External broker reports(aggregated public sources), Geojit BNP Paribas

Geojit

External broker reports(aggregated public sources)

Geojit BNP Paribas

Geojit BNP Paribas is a leading Indian investment services company with a strong presence in the Gulf Cooperation Council countries. 

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>Geojit's research report onVinati Organics Vinati Organics Ltd.</li><li>(VOL) enjoys global leadership in two specialty chemicals, with a market share of 70% in IBB (isobutyl benzene) and 80% in ATBS (2-Acrylamindo 2-Methylpropane Sulfonic Acid).</li><li>In 9MFY24, revenue dipped by 15% YoY, due to ATBS destocking and fall in 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.

Geojit's research report onVinati Organics Vinati Organics Ltd.(VOL) enjoys global leadership in two specialty chemicals, with a market share of 70% in IBB (isobutyl benzene) and 80% in ATBS (2-Acrylamindo 2-Methylpropane Sulfonic Acid).In 9MFY24, revenue dipped by 15% YoY, due to ATBS destocking and fall in 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.

Vinati Organics Ltd. - ATBS Destocking Hurts Earnings...recovery Seen in FY25.

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>Prabhudas Lilladher's research report onVinati Organics We recently met with the management of Vinati Organics (VO IN).</li><li>Based on our interaction, Q4FY24 performance is expected to be slightly better than Q3FY24, but significant improvement will be visible only in FY25.</li><li>Destocking is largely over and ATBS, IBB, IB and Butyl phenols plants have ramped up their capacity utilization.</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.

Prabhudas Lilladher's research report onVinati Organics We recently met with the management of Vinati Organics (VO IN).Based on our interaction, Q4FY24 performance is expected to be slightly better than Q3FY24, but significant improvement will be visible only in FY25.Destocking is largely over and ATBS, IBB, IB and Butyl phenols plants have ramped up their capacity utilization.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 (VO IN) - Focus on Existing Strengths

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.

Thematic (Sector/Industry)

<ul><li>Mahindra &amp; Mahindra: M&amp;M Q2FY24 PAT at INR 34.5bn was ahead of our estimate of INR 26.9bn due to higher than expected other income even as the operating performance was in line with our estimates</li><li>While auto segment margins were ahead of our estimates, tractor margins lagged behind estimates due to new launch costs</li><li>On the back of strong demand for its models, M&amp;M has gained 110bps share in UVs to 18.1% in H1FY24</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.

Mahindra &amp; Mahindra: M&amp;M Q2FY24 PAT at INR 34.5bn was ahead of our estimate of INR 26.9bn due to higher than expected other income even as the operating performance was in line with our estimatesWhile auto segment margins were ahead of our estimates, tractor margins lagged behind estimates due to new launch costsOn the back of strong demand for its models, M&amp;M has gained 110bps share in UVs to 18.1% in H1FY24Content 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: Mahindra & Mahindra, Ashok Leyland, Vinati Organics, NCC, Repco Home Finance

<ul><li>Revenue for our coverage universe is likely to improve by 6.3% QoQ while it could fall by 6.6% YoY in 2Q</li><li>Inventory rationalisation by global agrochemicals and weak demand for products from the US and Europe led to a correction in the prices of finished products</li><li>EBITDA could fall by 7% YoY while EBITDA margin could remain flattish 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.

Revenue for our coverage universe is likely to improve by 6.3% QoQ while it could fall by 6.6% YoY in 2QInventory rationalisation by global agrochemicals and weak demand for products from the US and Europe led to a correction in the prices of finished productsEBITDA could fall by 7% YoY while EBITDA margin could remain flattish 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.

Chemicals (Q2FY24 Results Preview): Lackluster quarter

<ul><li>JK Cement: We maintain our REDUCE rating on JK Cement (JKCE), with an unchanged TP of INR 2,755 (11x Mar-25E consolidated EBITDA)</li><li>In Q1FY24, JKCE reported strong 29% YoY grey cement volume growth on a healthy ramp of its Panna capacity (75% utilization)</li><li>Fuel cost cooled off by INR 150/MT QoQ in Q1, thus driving grey unit EBITDA recovery by INR 130/MT QoQ in Q1</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.

JK Cement: We maintain our REDUCE rating on JK Cement (JKCE), with an unchanged TP of INR 2,755 (11x Mar-25E consolidated EBITDA)In Q1FY24, JKCE reported strong 29% YoY grey cement volume growth on a healthy ramp of its Panna capacity (75% utilization)Fuel cost cooled off by INR 150/MT QoQ in Q1, thus driving grey unit EBITDA recovery by INR 130/MT QoQ in Q1Content 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: JK Cement, Vinati Organics, KNR Constructions, Ahluwalia Contracts

India

Vinati Organics Limited produces organic intermediates and monomers.

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Vinati Organics (VO IN)

Vinati Organics Ltd. - ATBS Destocking Hurts Earnings...recovery Seen in FY25.

(VOL) enjoys global leadership in two specialty chemicals, with a market share of 70% in IBB (isobutyl benzene) and 80% in ATBS (2-Acrylamindo 2...

Geojit