External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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>VO reported a beat on our EBITDA estimate, with gross margin in line at 46% (-300bp QoQ). Revenue was above our estimate in 4QFY22, with EBITDAM at 28.6% (+340bp QoQ).</li><li>The management has guided at a sales growth of 25-30% YoY each in FY23 and FY24, led by the commissioning of an antioxidant plant and foray into niche chemicals through Veeral Organics (an Agrochemical intermediate).</li></ul><ul><li>We expect margin to be better going forward, with EBITDAM at 29%/31% in FY23/FY24. This will be driven by a captive power plant, decline in raw material cost, as well as the commissioning of higher-margin downstream products.</li></ul><p><em>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.</em></p>

VO reported a beat on our EBITDA estimate, with gross margin in line at 46% (-300bp QoQ). Revenue was above our estimate in 4QFY22, with EBITDAM at 28.6% (+340bp QoQ).The management has guided at a sales growth of 25-30% YoY each in FY23 and FY24, led by the commissioning of an antioxidant plant and foray into niche chemicals through Veeral Organics (an Agrochemical intermediate).We expect margin to be better going forward, with EBITDAM at 29%/31% in FY23/FY24. This will be driven by a captive power plant, decline in raw material cost, as well as the commissioning of higher-margin downstream products.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.

Vinati Organics - Lower OPEX and Employee Cost Leads to Better Margin

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>4QFY22 earnings performance: Key products like ATBS, IBB and Butyl Phenol delivered strong volume-led growth for VO in 4QFY22.</li></ul><div><div><div><div><ul><li>Update on new growth drivers: Management has already announced further expansion of the Butyl Phenol capacity through a brownfield expansion (~14KTPA incremental capacity, capex of Rs1.5bn), which will be largely be used captively for AOs.</li></ul><div><div><div><div><ul><li>Demand as well as pricing for AOs has increased and hence after considering additional lube additives, management expects peak revenue of Rs7bn from AOs.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

4QFY22 earnings performance: Key products like ATBS, IBB and Butyl Phenol delivered strong volume-led growth for VO in 4QFY22.Update on new growth drivers: Management has already announced further expansion of the Butyl Phenol capacity through a brownfield expansion (~14KTPA incremental capacity, capex of Rs1.5bn), which will be largely be used captively for AOs.Demand as well as pricing for AOs has increased and hence after considering additional lube additives, management expects peak revenue of Rs7bn from AOs.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.

Vinati Organics - Existing Products to Drive FY23 Growth

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>Vinati Organics is a leading manufacturer of specialty chemical and organic intermediaries with global market leadership in its two key products</li><li>The company has two manufacturing facilities at Mahad and Lote</li><li>We value Vinati Organics at 50x P/E FY23E EPS to arrive at a revised target price of Rs 2270/share (earlier Rs 2300/share).</li></ul><div class="content-highlight"><em>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.</em></div>

Vinati Organics is a leading manufacturer of specialty chemical and organic intermediaries with global market leadership in its two key productsThe company has two manufacturing facilities at Mahad and LoteWe value Vinati Organics at 50x P/E FY23E EPS to arrive at a revised target price of Rs 2270/share (earlier Rs 2300/share).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.

Vinati Organics: Newer Businesses to Drive Growth Ahead

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>HSIE Results Daily NTPC: Generation/sales increased 19.2%/19.3% YoY to 71.7bn/66.6bn unit in Q1FY22 on the back of demand recovery. Coal PAF, however, declined in Q1FY22 to 94% vs 96% YoY, but coal PLF was up at 70% in Q1FY22 vs 58.2% YoY. Underrecovery in Q1FY22 came in at INR1.9bn. After adjusting for previous periods and one-off items, adjusted PAT came in at INR31.6bn above our estimate. Debtors (&gt;45 days) increased to INR90bn vs INR65bn QoQ during the second corona wave. NTPC plans to add 15GW of RES capacity by FY24 and another 45GW by FY32.</p>
<div class="content-highlight"><em>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.</em></div>

HSIE Results Daily NTPC: Generation/sales increased 19.2%/19.3% YoY to 71.7bn/66.6bn unit in Q1FY22 on the back of demand recovery. Coal PAF, however, declined in Q1FY22 to 94% vs 96% YoY, but coal PLF was up at 70% in Q1FY22 vs 58.2% YoY. Underrecovery in Q1FY22 came in at INR1.9bn. After adjusting for previous periods and one-off items, adjusted PAT came in at INR31.6bn above our estimate. Debtors (&gt;45 days) increased to INR90bn vs INR65bn QoQ during the second corona wave. NTPC plans to add 15GW of RES capacity by FY24 and another 45GW by FY32.
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: NTPC, IOC, Britannia and More

<h2>Newer businesses to drive growth ahead…</h2><p>Promoted by first generation entrepreneur Vinod Saraf, Vinati Organics is a leading manufacturer of specialty chemical and organic intermediaries with global market leadership in its two key products- in 2- Acrylamido 2 Methylpropane Sulfonic Acid (ATBS) and Isobutyl Benzene (IBB).</p><div class="content-highlight"><em>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.</em></div>

Newer businesses to drive growth ahead…Promoted by first generation entrepreneur Vinod Saraf, Vinati Organics is a leading manufacturer of specialty chemical and organic intermediaries with global market leadership in its two key products- in 2- Acrylamido 2 Methylpropane Sulfonic Acid (ATBS) and Isobutyl Benzene (IBB).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.

India

Vinati Organics Limited is a prominent Indian manufacturer of specialty chemicals and organic intermediates. The company is a global leader in producing Isobutyl Benzene (IBB) and 2-Acrylamido-2-Methylpropane Sulfonic Acid (ATBS), serving pharmaceutical, agrochemical, personal care, water treatment, and polymer industries. Headquartered in Mumbai, India, the company was founded in 1989.

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Vinati Organics (VO IN)

Vinati Organics - Lower OPEX and Employee Cost Leads to Better Margin

VO reported a beat on our EBITDA estimate, with gross margin in line at 46% (-300bp QoQ). Revenue was above our estimate in 4QFY22, with EBITDAM at...

Motilal Oswal

Vinati Organics - Existing Products to Drive FY23 Growth

Vinati Organics’ (VO) 4QFY22 EBITDA came in ~32% above our estimate on account of strong growth in key products and normalization of select cost items

Nirmal Bang

Vinati Organics: Newer Businesses to Drive Growth Ahead

In terms of revenue contribution, ATBS constitutes ~40-50% of overall revenue followed by IBB of 20-30% while the rest is from other segments such...

ICICI Securities Limited

HSIE Results Daily: NTPC, IOC, Britannia and More

NTPC: Generation/sales increased 19.2%/19.3% YoY to 71.7bn/66.6bn unit in Q1FY22 on the back of demand recovery. Coal PAF, however, declined in...

HDFC Securities

Vinati Organics: Newer Businesses to Drive Growth Ahead

Vinati Organics is a leading manufacturer of specialty chemical and organic intermediaries with global market leadership in its two key products

ICICI Securities Limited

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