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.

Equity Bottom-Up

<ul><li>In FY23, the company recorded a net revenue of Rs 63,240 Cr.</li><li>Most notably, it also achieved the distinctive milestone of producing, dispatching, and selling 100 million tons, which was supported by the company’s effective capacity utilisation rate of 84% for the year.</li><li>The company reported an EBITDA of Rs10,620 Cr in FY23, which stood 8% lower than the previous year’s EBITDA. </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.

In FY23, the company recorded a net revenue of Rs 63,240 Cr.Most notably, it also achieved the distinctive milestone of producing, dispatching, and selling 100 million tons, which was supported by the company’s effective capacity utilisation rate of 84% for the year.The company reported an EBITDA of Rs10,620 Cr in FY23, which stood 8% lower than the previous year’s EBITDA. 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.

UltraTech Cement Ltd - Well-Positioned to Capitalize on Demand Tailwinds

Thematic (Sector/Industry)

<ul><li>The companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of 19%/16%/10%/15% YoY against expectation of 13%/11%/17%/15%.</li><li>EBITDA margins contracted by 80bps YoY but improved by 50bps QoQ.</li><li>EBITDA/tonne for the quarter stood at Rs 858, down 7% YoY but up 2% sequentially.</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 companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of 19%/16%/10%/15% YoY against expectation of 13%/11%/17%/15%.EBITDA margins contracted by 80bps YoY but improved by 50bps QoQ.EBITDA/tonne for the quarter stood at Rs 858, down 7% YoY but up 2% sequentially.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>UTCL reporteda mixed set of numbers during the quarter as its Volume/ Revenue grew by 20% and 17% respectively, (In line with expectations) driven by better demand YoY while EBITDA was below our and consensus estimates by 15% and 5% respectively, on the back of higher variable cost.</li><li>The company reported a profit of Rs 1,688 Cr against Rs 1,584 Cr in Q1FY23 (below expectation)</li><li>It recorded an EBITDA margin of 17.2% (vs. our estimates of 20%)against 20.4% YoY.</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.

UTCL reporteda mixed set of numbers during the quarter as its Volume/ Revenue grew by 20% and 17% respectively, (In line with expectations) driven by better demand YoY while EBITDA was below our and consensus estimates by 15% and 5% respectively, on the back of higher variable cost.The company reported a profit of Rs 1,688 Cr against Rs 1,584 Cr in Q1FY23 (below expectation)It recorded an EBITDA margin of 17.2% (vs. our estimates of 20%)against 20.4% 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.

UltraTech Cement Limited - Well Aligned To Capture Demand Tailwind

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>UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 9,305 (16.5x Mar-25E consolidated EBITDA)</li><li>We continue to like UTCEM for its robust growth and margin outlook and balance sheet management</li><li>It delivered strong 20% YoY volume growth YoY (grey 20%, white/putty 12%)</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.

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 9,305 (16.5x Mar-25E consolidated EBITDA)We continue to like UTCEM for its robust growth and margin outlook and balance sheet managementIt delivered strong 20% YoY volume growth YoY (grey 20%, white/putty 12%)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.

HSIE Results Daily: UltraTech Cement, United Spirits, Mphasis, Persistent Systems, Dalmia Bharat

<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

India

Ultra Tech Cement Ltd. produces a wide range of cement products. This Company represents the cement operations of Larsen & Toubro which were spun-off into a separate entity in which Grasim Industries holds a majority interest.

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Ultratech Cement (UTCEM IN)

UltraTech Cement Ltd - Well-Positioned to Capitalize on Demand Tailwinds

Most notably, it also achieved the distinctive milestone of producing, dispatching, and selling 100 million tons, which was supported by the...

Axis Direct

Cement Sector: Q1FY24 Review

The companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of 19%/16%/10%/15% YoY against expectation of 13%/11%/17%/15%.

Axis Direct

UltraTech Cement Limited - Well Aligned To Capture Demand Tailwind

UTCL reporteda mixed set of numbers during the quarter as its Volume/ Revenue grew by 20% and 17% respectively, (In line with expectations) driven...

Axis Direct

HSIE Results Daily: UltraTech Cement, United Spirits, Mphasis, Persistent Systems, Dalmia Bharat

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 9,305 (16.5x Mar-25E consolidated EBITDA)

HDFC Securities

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

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