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. 

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Equity Bottom-Up

Steel Authority of India / Equity Bottom-Up

<ul><li>Volume guidance: In FY25, steel production guidance is 20+ MT (18.4 MT in FY24) and sales volume target is 19 MT (17 MT in FY24).</li><li>Until the expansion capex kicks in, SAIL’s profitability will be guided by coking coal prices and NSRs.</li><li>Its high cost structure makes it sensitive to coking coal prices and the prevailing low coking coal prices will aid its profitability.</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.

Volume guidance: In FY25, steel production guidance is 20+ MT (18.4 MT in FY24) and sales volume target is 19 MT (17 MT in FY24).Until the expansion capex kicks in, SAIL’s profitability will be guided by coking coal prices and NSRs.Its high cost structure makes it sensitive to coking coal prices and the prevailing low coking coal prices will aid its profitability.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.

Steel Authority of India - Decent Q4FY24, Input Costs Remain Benign

Thematic (Sector/Industry)

<ul><li>Hindalco’s Indian operations delivered robust performance.</li><li>Overall consolidated revenue stood in line (down 1%/3% YoY/QoQ), while reported EBITDA grew by 61%/4% YoY/QoQ (15% beat), led by strong upstream Aluminium and copper division.</li><li>Nalco reported a strong set of numbers with Revenue/EBITDA/PAT beating ours and consensus estimates. </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.

Hindalco’s Indian operations delivered robust performance.Overall consolidated revenue stood in line (down 1%/3% YoY/QoQ), while reported EBITDA grew by 61%/4% YoY/QoQ (15% beat), led by strong upstream Aluminium and copper division.Nalco reported a strong set of numbers with Revenue/EBITDA/PAT beating ours and consensus estimates. 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 Sector Ideas - Metals and Mining Q3FY24

<ul>
<li>SAIL’s Q3FY24 numbers missed our estimates on account of a miss in sales volumes.</li>
<li>EBITDA increased by 3% YoY despite an 8% drop in saleable steel volume to 3.81MT led by lower RM costs.</li>
<li>On a QoQ basis, the EBITDA fell by 45% (a 33% miss against our estimates). </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.


SAIL’s Q3FY24 numbers missed our estimates on account of a miss in sales volumes.
EBITDA increased by 3% YoY despite an 8% drop in saleable steel volume to 3.81MT led by lower RM costs.
On a QoQ basis, the EBITDA fell by 45% (a 33% miss against our estimates). 

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.

Sail - Lower Sales Volume Drives Miss, Input Costs Remain Benign

<ul><li>We expect steel companies under our coverage to report slight margin contraction QoQ.</li><li>We expect Tata Steel's consolidated EBITDA to slightly de-grow QoQ, led by the drag in the European operations. SAIL's margins are expected to slightly contract QoQ on account of higher coking coal consumption costs.</li><li>We expect a much better quarter for base metal stocks under our coverage. </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 steel companies under our coverage to report slight margin contraction QoQ.We expect Tata Steel's consolidated EBITDA to slightly de-grow QoQ, led by the drag in the European operations. SAIL's margins are expected to slightly contract QoQ on account of higher coking coal consumption costs.We expect a much better quarter for base metal stocks under our coverage. 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>Nalco’s Revenue stood at Rs 3,043 Cr, down 13%/4% YoY/QoQ, led by a drop in the average LME Aluminium prices.</li><li>EBITDA (up 19% YoY, down 33% QoQ) was a negative surprise due to a 29%/39% miss vs. consensus and our estimate, largely due to an unexpected surge in the Power and Fuel costs (up 14% QoQ, 19% higher than our estimates). </li><li>Hindalco’s Consolidated Revenue (down 4% YoY, up 2% QoQ), stood in line with our estimate at Rs 54,169 Cr. </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.

Nalco’s Revenue stood at Rs 3,043 Cr, down 13%/4% YoY/QoQ, led by a drop in the average LME Aluminium prices.EBITDA (up 19% YoY, down 33% QoQ) was a negative surprise due to a 29%/39% miss vs. consensus and our estimate, largely due to an unexpected surge in the Power and Fuel costs (up 14% QoQ, 19% higher than our estimates). Hindalco’s Consolidated Revenue (down 4% YoY, up 2% QoQ), stood in line with our estimate at Rs 54,169 Cr. 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 Sector Ideas - Metals and Mining (Q2FY24)

India

Steel Authority of India Limited is an integrated steel manufacturing company. The Company's products include pig iron, steel ingots, liquid steel, alloy steel, special steel, stainless steel, ferro alloys, ERW pipes, spirally welded pipes, and calcium ammonium nitrate.  The Government of India is currently a majority shareholder in the company.

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Steel Authority of India (SAIL IN)

Steel Authority of India - Decent Q4FY24, Input Costs Remain Benign

Volume guidance: In FY25, steel production guidance is 20+ MT (18.4 MT in FY24) and sales volume target is 19 MT (17 MT in FY24).

Axis Direct

Top Sector Ideas - Metals and Mining Q3FY24

Overall consolidated revenue stood in line (down 1%/3% YoY/QoQ), while reported EBITDA grew by 61%/4% YoY/QoQ (15% beat), led by strong upstream...

Axis Direct

Sail - Lower Sales Volume Drives Miss, Input Costs Remain Benign

SAIL’s Q3FY24 numbers missed our estimates on account of a miss in sales volumes. EBITDA increased by 3% YoY despite an 8% drop in saleable steel...

Axis Direct

Metals and Mining Q3FY24 Results Preview

We expect a much better quarter for base metal stocks under our coverage. Both Hindalco and NALCO are expected to report margin expansion QoQ on...

Axis Direct

Top Sector Ideas - Metals and Mining (Q2FY24)

Nalco’s Revenue stood at Rs 3,043 Cr, down 13%/4% YoY/QoQ, led by a drop in the average LME Aluminium prices. EBITDA (up 19% YoY, down 33% QoQ) was...

Axis Direct

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