External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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>Bharat Forge: Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas subsidiaries</li><li>Performance beat was largely driven by better-than-expected revenue growth at the standalone entity and break-even at the Europe subsidiary</li><li>We continue to highlight that BHFC has multiple growth levers to offset any potential slowdown from US Class8 which include: (1) defence orders that are likely to see this segment’s revenue ramp-up to INR 17bn by FY25E, from INR 3.5bn in FY23, (2) strong growth expected in PV and industrial exports, (3) huge ramp-up potential at JS-Auto Cast, given its capacity is expected to increase by 2x and there is a huge demand for castings, both in India and abroad, (4) strong order backlog in aerospace, which would help boost revenue to INR 5bn over next the four years, from INR 1.7bn</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.

Bharat Forge: Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas subsidiariesPerformance beat was largely driven by better-than-expected revenue growth at the standalone entity and break-even at the Europe subsidiaryWe continue to highlight that BHFC has multiple growth levers to offset any potential slowdown from US Class8 which include: (1) defence orders that are likely to see this segment’s revenue ramp-up to INR 17bn by FY25E, from INR 3.5bn in FY23, (2) strong growth expected in PV and industrial exports, (3) huge ramp-up potential at JS-Auto Cast, given its capacity is expected to increase by 2x and there is a huge demand for castings, both in India and abroad, (4) strong order backlog in aerospace, which would help boost revenue to INR 5bn over next the four years, from INR 1.7bnContent 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: Bharat Forge, Phoenix Mills, Oil India, Prestige Estates

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.

Equity Bottom-Up

<ul><li>SCL reported revenue growth of 14% (in line with expectations) and volume growth of 18% YoY (in line with expectations).</li><li>EBITDA / APAT grew 4%/38% YoY, while EBITDA was below expectations and APAT was above expectations due to tax writeback.</li><li>The company reported a profit of Rs 93 Cr as against Rs 68 Cr in Q1FY23. </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 revenue growth of 14% (in line with expectations) and volume growth of 18% YoY (in line with expectations).EBITDA / APAT grew 4%/38% YoY, while EBITDA was below expectations and APAT was above expectations due to tax writeback.The company reported a profit of Rs 93 Cr as against Rs 68 Cr in Q1FY23. 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 - Robust Volume Growth; Maintain BUY!

<ul><li>We expect industry volume to grow by ~9% YoY in FY24</li><li>We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24</li><li>So, we expect realisation to fall 1-2% YoY in FY24, as the industry would partially pass on the cost savings</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 expect industry volume to grow by ~9% YoY in FY24We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24So, we expect realisation to fall 1-2% YoY in FY24, as the industry would partially pass on the cost savingsContent 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: Demand stays strong; fuel costs cool off further

<ul><li>TOP RESULT PICK: UltraTech Cement, Ambuja Cement, Dalmia Bharat, Birla Corporation, JK Lakshmi, Star Cement</li><li>After witnessing good volume growth in Q4FY23, momentum in cement demand continued in Q1FY24 as well, primarily driven by the government’s push for infrastructure and housing development along with encouraging private real estate demand.</li><li>Demand momentum began on a good note in Apr’23 and remained strong in May’23 but was followed by some softness in Jun’23 on account of monsoon rain and cyclone in some parts of the country.</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.

TOP RESULT PICK: UltraTech Cement, Ambuja Cement, Dalmia Bharat, Birla Corporation, JK Lakshmi, Star CementAfter witnessing good volume growth in Q4FY23, momentum in cement demand continued in Q1FY24 as well, primarily driven by the government’s push for infrastructure and housing development along with encouraging private real estate demand.Demand momentum began on a good note in Apr’23 and remained strong in May’23 but was followed by some softness in Jun’23 on account of monsoon rain and cyclone in some parts of the country.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>The company’s capacity expansion plan is progressing well and 2 mtpa of grinding capacity each will get operational in Q3FY24/Q2FY25 along with 3 mtpa Clinker units in Jan’24.</li><li>This will take the total grinding capacity of the company to 9.7 mtpa from the existing 5.7 mtpa, thereby creating more growth headroom for it moving forward.</li><li>The company is the leading producer of cement in the North-East region from which derives 70-75% of its total revenue.</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 company’s capacity expansion plan is progressing well and 2 mtpa of grinding capacity each will get operational in Q3FY24/Q2FY25 along with 3 mtpa Clinker units in Jan’24.This will take the total grinding capacity of the company to 9.7 mtpa from the existing 5.7 mtpa, thereby creating more growth headroom for it moving forward.The company is the leading producer of cement in the North-East region from which derives 70-75% of its total revenue.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 Ltd - Higher Volume&Lower Cost 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.

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Star Cement Ltd (STRCEM IN)

HSIE Results Daily: Bharat Forge, Phoenix Mills, Oil India, Prestige Estates

Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas...

HDFC Securities

Star Cement Limited - Robust Volume Growth; Maintain BUY!

SCL reported revenue growth of 14% (in line with expectations) and volume growth of 18% YoY (in line with expectations).

Axis Direct

Cement: Demand stays strong; fuel costs cool off further

We expect industry volume to grow by ~9% YoY in FY24. We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24

HDFC Securities

Cement - Q1FY24 Earnings Preview

TOP RESULT PICK: UltraTech Cement, Ambuja Cement, Dalmia Bharat, Birla Corporation, JK Lakshmi, Star Cement. After witnessing good volume growth in...

Axis Direct

Star Cement Ltd - Higher Volume&Lower Cost To Drive Growth.

The company’s capacity expansion plan is progressing well and 2 mtpa of grinding capacity each will get operational in Q3FY24/Q2FY25 along with 3...

Axis Direct

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