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

ICICI Securities Limited

External broker reports(aggregated public sources)

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>ICICI Securities research report onStar Cement Star Cement (Star) has been on top of its game – evidence of which is apparent in: 1) it being a major beneficiary of the favourable demand-supply dynamics in India’s north-east (NE) region (where prices stood firm in Q4FY24 vs.</li><li>a steep &gt;8% QoQ drop in east India) – outlook for NE remains sanguine; 2) the rationale that while capex completion shall drive ~21% CAGR volume growth over FY25-FY26E, project incentives (of ~INR 300/t) will be an icing on the cake; and 3) its slated increase in share of green power (from ~21% in FY24E to ~50% in FY26E) with greater FSA coal allocation, in tandem, will likely uplift efficiency (by ~INR 150/t).</li><li>A strong debt-free balance-sheet, high RoE and its imminent entry into the ‘INR 10bn-plus EBITDA club’ make for a compelling investment case.</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.

ICICI Securities research report onStar Cement Star Cement (Star) has been on top of its game – evidence of which is apparent in: 1) it being a major beneficiary of the favourable demand-supply dynamics in India’s north-east (NE) region (where prices stood firm in Q4FY24 vs.a steep &gt;8% QoQ drop in east India) – outlook for NE remains sanguine; 2) the rationale that while capex completion shall drive ~21% CAGR volume growth over FY25-FY26E, project incentives (of ~INR 300/t) will be an icing on the cake; and 3) its slated increase in share of green power (from ~21% in FY24E to ~50% in FY26E) with greater FSA coal allocation, in tandem, will likely uplift efficiency (by ~INR 150/t).A strong debt-free balance-sheet, high RoE and its imminent entry into the ‘INR 10bn-plus EBITDA club’ make for a compelling investment case.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.

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.

<ul><li>SCL reported marginal revenue de-growth of 1%, slightly below expectations, while volume growth was 7% YoY, in line with expectations.</li><li>However, EBITDA and APAT grew by 37% and 39% YoY respectively, exceeding expectations due to lower costs.</li><li>The company reported a profit of Rs 74 Cr compared to Rs 53 Cr in Q3FY23. SCL achieved an EBITDA margin of 22.8%, surpassing the expectation of 20%, as opposed to 17.5% in the previous year, attributed to lower power/fuel, freight, and other expense costs, along with higher realization. </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.

SCL reported marginal revenue de-growth of 1%, slightly below expectations, while volume growth was 7% YoY, in line with expectations.However, EBITDA and APAT grew by 37% and 39% YoY respectively, exceeding expectations due to lower costs.The company reported a profit of Rs 74 Cr compared to Rs 53 Cr in Q3FY23. SCL achieved an EBITDA margin of 22.8%, surpassing the expectation of 20%, as opposed to 17.5% in the previous year, attributed to lower power/fuel, freight, and other expense costs, along with higher realization. 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.

Star Cement Limited - Strong Operational Performance; Retain BUY

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.

<ul><li>We met up with the Star Cement management</li><li>The company is well-poised to achieve a robust 19% volume CAGR during FY23-26E, driven by its upcoming expansions in the northeast (NE) region</li><li>Additionally, its cost curve is likely to continue to trend down due to a cool-off in fuel prices, a rising share of low-cost green power, and operational leverage gains</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 met up with the Star Cement managementThe company is well-poised to achieve a robust 19% volume CAGR during FY23-26E, driven by its upcoming expansions in the northeast (NE) regionAdditionally, its cost curve is likely to continue to trend down due to a cool-off in fuel prices, a rising share of low-cost green power, and operational leverage gainsContent 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.

Star Cement: Robust Volume and Industry-Leading Margin Outlook. Maintain BUY

<ul><li>SCL reported marginal revenue de-growth of 2% (marginally below expectations) and volume growth was flattish YoY (in line with expectations).</li><li>EBITDA/APAT grew 41%/31% YoY and was above expectations owing to lower cost.</li><li>The company reported a profit of Rs 41 Cr as against Rs 31 Cr in Q2FY23. </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.

SCL reported marginal revenue de-growth of 2% (marginally below expectations) and volume growth was flattish YoY (in line with expectations).EBITDA/APAT grew 41%/31% YoY and was above expectations owing to lower cost.The company reported a profit of Rs 41 Cr as against Rs 31 Cr in Q2FY23. 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.

Star Cement Limited - EBITDA Beat on Lower Costs; Retain BUY

<ul><li>Increased demand and new capacity expansion boost revenue growth: The company reported consolidated revenue of Rs 2,705 Cr in FY23, registering robust growth of 22% YoY.</li><li>This was primarily driven by increased demand and new capacity expansion at the Siliguri grinding plant, which was commissioned in FY21.</li><li>The company reported an EBITDA of Rs 468 Cr, up 36% YoY. EBITDA growth was driven by higher sales volumes, better realization and controlled costs during the year. </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.

Increased demand and new capacity expansion boost revenue growth: The company reported consolidated revenue of Rs 2,705 Cr in FY23, registering robust growth of 22% YoY.This was primarily driven by increased demand and new capacity expansion at the Siliguri grinding plant, which was commissioned in FY21.The company reported an EBITDA of Rs 468 Cr, up 36% YoY. EBITDA growth was driven by higher sales volumes, better realization and controlled costs during the year. 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.

Star Cement - Capacity Expansion to Drive Growth

India

Star Cement Limited manufactures construction materials. The Company produces and markets cement and concrete products. Star Cement serves customers in India.

Star Cement Ltd (STRCEM IN)

Star Cement - North-Eastern Delight

A strong debt-free balance-sheet, high RoE and its imminent entry into the ‘INR 10bn-plus EBITDA club’ make for a compelling investment case

ICICI Securities Limited

Star Cement Limited - Strong Operational Performance; Retain BUY

SCL reported marginal revenue de-growth of 1%, slightly below expectations, while volume growth was 7% YoY, in line with expectations.

Axis Direct

Star Cement: Robust Volume and Industry-Leading Margin Outlook. Maintain BUY

The company is well-poised to achieve a robust 19% volume CAGR during FY23-26E, driven by its upcoming expansions in the northeast (NE) region

HDFC Securities

Star Cement Limited - EBITDA Beat on Lower Costs; Retain BUY

SCL reported marginal revenue de-growth of 2% (marginally below expectations) and volume growth was flattish YoY (in line with expectations).

Axis Direct

Star Cement - Capacity Expansion to Drive Growth

Increased demand and new capacity expansion boost revenue growth: The company reported consolidated revenue of Rs 2,705 Cr in FY23, registering...

Axis Direct