target price of Rs 600/share, implying an upside potential of 44% from the CMP.Skipper is India’s largest and the world’s only integrated Transmission &amp; Distribution (T&amp;D) company present across the entire transmission chain.The company has its own Structure Rolling, Manufacturing, Tower Load Testing Station, and Transmission Line EPC. 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.

Skipper Limited - Riding on the T&D Capex Wave

India

Skipper Ltd. conducts infrastructure project and steel producing operations. The Company manufactures galvanized, polyvinyl chloride, solid, waste, and rain pipes, fittings, transmission and telecom towers, poles, scaffoldings, and hot rolled products. Skipper also provides horizontal directional drilling, as well as engineering, procurement, and construction services.

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Skipper Ltd (SKIPPER IN)

Q4FY25 - Consolidated Earnings Preview

Based on our and consensus estimates, we forecast Nifty to deliver Revenue/EBITDA/PAT growth of 4.8%/2.9%/1.3% YoY, respectively, for the quarter.

Axis Direct

Q4FY25 Earnings Preview - Power & Ancillaries

For Q4FY25, electricity demand has improved with the early onset of summer and peak demand reaching up to 238 GW during Q4FY25 in Feb’25 (vs. 224...

Axis Direct

Skipper Limited - Strong Orderbook & Macro Tailwinds Provide Growth Visibility

Skipper received new orders totalling Rs 1,660 Cr in Q2FY25 including substantial domestic orders from PowerGrid Corporation of India and various...

Axis Direct

Skipper Limited - A High VOLTage Story

Skipper’s performance in last 1-2 years reflects pick up in domestic and international T&D capex cycle, enhanced EPC capabilities in infra and T&D...

ICICI Securities Limited

Skipper Limited - Riding on the T&D Capex Wave

We initiate coverage of Skipper Limited (Skipper) with a BUY recommendation and a target price of Rs 600/share, implying an upside potential of 44%...

Axis Direct

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